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Fair Value Measurements
 9 Months Ended
Dec. 31, 2021
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, 2021 and March 31, 2021:
December 31, 2021March 31, 2021
Level 1Level 2TotalLevel 1Level 2Total
Assets:(Amounts in millions)
Equity securities with a readily determinable fair value$1.8 $— $1.8 $1.8 $— $1.8 
Forward exchange contracts (see Note 16)— 2.0 2.0 — 1.5 1.5 
Interest rate swaps (see Note 16)(1)
— 105.6 105.6 — 149.0 149.0 
Liabilities:
Forward exchange contracts (see Note 16)— (2.6)(2.6)— (2.6)(2.6)
Interest rate swaps (see Note 16)— (46.5)(46.5)— (78.4)(78.4)
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(1)Amounts at December 31, 2021 and March 31, 2021 exclude $90.6 million and $98.2 million, respectively, of financing component of interest rate swaps presented in the table below.
The following table sets forth the carrying values and fair values of the Company’s outstanding debt, production and related loans, IP Credit Facility, and interest rate swaps at December 31, 2021 and March 31, 2021:
 
December 31, 2021March 31, 2021
(Amounts in millions)
Carrying
Value
Fair Value(1)
Carrying Value
Fair Value(1)
(Level 2)(Level 2)
Term Loan A$636.6 $624.1 $651.4 $647.6 
Term Loan B840.1 838.8 942.8 936.0 
5.500% Senior Notes
964.8 1,017.5 — — 
5.875% Senior Notes
— — 506.7 533.9 
6.375% Senior Notes
— — 540.8 563.0 
Production and related loans1,010.3 1,014.6 489.0 493.5 
IP Credit Facility131.6 134.7 — — 
Financing component of interest rate swaps(2)
138.6 131.4 152.5 144.7 
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(1)The Company measures the fair value of its outstanding debt and interest rate swaps using discounted cash flow techniques that use observable market inputs, such as LIBOR-based yield curves, swap rates, and credit ratings (Level 2 measurements).
(2)Amounts at December 31, 2021 and March 31, 2021 include $90.6 million and $98.2 million, respectively, recorded as a reduction of assets under master netting arrangements.

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, other liabilities, and borrowings under the Revolving Credit Facility, if any. The carrying values of these financial instruments approximated the fair values at December 31, 2021 and March 31, 2021.