v3.26.1
Deritvatives and Hedging (Notes)
 3 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure
15. DERIVATIVES AND HEDGING
We utilize foreign currency forward contracts to hedge a portion of our monetary assets and liabilities denominated in
foreign currencies, including intercompany transactions. Within each fiscal year, we also utilize foreign currency forward
contracts to hedge a portion of our expected non-U.S. dollar-denominated earnings against our reporting currency, the U.S.
dollar. Further, we utilize commodity swap contracts to hedge price changes in nickel that impact raw materials included in our
Cost of revenues.
These contracts are not designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. We do not use derivative financial instruments for speculative purposes.
At June 30, 2026, we held net foreign currency forward contracts to sell 48.0 million euros, 7.0 million Australian dollars, and 7.0 million New Zealand dollars, and to buy 175.0 million Mexican pesos. At June 30, 2026, we held commodity swap contracts to buy 0.5 million pounds of nickel.
(in millions)Asset DerivativesLiability Derivatives
Fair Value atFair Value atFair Value atFair Value at
Balance sheet locationJune 30, 2026March 31, 2026June 30, 2026March 31, 2026
Prepaid & other$1.3 $0.2 $— $— 
Accrued expenses and other$— $— $0.7 $0.7 
The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:
(in millions)Location of gain (loss) recognized in incomeAmount of (loss) gain recognized in income
Three Months Ended June 30,
20262025
Foreign currency forward contractsSelling, general and administrative$1.6 $1.1 
Commodity swap contractsCost of revenues$(0.1)$(0.2)