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Derivatives | 3 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
5. Derivatives | We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, the designated benchmark interest rate being hedged on cert ain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterpartie s and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.
| Original variable rate debt and lease amount |  | Agreement Date |  | Effective Date |  | Expiration Date |  | Designated cas h flow hedge date
| (Unaudited) |  |  |  |  |  |  |  |
| (In millions) |  |  |  |  |  |  |  |
$ | 300.0 |  |  | 8/16/2006 |  | 8/18/2006 |  | 8/10/2018 |  | 8/4/2006
| 14.7 | (a) |  | 7/6/2010 |  | 8/15/2010 |  | 7/15/2017 |  | 7/6/2010
| 25.0 | (a) |  | 4/26/2011 |  | 6/1/2011 |  | 6/1/2018 |  | 6/1/2011
| 50.0 | (a) |  | 7/29/2011 |  | 8/15/2011 |  | 8/15/2018 |  | 7/29/2011
| 20.0 | (a) |  | 8/3/2011 |  | 9/12/2011 |  | 9/10/2018 |  | 8/3/2011
| 15.1 | (b) |  | 3/27/2012 |  | 3/28/2012 |  | 3/28/2019 |  | 3/26/2012
| 25.0 |  |  | 4/13/2012 |  | 4/16/2012 |  | 4/1/2019 |  | 4/12/2012
| 44.3 |  |  | 1/11/2013 |  | 1/15/2013 |  | 12/15/2019 |  | 1/11/2013
| (a) forward swap |  |  |  |  |  |
| (b) operating lease |  |  |  |  |  |
As of June 30, 2016, the total notional amount of our variable interest rate swaps on debt and an operating lease was $277.1 million and $9.0 million, respectively The derivative fair values located in Accounts payable and accrued expenses in the balance sheets were as follows:
|  | Net Liability Derivative Fair Value as of
|  | June 30, 2016 |  | March 31, 2016
|  | (Unaudited) |  |
|  | (In thousands)
Interest rate contracts designated as hedging instruments | $ | 12,766 | $ | 14,845
|  | The Effect of Interest Rate
|  | Contracts on the Statements of Operations
|  | Quarters Ended June 30,
|  | 2016 |  | 2015
|  | (Unaudited)
|  | (In thousands)
Loss recognized in income on interest rate contracts | $ | 2,811 | $ | 3,366
Gain recognized in AOCI on interest rate contracts (effective portion) | $ | (2,081) | $ | (3,370)
Loss reclassified from AOCI into income (effective portion) | $ | 2,809 | $ | 3,360
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) | $ | 2 | $ | 6
Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first quarter of fiscal 2017, we recognized an increase in the fair value of our cash flow hedges of $1.3 million, net of taxes. Embedded in this change was $2.8 million of losses reclassified from accumulated other comprehensive income to interest expense during the first quarter of fiscal 2017, net o f taxes. At June 30, 2016, we expect to reclassify $8.0 million of net losses on interest rate contracts from accumulated other comprehensive income to earnings as interest expense over the next twelve months.

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