FOREIGN CURRENCY DERIVATIVES (Tables)

9 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivative Contracts

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

(in thousands)	March 31, 2017		December 31, 2017
Derivative Assets(1)
Non-designated hedges	$	86	$	19
Cash flow hedges	2,034		332
Total Derivative Assets	$	2,120	$	351
Derivative Liabilities(2)
Non-designated hedges	$	286	$	1,155
Cash flow hedges	1,109		3,345
Total Derivative Liabilities	$	1,395	$	4,500

⁽¹⁾ Short-term derivative assets are recorded in "other current assets" and long-term derivative assets are recorded in "deferred tax and other assets". As of December 31, 2017 the portion of derivative assets classified as long-term was immaterial.

⁽²⁾ Short-term derivative liabilities are recorded in "accrued liabilities" and long-term derivative liabilities are recorded in "other long-term liabilities". As of December 31, 2017 the portion of derivative liabilities classified as long-term was immaterial.

Notional Value of Outstanding Foreign Exchange Currency Contracts

The notional value of the Company's outstanding EUR and GBP option and forward contracts at the end of each period was as follows:

	March 31, 2017		December 31, 2017
(in millions)	EUR	GBP	EUR	GBP
Option contracts	€73.5	£23.9	€75.8	£22.9
Forward contracts	€11.2	£3.3	€13.0	£4.1

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at December 31, 2017:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	38,700	$	46,560	Sell EUR	1 month
GBP	£	5,100	$	6,899	Sell GBP	1 month
AUD	A$	14,200	$	11,092	Sell AUD	1 month
CAD	C$	2,900	$	2,315	Sell CAD	1 month

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

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

	Three Months Ended December 31,				Nine Months Ended   December 31,
(in thousands)	2016		2017		2016		2017
Gain (loss) on foreign exchange contracts	$	3,801	$	848	$	5,551	$	6,083

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 December 31, 2017:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
MXN	$	76,340	$	3,935	Buy MXN	Monthly over	6 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 nine months ended December 31, 2016 and 2017:

	Three Months Ended December 31,						Nine Months Ended   December 31,
(in thousands)	2016			2017			2016			2017
Gain (loss) included in AOCI as of beginning of period	$	(471	)	$	(3,089	)	$	(1,106	)	$	541
Amount of gain (loss) recognized in other comprehensive income (“OCI”)  (effective portion)	2,090			(446		)	2,394			(5,093		)
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	2,178			1,357			3,163			2,506
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)	(756		)	(61		)	(2,072		)	(193		)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)	1,422			1,296			1,091			2,313
Gain (loss) included in AOCI as of end of period	$	197		$	(2,239	)	$	197		$	(2,239	)