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Line of Credit	9 Months Ended
	Dec. 31, 2018
Line Of Credit Facility [Abstract]
Line of Credit	5. Line of Credit The Company had a line of credit facility (the “Line of Credit” or the “Line”) up to $225 million during fiscal year 2018. On March 30, 2018, the Company executed Amendment No. 8 to the Second Amended and Restated Loan and Security Agreement, a one-year renewal extending the maturity date to March 31, 2019, reducing the Line of Credit to $200 million, and changing the minimum interest coverage ratio from a quarterly to monthly test. The pricing of the Line of Credit remained at 400 basis points above 30-day LIBOR, with a 1% floor on LIBOR and the beneficial ownership limit remained at 30%. Pledged as collateral for this Line of Credit are all the assets of the Company. The credit agreement requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. The Company’s operating results over the past two years provide indicators that the Company may not be able to continue to comply with certain of the required financial ratios, covenants and financial tests prior to the maturity date of the Line of Credit in the absence of an amendment to the corresponding credit agreement or waiver. On November 2, 2018, the Company entered into a Waiver and Amendment No. 9 (“Amendment No. 9”) to the Second Amended and Restated Loan and Security Agreement governing the Line of Credit. Among other things, Amendment No. 9 waived compliance with the minimum interest coverage ratio and minimum loss reserve requirements for the measurement period ending August 31, 2018. On February 12, 2019, the Company entered into a Waiver and Amendment No. 10 (Amendment No. 10) to the Second Amended and Restated Loan and Security Agreement. Among other things, Amendment No. 10: • waived compliance with the minimum interest coverage ratio for the measurement period ending November 30, 2018; and • modifies the minimum interest coverage ratio to 0.44 to 1.0 for measurement periods ending on or after December 31, 2018, 0.20 to 1.0 for the measurement period ending January 31, 2019, and 1.0 to 1.0 for the measurement period ending February 28, 2019 and thereafter; and • reduced the Line of Credit to $140 million. Only after giving effect to this amendment was the Company in compliance with all debt covenants as of December 31, 2018. See Note 10 “Subsequent Events” for further discussion of Amendment No. 10. The Company’s operating results over the past few years continue to provide indicators that the Company may not be able to continue to comply with certain of the required financial ratios, covenants and financial tests in the absence of amendments or waivers with respect to the corresponding credit agreement. Failure to meet any financial ratios, covenants or financial tests could result in the event of default under our Line of Credit. If an event of default occurs under the Line of Credit, the Company’s lenders could increase the Company’s borrowing costs, restrict the ability to obtain additional borrowings under the Line of Credit, accelerate all amounts outstanding, or enforce their interest against collateral pledged under the Line of Credit. There are no assurances that the lenders will approve a renewal or extension of the Line of Credit past the current maturity date of March 31, 2019, or, assuming that they will approve it, that the Line of Credit will not be on terms less favorable than the current agreement. In the event, the Company obtains information that the existing lenders do not intend to extend the relationship, the Company will seek alternative financing. The Company believes it is probable that it will be able to obtain financing from either its existing lenders or from other sources; however, it cannot provide any assurances that it will be successful in replacing the Line of Credit on reasonable terms or at all.

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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

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- References

No definition available.

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