Note 9 - Debt:

Short-Term Debt

The Company and its subsidiaries had no short-term borrowings outstanding at March 31, 2020 and 2019.

On December 2, 2015, the Company entered into a revolving credit facility agreement with JPMorgan Chase Bank, N.A. that provides a $25,000 line of credit, including letters of credit and bank guarantees, expandable at the Company's option at any time up to $50,000.  The agreement has a five-year term.

At the Company's option, amounts outstanding under the agreement will bear interest at either: (i) a rate equal to the bank's prime rate; or (ii) a rate equal to LIBOR plus a margin.  The margin is based on the Company's funded debt to earnings before interest expense, income taxes, depreciation and amortization ("EBITDA") and may range from 1.75% to 0.95%.  Amounts available for borrowing under the agreement are subject to an unused commitment fee of between 0.30% and 0.20%, depending on the above ratio.  The bank’s prime rate was 3.25% and 5.50% at March 31, 2020 and 2019, respectively.  

Outstanding letters of credit under the agreement are subject to a fee of between 1.20% and 0.70%, depending on the Company's ratio of funded debt to EBITDA.  The agreement allows the Company to reduce the fee on outstanding letters of credit to a fixed rate of 0.40% by securing outstanding letters of credit with cash and cash equivalents and investments.  At March 31, 2020, all outstanding letters of credit were secured by a certificate of deposit.  At March 31, 2020, there were $5,397 letters of credit outstanding on the JPMorgan Chase Bank, N.A. revolving credit facility.  Availability under the line of credit was $19,603 at March 31, 2020.

Under the revolving credit facility, the Company covenants to maintain a maximum funded debt to EBITDA ratio, as defined in such credit facility, of 3.5 to 1.0 and a minimum earnings before interest expense and income taxes ("EBIT") to interest ratio, as defined in such credit facility, of 4.0 to 1.0.  The agreement also provides that the Company is permitted to pay dividends without limitation if it maintains a maximum funded debt to EBITDA ratio equal to or less than 2.0 to 1.0 and permits the Company to pay dividends in an amount equal to 25% of net income if it maintains a funded debt to EBITDA ratio of greater than 2.0 to 1.0.  The Company was in compliance with all such provisions as of and for the years ended March 31, 2020 and 2019.  Assets with a book value of $128,281 have been pledged to secure borrowings under the credit facility.

At March 31, 2019 the Company had an additional letter of credit facility agreement with HSBC Bank USA, N.A. to further support its international operations.  The agreement provided a $5,000 line of credit to be used for the issuance of letters of credit.  On October 8, 2019, the Company entered into an agreement to amend the letter of credit facility agreement and increase the letter of credit facility to $10,000.  Under the amended agreement, the Company incurs an annual facility fee of $5 and outstanding letters of credit are subject to a fee of between .75% and 0.65%, depending on the term of the letter of credit.  Interest is payable on the principal amounts of unreimbursed letter of credit draws under the facility at a rate of 3% plus the bank’s prime rate.  The bank’s prime rate was 3.25% at March 31, 2020.  The Company's obligations under the agreement are secured by certain certificates of deposit held with the bank.  At March 31, 2020 there were $7,931 letters of credit outstanding, and availability under the letter of credit facility was $2,069.  Subsequent to March 31, 2020, the Company entered into an agreement to amend the letter of credit facility agreement and increase the line of credit to $14,000, among other things.  See Note 19 - Subsequent Events for a discussion of this amendment.

Long-Term Debt

The Company and its subsidiaries had long-term capital lease obligations outstanding as follows:

With the exception of capital leases, the Company has no long-term debt payment requirements over the next five years as of March 31, 2020.