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Fair Value Measurements (Tables)
3 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value, Long-term Debt
The carrying value and estimated fair value of the Company's Long-Term Debt are shown in the table below.
 
June 30, 2012

June 30, 2011

March 31, 2012

Carrying value
$
985,327

$
738,033

$
828,503

Estimated fair value
979,247

737,654

841,558

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The following table summarizes the items measured at fair value on a recurring basis:

 
June 30, 2012
 
June 30, 2011
 
March 31, 2012
 
 
Total Assets /
 
 
 
Total Assets /
 
 
 
Total Assets /
 
 
Liabilities
 
 
 
Liabilities
 
 
 
Liabilities
 
Level 2
Level 3
at Fair Value
 
Level 2
Level 3
at Fair Value
 
Level 2
Level 3
at Fair Value
Assets
 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments
$
624

$

$
624

 
$
940

$

$
940

 
$
312

$

$
312

Securitized beneficial interests

35,368

35,368

 

13,972

13,972

 

25,864

25,864

Total Assets
$
624

$
35,368

$
35,992

 
$
940

$
13,972

$
14,912

 
$
312

$
25,864

$
26,176

Liabilities
 
 
 
 
 
 
 
 
 
 
 
Guarantees
$

$
5,803

$
5,803

 
$

$
2,950

$
2,950

 
$

$
5,265

$
5,265

Derivative financial instruments
431


431

 
633


633

 
16


16

Total liabilities
$
431

$
5,803

$
6,234

 
$
633

$
2,950

$
3,583

 
$
16

$
5,265

$
5,281

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the changes in Level 3 instruments measured on a recurring basis.

 
Three Months Ended
June 30, 2012
 
Securitized Beneficial Interests
Guarantees
Beginning Balance March 31, 2012
$
25,864

$
5,265

   Issuances of guarantees/sales of receivables
56,338

3,892

   Settlements
(46,280
)
(3,354
)
   Losses recognized in earnings
(554
)

Ending Balance June 30, 2012
$
35,368

$
5,803


 
Three Months Ended
June 30, 2011
 
Securitized Beneficial Interest
Guarantees
Beginning Balance March 31, 2011
$
15,797

$
4,575

   Issuances of guarantees/sales of receivables
35,093

1,293

   Settlements
(36,274
)
(2,398
)
   Changes in anticipated loss rate

(520
)
   Losses recognized in earnings
(644
)

Ending Balance June 30, 2011
$
13,972

$
2,950

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
The following table summarizes significant unobservable inputs and the valuation techniques thereof for the period ended June 30, 2012:

 
Fair Value at 6/30/2012
Valuation Technique
Unobservable Input
Range (Weighted Average)
Securitized Beneficial Interests
$
35,368

 
Discounted Cash Flow
Discount Rate
2.58% to 3.91%

 
 
 
Payment Speed
42 to 64 days

Tobacco Supplier Guarantees
$
1,958

 
Historical Loss
Historical Loss
6% to 8%

Deconsolidated Subsidiary Guarantees
$
3,845

 
Discounted Cash Flow
Market Interest Rate
12
%