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Debt | 3 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt During fiscal 2024, the Company amended its credit agreement (the "Amended and Restated Revolving Credit Facility") increasing the size of the revolving credit facility by $75,000,000 to a total of $175,000,000. The Company borrowed against the Amended and Restated Revolving Credit Facility in May of fiscal 2024 to initially fund the montratec acquisition as described in Note 2. The Company subsequently borrowed additional funds in accordance with the Accordion feature under its existing Term Loan B to increase the principal amount of the Term Loan B by $75,000,000. The Company also borrowed an additional $45,000,000 under a new credit agreement secured by the Company's U.S. accounts receivable balances (the "AR Securitization Facility"). The U.S. accounts receivable balances which secure the AR Securitization Facility total $77,750,000 as of June 30, 2024. The Company used the proceeds from the $75,000,000 Accordion borrowing and the $45,000,000 AR Securitization Facility to fully repay borrowings on the Amended and Restated Revolving Credit Facility prior to June 30, 2023. As of June 30, 2024, there have been no amortization events triggered in the AR Securitization Facility. The Company voluntarily paid down $5,000,000 on the AR Securitization Facility during the three months ended June 30, 2024. The Company has both the ability and intent to have the AR Securitization Facility remain outstanding for the next 12-months. As such, the Company has classified the full $40,000,000 outstanding borrowings under the AR Securitization Facility as long-term debt at June 30, 2024. The outstanding principal balance of the Term Loan B was $462,560,000 as of June 30, 2024. The Company made $15,000,000 in principal payments on the Term Loan B during the three months ended June 30, 2024 of which $1,244,000 was required. The Company is obligated to make $4,976,000 of principal payments on the Term Loan B over the next 12 months plus applicable Excess Cash Flow payments, if required, however, plans to pay down approximately $50,000,000 in principal payments in total during such 12 month period. This 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. Refer to the 2024 10-K for further details on the Company's Term Loan B. There were no outstanding borrowings and $15,630,000 in outstanding letters of credit issued against the Amended and Restated Revolving Credit Facility as of June 30, 2024. The outstanding letters of credit as of June 30, 2024 consisted of no commercial letters of credit and $15,630,000 of standby letters of credit. The gross balance of deferred financing costs on the Term Loan B was $7,845,000 as of June 30, 2024 and March 31, 2024. The accumulated amortization balances were $3,280,000 and $2,971,000 as of June 30, 2024 and March 31, 2024, respectively. The gross balance of deferred financing costs associated with the AR Securitization Facility was $536,000 with an accumulated amortization balance of $193,000 and $149,000 as of June 30, 2024 and March 31, 2024, respectively. The gross balance of deferred financing costs associated with the Amended and Restated Revolving Credit Facility is $4,828,000 as of June 30, 2024 and March 31, 2024, which is included in Other assets on the Condensed Consolidated Balance Sheet. The accumulated amortization balances were $2,924,000 and $2,655,000 as of June 30, 2024 and March 31, 2024, respectively. The Company has a finance lease for a manufacturing facility in Hartland, WI under a 23-year lease agreement which terminates in 2035. The outstanding balance on the finance lease obligation is $12,779,000 as of June 30, 2024 of which $687,000 has been recorded within the Current portion of long-term debt and the remaining balance recorded within the Term loan, AR securitization facility and finance lease obligations on the Company's Condensed Consolidated Balance Sheet. See Note 15 for further details. 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 June 30, 2024, unsecured credit lines totaled approximately $2,357,000, of which nothing was drawn. In addition, unsecured lines of $13,766,000 were available for bank guarantees issued in the normal course of business of which $10,256,000 was utilized as of June 30, 2024. Refer to the Company’s consolidated financial statements included in the 2024 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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