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Derivative Instruments and Hedging Activities
 9 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses and tax credit receivables denominated in various foreign currencies. As of December 31, 2016, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 15 months from December 31, 2016):

December 31, 2016
Foreign Currency
 
Foreign Currency Amount
 
US Dollar Amount
 
Weighted Average Exchange Rate Per $1 USD
 
 
(Amounts in millions)
 
(Amounts in millions)
 
 
British Pound Sterling
 

£10

in exchange for

$13

 
£0.78
Hungarian Forint
 
HUF 4,458

in exchange for

$17

 
HUF 269.79
Euro
 

€7

in exchange for

$8

 
€0.88
Canadian Dollar
 

C$25

in exchange for

$19

 
C$1.31
New Zealand Dollar
 
NZD 35

in exchange for

$25

 
NZD 0.69

Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that qualified as effective hedge contracts outstanding during the three and nine months ended December 31, 2016 were losses, net of tax, of $2 million and $5 million, respectively (2015 - losses, net of tax, of $1 million and gain, net of tax of $2 million, respectively), and are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Changes in the fair value representing a net unrealized fair value loss on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three months and nine months ended December 31, 2016 were nil and less than $1 million, respectively (2015 - insignificant) and are included in direct operating expenses in the accompanying unaudited condensed consolidated statements of operations. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions.
As of December 31, 2016, less than $1 million was included in other assets and $2 million in accounts payable and accrued liabilities (March 31, 2016 - $9 million in other assets and $1 million in accounts payable and accrued liabilities) in the accompanying unaudited condensed consolidated balance sheets related to the Company's use of foreign currency derivatives. The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments.
During the three and nine months ended December 31, 2016, the Company reclassified a gain of $2 million and $5 million, respectively, out of accumulated other comprehensive loss into earnings. As of December 31, 2016, based on the current release schedule, the Company estimates approximately less than $1 million of gains associated with cash flow hedges in accumulated other comprehensive loss to be reclassified into earnings during the one-year period ending December 31, 2017.