Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

The carrying value and estimated fair value of the Company's Long-Term Debt are shown in the table below.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:



	March 31, 2015						March 31, 2014
	Level 2		Level 3		Total Assets / Liabilities, at Fair Value		Level 2		Level 3		Total Assets / Liabilities, at Fair Value

Assets
Derivative financial instruments	$	1,373	$	—	$	1,373	$	—	$	—	$	—
Securitized beneficial interests	—		40,712		40,712		—		35,559		35,559
Total Assets	$	1,373	$	40,712	$	42,085	$	—	$	35,559	$	35,559
Liabilities
Guarantees	$	—	$	8,650	$	8,650	$	—	$	7,344	$	7,344
Derivative financial instruments	—		—		—		169		—		169
Total Liabilities	$	—	$	8,650	$	8,650	$	169	$	7,344	$	7,513

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.



	Securitized Beneficial Interests			Guarantees
Beginning Balance March 31, 2013	$	31,992		$	6,367
Issuance of guarantees/sales of receivables	287,432			11,013
Settlements	(278,990		)	(9,740		)
Changes in anticipated loss rate	—			—
Losses recognized in earnings	(4,875		)	(296		)
Ending Balance March 31, 2014	35,559			7,344
Issuance of guarantees/sales of receivables	233,392			12,921
Settlements	(223,150		)	(9,304		)
Changes in anticipated loss rate	—			—
Losses recognized in earnings	(5,089		)	(2,311		)
Ending Balance at March 31, 2015	$	40,712		$	8,650

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The following table summarizes significant unobservable inputs and the valuation techniques thereof for the periods ended March 31, 2015 and 2014:



	Fair Value at 3/31/2015		Valuation Technique	Unobservable Input	Range (Weighted Average)
Securitized Beneficial Interests				Discount Rate	2.73% to 2.74%
	$	40,712	Discounted Cash Flow	Payment Speed	116.0 to 119.4 days
Tobacco Supplier Guarantees	3,110		Historical Loss	Historical Loss	10.0% to 15.8%
	3,412		Discounted Cash Flow	Market Interest Rate	13.0% to 22.0%
Deconsolidated Subsidiary Guarantees	2,128		Discounted Cash Flow	Market Interest Rate	12.0	%



	Fair Value at 3/31/2014		Valuation Technique	Unobservable Input	Range (Weighted Average)
Securitized Beneficial Interests	$	35,559	Discounted Cash Flow	Discount Rate	2.74% to 3.86%
Securitized Beneficial Interests	$	35,559	Discounted Cash Flow	Payment Speed	62.1 to 105.1 days
Tobacco Supplier Guarantees	1,211		Historical Loss	Historical Loss	6.0% to 8.0%
	4,157		Discounted Cash Flow	Market Interest Rate	10.0% to 46.0%
Deconsolidated Subsidiary Guarantees	1,976		Discounted Cash Flow	Market Interest Rate	12	%

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Carrying value

Estimated fair value