Accounting for Derivatives

12 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

ACCOUNTING FOR DERIVATIVES

ACCOUNTING FOR DERIVATIVES

The Company uses derivative contracts to hedge the volatility arising from changes in the fair value of certain assets and liabilities that are subject to market risk, such as interest rates on debt instruments, foreign currency exchange rates, and certain commodities. The Company does not enter into derivative contracts for trading or speculative purposes.

The Company recognizes outstanding derivative instruments as assets or liabilities, based on measurements of their fair values. If a derivative qualifies for hedge accounting, gains or losses in its fair value that offset changes in the fair value of the asset or liability being hedged (“effective” gains or losses) are reported in accumulated other comprehensive income (loss), and subsequently recorded to (loss) earnings only as the related variability on the hedged transaction is recorded in (loss) earnings. If a derivative does not qualify for hedge accounting, changes in its fair value are reported in (loss) earnings immediately upon occurrence, and the classification of cash flows from these instruments is consistent with that of the transactions being hedged. Derivatives qualify for hedge accounting if they are designated as hedging instruments at their inception, and if they are highly effective in achieving changes in fair value or cash flows that offset the fair value / cash flow changes of the assets or liabilities being hedged. Regardless of a derivative’s accounting designation, changes in its fair value or cash flows that are not offset by fair value / cash flow changes in the asset or liability being hedged are considered ineffective, and are recognized in (loss) earnings immediately.

The following tables set forth information on the presentation of these derivative instruments in the Company’s Consolidated Financial Statements:

		Fair Value As of
	Balance Sheet	March 31, 2013		March 31, 2012
		(In thousands)
Asset Derivatives:
Commodity swaps / forwards	Current assets	$	141	$	320
Foreign exchange forwards	Current assets	—		104
Interest rate swaps	Current assets	—		1,755
Interest rate swaps	Noncurrent assets	—		2,323
Liability Derivatives:
Foreign exchange forwards	Current liabilities	25		5,725
Commodity swaps / forwards	Current liabilities	—		697

	Statement of Operations	For the Fiscal Year Ended
		March 31, 2013			March 31, 2012			March 31, 2011
		(In thousands)
Foreign Exchange
Forwards	Other (income)
(Gain) loss	expense, net	$	(2,652	)	$	(6,051	)	$	823
Commodity Swaps / Forwards
Loss (gain)	Cost of sales	1,302			3,970			(16		)
Interest Rate Swap
(Gain) loss	Interest expense, net	(2,053		)	(1,820		)	5,305