Derivative Instruments

As of March 31, 2019, the Company had no outstanding derivative contracts.

As of March 31, 2018, the Company had the following derivative contracts recorded at fair value:



	Designated Derivative Contracts			Non-Designated Derivative Contracts			Total
Notional value	$	126,332		$	4,802		$	131,134
Fair value recorded in other current assets	950			—			950
Fair value recorded in other accrued expenses	(143		)	(10		)	(153		)

The following table summarizes the effect of Designated Derivative Contracts:



	Years Ended March 31,
	2019		2018			2017
Amount of gain (loss) recognized in OCI (effective portion)	$	8,355	$	(9,593	)	$	8,208
Amount of gain (loss) reclassified from AOCL into net sales (effective portion)	8,675		(8,541		)	7,082
Amount of gain excluded from effectiveness testing recognized in SG&A expenses	1,918		1,376			534

The following table summarizes the income tax effect for unrealized gains or losses for Designated Derivative Contracts recorded in AOCL:



	Years Ended March 31,
	2019		2018		2017
Income tax expense (benefit)*	$	77	$	439	$	(423	)

*These amounts are inclusive of the income tax effects from the Tax Reform Act reclassified from AOCL to retained earnings in the consolidated balance sheets.

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



	Years Ended March 31,
	2019		2018			2017
Amount of gain (loss) recognized in SG&A expenses	$	1,393	$	(2,574	)	$	2,202

The non-performance risk of the Company and the counterparties did not have a material impact on the fair value of its derivative contracts. During the year ended March 31, 2019, the Designated Derivative Contracts remained effective and that portion of any gain or loss was recognized in AOCL and reclassified into earnings in the same period or periods during which the transaction affected earnings.

As of March 31, 2019, there is no unrealized gain or loss on derivative contracts recognized in AOCL. Refer to Note 10, “Stockholders' Equity,” for further information.

Subsequent to March 31, 2019 through May 17, 2019, the Company entered into Non-Designated Derivative Contracts with notional values totaling approximately $19,913, which are expected to mature over the next 11 months, and no Designated Derivative Contracts. As of May 17, 2019, the Company’s outstanding hedging contracts were held by an aggregate of two counterparties.