Derivative Instruments

12 Months Ended

Mar. 31, 2015

Derivative Instruments [Abstract]

Derivative Instruments

Note 18:  Derivative Instruments

The Company uses derivative financial instruments from time to time as a tool to manage certain financial risks.  The Company’s policy prohibits the use of leveraged derivatives.  Accounting for derivatives and hedging activities requires derivative financial instruments to be measured at fair value and recognized as assets or liabilities in the consolidated balance sheets.  Accounting for the gain or loss resulting from the change in fair value of the derivative financial instruments depends on whether it has been designated, and is effective, as a hedge and, if so, on the nature of the hedging activity.

Commodity Derivatives:  The Company has, from time to time, entered into futures contracts related to certain forecasted purchases of aluminum and copper.  The Company’s strategy in entering into these contracts was to reduce its exposure to changing market prices for future purchases of these commodities.  The Company has not designated commodity contracts entered into in fiscal 2013, 2014, and 2015 for hedge accounting.  Accordingly, unrealized gains and losses on those contracts are recorded within cost of sales. The Company designated contracts entered into prior to fiscal 2013 for hedge accounting. Accordingly, the amounts recorded in accumulated other comprehensive loss (“AOCI”) related to those contracts remained in AOCI until the underlying commodity purchases impacted earnings.

Foreign exchange contracts:  The Company’s foreign exchange risk management strategy uses derivative financial instruments to mitigate foreign currency exchange risk.  The Company periodically enters into foreign currency exchange contracts to hedge specific foreign currency denominated assets and liabilities.  The Company has not designated these contracts for hedge accounting.  Accordingly, unrealized gains and losses related to changes in fair value are recorded in other income and expense.  Gains and losses on these foreign currency contracts are offset by foreign currency gains and losses associated with the related assets and liabilities.

The fair value of the Company’s derivative financial instruments recorded in the consolidated balance sheets were as follows:

	Balance Sheet Location	March 31, 2015		March 31, 2014
Foreign exchange contracts	Other current liabilities	$	0.3	$	0.2
Commodity derivatives	Other current liabilities		0.1		0.1
Commodity derivatives	Other noncurrent liabilities		-		0.1

The amounts recorded in AOCI and in the consolidated statements of operations for all of the Company’s derivative financial instruments were as follows:

	March 31, 2015
	Amount of Loss Recognized in AOCI		Statement of Operations Location	Loss Reclassified from AOCI into Continuing Operations		Total Loss Recognized in Continuing Operations
Commodity derivatives	$	-	Cost of sales	$	-	$	0.2
Foreign exchange contracts		-	Other income (expense) - net		-		1.1
Total	$	-		$	-	$	1.3

	March 31, 2014
	Amount of Loss Recognized in AOCI		Statement of Operations Location	Loss Reclassified from AOCI into Continuing Operations		Total Loss Recognized in Continuing Operations
Commodity derivatives	$	-	Cost of sales	$	0.5	$	0.5
Total	$	-		$	0.5	$	0.5

	March 31, 2013
	Amount of Loss Recognized in AOCI		Statement of Operations Location	Loss Reclassified from AOCI into Continuing Operations		Total Loss (Gain) Recognized in Continuing Operations
Commodity derivatives	$	0.5	Cost of sales	$	2.6	$	4.6
Foreign exchange contracts		-	Other income (expense) - net		-		(0.3	)
Total	$	0.5		$	2.6	$	4.3