FINANCIAL INSTRUMENTS:

9 Months Ended

Dec. 31, 2011

FINANCIAL INSTRUMENTS:

FINANCIAL INSTRUMENTS:

13.           FINANCIAL INSTRUMENTS:

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents, trade receivables, unbilled and notes receivable, short-term borrowings and trade payables - The carrying amount approximates fair value because of the short maturity of these instruments.

Long-term debt - The interest rate on the term loan and revolving credit agreement is adjusted for changes in market rates and therefore the carrying value of these loans approximates fair value.  The estimated fair value of other long-term debt was determined based upon the present value of the expected cash flows considering expected maturities and using interest rates currently available to the Company for long-term borrowings with similar terms.  At December 31, 2011, the estimated fair value of long-term debt approximates its carrying value.

Derivative instruments included in other liabilities - The carrying value is adjusted to fair value through other comprehensive income (loss) at each balance sheet date.  The fair value is determined from an interest-rate futures model.

Under applicable accounting standards financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company assigned assets and liabilities to the hierarchy in the accounting standards, which is Level 1 - quoted prices in active markets for identical assets or liabilities, Level 2 - significant other observable inputs and Level 3 - significant unobservable inputs.

The following table presents the balances of assets and liabilities measured at fair value as of December 31, 2011 (dollars in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Other current assets	$	12,096	$	—	$	—	$	12,096
Total assets	$	12,096	$	—	$	—	$	12,096
Liabilities:
Other current liabilities	$	12,096	$	—	$	—	$	12,096
Other liabilities	—		698		—		698
Total liabilities	$	12,096	$	698	$	—	$	12,794