Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward exchange contracts to manage its foreign currency risk and interest rate swaps and interest rate caps to manage its interest rate risk. All hedging transactions are authorized and executed pursuant to defined policies and procedures that prohibit the use of financial instruments for speculative purposes.

Foreign Exchange Contracts

The Company periodically enters into foreign currency forward contracts to mitigate the foreign currency volatility relative to certain intercompany and external cash flows expected to occur. These foreign currency forward contracts were not accounted for as cash flow hedges in accordance with ASC 815, and as such were marked to market through earnings. The amounts recorded on the consolidated balance sheets and recognized within the condensed consolidated statements of operations related to the Company's foreign currency forward contracts are set forth within the tables below.

Interest Rate Derivatives

Beginning in fiscal 2016, the Company utilized three interest rate swaps and two interest rate caps to hedge the variability in future cash flows associated with the Company's variable-rate term loans, all of which matured during fiscal 2019. At inception, these interest rate derivatives were designated as cash flow hedges in accordance with ASC 815. In connection with the Fiscal 2018 Amendment to the Credit Agreement described in Note 11, Long-Term Debt, the critical terms of the interest rate derivatives no longer matched the outstanding debt and no longer qualified as effective hedges. Unrealized losses associated with the interest rate derivatives remaining in accumulated other comprehensive loss were reclassified into interest expense over the remaining term of the interest rate derivatives and changes in fair values subsequent to the Amendment were recognized within the consolidated statements of operations. See the amounts recorded on the consolidated balance sheets related to the Company's interest rate derivatives within the tables below.

The Company's derivatives are measured at fair value in accordance with ASC 820. See Note 13, Fair Value Measurements for more information as it relates to the fair value measurement of the Company's derivative financial instruments. The following tables indicate the location and the fair value of the Company's non-qualifying, non-designated derivative instruments within the consolidated balance sheets (in millions):



	March 31, 2019		March 31, 2018		Balance Sheet Classification
	Asset Derivatives
Foreign currency forward contracts	$	—	$	0.5	Other current assets
	Liability Derivatives
Interest rate derivatives	$	—	$	0.8	Other current liabilities

The following table segregates the location and the amount of gains or losses associated with the changes in the fair value of the Company's derivative instruments, net of tax, within the consolidated balance sheets (for instruments no longer qualifying for hedge accounting under ASC 815) and recognized within the consolidated statements of operations (for non-qualifying, non-designated derivative instruments):



	Amount of (gain) loss recognized in accumulated other comprehensive loss
Derivative instruments no longer qualifying for hedge accounting under ASC 815 (in millions)
	March 31, 2019			March 31, 2018
Interest rate derivatives	$	(0.8	)	$	3.7



		Amount recognized as (income) expense
Non-qualifying, non-designated derivative instruments (in millions)	Consolidated Statements of Operations Classification	Fiscal Years Ended
	Consolidated Statements of Operations Classification	March 31, 2019			March 31, 2018			March 31, 2017
Foreign currency forward contracts	Other expense (income), net	$	0.2		$	—		$	(0.5	)
Interest rate derivatives	Interest expense, net	$	(0.8	)	$	(5.0	)	$	—

During fiscal 2019, 2018, and 2017, the Company reclassified $5.7 million, $9.7 million, and $10.2 million of accumulated other comprehensive loss into earnings as interest expense related to interest rate derivatives, respectively.