DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Our risk management strategy includes the use of derivative financial instruments to reduce the volatility associated with changes in foreign currency exchange rates on earnings, cash flows, and certain balance sheet amounts. We do not enter into derivative financial contracts for speculative or trading purposes. We recognize derivative instruments as either assets or liabilities on our Consolidated Balance Sheets, and we measure those instruments at fair value. We classify cash flows from derivative transactions as cash flows from operating activities in our Consolidated Statements of Cash Flows.

Foreign currency forward contracts

The following table shows the gross notional amounts of foreign currency forward contracts:


	September 30, 2022		March 31, 2022
Forward contracts to sell foreign currencies	$	197.0	$	132.8
Forward contracts to purchase foreign currencies	57.3		75.8

For the three months ended September 30, 2022 and 2021, we recorded a loss of $4.6 and a gain of $0.6, respectively, and for the six months ended September 30, 2022 and 2021 we recorded a loss of $2.6 and a loss of $1.2, respectively, related to foreign currency forward contracts in Interest and other, net in our Condensed Consolidated Statements of Operations. Our foreign currency exchange forward contracts are not designated as hedging instruments under hedge accounting. These instruments are generally short-term in nature, with typical maturities of less than one year, and are subject to fluctuations in foreign exchange rates.