Foreign Currency Exchange Contracts and Hedging

6 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Exchange Contracts and Hedging

Foreign Currency Exchange Contracts and Hedging

As of September 30, 2014, the Company had foreign currency forward contracts designated as cash-flow hedges with notional amounts totaling approximately $39,000, held by three counterparties and had non-designated derivative contracts with notional amounts totaling approximately $45,000, held by three counterparties. At March 31, 2014, the Company had foreign currency forward contracts designated as cash-flow hedges with notional amounts totaling approximately $64,000, held by four counterparties. At September 30, 2014, the outstanding contracts were expected to mature over the next 3 months.

The nonperformance risk of the Company and the counterparties did not have a material impact on the fair value of the derivatives.  During the three and six months ended September 30, 2014, the ineffective portion relating to these hedges was not material and the hedges remained effective as of September 30, 2014.  The effective portion of the gain or loss on the derivative is reported in other comprehensive income (loss) (OCI/L) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.  As of September 30, 2014, the total amount in accumulated other comprehensive income (loss) (AOCI/L) (see note 8) was expected to be reclassified into income within the next 6 months.

The following table summarizes the effect of foreign exchange contracts designated as cash flow hedging relationships on the condensed consolidated financial statements:

For the Six Months Ended  September 30,	Amount of Gain (Loss) Recognized in OCI/L on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI/L into Income (Effective Portion)	Reclassified from AOCI/L into Income (Effective Portion)			Location of Amount Excluded from Effectiveness Testing	Gain (Loss) from Amount Excluded from Effectiveness Testing
2014	$	1,625		Net sales	$	(299	)	SG&A	$	(70	)
2013	$	(2,583	)	Net sales	$	597		SG&A	$	21

The following table summarizes the effect of foreign exchange contracts not designated as hedging instruments on the condensed consolidated financial statements:

For the Six Months Ended  September 30,	Location of Gain (Loss) Recognized in Income (Loss) on Derivatives	Amount of Gain (Loss) Recognized in Income (Loss) on Derivatives
2014	SG&A	$	3,433
2013	SG&A	$	(32	)