DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Fair Values of Derivative Instruments on Consolidated Balance Sheet

The notional amounts and fair values of foreign exchange forward contract derivative instruments in the consolidated balance sheets at March 31, 2023 and 2022 were as follows (in thousands):

 

	Notional Amounts (a)				Prepaid Expenses and Other Current Assets				Accrued Other
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
Derivatives Designated as Hedging Instruments:
Foreign exchange forward contracts	$	10,265	$	5,578	$	59	$	20	$	29	$	78
Derivatives Not Designated as Hedging Instruments:
Foreign exchange forward contracts	6,031		—		—		—		20		—
					$	59	$	20	$	49	$	78

(a) Notional amounts represent the gross contract/notional amount of the derivatives outstanding.

Schedule of Effect of Foreign Exchange Forward Contracts on OCI and Results of Operations

The following table provides the effect foreign exchange forward contracts had on other comprehensive income (loss), (OCI) and results of operations during the fiscal years ended March 31, 2023 and 2022 (in thousands):

	Gain (Loss) Recognized in OCI on Derivative (a)					Gain (Loss) Reclassified from Accumulated OCI into Income (b)
	March 31,		March 31,			March 31,		March 31,
	2023		2022		Location	2023		2022
Foreign exchange forward contracts	$	(477)	$	82	Research and development	$	62	$	(26)
					Sales and marketing	502		(30)
	$	(477)	$	82		$	564	$	(56)

(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 during the fiscal years ended March 31, 2023 and 2022 (in thousands):

		Loss Recognized in Income (a)
		March 31,		March 31,
	Location	2023		2022
Foreign exchange forward contracts	General and administrative	$	(21)	$	(107)
		$	(21)	$	(107)

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