Fair Value Measurements

6 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

(15) FAIR VALUE MEASUREMENTS

     The Company uses available market information and appropriate methodologies to estimate the fair value of its financial instruments. Considerable judgment is required in interpreting market data to develop these estimates. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Certain of these financial instruments are with major financial institutions and expose the Company to market and credit risks and may at times be concentrated with certain counterparties or groups of counterparties. The creditworthiness of counterparties is continually reviewed, and full performance is currently anticipated.

     The Company’s cash and cash equivalents, accounts receivable, accounts payable, and short-term borrowings all have carrying amounts that are a reasonable estimate of their fair values. The carrying values and estimated fair values of the Company’s long-term obligations and other financial instruments are as follows:

	September 30, 2011						March 31, 2011
				Estimated Fair						Estimated Fair
	Carrying Value			Value			Carrying Value			Value
				(In thousands)
(Liability) Asset:
Senior Secured Notes due 2018 (a)	$	(678,774	)	$	(625,219	)	$	(675,000	)	$	(718,031	)
Convertible Senior Subordinated Notes due 2013		(60,000	)		(50,400	)		(60,000	)		(55,425	)
Interest Rate Swaps (b)		4,200			4,200			—			—
Foreign Currency Forwards (b)
Asset		1,389			1,389			—			—
Liability		—			—			(2,555	)		(2,555	)
Commodity swaps / forwards (b)
Asset		—			—			1,564			1,564
Liability		(5,500	)		(5,500	)		(1,263	)		(1,263	)

(a)	Carrying value at September 30, 2011 includes $3.8 million increase related to fair value adjustment of hedged portion of notes. See Notes 3 and 7.
(b)	These financial instruments are required to be measured at fair value, and are based on inputs as described in the three-tier hierarchy that prioritizes inputs used in measuring fair value as of the reported date:

• Level 1 –	Observable inputs such as quoted prices in active markets for identical assets and liabilities;
• Level 2 –	Inputs other than quoted prices in active markets that are observable either directly or indirectly; and
• Level 3 –	Inputs from valuation techniques in which one or more key value drivers are not observable, and must be based on the reporting entity’s own assumptions.

The following table represents our financial instruments that are measured at fair value on a recurring basis, and the basis for that measurement:

			Quoted Price in		Significant
			Active Markets		Other		Significant
	Total		for		Observable		Unobservable
	Fair Value		Identical Assets		Inputs		Inputs
	Measurement		(Level 1)		(Level 2)		(Level 3)
			(In thousands)
September 30, 2011:
Assets:
Interest rate swaps	$	4,200	$	—	$	4,200	$	—
Foreign currency forwards		1,389		—		1,389		—
Liabilities:
Commodity swaps / forwards		5,500		—		5,500		—
March 31, 2011:
Assets:
Commodity Swap		1,564		—		1,564		—
Liabilities:
Foreign currency forward		2,555		—		2,555		—
Commodity Swap		1,263		—		1,263		—

     The Company uses a market approach to determine the fair values of all of its derivative instruments subject to recurring fair value measurements. The fair value of each financial instrument was determined based upon observable forward prices for the related underlying financial index or commodity price, and each has been classified as Level 2 based on the nature of the underlying markets in which those derivatives are traded. For additional discussion of the Company’s derivative instruments and hedging activities, see Note 3.