FINANCIAL INSTRUMENTS

9 Months Ended

Dec. 31, 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 December 31, 2015, 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	1,200,000	—	$	185,037	$	—
EUR	7,620	84,326	8,310		94,578
HUF	13,942,000	—	48,497		—
ILS	101,200	—	25,952		—
MXN	1,500,000	—	87,165		—
MYR	176,000	38,364	41,040		8,946
Other	N/A	N/A	45,989		—
			441,990		103,524
Other Foreign Currency Contracts
BRL	—	882,000	—		228,078
CHF	18,567	42,711	18,678		43,023
CNY	2,872,861	260,000	441,198		40,091
DKK	201,200	155,700	29,401		22,752
EUR	871,627	1,175,211	948,765		1,277,835
GBP	34,157	59,746	50,616		88,620
HUF	49,154,000	48,935,000	170,982		170,221
INR	2,100,628	106,646	31,502		1,600
MXN	1,905,960	818,430	110,756		47,559
MYR	377,341	78,800	87,989		18,375
PLN	97,018	52,401	25,011		13,509
SEK	675,375	999,944	79,732		117,772
SGD	42,071	9,360	29,745		6,618
Other	N/A	N/A	69,545		47,915
			2,093,920		2,123,968
Total Notional Contract Value in USD			$	2,535,910	$	2,227,492

As of December 31, 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 December 31, 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 were not material as of December 31, 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	December 31, 2015		March 31, 2015		Balance Sheet Location	December 31, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	4,546	$	2,896	Other current liabilities	$	3,501	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	16,689	$	22,933	Other current liabilities	$	20,153	$	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.