Long-Term Debt

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

LONG-TERM DEBT

The Company's long-term debt at March 31, 2020 and 2019 consisted of the following:

	March 31,
	2020			2019
Senior bank term loans	$	370,000		$	370,000
Less: current portion	—			—
Less: unamortized debt issuance costs	(1,236		)	(1,497		)
Long-term debt	$	368,764		$	368,503

As discussed in Note 8, on December 20, 2018, the Company entered into a bank credit agreement. The credit agreement includes a $150 million five-year term loan maturing in December 2023 and a $220 million seven-year term loan maturing in December 2025. Both term loans were fully funded at closing, require no amortization, and are prepayable without penalty prior to maturity. Under the credit agreement, both term loans bear interest at variable rates plus a margin based on the Company's credit measures.

As discussed in Note 11, the Company had receive-floating/pay-fixed interest rate swap agreements in place with respect to prior loans that were initially designated and carried over to hedge the variable interest payments on the new loans. Those swap agreements were subsequently terminated in February 2019 and concurrently replaced with new interest rate swap agreements that will continue to convert the variable benchmark rate to a fixed rate through December 20, 2023 for the five-year term loan and through December 20, 2025 for the seven-year term loan. The proceeds received for the fair value of the terminated interest rate swap agreements, approximately $5.4 million, is being amortized from accumulated other comprehensive income into earnings as a reduction of interest expense through their original maturity dates. With the new swap agreements in place, the effective interest rates on the $150 million five-year loan and the $220 million seven-year loan were 3.94% and 4.26%, respectively, at March 31, 2020. The effective rates will change only if a change in the Company's credit measures results in adjustments to the applicable credit spreads specified in the underlying loan agreement.

In November 2017, the Company filed an undenominated automatic universal shelf registration statement with the U.S. Securities and Exchange Commission to provide for the future issuance of an undefined amount of additional debt or equity securities as determined by the Company and offered in one or more prospectus supplements prior to issuance.

Disclosures about the fair value of long-term debt are provided in Note 12.