Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Derivative Instruments

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Derivative Instruments
 12 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The following table sets forth the total outstanding notional amount and the fair value of the Company’s derivative instruments held at 31 March 2024 and 2023:
Fair Value as of
(Millions of US dollars) Notional Amount 31 March 2024 31 March 2023
Derivatives not accounted for as hedges 31 March 2024 31 March 2023 Assets Liabilities Assets Liabilities
Foreign currency forward contracts $ 20.1  $ 269.0  $ 0.2  $ 0.7  $ 2.2  $ 11.4 
The Company’s foreign currency forward contracts are valued using models that maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and are categorized as Level 2 within the fair value hierarchy.
The following table sets forth the gain and loss on the Company’s foreign currency forward contracts recorded in the Company’s consolidated statements of operations and comprehensive income as follows:
31 March
(Millions of US dollars) 2024 2023 2022
Asbestos adjustments loss $ 7.8  $ 24.5  $ 5.3 
Selling, general and administrative expenses (income) —  4.0  (2.1)
Total loss $ 7.8  $ 28.5  $ 3.2