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Deritvatives and Hedging (Notes)

6 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

16. Derivatives and Hedging

From 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 intercompany 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 2025, 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 in fiscal 2025. 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.

These contracts are not 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, 2024, we held net foreign currency forward contracts to buy 58.0 million British pounds sterling; and to sell 18.0 million Australian dollars, 6.0 million Canadian dollars, and 1.8 million euros. At September 30, 2024, we held commodity swap contracts to buy 394.5 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, 2024						March 31, 2024						September 30, 2024						March 31, 2024
Prepaid & other						$	1,028					$	208					$	—					$	—
Accrued expenses and other						$	—					$	—					$	929					$	1,014

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,
												2024						2023						2024						2023
Foreign currency forward contracts						Selling, general and administrative						$	2,515					$	60					$	2,901					$	1,518
Commodity swap contracts						Cost of revenues						$	(92)					$	(358)					$	149					$	(1,392)

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

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