FINANCIAL INSTRUMENTS

6 Months Ended

Sep. 25, 2015

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company primarily 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 25, 2015, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $4.9 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	1,543,000	—	$	241,709	$	—
EUR	4,790	60,780	5,367		69,534
HUF	13,758,000	—	49,370		—
ILS	176,700	—	44,759		—
MXN	1,414,000	—	82,580		—
MYR	196,000	—	45,094		—
Other	N/A	N/A	52,524		500
			521,403		70,034
Other Foreign Currency Contracts
BRL	—	686,000	—		165,929
CAD	19,200	12,500	14,403		9,377
CHF	16,919	43,701	17,320		44,712
CNY	4,719,018	3,236,303	738,966		512,000
DKK	197,200	155,700	29,614		23,382
EUR	597,631	1,007,752	670,293		1,130,041
GBP	32,393	59,840	49,449		91,382
HUF	20,332,000	20,408,000	72,961		73,234
ILS	62,000	85,100	15,705		21,556
JPY	2,256,614	1,700,061	18,807		14,079
MXN	1,473,560	331,830	86,059		19,380
MYR	384,331	94,650	88,423		21,776
SEK	474,290	886,483	56,315		105,026
SGD	43,268	8,348	30,353		5,856
Other	N/A	N/A	91,499		52,884
			1,980,167		2,290,614
Total Notional Contract Value in USD			$	2,501,570	$	2,360,648

As of September 25, 2015, 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 September 25, 2015 and March 31, 2015, the Company also has included net deferred losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to the effective portion of changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred losses totaled $9.7 million as of September 25, 2015, 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	September 25, 2015		March 31, 2015		Balance Sheet Location	September 25, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	2,507	$	2,896	Other current liabilities	$	11,923	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	17,119	$	22,933	Other current liabilities	$	14,581	$	11,328

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 period presented.