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Derivatives | 12 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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 its 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 and lease amount |  | Agreement Date |  | Effective Date |  | Expiration Date |  | Designated cash flow hedge date
| (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 March 31, 2017, the total notional amount of our variable interest rate swaps on debt and an operating lease was $236.8 million and $7.8 million, respectively. The derivative fair values reflected in Accounts payable and accrued expenses in the balance sheets were as follows:
|  | Liability Derivative Fair Value as of
|  | March 31, 2017 |  | March 31, 2016
|  | (In thousands)
Interest rate contracts designated as hedging instruments | $ | 4,903 | $ | 14,845
|  | The Effect of Interest Rate
|  | Contracts on the Statements of Operations
|  | Years Ended March 31,
|  | 2017 |  | 2016 |  | 2015
|  | (In thousands)
Loss recognized in income on interest rate contracts | $ | 8,603 | $ | 12,699 | $ | 14,329
Gain recognized in AOCI on interest rate contracts (effective portion) | $ | (9,916) | $ | (9,721) | $ | (8,203)
Loss reclassified from AOCI into income (effective portion) | $ | 8,628 | $ | 12,616 | $ | 14,358
(Gain) loss recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) | $ | (25) | $ | 83 | $ | (29)
Gains or losses recognized in income on derivatives are recorded as interest expense in the statements of operations. During fiscal 2017, we recognized an increase in the fair value of our cash flows hedges of $6.1 million, net of taxes. Embedded in this change was $8.6 million of losses reclassified from accumulated other comprehensive income (loss) to interest expense during the year. At March 31, 2017, we expect to reclassify $4.6 million of net losses on interest rate contracts from accumulated other comprehensive income (loss) to earnings as interest expense over the next twelve months. Please see Note 3, Accounting Policies, in the Notes to Consolidated Financial Statements.

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