Short-Term Borrowing Arrangements

12 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Short-Term Borrowing Arrangements

Short-Term Borrowing Arrangements

Excluding all long-term credit agreements, the Company has lines of credit arrangements with a number of banks under which the Company may borrow up to a total of $910,131 and $795,746 at March 31, 2016 and 2015, respectively. The weighted average variable interest rate for the years ending March 31, 2016 and 2015 was 5.2% and 5.1%, respectively. At March 31, 2016 and 2015, amounts outstanding under the lines were $475,989 and $330,254, respectively. Unused lines of credit at March 31, 2016 amounted to $416,352 ($448,265 at March 31, 2015), net of $17,790 of letters of credit. Certain non-U.S. borrowings of approximately $103,366 and $61,820 have inventories of $99,442 and $56,210 as collateral at March 31, 2016 and 2015, respectively. At March 31, 2016 and 2015, respectively, $2,137 and $2,122 were held on deposit as a compensating balance.

The foregoing amounts at March 31, 2016 reflect aggregate borrowing availability, outstanding borrowings and unused borrowing availability under a short-term credit facility extended to MTC in which one of the Company’s other subsidiaries has a participation interest in the lender’s rights and obligations under the facility. At March 31, 2016, $100,000 of the aggregate borrowing availability was with respect to borrowing such other subsidiary would be required to fund under the terms of the participation interest. Aggregate outstanding borrowings attributed to outstanding borrowings by MTC funded under that facility by such other subsidiary pursuant to that participation interest are $84,258 and $15,742 of the unused borrowing availability was with respect to unused borrowing availability such other subsidiary would be required to fund under the terms of the participation interest. Because such other subsidiary’s funding is pursuant to a participation interest through a third-party lender and not a direct intercompany loan between such other subsidiary and MTC, the total amount of debt under the facility is required to be reflected as consolidated debt upon the reconsolidation of MTC. See Note 22 “Reconsolidation of MTC” to the “Notes to Consolidated Financial Statements” for further information.