Note 4 - Short-term Borrowings

12 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

4.

Short-Term Borrowings

On

July 5, 2016,

the Company completed the closing of a new

five

-year revolving credit facility (“Revolver”). Maximum borrowings under the Revolver total

$400.0

million from

April

through

July

and

$500.0

million from

August

through

March

and are available until

July 5, 2021. 

The Revolver balance as of

March 31, 2018

was

$293.5

million, with a weighted average interest rate of

3.35%

(LIBOR plus a spread) and is included in Long-Term Debt in the accompanying Consolidated Balance Sheets. The Revolver is secured by accounts receivable and inventories with a carrying value of

$759.6

million. The Company had

$10.4

million and

$13.1

million of outstanding standby letters of credit as of

March 

31,

2018

and

2017,

respectively, which reduces borrowing availability under the Revolver. See Note

5,

Long-Term Debt, for additional comments related to the Revolver.

During

2017,

the Company entered into some interim lease notes which financed down payments for various equipment orders at market rates. As of

March 31, 2017,

these interim notes had

not

been converted into operating leases since the equipment was

not

yet delivered. These notes, which total

$0.2

million as of

March 31, 2017,

are included in notes payable in the accompanying Consolidated Balance Sheets. As of

March 31, 2018

the notes were converted into operating leases.