Derivative Instruments (Tables)

9 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 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	$	17,191	$	14,037	$	31,228
Fair value recorded in other current assets	273		165		438

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 December 31,					Nine Months Ended December 31,
	2019			2018		2019		2018
(Loss) gain recognized in OCI	$	(451	)	$	998	$	1,322	$	8,356
Gain reclassified from AOCL into net sales	833			5,127		1,049		7,293
Gain excluded from effectiveness testing recognized in SG&A expenses*	—			363		—		1,843

*Amounts presented for the three and nine months ended December 31, 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 are classified in net sales during the three and nine months ended December 31, 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 December 31,						Nine Months Ended December 31,
	2019			2018			2019		2018
Income tax (benefit) expense*	$	(311	)	$	(807	)	$	66	$	259

*Amounts for the three and nine months ended December 31, 2018 are inclusive of the stranded income tax effects from the Tax Reform Act reclassified from AOCL to retained earnings in the condensed consolidated balance sheets in connection with the previous adoption of a new accounting standard.

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 December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
Gain recognized in SG&A expenses	$	192	$	504	$	338	$	1,241