NOTE 7. LONG-TERM OBLIGATIONS

Long-term obligations consisted of the following:

	March 31,
	2011			2010
Medium-term notes due from 2011 to 2014 at various rates	$	415,193		$	429,764
Less current portion		(95,000	)		(15,000	)
Long-term obligations	$	320,193		$	414,764

Notes

The Company had $405 million principal amount of medium-term notes outstanding at March 31, 2011. These notes, which have a carrying amount of $415 million after fair value adjustments for related interest rate swap agreements, mature at various dates from September 2011 to December 2014 and were all issued with fixed interest rates. Interest rates on the notes range from 5.00% to 6.25%. In November 2008, the Company filed a shelf registration statement with the SEC 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.

Other Information

The fair value of the Company's long-term obligations, including the current portion, was approximately $416 million at March 31, 2011, and $421 million at March 31, 2010.

As indicated above, from time to time the Company uses interest rate swap agreements to manage its exposure to changes in interest rates. These agreements typically adjust interest rates on designated long-term obligations from fixed to variable. The swaps are accounted for as fair value hedges. At March 31, 2011 and 2010, the Company had interest rate swap agreements in place on $245 million of long-term debt. The fair value of those swap agreements was an asset of $10.2 million at March 31, 2011, and $9.8 million at March 31, 2010. Additional disclosures related to the Company's interest rate swap agreements are provided in Note 10.

Maturities of long-term debt outstanding at March 31, 2011, by fiscal year, were as follows: 2012 - $95 million; 2013 - $10 million; 2014 - $200 million; and 2015 - $100 million. All long-term debt outstanding at March 31, 2011, is scheduled to be repaid by the end of fiscal year 2015.