Note 17:

Indebtedness

Long-term debt consisted of the following:

	Fiscal year of maturity	March 31, 2019			March 31, 2018

Term loans	2022	$	238.4		$	267.8
6.8% Senior Notes	2021		85.0			101.0
5.8% Senior Notes	2027		50.0			50.0
Other (a)	-		14.3			12.8
			387.7			431.6
Less: current portion			(48.6	)		(39.9	)
Less: unamortized debt issuance costs			(4.0	)		(5.4	)
Total long-term debt		$	335.1		$	386.3

(a)

Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations.

Long-term debt matures as follows:

Fiscal Year
2020	$	48.6
2021		101.3
2022		187.4
2023		8.8
2024		8.8
2025 & beyond		32.8
Total	$	387.7

The Company maintains a credit agreement with a syndicate of banks that provides for both U.S. dollar- and euro-denominated term loan facilities and a multi-currency $175.0 million revolving credit facility expiring in November 2021. Based upon the terms of the credit agreement and currency denomination, borrowings under both the term loans and revolving credit facility bear interest at a variable rate, primarily either the London Interbank Offered Rate (“LIBOR”) or Euro Interbank Offered Rate (“EURIBOR”), plus 137.5 to 250 basis points depending on the Company’s leverage ratio, as described below. At March 31, 2019, the weighted-average interest rates for the outstanding term loans and the revolving credit facility borrowings were 3.3 percent and 3.7 percent, respectively.

At March 31, 2019 and 2018, the Company reported its revolving credit facility borrowings of $47.1 million and $21.3 million, respectively, as short-term debt on the consolidated balance sheets. At March 31, 2019, domestic letters of credit totaled $4.3 million, resulting in available borrowings under the Company’s revolving credit facility of $123.6 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at March 31, 2019 and 2018 of $18.9 million and $31.9 million, respectively.

Provisions in the Company’s credit agreement, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. In addition, as specified in the credit agreement, the term loans may require prepayments in the event the Company’s annual excess cash flow exceeds defined levels, depending upon the Company’s leverage ratio, or in the event of certain asset sales. The Company is also subject to leverage ratio covenants, the most restrictive of which requires the Company to limit its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The Company is also subject to an interest expense coverage ratio covenant, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of March 31, 2019.

The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of March 31, 2019 and 2018, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $137.2 million and $153.1 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.