Derivative Instruments (Tables)

6 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of September 30, 2019, the Company had the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:

	Designated Derivative Contracts		Non-Designated Derivative Contracts			Total
Notional value	$	48,528	$	42,825		$	91,353
Fair value recorded in other current assets	1,557		317			1,874
Fair value recorded in other accrued expenses	—		(172		)	(172		)

Schedule of location and amount of gains and losses related to derivatives designated as hedging instruments reported in consolidated financial statements

The following table summarizes the effect of Designated Derivative Contracts:

	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Amount of gain recognized in OCI	$	2,190	$	588	$	1,773	$	7,358
Amount of gain reclassified from AOCL into net sales	216		2,166		216		2,166
Amount of gain excluded from effectiveness testing recognized in SG&A expenses*	—		634		—		1,480

*Amounts presented for the three and six months ended September 30, 2018 were recognized under legacy US GAAP. Beginning April 1, 2019, under the new hedging standard, these amounts are now recognized as a component of AOCL and were reclassified into earnings during the three and six months ended September 30, 2019.

Amounts of income tax effects recorded in the condensed consolidated statements of comprehensive income for changes in AOCL for unrealized gains or losses for Designated Derivative Contracts were as follows:

	Three Months Ended September 30,					Six Months Ended September 30,
	2019		2018			2019		2018
Income tax expense (benefit)	$	477	$	(381	)	$	377	$	1,066

Schedule of location and amount of gains and losses related to derivatives not designated as hedging instruments reported in consolidated financial statements

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

	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Amount of gain recognized in SG&A expenses	$	502	$	250	$	146	$	737