Derivative Instruments and Hedging Activities

9 Months Ended

Dec. 31, 2012

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 denominated in various foreign currencies. As of December 31, 2012, the Company had the following outstanding forward foreign exchange contracts with maturities of less than 12 months from December 31, 2012:

December 31, 2012
Foreign Currency	Foreign Currency Amount			US Dollar Amount		Weighted Average Exchange Rate
	(Amounts in millions)			(Amounts in millions)
British Pound Sterling		£4.2	in exchange for		$6.8	$1.61
Canadian Dollar		$7.8	in exchange for		$7.8	$1.00

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, 2012 were a $0.1 million gain (2011 - $0.2 million loss and $0.5 million gain, respectively), and are included in other comprehensive income (loss). Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three and nine months ended December 31, 2012 were $0.3 million loss and $0.3 million gain, respectively, (2011 - nil) and are included in direct operating expenses in the consolidated statement 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, 2012, less than $0.1 million was included in other assets (March 31, 2012 - $0.2 million in accounts payable and accrued liabilities) in the accompanying consolidated balance sheets related to the Company's use of foreign currency derivatives.