FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company transacts business in various foreign countries and is therefore, exposed to foreign currency exchange rate risk inherent in forecasted sales, cost of sales, and monetary assets and liabilities denominated in non-functional currencies. The Company has established risk management programs to protect against volatility in the value of non-functional currency denominated monetary assets and liabilities, and of future cash flows caused by changes in foreign currency exchange rates. The Company tries to maintain a partial or fully hedged position for certain transaction exposures, which are primarily, but not limited to, revenues, customer and vendor payments and inter-company balances in currencies other than the functional currency unit of the operating entity. The Company enters into short-term foreign currency forward and swap contracts to hedge only those currency exposures associated with certain assets and liabilities, primarily accounts receivable and accounts payable, and cash flows denominated in non-functional currencies. Gains and losses on the Company's forward and swap contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these forward and swap contracts is minimized since the contracts are with large financial institutions and accordingly, fair value adjustments related to the credit risk of the counterparty financial institution were not material.

As of March 31, 2017, the aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts was $4.1 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	1,309,000	—	$	189,974	$	—
EUR	27,830	64,132	29,915		71,796
HUF	13,800,000	—	47,935		—
ILS	70,481	—	19,438		—
INR	1,389,587	—	20,300		—
MXN	2,133,500	—	113,198		—
MYR	167,000	11,300	37,791		2,557
RON	114,780	—	27,083		—
Other	N/A	N/A	32,735		8,915
			518,369		83,268
Other Forward/Swap Contracts
BRL	—	543,000	—		174,078
CHF	9,446	33,920	9,472		34,015
CNY	1,877,296	—	271,571		—
DKK	179,400	157,200	25,917		22,710
EUR	909,291	1,058,540	976,028		1,136,862
GBP	36,129	65,154	44,835		80,808
HUF	18,026,924	15,105,152	62,617		52,468
ILS	105,100	91,660	28,985		25,279
INR	5,200,000	19,528	80,160		300
MXN	2,166,702	686,447	114,930		36,421
MYR	331,628	44,500	75,046		10,070
PLN	118,139	62,613	30,044		15,923
RON	73,252	61,526	17,284		14,517
SEK	159,766	190,198	17,929		21,402
SGD	42,147	3,019	30,206		2,164
Other	N/A	N/A	30,361		39,390
			1,815,385		1,666,407
Total Notional Contract Value in USD			$	2,333,754	$	1,749,675

As of March 31, 2017 and 2016, the fair value of the Company's short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company's exposure to monetary assets and liabilities denominated in non-functional currencies and are not accounted for as hedges under the accounting standards. Accordingly, changes in fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the consolidated statements of operations. As of March 31, 2017 and 2016, the Company also has included net deferred gains and losses, in accumulated other comprehensive loss, a component of shareholders' equity in the consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred gains totaled $10.6 million as of March 31, 2017, and are expected to be recognized primarily as a component of cost of sales in the consolidated statement of operations over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal years presented and are included as a component of interest and other, net in the consolidated statements of operations.

The following table presents the fair value of the Company's derivative instruments utilized for foreign currency risk management purposes at March 31, 2017 and 2016:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	March 31, 2017		March 31, 2016		Balance Sheet Location	March 31, 2017		March 31, 2016
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	11,936	$	5,510	Other current liabilities	$	1,814	$	2,446
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	10,086	$	17,138	Other current liabilities	$	9,928	$	18,645

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with the counterparty upon maturity. 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 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.