Derivative Instruments

12 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

As of March 31, 2023, and 2022, the Company has no outstanding derivative contracts, however, settled derivative contracts with notional values are as follows:

	Years Ended March 31,
	2023		2022
Designated Derivative Contracts	$	96,345	$	110,430
Non-Designated Derivative Contracts	31,044		38,659
Total	$	127,389	$	149,089

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,
	2023		2022		2021
Gain (Loss) recorded in Other comprehensive income	$	1,504	$	4,161	$	(1,223)
Reclassifications from Accumulated other comprehensive loss into net sales	(1,504)		(4,161)		1,223
Total	$	—	$	—	$	—

The following table summarizes the effect of Non-Designated Derivative Contracts recorded in the consolidated statements of comprehensive income:

	Years Ended March 31,
	2023		2022		2021
Gain recorded in SG&A expenses	$	1,518	$	611	$	267

Subsequent to March 31, 2023, through May 11, 2023, the Company entered into no Non-Designated Derivative Contracts, but did enter into Designated Derivative Contracts with notional values totaling $127,512, respectively, which are expected to mature over the next 12 months. As of May 11, 2023, the Company’s outstanding hedging contracts were held by an aggregate of three counterparties.