Derivatives (Tables)

9 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The balance sheet classifications and fair value of derivative instruments designated as hedges as of December 31, 2018 and March 31, 2018 are as follows (amounts in thousands):



			Fair Value of Derivative Instruments
			December 31, 2018						March 31, 2018
	Hedge Designation	Balance Sheet Location	As Presented		Offset		Gross		As Presented		Offset		Gross
Derivative Assets
Cross-currency swaps	Fair Value	Other assets	$	4,951	$	—	$	4,951	$	—	$	—	$	—
Foreign exchange contracts	Cash Flow	Prepaid and other current assets	—		434		434		1,154		—		1,154

Derivative Liabilities
Cross-currency swaps	Net Investment	Other non-current obligations	3,571		—		3,571		—		—		—
Foreign exchange contracts	Cash Flow	Accrued expenses	702		434		1,136		—		—		—

Gain (Loss) for Derivative Instruments Designated as Hedges

The following tables present gain and loss activity for the three and nine months ended December 31, 2018 and 2017 for derivative instruments designated as hedges (amounts in thousands):



			Three Months Ended December 31, 2018
			Gain (Loss)
Derivative Instrument	Hedge Designation	Location of Gain (Loss) Recognized in Statements of Operations	Recognized in AOCI			Reclassified from AOCI to Income			Recorded Directly to Income
Cross-currency swaps ⁽¹⁾	Fair Value	Other income/expense, net	$	(3,407	)	$	(1,572	)	$	8,358
Cross-currency swaps ⁽²⁾	Net Investment	Other income/expense, net	(3,571		)	1,609			—
Foreign exchange contracts ⁽³⁾	Cash Flow	Cost of sales	(2,435		)	170			—



			Three-Months Ended December 31, 2017
			Gain (Loss)
Derivative Instrument	Hedge Designation	Location of Gain (Loss) Recognized in Statements of Operations	Recognized in AOCI			Reclassified from AOCI to Income			Recorded Directly to Income
Cross-currency swaps ⁽¹⁾	Fair Value	Other income/expense, net	$	—		$	—		$	—
Cross-currency swaps ⁽²⁾	Net Investment	Other income/expense, net	—			—			—
Foreign exchange contracts ⁽³⁾	Cash Flow	Cost of sales	(7,130		)	(1,800		)	—



			Nine Months Ended December 31, 2018
			Gain (Loss)
Derivative Instrument	Hedge Designation	Location of Gain (Loss) Recognized in Statements of Operations	Recognized in AOCI			Reclassified from AOCI to Income			Recorded Directly to Income
Cross-currency swaps ⁽¹⁾	Fair Value	Other income/expense, net	$	(3,407	)	$	(1,572	)	$	8,358
Cross-currency swaps ⁽²⁾	Net Investment	Other income/expense, net	(3,571		)	1,609			—
Foreign exchange contracts ⁽³⁾	Cash Flow	Cost of sales	(2,130		)	(275		)	—



			Nine Months Ended December 31, 2017
			Gain (Loss)
Derivative Instrument	Hedge Designation	Location of Gain (Loss) Recognized in Statements of Operations	Recognized in AOCI			Reclassified from AOCI to Income			Recorded Directly to Income
Cross-currency swaps ⁽¹⁾	Fair Value	Other income/expense, net	$	—		$	—		$	—
Cross-currency swaps ⁽²⁾	Net Investment	Other income/expense, net	—			—			—
Foreign exchange contracts ⁽³⁾	Cash Flow	Cost of sales	(9,711		)	(2,904		)	—

_________________

⁽¹⁾ Amounts recognized in AOCI represent the change in the fair value of the derivative instruments related to the excluded components. Amounts reclassified from AOCI to income represent amortization of excluded components based upon the instruments' periodic coupons. Amounts recorded directly to income represent the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedge.

⁽²⁾ Amounts recognized in AOCI represent the total change in the fair value of the derivative instrument. Amounts recorded to AOCI are recorded within foreign currency translation. Amounts reclassified from AOCI to income represent amortization of excluded components based on the instrument's periodic coupon..

⁽³⁾ Amounts recognized in AOCI represent the total change in the fair value of the derivative instruments. Amounts reclassified from AOCI to income represent the change in the fair value of the derivative instruments pertaining to the settlement of the qualifying hedged item (effective portion).

Schedule of Fair Value and Cash Flow Hedges Included in Earnings

The following tables present the total amount of each income and expense line item presented in the Statements of Operations in which the results of fair value and cash flow hedges are recorded and the effects of those hedging strategies on income (amounts in thousands):



	Three Months Ended December 31, 2018						Three Months Ended December 31, 2017
	Cost of sales			Other income (expense), net			Cost of sales ⁽³⁾			Other income (expense), net
Total income (expense) in Statements of Operations	$	(226,425	)	$	(14,006	)	$	(214,288	)	$	(4,769	)

Fair value hedging impact
Cross-currency swaps:
Gain (loss) on hedged item	—			(8,358		)	—			—
Gain (loss) on derivative instrument ⁽¹⁾	—			6,786			—			—

Cash flow hedging impact
Foreign exchange contracts:
Gain (loss) reclassified from AOCI to income⁽²⁾	170			—			(1,800		)	—



	Nine Months Ended December 31, 2018						Nine Months Ended December 31, 2017
	Cost of sales			Other income (expense), net			Cost of sales ⁽³⁾			Other income (expense), net
Total income (expense) in Statements of Operations	$	(694,888	)	$	(6,646	)	$	(630,781	)	$	(21,061	)

Fair value hedging impact
Cross-currency swaps:
Gain (loss) on hedged item	—			(8,358		)	—			—
Gain (loss) on derivative instrument ⁽¹⁾	—			6,786			—			—

Cash flow hedging impact
Foreign exchange contracts:
Gain (loss) reclassified from AOCI to income ⁽²⁾	(275		)	—			(2,904		)	—

_________________

⁽¹⁾ Amounts recognized in income includes the change in the fair value of the derivative instruments related to the effective portion of the qualifying hedges and amortization of the excluded components.

⁽²⁾ Net losses of $1.2 million are expected to be reclassified from AOCI into income within the next 12 months.

⁽³⁾ Three and nine months ended December 31, 2017 adjusted due to the adoption of ASC 606.