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Fair Value of Financial Instruments
 3 Months Ended
Jun. 30, 2019
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 June 30, 2019 and March 31, 2019, and the basis for that measurement:
 
 
 
Total Fair Value Measurement June 30, 2019
 
Quoted Price in
Active  Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Lead forward contracts
 
$
223

 
$
—

 
$
223

 
$
—

Foreign currency forward contracts
 
170

 
—

 
170

 
—

Total derivatives
 
$
393

 
$
—

 
$
393

 
$
—

 
 
 
Total Fair Value
Measurement
March 31, 2019

 
Quoted Price in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Lead forward contracts
 
$
(902
)
 
$
—

 
$
(902
)
 
$
—

Foreign currency forward contracts
 
(249
)
 
—

 
(249
)
 
—

Total derivatives
 
$
(1,151
)
 
$
—

 
$
(1,151
)
 
$
—



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 2019 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 Amended Credit Facility (as defined in Note 12), 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 102% and 99% of face value on June 30, 2019 and March 31, 2019, respectively.

The carrying amounts and estimated fair values of the Company’s derivatives and Notes at June 30, 2019 and March 31, 2019 were as follows:

 
 
June 30, 2019
 
March 31, 2019
 
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
Financial assets:
 
 
 
 
 
 
 
 
Derivatives (1)
 
$
393

 
$
393

 
$
—

 
$
—

Financial liabilities:
 
 
 
 
 
 
 
 
 Notes (2)
 
$
300,000

 
$
306,000

 
$
300,000

 
$
297,000

Derivatives (1)
 
—

 
—

 
1,151

 
1,151


(1)
Represents lead and foreign currency forward contracts (see Note 7 for asset and liability positions of the lead and foreign currency forward contracts at June 30, 2019 and March 31, 2019).
(2)
The fair value amount of the Notes at June 30, 2019 and March 31, 2019 represent the trading value of the instruments.