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Fair Value of Financial Instruments | 6 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2018 and March 31, 2018, and the basis for that measurement:
|  | Total Fair Value Measurement September 30, 2018 |  | Quoted Price in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Lead forward contracts |  | $ | (4,032 | ) |  | $ | — |  |  | $ | (4,032 | ) |  | $ | — |
Foreign currency forward contracts |  | (121 | ) |  | — |  |  | (121 | ) |  | — |
Total derivatives |  | $ | (4,153 | ) |  | $ | — |  |  | $ | (4,153 | ) |  | $ | — |
|  | Total Fair Value Measurement March 31, 2018 |  | Quoted Price in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Lead forward contracts |  | $ | (3,877 | ) |  | $ | — |  |  | $ | (3,877 | ) |  | $ | — |
Foreign currency forward contracts |  | 22 |  |  | — |  |  | 22 |  |  | — |
Total derivatives |  | $ | (3,855 | ) |  | $ | — |  |  | $ | (3,855 | ) |  | $ | — |
The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy, as described in Note 1, Summary of Significant Accounting Policies to the Company's consolidated financial statements included in its 2018 Annual Report. The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded. Financial Instruments The fair values of the Company’s cash and cash equivalents approximate carrying value due to their short maturities. The fair value of the Company’s short-term debt and borrowings under the 2017 Credit Facility (as defined in Note 9), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The Company's 5.00% Senior Notes due 2023 (the “Notes”), with an original face value of $300,000, were issued in April 2015. The fair value of the Notes represent the trading values based upon quoted market prices and are classified as Level 2. The Notes were trading at approximately 100% and 102% of face value on September 30, 2018 and March 31, 2018, respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Notes at September 30, 2018 and March 31, 2018 were as follows:
|  | September 30, 2018 |  |  |  | March 31, 2018 |  |
|  | Carrying Amount |  |  |  | Fair Value |  |  |  | Carrying Amount |  |  |  | Fair Value |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives (1) |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 22 |  |  |  |  | $ | 22 |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes (2) |  | $ | 300,000 |  |  |  |  | $ | 300,000 |  |  |  |  | $ | 300,000 |  |  |  |  | $ | 304,500 |  |  |
Derivatives (1) |  | 4,153 |  |  |  |  | 4,153 |  |  |  |  | 3,877 |  |  |  |  | 3,877 |  |  |
(1) | Represents lead and foreign currency forward contracts (see Note 4 for asset and liability positions of the lead and foreign currency forward contracts at September 30, 2018 and March 31, 2018).
(2) The fair value amount of the Notes at September 30, 2018 and March 31, 2018 represent the trading value of the instruments.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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