Derivative Instruments

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of March 31, 2020 and 2019, the Company had no outstanding derivative contracts, however, settled derivative contracts with notional values were as follows:



	Years Ended March 31,
	2020		2019
Designated Derivative Contracts	$	65,569	$	126,332
Non-Designated Derivative Contracts	49,251		38,582
Total	$	114,820	$	164,914

*Amounts during the year ended March 31, 2019 include $126,332 and $4,803 of notional value for Designated Derivative Contracts and Non-Designated Derivative Contracts, respectively, entered into during the year ended March 31, 2018.

Designated Derivative Contracts activity recorded in the consolidated statements of comprehensive income, were as follows:



	Years Ended March 31,
	2020		2019		2018
Gain (loss) recognized in OCI	$	1,516	$	8,355	$	(9,593	)
Gain (loss) reclassified from AOCL into net sales	1,516		8,675		(8,541		)
Gain excluded from effectiveness testing recognized in SG&A expenses*	—		1,918		1,376

*Amounts for the years ended March 31, 2019 and 2018 were recognized under legacy US GAAP. Beginning April 1, 2019, under the new hedging standard, these amounts are now recorded as a component of AOCL and were classified in net sales during the year ended March 31, 2020.

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



	Years Ended March 31,
	2020		2019		2018
Income tax expense*	$	—	$	77	$	439

*Amounts for the years ended March 31, 2019 and 2018 are inclusive of the income tax effects from the Tax Reform Act reclassified from AOCL to retained earnings in the consolidated balance sheets in connection with the previous adoption of a new accounting standard. The amount for the year ended March 31, 2020 is zero as the Company had settled all its outstanding Designated Derivative Contracts as of March 31, 2020 and 2019.

Non-Designated Derivative Contracts activity recorded in the consolidated statements of comprehensive income, were as follows:



	Years Ended March 31,
	2020		2019		2018
Gain (loss) recognized in SG&A expenses	$	328	$	1,393	$	(2,574	)

The non-performance risk of the Company and the counterparties did not have a material impact on the fair value of its derivative contracts.