Foreign Currency Exchange Contracts and Hedging

12 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Exchange Contracts and Hedging

Foreign Currency Exchange Rate Contracts and Hedging

As of March 31, 2017, the Company had Designated Derivative Contracts with notional amounts totaling approximately $100,000, and the fair value of approximately $1,365 was recorded in other current assets in the consolidated balance sheets. The Company did not have any Non-Designated Derivative Contracts. The Designated Derivative Contracts are collectively held by a total of four counterparties and will mature at various dates over the next 12 months. As of March 31, 2016, the Company had Designated Derivative Contracts with notional amounts totaling approximately $105,000, held by seven counterparties. During the year ended March 31, 2017, the Company settled Designated Derivative Contracts with notional amounts totaling approximately $11,000 and approximately $105,000 that were entered into during fiscal years 2017 and 2016, respectively. During the year ended March 31, 2016, the Company settled Designated Derivative Contracts with notional amounts totaling approximately $32,000 and approximately $46,000 that were entered into in fiscal years 2016 and 2015, respectively. During the years ended March 31, 2017 and 2016, the Company also entered into, and settled, Non-Designated Derivative Contracts with total notional amounts of approximately $263,000 and $261,000, respectively.

The non-performance risk of the Company and the counterparties did not have a material impact on the fair value of the derivative instruments. During the year ended March 31, 2017, the designated hedges remained effective. The effective portion of the gain or loss on the derivative instrument is recognized in OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of March 31, 2017, the amount of unrealized gains on foreign currency exchange rate hedges recognized in accumulated OCI (see Note 10, "Accumulated Other Comprehensive Loss") is expected to be reclassified into income within the next 12 months.

The following table summarizes the effect of Designated Derivative Contracts:

	Years Ended March 31,
	2017	2016	2015
Amount of gain (loss) recognized in other comprehensive income (loss) on derivative instruments (effective portion)	$8,208	$(850)	$1,556
Location of amount reclassified from accumulated other comprehensive income (loss) into income (effective portion)	Net Sales	Net Sales	Net Sales
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (effective portion)	$7,082	$(1,592)	$1,226
Location of amount excluded from effectiveness testing	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Amount of gain (loss) excluded from effectiveness testing	$534	$207	$(69)

The following table summarizes the effect of Non-Designated Derivative Contracts:

	Years Ended March 31,
	2017	2016	2015
Location of amount recognized in income on derivative instruments	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Amount of gain (loss) recognized in income on derivative instruments	$2,202	$(1,532)	$6,383

Subsequent to March 31, 2017, the Company entered into Non-Designated Derivative Contracts with notional amounts totaling approximately $34,000, which are expected to mature over the next 9 months, and Designated Derivative Contracts with notional amounts totaling approximately $21,000, which are expected to mature over the next 12 months. All hedging contracts held at May 30, 2017 were held by a total of four counterparties.