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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amounts and Fair Values of Derivative Instruments on Consolidated Balance Sheet
The notional amounts and fair values of derivative instruments in the consolidated balance sheets at June 30, 2021 and March 31, 2021 were as follows (in thousands):
 Notional Amounts (a)Prepaid Expenses and Other Current AssetsAccrued Other
 June 30,
2021
March 31,
2021
June 30,
2021
March 31,
2021
June 30,
2021
March 31,
2021
Derivatives Designated as Hedging Instruments:
     Forward contracts$5,048 $11,037 18 $57 38 152 
Derivatives Not Designated as Hedging Instruments:
     Forward contracts— 6,373 — — — 39 
$18 $57 $38 $191 
(a) Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
Summary of Effect of Foreign Exchange Forward Contracts on OCI and Results of Operations
The following table provides the effect foreign exchange forward contracts designated as hedging instruments had on other comprehensive income (loss) (OCI) and results of operations for the three months ended June 30, 2021 and 2020 (in thousands):
Gain Recognized in
OCI on Derivative
(a)
Gain (Loss) Reclassified from
Accumulated OCI into Income
(b)
June 30,
2021
June 30,
2020
LocationJune 30,
2021
June 30,
2020
Forward contracts$169 $11 Research and development$(8)$
Sales and marketing(97)34 
$169 $11 $(105)$42 
(a)The amount represents the change in fair value of derivative contracts due to changes in spot rates.
(b)The amount represents reclassification from other comprehensive income to earnings that occurs when the hedged item affects earnings.
The following table provides the effect foreign exchange forward contracts not designated as hedging instruments had on the Company's results of operations for the three months ended June 30, 2021 and 2020 (in thousands):
Loss Recognized in Income
(a)
LocationJune 30,
2021
June 30,
2020
Forward contractsGeneral and administrative$(248)$— 
$(248)$— 
(a)The amount represents the change in fair value of derivative contracts due to changes in spot rates.