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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Jun. 30, 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 derivative instruments in the consolidated balance sheets at June 30, 2023 and March 31, 2023 were as follows (in thousands):
 Notional Amounts (a)Prepaid Expenses and Other Current AssetsAccrued Other
 June 30,
2023
March 31,
2023
June 30,
2023
March 31,
2023
June 30,
2023
March 31,
2023
Derivatives Designated as Hedging Instruments:
     Forward contracts$8,461 $10,265 $167 $59 $$29 
Derivatives Not Designated as Hedging Instruments:
     Forward contracts— 6,031 — — — 20 
$167 $59 $$49 
(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 that foreign exchange forward contracts designated as hedging instruments had on other comprehensive income (OCI) and results of operations for the three months ended June 30, 2023 and 2022 (in thousands):
Gain (Loss) Recognized in
OCI on Derivative
(a)
Gain (Loss) Reclassified from
Accumulated OCI into Income
(b)
June 30,
2023
June 30,
2022
LocationJune 30,
2023
June 30,
2022
Forward contracts$210 $(194)Research and development$— $
Sales and marketing(74)158 
$210 $(194)$(74)$160 
(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 three months ended June 30, 2023 and 2022 (in thousands):
Gain Recognized in Income
(a)
LocationJune 30,
2023
June 30,
2022
Forward contractsGeneral and administrative$60 $— 
$60 $— 
(a)The amount represents the change in fair value of derivative contracts due to changes in spot rates.