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Derivative Instruments | 12 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Foreign Currency Forward Contracts The Company’s foreign currency forward contracts are valued using models that maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and are categorized as Level 2 within the fair value hierarchy. Derivative Balances The following table sets forth the total outstanding notional amount and the fair value of the Company’s derivative instruments held at 31 March 2022 and 2021:
|  |  |  |  | Fair Value as of
(Millions of US dollars) | Notional Amount |  | 31 March 2022 |  | 31 March 2021
Derivatives not accounted for as hedges | 31 March 2022 |  | 31 March 2021 |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign currency forward contracts | $ | 251.0 |  |  | $ | 456.1 |  |  | $ | 2.0 |  |  | $ | 1.9 |  |  | $ | 5.5 |  |  | $ | 8.3 |
The following table sets forth the gain and loss on the Company’s foreign currency forward contracts recorded in the Company's consolidated statements of operations and comprehensive income as follows:
| 31 March
(Millions of US dollars) | 2022 |  | 2021 |  | 2020
Asbestos adjustments loss (gain) | $ | 5.3 |  |  | $ | (11.7) |  |  | $ | (0.8) |
Selling, general and administrative expenses | (2.1) |  |  | 7.2 |  |  | 1.3 |
Total loss (gain) | $ | 3.2 |  |  | $ | (4.5) |  |  | $ | 0.5 |

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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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