Notes Payable and Long Term Debt

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Notes Payable and Long Term Debt

Notes Payable and Long Term Debt

Domestic Line of Credit. In August 2015, the Company entered into an amendment to the Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, National Association, as administrative agent, Comerica Bank and HSBC Bank USA, National Association, as co-syndication agents, and the lenders from time to time party thereto (as amended, Second Amended and Restated Credit Agreement) to add certain foreign subsidiaries as borrowers. During the quarter ended June 30, 2016, the Company borrowed $110,000 and repaid $62,000. At June 30, 2016, the Company had $101,000 of outstanding borrowings under the Second Amended and Restated Credit Agreement and outstanding letters of credit of approximately $700.  As a result, as of June 30, 2016, the available borrowings under the Second Amended and Restated Credit Agreement were approximately $298,300. Amounts outstanding are included in short-term borrowings in the condensed consolidated balance sheet at June 30, 2016. Subsequent to June 30, 2016, the Company borrowed $72,000 resulting in a total outstanding balance of approximately $173,700 and available borrowings of approximately $226,300 at August 9, 2016. The Second Amended and Restated Credit Agreement provides for interest on outstanding borrowings at rates tied to the prime rate or, at the Company's election, tied to the adjusted London Interbank Offered Rate (LIBOR). At June 30, 2016, the effective interest rate was 1.96%.

China Line of Credit. In October 2015, the Company entered into an amendment to its credit facility in China (as amended, Second Amended China Credit Facility) to provide for an increase in the uncommitted revolving line of credit to CNY 150,000, or approximately $23,000, including a sublimit of CNY 50,000, or approximately $8,000, for the Company's wholly owned subsidiary, Deckers Footwear (Shanghai) Co., LTD. During the quarter ended June 30, 2016, the Company repaid approximately $5,000 under the Second Amended China Credit Facility, resulting in total outstanding balance of approximately $9,000 and available borrowings of approximately $14,000 at June 30, 2016. Amounts outstanding are included in short-term borrowings in the condensed consolidated balance sheet at June 30, 2016. Interest is based on the People’s Bank of China rate, which was 4.35% at June 30, 2016.

Japan Line of Credit. In March 2016, Deckers Japan, G.K., a wholly owned subsidiary of the Company, entered into a credit facility in Japan (Japan Credit Facility) that provides for an uncommitted bilateral revolving line of credit of up to JPY 5,500,000, or approximately $53,000, for a maximum term of six months. Subsequent to June 30, 2016, the Company borrowed approximately $7,100 resulting in a total outstanding balance of approximately $7,100 and available borrowings of approximately $45,900 at August 9, 2016. The Japan Credit Facility renews annually, and is guaranteed by the Company. Interest is based on the Tokyo Interbank Offered Rate for three months plus 0.40%. At June 30, 2016, the effective interest rate was 0.46%. There were no borrowings under this agreement at June 30, 2016.