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Derivative Instruments | 12 Months Ended
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Mar. 31, 2023
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 2023 and 2022:
|  |  |  |  | Fair Value as of
(Millions of US dollars) | Notional Amount |  | 31 March 2023 |  | 31 March 2022
Derivatives not accounted for as hedges | 31 March 2023 |  | 31 March 2022 |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign currency forward contracts | $ | 269.0 |  |  | $ | 251.0 |  |  | $ | 2.2 |  |  | $ | 11.4 |  |  | $ | 2.0 |  |  | $ | 1.9 |
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) | 2023 |  | 2022 |  | 2021
Asbestos adjustments loss (gain) | $ | 24.5 |  |  | $ | 5.3 |  |  | $ | (11.7) |
Selling, general and administrative expenses | 4.0 |  |  | (2.1) |  |  | 7.2 |
Total loss (gain) | $ | 28.5 |  |  | $ | 3.2 |  |  | $ | (4.5) |

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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://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 + Details
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