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Deritvatives and Hedging (Notes) | 6 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities Disclosure | Derivatives and HedgingFrom time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including inter-company transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our cost of revenues. During the second quarter of fiscal 2022, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts will mature during fiscal 2022. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. We do not use derivative financial instruments for speculative purposes. None of these contracts are designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. At September 30, 2021, we held foreign currency forward contracts to buy 39.9 million Mexican pesos and 5.1 million Canadian dollars; and to sell 54.0 million euros and 7.0 million Canadian dollars. At September 30, 2021 we held commodity swap contracts to buy 384.0 thousand pounds of nickel.
|  | Asset Derivatives |  | Liability Derivatives
|  | Fair Value at |  | Fair Value at |  | Fair Value at |  | Fair Value at
Balance sheet location |  | September 30, 2021 |  | March 31, 2021 |  | September 30, 2021 |  | March 31, 2021
Prepaid & Other |  | $ | 1,145 |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |
Accrued expenses and other |  | $ | — |  |  | $ | — |  |  | $ | 57 |  |  | $ | 367 |
The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:
|  | Location of gain (loss) recognized in income |  | Amount of gain (loss) recognized in income
Three Months Ended September 30, |  | Six Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
Foreign currency forward contracts |  | Selling, general and administrative |  | $ | 1,143 |  |  | $ | (223) |  |  | $ | 2,571 |  |  | $ | (80) |
Commodity swap contracts |  | Cost of revenues |  | $ | 28 |  |  | $ | 386 |  |  | $ | 693 |  |  | $ | 751 |
Additionally, we hold our debt in multiple currencies to fund our operations and investments in certain subsidiaries. We designate portions of foreign currency denominated intercompany loans as hedges of portions of net investments in foreign operations. Net debt designated as non-derivative net investment hedging instruments totaled $49,208 at September 30, 2021. These hedges are designed to be fully effective and any associated gain or loss is recognized in Accumulated Other Comprehensive Income and will be reclassified to income in the same period when a gain or loss related to the net investment in the foreign operation is included in income.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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