Note 16 - Commitments and Contingencies

9 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

16. Commitments and Contingencies

Bank of the West

On November 20, 2015, we entered into an Amended and Restated Credit Agreement with a syndicate of banks, whose agent is BOTW for a revolving line of credit of $125.0 million. All amounts owed under the credit agreement are due and payable on November 20, 2017. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by four of our subsidiaries. The loan is collateralized by a Contingent Collateral Agreement, under which the assets of the parent company and the four subsidiaries could be subject to security interests for the benefit of the banks in the event of a loan default. The credit agreement includes a letter of credit subfacility, under which the lenders agree to issue letters of credit of up to $10.0 million.

However, borrowing under this subfacility is limited to the extent of availability under the $125.0 million revolving line of credit. At December 31, 2015, the outstanding principal under the credit agreement was $80.0 million. See Note 9, “Borrowing Arrangements” for further information regarding the terms of the credit agreement.

Other Commitments and Contingencies

On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate the potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of December 31, 2015 and March 31, 2015.