Financial Instruments

6 Months Ended

Sep. 30, 2011

8. FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company enters into forward contracts and foreign currency swap contracts 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 September 30, 2011, the aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts was $3.3 billion as summarized below:


	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy	Sell
	(In thousands)
Cash Flow Hedges
CNY	1,409,800	-	$ 220,402	$ -
EUR	42,371	5,777	57,729	7,944
HUF	11,353,000	-	52,977	-
ILS	185,100	-	49,751	-
MXN	1,482,700	-	109,931	-
MYR	407,350	-	128,162	-
SGD	62,035	-	47,952	-
Other	N/A	N/A	59,995	4,870
			726,899	12,814
Other Forward/Swap Contracts
BRL	35,700	56,700	19,434	30,866
CAD	44,984	95,947	44,945	96,480
CNY	2,244,777	2,101,848	347,900	328,000
EUR	239,240	216,210	327,088	297,622
GBP	15,634	33,832	24,656	52,932
HUF	9,136,500	7,489,200	42,634	34,947
JPY	6,084,846	2,934,642	79,355	38,205
MXN	892,540	340,410	66,175	25,239
MYR	164,180	24,680	51,655	7,765
SEK	2,361,373	725,093	348,700	107,671
Other	N/A	N/A	132,925	56,637
			1,485,467	1,076,364

Total Notional Contract Value in USD			$ 2,212,366	$ 1,089,178

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 expense, net in the Condensed Consolidated Statements of Operations. Gains or losses from fair value adjustments for these instruments are designed to offset losses and gains from the Company's revaluation of monetary assets and liabilities denominated in a non-functional currency. As of September 30, 2011 and March 31, 2011, the Company also has included net deferred gains and losses, respectively, in other comprehensive income, 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 gains and losses were not material, and the deferred losses as of September 30, 2011 are expected to be recognized as a component of cost of sales 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 expense, net in the Condensed Consolidated Statements of Operations.

The following table presents the fair value of the Company's derivative instruments located on the Condensed Consolidated Balance Sheets utilized for foreign currency risk management purposes:


	Fair Values of Derivative Instruments
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	Balance Sheet Location	September 30, 2011	March 31, 2011	Balance Sheet Location	September 30, 2011	March 31, 2011
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$ 1,491	$ 19,579	Other current liabilities	$ (33,953)	$ (778)

Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$ 25,002	$ 4,492	Other current liabilities	$ (23,414)	$ (6,122)