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Derivatives | 6 Months Ended
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Sep. 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 certain 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 counterparties 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 amount |  | Agreement Date |  | Effective Date |  | Expiration Date |  | Designated cash 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 September 30, 2016, the total notional amount of our variable interest rate swaps on debt and an operating lease was $205.9 million and $8.6 million, respectively. The derivative fair values located in Accounts payable and accrued expenses in the balance sheets were as follows:
|  | Liability Derivatives Fair Values as of
|  | September 30, 2016 |  | March 31, 2016
|  | (Unaudited) |  |
|  | (In thousands)
Interest rate contracts designated as hedging instruments | $ | 9,654 | $ | 14,845
|  | The Effect of Interest Rate Contracts on the Statements of Operations for the Six Months Ended
|  | September 30, 2016 |  | September 30, 2015
|  | (Unaudited)
|  | (In thousands)
Loss recognized in income on interest rate contracts | $ | 5,102 | $ | 6,700
Gain recognized in AOCI on interest rate contracts (effective portion) | $ | (5,186) | $ | (4,605)
Loss reclassified from AOCI into income (effective portion) | $ | 5,107 | $ | 6,621
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) | $ | (5) | $ | 79
Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During the first six months of fiscal 2017, we recognized an increase in the fair value of our cash flow hedges of $3.2 million, net of taxes. Embedded in this gain was $5.1 million of losses reclassified from accumulated other comprehensive income to interest expense during the first six months of fiscal 2017, net of taxes. At September 30, 2016, we expect to reclassify $6.9 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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