Debt

3 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

Term Loan B and Revolving Credit Facility

On May 14, 2021, the Company entered into an amended and restated credit agreement to provide for a term loan (“Term Loan B”), in the initial amount of $450,000,000 maturing May 14, 2028, and a $100,000,000 revolving line of credit with a group of financial institutions (“Revolving Credit Facility”) maturing May 14, 2026. The Revolving Credit Facility was later amended to increase its size to $175,000,000 in fiscal 2024.

The Company borrowed additional funds in accordance with the Accordion feature under its Term Loan B facility in the amount of $75,000,000 in both fiscal years 2022 and 2024. Proceeds were used to finance the acquisition of Garvey Corporation in fiscal 2022 and montratec in fiscal 2024. No material amendment to the terms of the Term Loan B or the First Lien Facilities were necessary for the Company to utilize the Accordion feature.

The outstanding principal balance of the Term Loan B was $432,560,000 as of June 30, 2025 and $437,560,000 as of March 31, 2025, respectively. The Company made $5,000,000 in principal payments on the Term Loan B during the three months ended June 30, 2025, of which $1,244,000 was required. The Company is obligated to make $4,976,000 of principal payments on the Term Loan B over the next 12 months plus applicable Excess Cash Flow (as defined in the Term Loan B) payments, if required, however, plans to pay down approximately $50,000,000 in debt payments consisting of principal payments on the Term Loan B and payments on its AR Securitization Facility (see below) over the next 12 months. This amount has been recorded within the current portion of long-term debt on the Company's Condensed Consolidated Balance Sheets with the remaining balance recorded as long-term debt.

There were no outstanding borrowings and $15,440,000 in outstanding letters of credit issued against the Amended and Restated Revolving Credit Facility as of June 30, 2025, all of which were standby letters of credit.

The gross balance of deferred financing costs on the Term Loan B was $7,845,000 as of June 30, 2025 and March 31, 2025. The accumulated amortization balances were $4,509,000 and $4,201,000 as of June 30, 2025 and March 31, 2025, respectively.

The gross balance of deferred financing costs associated with the Amended and Restated Revolving Credit Facility is $4,828,000 as of June 30, 2025 and March 31, 2025, which is included in Other assets on the Condensed Consolidated Balance Sheets. The accumulated amortization balances were $4,003,000 and $3,733,000 as of June 30, 2025 and March 31, 2025, respectively. Refer to the 2025 Form 10-K for further details on the Company's Term Loan B.

AR Securitization Facility

The Company has outstanding an AR Securitization Facility secured by the Company’s U.S. accounts receivable balances (the “AR Securitization Facility”) with a borrowing base of $55,000,000 calculated on a monthly basis, with a maturity date of June 19, 2026.

The gross balance of deferred financing costs associated with the AR Securitization Facility was $536,000 with an accumulated amortization balance of $372,000 and $327,000 as of June 30, 2025 and March 31, 2025, respectively.

The Company had $32,400,000 and $25,000,000 borrowings outstanding under its AR Securitization Facility at June 30, 2025 and March 31, 2025, respectively. The U.S. accounts receivable balances which secure the AR Securitization Facility total $88,264,000 as of June 30, 2025.

As of June 30, 2025, there have been no amortization events triggered in the AR Securitization Facility. As stated above, the Company intends to repay $50,000,000 in borrowings over the next 12 months, including repayments of borrowings on the AR Securitization Facility.

Finance Lease

The Company has a finance lease for a manufacturing facility in Hartland, WI under a 23-year lease agreement which terminates in 2035. The outstanding balance on the finance lease obligation is $12,092,000 as of June 30, 2025 of which $757,000 has been recorded within the Current portion of long-term debt and the remaining balance recorded within the Term loan, AR securitization facility and finance lease obligations on the Company's Condensed Consolidated Balance Sheet. See Note 15 for further details.

Non-U.S. Lines of Credit and Loans

Unsecured and uncommitted lines of credit are available to meet short-term working capital needs for certain of our subsidiaries operating outside of the U.S. The lines of credit are available on an offering basis, meaning that transactions under the line of credit will be on such terms and conditions, including interest rate, maturity, representations, covenants and events of default, as mutually agreed between our subsidiaries and the local bank at the time of each specific transaction. As of June 30, 2025, unsecured credit lines totaled approximately $3,182,000, of which nothing was drawn. In addition, unsecured lines of $21,570,000 were available for bank guarantees issued in the normal course of business of which $14,817,000 was utilized as of June 30, 2025.

Refer to the Company’s consolidated financial statements included in the 2025 Form 10-K for further information on its debt arrangements.