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Debt | 9 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | 9. Debt On January 31, 2017 the Company entered into a Credit Agreement ("Credit Agreement") and $545,000,000 of new debt facilities ("Facilities") in connection with the STAHL acquisition. The Facilities consist of a Revolving Facility ("Revolver") in the amount of $100,000,000 and a $445,000,000 1st Lien Term Loan ("Term Loan"). The Term Loan has a seven-year term maturing in 2024. On August 26, 2020, the Company entered into a Second Amendment to the Credit Agreement (as amended by the First Amendment, dated as of February 26, 2018). The Second Amendment extends the $100,000,000 secured Revolver which was originally set to expire on January 31, 2022 to August 25, 2023. During the three months ended June 30, 2020, the Company drew $25,000,000 from the Revolver for liquidity and working capital purposes. The borrowings on the Revolver triggered the debt covenant provision which requires the Total Leverage Ratio not to exceed 3.00:1.00 as of December 31, 2019 and thereafter. The Company has been in compliance with this provision. During the three months ended December 31, 2020, the Company repaid the $25,000,000 from the Revolver and associated interest. As a result, this provision no longer applies, but if it had, the Company would have been in compliance with this provision of the Credit Agreement. The outstanding principal balance of the Term Loan was $256,013,000 as of December 31, 2020. The Company repaid $1,113,000 and $3,338,000 of required principal payments on the Term Loan during the three and nine months ended December 31, 2020. The Company is obligated to make $4,450,000 of principal payments over the next 12 months. In response to COVID-19 the Company is seeking to take all appropriate measures to protect the cash flow and liquidity of the Company. As such, only the required principal amount has been recorded within the current portion of long-term debt on the Company's Condensed Consolidated Balance Sheet with the remaining balance recorded as long-term debt. There were no outstanding borrowings and $17,005,000 in outstanding letters of credit issued against the Revolver as of December 31, 2020. The outstanding letters of credit as of December 31, 2020 consisted of $281,000 in commercial letters of credit and $16,724,000 of standby letters of credit. The gross balance of deferred financing costs on the Term Loan was $14,690,000 as of December 31, 2020 and March 31, 2020. The accumulated amortization balances were $8,219,000 and $6,645,000 as of December 31, 2020 and March 31, 2020, respectively. The gross balance of deferred financing costs associated with the Revolver is $3,615,000 as of December 31, 2020 and $2,789,000 as of March 31, 2020, which is included in other assets on the Condensed Consolidated Balance Sheet. The accumulated amortization balances were $2,179,000 and $1,766,000 as of December 31, 2020 and March 31, 2020, respectively. Unsecured and uncommitted lines of credit are available to meet short-term working capital needs for certain of our subsidiaries operating outside of the U.S. The lines of credit are available on an offering basis, meaning that transactions under the line of credit will be on such terms and conditions, including interest rate, maturity, representations, covenants and events of default, as mutually agreed between our subsidiaries and the local bank at the time of each specific transaction. As of December 31, 2020, unsecured credit lines totaled approximately $2,687,000, of which $0 was drawn. In addition, unsecured lines of $16,562,000 were available for bank guarantees issued in the normal course of business of which $13,757,000 was utilized. Refer to the Company’s consolidated financial statements included in its 2020 10-K for further information on its debt arrangements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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