Short-Term Borrowings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Borrowings | Short-Term Borrowings Short-term borrowings consisted of the following:
We have a syndicated, senior, unsecured, revolving credit facility, which expires on January 9, 2020. The revolving credit facility has a maximum borrowing capacity of $125,000. As stated in the revolving credit facility, we have the option to pay interest based on:
As a result of these interest rate options, our interest expense associated with borrowings under this revolving credit facility will vary with market interest rates. Commitment fees are payable on the unused portion of the revolving credit facility at rates between 0.30% and 0.40% based on a pricing grid tied to a financial covenant. The revolving credit facility contains certain financial and other covenants, including the following:
The revolving credit facility limited the aggregate amount we could pay for dividends and repurchases of our stock over the term of the facility to $50,000 plus 70% of our cumulative net income for periods after January 31, 2011. As of January 31, 2016, $112,038 was available for common stock repurchases or dividend payments under this limit. As described in Note 21, "Subsequent Events", on February 24, 2016 the revolving credit facility was amended to increase the limit on the aggregate amount we can pay for dividends and repurchases of our common stock to $200,000 plus 70% of our cumulative net income for periods ending after February 1, 2016. We were in compliance with all financial covenants as of January 31, 2016. If we fail to comply with the financial covenants and do not obtain a waiver from our lenders, we would be in default under the revolving credit facility and our lenders could terminate the facility and demand immediate repayment of all outstanding loans under the revolving credit facility. |