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Derivative Instruments | 3 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments In May 2025, the Company entered into an interest rate swap (“Swap”) agreement to manage interest rate risk related to the Company’s Term Facilities by swapping variable interest at a rate based on SOFR with a fixed rate of 3.79%. The Swap has a notional amount of $1,000.0 million and will expire on June 30, 2028. For additional information regarding such credit agreement, including a summary of their terms, see Note 8, “Debt”, to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026. For the three months ended June 30, 2025, the Swap did not meet the requirements for hedge designation and the Company recorded a loss of $11.6 million in Other (income) expense, net. On July 1, 2025, the Company met the requirements to designate the Swap as a cash flow hedge. The fair value of the Swap is estimated by using a valuation model based on observable market data, including yield curves. The gain (loss) is recorded in Accumulated other comprehensive loss and then reclassified into Interest, net in the same period in which the hedged transaction affects earnings. As of June 30, 2026, the Company expects to reclass approximately $2.3 million ($1.7 million after-tax) as a decrease to interest expense in the next 12 months. The fair value of the Swap and classification on the condensed consolidated balance sheets is as follows:
|  |  |  |  | Fair Value as of
(Millions of U.S. dollars) | Fair Value Hierarchy |  | Balance Sheet Location |  | June 30, 2026 |  | March 31, 2026
Interest rate swap | Level 2 |  | Other non-current assets (Other current liabilities) |  | $ | 3.0 |  |  | $ | (4.7) |
Refer to Note 13, “Accumulated Other Comprehensive Loss” for further details of the effect of derivative instruments.

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