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Credit Facilities
12 Months Ended
Mar. 31, 2015
Line of Credit Facility [Abstract]  
Credit Facilities
CREDIT FACILITIES
Bank Credit Agreements
In December 2014, the Company entered into a new senior unsecured bank credit agreement that replaced its previous short-term and long-term borrowing facilities, consolidating and extending the maturities of those facilities. The new bank credit agreement established a $430 million five-year revolving credit facility, along with a $150 million five-year term loan and a $220 million seven-year term loan. Borrowings under the revolving credit facility bear interest at a variable rate based on either (1) LIBOR plus a margin that is based on the Company's credit measures or (2) the higher of the federal funds rate plus 0.5%, prime rate, or one-month LIBOR plus 1.0%, each plus a margin. In addition to interest, the Company pays a facility fee on the revolving credit facility. No amounts were outstanding under the revolving credit facility at March 31, 2015. The new credit agreement provides for an expansion of the facility under certain conditions to allow additional borrowings of up to $100 million. Additional information related to the term loans is provided in Note 7. The credit agreement includes financial covenants that require the Company to maintain a minimum level of tangible net worth and observe limits on debt levels. The Company was in compliance with those covenants at March 31, 2015.
Short-Term Credit Facilities
The Company maintains short-term uncommitted lines of credit in the United States and in a number of foreign countries. Foreign borrowings are generally in the form of overdraft facilities at rates competitive in the countries in which the Company operates. Generally, each foreign line is available only for borrowings related to operations of a specific country. As of March 31, 2015 and 2014, approximately $60 million and $63 million, respectively, were outstanding under these uncommitted lines of credit. The weighted-average interest rates on short-term borrowings outstanding as of March 31, 2015 and 2014, were approximately 2.7% and 3.5%, respectively. At March 31, 2015, the Company and its consolidated affiliates had unused uncommitted lines of credit totaling approximately $328 million.