INDEBTEDNESS (Tables)

6 Months Ended

Sep. 30, 2016

Summary of Debt Outstanding

The following is a summary of debt outstanding at September 30, 2016 and March 31, 2016:

	September 30,			March 31,
(In thousands, except weighted average data)	2016			2016
Bank loan agreement:
Term loan (A)	$	300,000			300,000
Fair value term loan outstanding (Level 2)		195,000			300,000
Revolving line of credit (A) (B)		600,000			600,000
Fair value revolving line of credit outstanding (Level 2)		390,000			600,000
September 2013 senior unsecured notes:
Aggregate debt outstanding	$	500,000			500,000
Weighted average remaining life in years (C)		6.9			7.4
Weighted average coupon rate on notes outstanding		4.86	%		4.86	%
Fair value of debt outstanding (Level 2)	$	325,000			342,746
August 2011 senior unsecured notes:
Aggregate debt outstanding	$	165,000			165,000
Weighted average remaining life in years (C)		4.1			4.6
Weighted average coupon rate on notes outstanding		4.42	%		4.42	%
Fair value of debt outstanding (Level 2)	$	107,250			127,148
September 2010 senior unsecured notes:
Aggregate debt outstanding	$	382,500			382,500
Weighted average remaining life in years (C)		3.6			4.1
Weighted average coupon rate on notes outstanding		4.35	%		4.35	%
Fair value of debt outstanding (Level 2)	$	248,625			302,832
May 2015 4.22% notes (D):
Amount outstanding	$	28,727			30,033
Fair value of debt outstanding (Level 2)		27,484			30,062
March 2015 4.21% notes (D):
Amount outstanding	$	25,802			27,030
Fair value of debt outstanding (Level 2)		24,652			27,027

(A) The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016.

(B) The revolver was fully utilized at September 30, 2016 and March 31, 2016, respectively.

(C) Weighted average remaining life in years is based on stated maturities; however, all of the company’s indebtedness has been   reclassified as current since March 31, 2016.

(D) Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity.

Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and six-month periods ended September 30, 2016 and 2015:

	Quarter Ended				Six Months Ended
	September 30,				September 30,
(In thousands)	2016		2015		2016		2015
Interest and debt costs incurred, net of interest capitalized	$	18,477		13,247		35,431		26,429
Interest costs capitalized		1,101		2,823		2,494		5,767
Total interest and debt costs	$	19,578		16,070		37,925		32,196

Norwegian Kroner (NOK) denominated borrowing

Summary of Debt Outstanding

The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at September 30, 2016 and March 31, 2016, and their U.S. dollar equivalents:

	September 30,		March 31,
(In thousands)	2016		2016
January 2014 3.81% notes (A):
NOK denominated		237,500		250,000
U.S. dollar equivalent	$	29,745		30,207
Fair value in U.S. dollar equivalent (Level 2)		28,460		30,199
May 2012 5.38% notes (A):
NOK denominated		136,320		144,840
U.S. dollar equivalent	$	17,073		17,500
Fair value in U.S. dollar equivalent (Level 2)		16,408		17,479

(A) Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity.