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Fair Value of Financial Instruments
 9 Months Ended
Jan. 03, 2021
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 January 3, 2021 and March 31, 2020, and the basis for that measurement:
 
Total Fair Value Measurement January 3, 2021Quoted Price in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Lead forward contracts$1,008 $— $1,008 $— 
Foreign currency forward contracts(224)— (224)— 
Total derivatives$784 $— $784 $— 
 
Total Fair Value
Measurement
March 31, 2020		Quoted Price in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Lead forward contracts$(2,433)$— $(2,433)$— 
Foreign currency forward contracts1 — 1 — 
Total derivatives$(2,432)$— $(2,432)$— 

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 2020 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.

In fiscal 2020, the Company issued its 4.375% Senior Notes due 2027 (the “2027 Notes”), with an original face value of $300,000. The Company's 5.00% Senior Notes due 2023 (the “2023 Notes”), with an original face value of $300,000, were issued in April 2015. The fair value of the 2027 Notes and 2023 Notes, (collectively, the “Senior Notes”) represent the trading
values based upon quoted market prices and are classified as Level 2. The 2027 Notes were trading at approximately 106% and 94% of face value on January 3, 2021 and March 31, 2020, respectively. The 2023 Notes were trading at approximately 105% and 97% of face value on January 3, 2021 and March 31, 2020, respectively.

The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at January 3, 2021 and March 31, 2020 were as follows:
 January 3, 2021March 31, 2020
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Financial assets:
Derivatives (1)
$784 $784 $— $— 
Financial liabilities:
 Senior Notes (2)
$600,000 $631,125 $600,000 $573,000 
Derivatives (1)
— — 2,432 2,432 
(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 January 3, 2021 and March 31, 2020).
(2)The fair value amount of the Senior Notes at January 3, 2021 and March 31, 2020 represent the trading value of the instruments.

Non-recurring fair value measurements

On November 11, 2020, the Company committed to a plan to substantially close its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. As a result, the Company concluded that the carrying value of the asset group is not recoverable and recorded a write-off of $3,975 of the fixed assets to their estimated fair value of $14,456, which was recognized in the current quarter of fiscal 2021. The valuation technique used to measure the fair value of fixed assets was a combination of the income and market approaches. The inputs used to measure the fair value of these fixed assets under the income approach were largely unobservable and accordingly were classified as Level 3.