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Debt | 6 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Term Loan B and Revolving Credit Facility On May 14, 2021, the Company entered into an amended and restated credit agreement to provide for a term loan (“the Amended and Restated Credit Agreement”), in the initial amount of $450,000,000 maturing May 14, 2028, and a $100,000,000 revolving line of credit with a group of financial institutions (“Revolving Credit Facility”). The Revolving Credit Facility was later amended to increase its size to $175,000,000 in fiscal 2024. The Company amended its Revolving Credit Facility on September 23, 2025 to (i) extend the maturity date from May 14, 2026 to February 13, 2028, (ii) make certain adjustments to the calculation of Total Leverage Ratio (as defined under the Amended and Restated Credit Agreement) for purposes of determining compliance by the Company with the leverage ratio financial covenant under the Amended and Restated Credit Agreement (the “Leverage Covenant”) and (iii) change the triggering event to require compliance with the Leverage Covenant from the prior trigger that required compliance if any revolving loans were outstanding under the Revolving Credit Facility to a revised trigger that now requires compliance only if revolving loans exceeding 30.0% of the Revolving Commitments (as defined in the Amended and Restated Credit Agreement) under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter. The Company has recorded $1,080,000 in deferred financing costs, of which $500,000 is related to the Revolving Credit Facility amendment and $580,000 is for unamortized fees carried over from the Company's prior Revolving Credit Facility as the extended term resulted in an increase to the overall borrowing capacity. These balances will be amortized through February 13, 2028 and are classified in Other assets since no funds were drawn on the Revolving Credit Facility during the six months ended September 30, 2025. The Company borrowed additional funds in accordance with the Accordion feature under its Term Loan B facility in the amount of $75,000,000 in both fiscal years 2022 and 2024. Proceeds were used to finance the acquisition of Garvey Corporation in fiscal 2022 and montratec in fiscal 2024. No material amendment to the terms of the Term Loan B or the First Lien Facilities were necessary for the Company to utilize the Accordion feature. The outstanding principal balance of the Term Loan B was $427,560,000 as of September 30, 2025 and $437,560,000 as of March 31, 2025, respectively. The Company made $10,000,000 in principal payments on the Term Loan B during the six months ended September 30, 2025, of which $2,488,000 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 (as defined in the Term Loan B), if required, however, plans to pay down approximately $50,000,000 in debt payments consisting of principal payments on the Term Loan B and payments on its AR Securitization Facility over the next 12 months. This amount has been recorded within the current portion of long-term debt on the Company's Condensed Consolidated Balance Sheets with the remaining balance recorded as long-term debt. There were no outstanding borrowings and $16,344,000 in outstanding letters of credit issued against the Revolving Credit Facility as of September 30, 2025, all of which were standby letters of credit. The gross balance of deferred financing costs on the Term Loan B was $7,845,000 as of September 30, 2025 and March 31, 2025. The accumulated amortization balances were $4,816,000 and $4,201,000 as of September 30, 2025 and March 31, 2025, respectively. The gross balance of deferred financing costs associated with the Revolving Credit Facility is $1,080,000 as of September 30, 2025 and $4,828,000 as of March 31, 2025, which is included in Other assets on the Condensed Consolidated Balance Sheets. The accumulated amortization balances were $10,000 and $3,733,000 as of September 30, 2025 and March 31, 2025, respectively. Refer to the 2025 Form 10-K for further details on the Company's Term Loan B. AR Securitization Facility The Company has outstanding an AR Securitization Facility secured by the Company’s U.S. accounts receivable balances (the “AR Securitization Facility”). On August 11, 2025, the Company amended its AR Securitization Facility increasing the borrowing base to $60,000,000 from the original borrowing base of $55,000,000 and extending its term through August 11, 2028. The Company has recorded $273,000 in deferred financing costs, of which $139,000 is related to the AR Securitization Facility extension and $134,000 relates to unamortized fees carried over from the Company's prior AR Securitization Facility. These balances will be amortized through August 11, 2028 and are classified in Term loan, AR securitization facility and finance lease obligations on the Company's Condensed Consolidated Balance Sheet. The gross balance of deferred financing costs associated with the AR Securitization Facility was $273,000 was as of September 30, 2025 and $536,000 as of March 31, 2025. The accumulated amortization balance was $8,000 and $327,000 as of September 30, 2025 and March 31, 2025, respectively. The Company had $22,900,000 and $25,000,000 borrowings outstanding under its AR Securitization Facility as of September 30, 2025 and March 31, 2025, respectively. The U.S. accounts receivable balances which secure the AR Securitization Facility total $92,490,000 as of September 30, 2025. As of September 30, 2025, there have been no amortization events triggered in the AR Securitization Facility. As stated above, the Company intends to repay $50,000,000 in borrowings over the next 12 months, including repayments of borrowings on the AR Securitization Facility and as such, has included this amount in Current portion of long-term debt and finance lease obligations on the Condensed Consolidated Balance Sheets. Finance Lease The Company has two finance leases for a manufacturing facility in Hartland, WI under a 23-year lease agreement which terminates in 2035 and certain equipment at a U.S. manufacturing facility with a 5-year lease agreement which terminates in 2030. The outstanding balance on the finance lease obligations was $12,111,000 as of September 30, 2025 of which $810,000 has been recorded within the Current portion of long-term debt and finance lease obligations 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. Non-U.S. Lines of Credit and Loans Unsecured and uncommitted lines of credit are available to meet short-term working capital needs for certain 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 September 30, 2025, unsecured credit lines totaled approximately $3,168,000, of which nothing was drawn. In addition, unsecured lines of $21,471,000 were available for bank guarantees issued in the normal course of business of which $19,398,000 was utilized as of September 30, 2025. Refer to the Company’s consolidated financial statements included in the 2025 Form 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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