FOREIGN CURRENCY DERIVATIVES (Tables)

6 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivative Contracts

The gross fair value of our outstanding derivative contracts at the end of each period was as follows:

(in thousands)	September 30, 2014		March 31, 2014
Derivative Assets (recorded in 'Other current assets')
Non-designated hedges	$	1,915	$	153
Cash flow hedges	3,596		973
Total Derivative Assets	$	5,511	$	1,126
Derivative Liabilities (recorded in 'Other accrued liabilities')
Non-designated hedges	$	1	$	80
Cash flow hedges	898		2,804
Total Derivative Liabilities	$	899	$	2,884

Notional Value of Outstanding Foreign Exchange Currency Contracts

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at September 30, 2014:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	21,800	$	27,664	Sell EUR	1 month
GBP	£	5,600	$	9,096	Sell GBP	1 month
AUD	A$	6,800	$	5,944	Sell AUD	1 month

Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net

The effect of non-designated derivative contracts recognized in interest and other income, net in the condensed consolidated statements of operations was as follows:

	Three Months Ended   September 30,					Six Months Ended September 30,
(in thousands)	2014		2013			2014		2013
Gain (loss) on foreign exchange contracts	$	2,963	$	(1,266	)	$	2,977	$	(1,193	)

Notional Value of Outstanding Cross-Currency Swaps

The following table summarizes the notional value of the Company’s outstanding MXN cross-currency swaps and approximate USD Equivalent at September 30, 2014:

(in thousands)	Local Currency	USD Equivalent		Position	Maturity
MXN	508,620	$	37,610	Buy MXN	Monthly over	17 months

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended September 30, 2014 and 2013:

	Three Months Ended   September 30,						Six Months Ended September 30,
(in thousands)	2014			2013			2014			2013
Gain (loss) included in AOCI as of beginning of period	$	(607	)	$	(546	)	$	(1,442	)	$	1,371
Amount of gain (loss) recognized in OCI (effective portion)	3,023			(1,983		)	3,096			(3,646		)
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	289			130			1,159			146
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)	(104		)	26			(212		)	(244		)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)	185			156			947			(98		)
Gain (loss) included in AOCI as of end of period	$	2,601		$	(2,373	)	$	2,601		$	(2,373	)