Derivative Financial Instruments (Tables)

9 Months Ended

Dec. 29, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward currency exchange contracts outstanding

As of December 29, 2012 and March 31, 2012, the Company had the following outstanding forward currency exchange contracts (in notional amount), which are derivative financial instruments:



(In thousands and U.S. dollars)	December 29, 2012		March 31, 2012
Singapore dollar	$	62,732	$	60,925
Euro	37,512		41,467
Indian Rupee	18,090		18,943
British Pound	12,363		14,250
Japanese Yen	11,491		11,076
	$	142,188	$	146,661

Derivative Instruments Located on Condensed Consolidated Balance Sheet

The Company had the following derivative instruments as of December 29, 2012 and March 31, 2012, located on the condensed consolidated balance sheet, utilized for risk management purposes detailed above:



	Foreign Exchange Contracts
	Asset Derivatives			Liability Derivatives
(In thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
December 29, 2012	Prepaid expenses and other current assets	$	2,992	Other accrued liabilities	$	1,278
March 31, 2012	Prepaid expenses and other current assets	$	203	Other accrued liabilities	$	3,273

Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income

The following table summarizes the effect of derivative instruments on the condensed consolidated statements of income for third quarter and the first nine months of fiscal 2013 and 2012:



	Foreign Exchange Contracts
(in thousands)	Three Months Ended						Nine Months Ended
	December 29, 2012			December 31, 2011			December 29, 2012			December 31, 2011
Amount of gains (losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging)	$	(683	)	$	(3,347	)	$	4,822		$	(12,131	)

Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) *	$	(19	)	$	703		$	(3,011	)	$	5,806

Amount of gains (losses) recorded (ineffective portion) *	$	(3	)	$	—		$	4		$	(5	)


*	Recorded in Interest and Other Expense location within the condensed consolidated statements of income

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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