Derivative Transactions

6 Months Ended

Sep. 30, 2019

8.	DERIVATIVE TRANSACTIONS

The Company uses commodity options in the form of collars and swaps, and has previously used interest rate swaps and foreign currency forward contracts to manage its various exposures to interest rate, commodity price fluctuations and foreign currency exchange rate fluctuations. Interest rate swap gains and losses resulting from the difference between the spot rate and applicable base rate is recorded in the Condensed Consolidated Statements of Operations in Interest expense. For collars, commodity swaps and foreign currency forward contracts, contract settlement gains and losses are recorded in the Condensed Consolidated Statements of Operations in Derivative gains and other income, net. Gains and losses related to mark-to-market adjustments for changes in fair value of the derivative contracts are also recorded in the Condensed Consolidated Statements of Operations in Derivative gains and other income, net.

The Company recorded net losses and net (gains) on mark-to-market adjustments for changes in the fair value of derivatives contracts as well as net losses and net (gains) on the settlement of derivative contracts as follows:

	Three Months Ended September 30,					Six Months Ended September 30,
	2019		2018			2019			2018
	(In thousands)					(In thousands)
Diesel fuel option collars	$	7	$	154		$	76		$	142
Interest rate swaps		—		(430	)		1,726			(1,043	)
Foreign exchange forward contracts		—		—			(7	)		—
Total net unrealized mark-to-market (gains) loss	$	7	$	(276	)	$	1,795		$	(901	)
Diesel fuel option collars		150		(266	)		157			(574	)
Foreign exchange forward contracts		102		(39	)		102			(90	)
Interest rate swaps		710		(67	)		544			(92	)
Total net realized loss (gains)	$	962	$	(372	)	$	803		$	(755	)

A summary of the fair value of derivatives is included in “Note 7. Fair Value Measurement.”