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Derivative Instruments | 6 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Changes in interest rates expose us to risks. To help us manage these risks, in January 2020 we entered into two interest rate swaps to hedge a total of $400.0 million of our variable interest debt. The fair value of these interest rate swaps is reflected in the Consolidated Balance Sheets in other accrued liabilities and other long-term liabilities. We do not use derivatives for trading purposes. The following tables summarize the fair values of our derivative instruments as of the end of the periods shown:
|  | September 30, 2020
(In thousands) |  | Hedge Type |  | Final Settlement Date |  | Notional Amount |  | Other Accrued Liabilities |  | Other Long-Term Liabilities
Interest rate swap |  | Cash flow |  | 1/31/2021 |  | $ | 200,000 |  |  | $ | (926) |  |  | $ | — |
Interest rate swap |  | Cash flow |  | 1/31/2022 |  | $ | 200,000 |  |  | — |  |  | (3,711) |
Total fair value |  |  |  |  |  |  |  | $ | (926) |  |  | $ | (3,711) |
|  | March 31, 2020
(In thousands) |  | Hedge Type |  | Final Settlement Date |  | Notional Amount |  | Other Accrued Liabilities |  | Other Long-Term Liabilities
Interest rate swap |  | Cash flow |  | 1/31/2021 |  | $ | 200,000 |  |  | $ | (1,905) |  |  | $ | — |
Interest rate swap |  | Cash flow |  | 1/31/2022 |  | $ | 200,000 |  |  | — |  |  | (4,412) |
Total fair value |  |  |  |  |  |  |  | $ | (1,905) |  |  | $ | (4,412) |
The following table summarizes our interest rate swaps, net of tax, for the periods shown:
|  |  |  | Three Months Ended September 30, |  | Six Months Ended September 30,
(In thousands) |  | Location |  | 2020 |  | 2019 |  | 2020 |  | 2019
Gain Recognized in Other Comprehensive Loss (effective portion) |  | Other comprehensive income (loss) |  | 985 |  |  | — |  |  | $ | 1,294 |  |  | $ | — |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |  | Interest expense |  | — |  |  | — |  |  | — |  |  | — |
Loss Recognized as Expense |  | Interest expense |  | (1,396) |  |  | — |  |  | (2,422) |  |  | — |
We expect pre-tax losses of $3.7 million associated with interest rate swaps, currently reported in accumulated other comprehensive loss, to be reclassified into income over the next twelve months. The amount ultimately realized, however, will differ as interest rates change and the underlying contracts settle. Counterparty Credit Risk: Interest rate swaps expose us to counterparty credit risk for non-performance. We manage our exposure to counterparty credit risk by only dealing with counterparties who are substantial international financial institutions with significant experience using such derivative instruments.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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