Derivative Instruments (Tables)

12 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of March 31, 2021 and 2020, the Company had no outstanding derivative contracts, however, settled derivative contracts with notional values were as follows:

	Years Ended March 31,
	2021		2020
Designated Derivative Contracts	$	68,241	$	65,569
Non-Designated Derivative Contracts	18,909		49,251
Total	$	87,150	$	114,820

Schedule of Location and Amount of Gains and Losses Related to Derivatives Designated as Hedging Instruments

The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses recorded in the consolidated statements of comprehensive income for changes in AOCL:

	Years Ended March 31,
	2021		2020		2019
(Loss) gain recorded in Other comprehensive income	$	(1,223)	$	1,516	$	8,355
Reclassifications from AOCL into net sales	1,223		(1,516)		(8,675)
Income tax benefit in Other comprehensive income*	—		—		77
Total	$	—	$	—	$	(243)

*The amount for the year ended March 31, 2019 is 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 Company had settled all its outstanding Designated Derivative Contracts as of March 31, 2021 and 2020, and therefore the amounts are zero for each respective year.

Amounts excluded from effectiveness testing recorded in SG&A expenses for Designated Derivative Contracts were as follows:

	Years Ended March 31,
	2021		2020		2019
Gain excluded from effectiveness testing recorded in SG&A expenses*	$	—	$	—	$	1,918

*The amount for the year ended March 31, 2019 was 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 years ended March 31, 2021 and 2020.

Schedule of Location and Amount of Gains and Losses Related to Derivatives Not Designated as Hedging Instruments

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

	Years Ended March 31,
	2021		2020		2019
Gain recorded in SG&A expenses	$	267	$	328	$	1,393