DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Sep. 30, 2022

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 September 30, 2022 and March 31, 2022 were as follows (in thousands):

	Notional Amounts (a)				Prepaid Expenses and Other Current Assets				Accrued Other
	September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022
Derivatives Designated as Hedging Instruments:
Forward contracts	$	10,830	$	5,578	$	—	$	20	$	877	$	78
					$	—	$	20	$	877	$	78

(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 that foreign exchange forward contracts designated as hedging instruments had on other comprehensive income (OCI) and results of operations for the three months ended September 30, 2022 and 2021 (in thousands):

	Loss Recognized in OCI on Derivative (a)				Gain (Loss) Reclassified from Accumulated OCI into Income (b)
	September 30, 2022		September 30, 2021		Location	September 30, 2022		September 30, 2021
Forward contracts	$	(999)	$	(42)	Research and development	$	17	$	(6)
					Sales and marketing	197		46
	$	(999)	$	(42)		$	214	$	40

(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 that foreign exchange forward contracts designated as hedging instruments had on other comprehensive income (OCI) and results of operations for the six months ended September 30, 2022 and 2021 (in thousands):

	Gain (Loss) Recognized in OCI on Derivative (a)				Gain (Loss) Reclassified from Accumulated OCI into Income (b)
	September 30, 2022		September 30, 2021		Location	September 30, 2022		September 30, 2021
Forward contracts	$	(1,193)	$	127	Research and development	$	20	$	(14)
					Sales and marketing	354		(51)
	$	(1,193)	$	127		$	374	$	(65)

(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 that foreign exchange forward contracts not designated as hedging instruments had on the Company's results of operations for the six months ended September 30, 2022 and 2021 (in thousands):

	Loss Recognized in Income (a)
	Location	September 30, 2022		September 30, 2021
Forward contracts	General and administrative	$	—	$	(248)
		$	—	$	(248)

(a)The amount represents the change in fair value of derivative contracts due to changes in spot rates.