Derivatives	6 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
5. Derivatives	5. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows: Derivatives Fair Values as of September 30, 2021 March 31, 2021 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ – $ – Liabilities $ 3,292 $ 5,141 Notional amount $ 235,000 $ 235,000 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended September 30, 2021 September 30, 2020 (Unaudited) (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (929) $ (1,007) (Gain) loss reclassified from AOCI into income $ ( 1,003 ) $ ( 961 ) Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2022, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first six months of fiscal 2022 we reclassified $1.5 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of September 30, 2021, we expect to reclassify $3.2 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

Derivatives

6 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

5. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows: Derivatives Fair Values as of September 30, 2021 March 31, 2021 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ – $ – Liabilities $ 3,292 $ 5,141 Notional amount $ 235,000 $ 235,000 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended September 30, 2021 September 30, 2020 (Unaudited) (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (929) $ (1,007) (Gain) loss reclassified from AOCI into income $ ( 1,003 ) $ ( 961 ) Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2022, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first six months of fiscal 2022 we reclassified $1.5 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of September 30, 2021, we expect to reclassify $3.2 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.