Derivative Financial Instruments

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interests rates. 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 entered 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.

Interest Rate Derivatives

Prior to fiscal 2020, the Company utilized interest rate swaps and 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. During fiscal 2019, the critical terms of the interest rate derivatives no longer matched the outstanding debt and no longer qualified as effective hedges resulting in the unrealized losses associated with the interest rate derivatives remaining in accumulated other comprehensive loss to be reclassified into interest expense over the remaining term of the interest rate derivatives. Changes in fair values of the interest rate derivatives qualifying as effective hedges were recognized within the consolidated statements of operations.

The amounts recorded on the consolidated balance sheets related to the Company's derivative instruments as of March 31, 2020 and 2019 were not material. 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 recognized within the consolidated statements of operations (for non-qualifying, non-designated derivative instruments):


	Amount of gain recognized in accumulated other comprehensive loss
Derivative instruments no longer qualifying for hedge accounting under ASC 815 (in millions)
			March 31, 2020			March 31, 2019
Interest rate derivatives	$	(0.8)		$	(0.8)


		Amount recognized as (income) expense
Non-qualifying, non-designated derivative instruments (in millions)	Consolidated Statements of Operations Classification	Fiscal Years Ended
				March 31, 2020		March 31, 2019		March 31, 2018
Foreign currency forward contracts	Other expense, net	$	—	$	0.2	$	—
Interest rate derivatives	Interest expense, net	$	—	$	(0.8)	$	(5.0)

During fiscal 2020, the Company did not reclassify any accumulated other comprehensive loss related to interest rate derivatives into earnings. During fiscal 2019 and 2018, the Company reclassified $5.7 million, and $9.7 million of accumulated other comprehensive loss into earnings as interest expense related to interest rate derivatives, respectively.