FINANCIAL INSTRUMENTS

9 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company enters into forward contracts and foreign currency swap contracts primarily to manage the foreign currency risk associated with monetary accounts and anticipated foreign currency denominated transactions. The Company hedges committed exposures and does not engage in speculative transactions. As of December 31, 2016, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $4.8 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	1,037,000	—	$	148,969	$	—
EUR	36,268	56,358	37,693		64,046
HUF	16,053,300	—	54,006		—
ILS	86,441	—	22,413		—
INR	1,314,549	—	19,100		—
MXN	1,775,000	—	85,636		—
MYR	139,000	9,000	31,013		2,008
RON	95,661	—	21,901		—
Other	N/A	N/A	34,172		12,223
			454,903		78,277
Other Foreign Currency Contracts
BRL	—	443,000	—		134,946
CNY	4,319,620	2,035,392	620,177		292,391
DKK	187,400	157,200	26,201		21,979
EUR	874,957	1,385,620	913,218		1,444,927
GBP	35,110	65,145	42,969		79,940
HUF	29,285,732	24,552,611	98,522		82,599
ILS	62,640	59,420	16,241		15,407
INR	4,040,788	677,800	59,242		10,000
MXN	1,718,039	1,155,529	82,888		55,749
MYR	383,028	89,800	85,459		20,036
PLN	122,243	70,681	28,864		16,689
SGD	44,800	11,150	30,846		7,677
Other	N/A	N/A	54,729		67,304
			2,059,356		2,249,644
Total Notional Contract Value in USD			$	2,514,259	$	2,327,921

As of December 31, 2016, the fair value of the Company’s short-term foreign currency contracts was not material and is included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. As of December 31, 2016 and March 31, 2016, the Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred losses were $3.6 million as of December 31, 2016, and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal periods presented and are included as a component of interest and other, net in the condensed consolidated statements of operations.

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2016		March 31, 2016		Balance Sheet Location	December 31, 2016		March 31, 2016
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	7,681	$	5,510	Other current liabilities	$	9,933	$	2,446
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	20,254	$	17,138	Other current liabilities	$	12,995	$	18,645

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any of the periods presented.