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Fair Value Measurements | 9 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair Value Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair Value Hierarchy Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:
• | Level 1 — Quoted prices in active markets for identical assets or liabilities.
• | Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
• | Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.
The following table sets forth the assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2019 and March 31, 2019:
| December 31, 2019 |  | March 31, 2019
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets: | (Amounts in millions)
Available-for-sale equity securities | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |
Forward exchange contracts (see Note 17) | — |  |  | 1.4 |  |  | 1.4 |  |  | — |  |  | 1.5 |  |  | 1.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts (see Note 17) | — |  |  | (0.7 | ) |  | (0.7 | ) |  | — |  |  | (0.6 | ) |  | (0.6 | )
Interest rate swaps (see Note 17) | — |  |  | (107.0 | ) |  | (107.0 | ) |  | — |  |  | (63.6 | ) |  | (63.6 | )
The following table sets forth the carrying values and fair values of the Company’s outstanding debt at December 31, 2019 and March 31, 2019:
| December 31, 2019 |  | March 31, 2019
| (Amounts in millions)
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
|  |  | (Level 2) |  |  |  | (Level 2)
Liabilities(1): |  |  |  |  |  |  |
Term Loan A | $ | 708.2 |  |  | $ | 714.7 |  |  | $ | 733.3 |  |  | $ | 742.5 |
Term Loan B | 983.1 |  |  | 990.0 |  |  | 1,091.2 |  |  | 1,088.1 |
5.875% Senior Notes | 504.7 |  |  | 527.8 |  |  | 502.8 |  |  | 534.3 |
6.375% Senior Notes | 543.2 |  |  | 569.3 |  |  | 541.4 |  |  | 576.1 |
Production loans | 149.2 |  |  | 149.3 |  |  | 385.4 |  |  | 386.4 |
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(1) | The Company measures the fair value of its outstanding debt using discounted cash flow techniques that use observable market inputs, such as LIBOR-based yield curves, swap rates, and credit ratings (Level 2 measurements).
The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, other liabilities, borrowings under the Revolving Credit Facility, if any, and finance lease obligations. The carrying values of these financial instruments approximated the fair values at December 31, 2019 and March 31, 2019.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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