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Derivative Financial Instruments | 12 Months Ended
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Mar. 31, 2013
Derivative Financial Instruments | 12. Derivative Financial Instruments The Company utilizes derivative instruments to reduce its exposure to commodity price, foreign exchange risks and interest rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Derivatives in Cash Flow Hedging Relationships Lead Hedge Forward Contracts The Company enters into lead hedge forward contracts to fix the price for a portion of lead purchases. Management considers the lead hedge forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year and the notional amounts at March 31, 2013 and 2012 were 56.3 million pounds and 60.0 million pounds, respectively. Foreign Currency Forward Contracts The Company purchases lead and other commodities in certain countries where the foreign currency exposure is different from the functional currency of that country. The Company uses foreign currency forward contracts to hedge a portion of the Company’s foreign currency exposures for lead as well as well as other foreign currency exposures so that gains and losses on these contracts offset changes in the underlying foreign currency denominated exposures. The vast majority of such contracts are for a period not extending beyond one year. As of March 31, 2013 and 2012, the Company had entered into a total of $51,366 and $42,121, respectively, of such contracts. In the coming twelve months, the Company anticipates that $1,389 of pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of cost of goods sold. This amount represents the current unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the income statement as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged. Derivatives not Designated in Hedging Relationships Interest Rate Swap Agreements As of March 31, 2013 and March 31, 2012, the Company maintained interest rate swap agreements that converted $65,000 and $85,000, respectively, of variable-rate debt to a fixed-rate basis, utilizing the three-month LIBOR, as a floating rate reference. These agreements, which expired in May 2013, no longer qualified for hedge accounting at the end of fiscal 2011 as a result of the refinancing of the Company’s previous credit facility. The Company recorded expense relating to changes in the fair value of these agreements in the Consolidated Statements of Income, within other (income) expense, net of $101 and $977 during fiscal 2013 and 2012, respectively. In fiscal 2011, the changes in the fair value of these agreements were recorded in AOCI. Foreign Currency Forward Contracts The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Statements of Income. As of March 31, 2013 and 2012, the notional amount of these contracts was $21,749 and $11,410, respectively. The Company recorded (income) expense in the Consolidated Statements of Income within other (income) expense, net of ($2,597) and $106 during fiscal 2013 and 2012, respectively. There were no such contracts in fiscal 2011. Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income: Fair Value of Derivative Instruments March 31, 2013 and 2012
|  | Derivatives and Hedging Activities Designated as Cash Flow Hedges |  |  | Derivatives and Hedging Activities Not Designated as Hedging Instruments |
|  | March 31, 2013 |  |  | March 31, 2012 |  |  | March 31, 2013 |  |  | March 31, 2012 |
Prepaid and other current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 670 |  |  | $ | 241 |  |  | $ | 112 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lead hedge forward contracts |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | — |
Total assets |  | $ | — |  |  | $ | 700 |  |  | $ | 241 |  |  | $ | 112 |
Accrued expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | — |  |  | $ | — |  |  | $ | 654 |  |  | $ | 3,628 |
Lead hedge forward contracts |  |  | 2,832 |  |  |  | 881 |  |  |  | — |  |  |  | — |
Foreign currency forward contracts |  |  | 252 |  |  |  | — |  |  |  | — |  |  |  | — |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 244 |
Total liabilities |  | $ | 3,084 |  |  | $ | 881 |  |  | $ | 654 |  |  | $ | 3,872 |
The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2013
Derivatives Designated as Cash Flow Hedges |  | Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) |  |  | Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |
Lead hedge forward contracts |  | $ | 1,623 |  |  | Cost of goods sold |  | $ | 3,309 |
Foreign currency forward contracts |  |  | 248 |  |  | Cost of goods sold |  |  | 1,703 |
Total |  | $ | 1,871 |  |  |  |  | $ | 5,012 |
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivative |  | Gain (Loss) |
Interest rate swap contracts |  | Other (income) expense, net |  | $ | (101 | )
Foreign currency forward contracts |  | Other (income) expense, net |  |  | 2,597 |
Total |  |  |  | $ | 2,496 |
The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2012
Derivatives Designated as Cash Flow Hedges |  | Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) |  |  | Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |
Lead hedge forward contracts |  | $ | (9,731 | ) |  | Cost of goods sold |  | $ | (831 | )
Foreign currency forward contracts |  |  | (152 | ) |  | Cost of goods sold |  |  | (3,882 | )
Total |  | $ | (9,883 | ) |  |  |  | $ | (4,713 | )
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivative |  | Gain (Loss) |
Interest rate swap contracts |  | Other (income) expense, net |  | $ | (977 | )
Foreign currency forward contracts |  | Other (income) expense, net |  |  | (106 | )
Total |  |  |  | $ | (1,083 | )
The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2011
Derivatives in a Cash Flow Hedging Relationship |  | Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) |  |  | Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |
Interest rate swap contracts |  | $ | (2,835 | ) |  | Interest expense |  | $ | (6,698 | )
Lead hedge forward contracts |  |  | 15,930 |  |  | Cost of goods sold |  |  | 6,417 |
Foreign currency forward contracts |  |  | (4,031 | ) |  | Cost of goods sold |  |  | 471 |
Total |  | $ | 9,064 |  |  |  |  | $ | 190 |
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivative |  | Gain (Loss) |
Interest rate swap contracts |  | Charges related to refinancing |  | $ | (5,847 | )

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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