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Derivative Instruments
 12 Months Ended
Mar. 31, 2022
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. One swap settled on January 31, 2021 and other settled on January 31, 2022. The fair value of these interest rate swaps was reflected in the Consolidated Balance Sheets in other accrued liabilities. We do not use derivatives for trading purposes.

The following table summarizes the fair values of our derivative instruments as of the end of the periods shown:
March 31, 2022
(In thousands)Hedge TypeFinal Settlement DateNotional AmountOther Accrued Liabilities
Interest rate swapCash flow1/31/2022$— $— 
Total fair value$— 
March 31, 2021
(In thousands)Hedge TypeFinal Settlement DateNotional AmountOther Accrued Liabilities
Interest rate swapCash flow1/31/2022$200,000 $(2,363)
Total fair value$(2,363)


The following table summarizes our interest rate swaps, net of tax, for the periods shown:
(In thousands)Location202220212020
Gain (Loss) Recognized in Other Comprehensive (Loss) Income (effective portion)Other comprehensive income (loss)$1,819 $3,045 $(4,864)
Gain (Loss) Reclassified from Accumulated Other Comprehensive (Loss) Income into IncomeInterest expense, net$(2,429)$(4,760)$62 

Counterparty Credit Risk:
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.