XML 81 R43.htm IDEA: XBRL DOCUMENT v3.19.1
FOREIGN CURRENCY DERIVATIVES (Tables)
 12 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting Financial Assets Under Master Netting Agreements
Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of March 31, 2018:
 
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities
Cash Collateral Received
Net Amount of Derivative Assets
Derivatives subject to master netting agreements
$
772

$
(772
)
$
—

$
—

Derivatives not subject to master netting agreements
—

 
 
—

Total
$
772

 
 
$
—


 
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Assets
Cash Collateral Received
Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements
$
(3,037
)
$
772

$
—

$
(2,265
)
Derivatives not subject to master netting agreements
—

 
 
—

Total
$
(3,037
)
 
 
$
(2,265
)


As of March 31, 2019:
 
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities
Cash Collateral Received
Net Amount of Derivative Assets
Derivatives subject to master netting agreements
$
3,183

$
(883
)
$
—

$
2,300

Derivatives not subject to master netting agreements
—

 
 
—

Total
$
3,183

 
 
$
2,300


 
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Assets
Cash Collateral Received
Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements
$
(9,483
)
$
883

$
—

$
(8,600
)
Derivatives not subject to master netting agreements
—

 
 
—

Total
$
(9,483
)
 
 
$
(8,600
)
Offsetting Financial Liabilities Under Master Netting Agreements
Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of March 31, 2018:
 
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities
Cash Collateral Received
Net Amount of Derivative Assets
Derivatives subject to master netting agreements
$
772

$
(772
)
$
—

$
—

Derivatives not subject to master netting agreements
—

 
 
—

Total
$
772

 
 
$
—


 
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Assets
Cash Collateral Received
Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements
$
(3,037
)
$
772

$
—

$
(2,265
)
Derivatives not subject to master netting agreements
—

 
 
—

Total
$
(3,037
)
 
 
$
(2,265
)


As of March 31, 2019:
 
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities
Cash Collateral Received
Net Amount of Derivative Assets
Derivatives subject to master netting agreements
$
3,183

$
(883
)
$
—

$
2,300

Derivatives not subject to master netting agreements
—

 
 
—

Total
$
3,183

 
 
$
2,300


 
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
 
(in thousands)
Gross Amount of Eligible Offsetting Recognized Derivative Assets
Cash Collateral Received
Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements
$
(9,483
)
$
883

$
—

$
(8,600
)
Derivatives not subject to master netting agreements
—

 
 
—

Total
$
(9,483
)
 
 
$
(8,600
)
Notional Amounts of Outstanding Foreign Exchange Contracts and Approximate U.S. Dollar Equivalent
The notional value of the Company's outstanding EUR and GBP option and forward contracts at the end of each period was as follows:
(in millions)
 
March 31, 2018
 
March 31, 2019
 
 
EUR
 
GBP
 
EUR
 
GBP
Option contracts
 
€50.8
 
£15.6
 
€76.8
 
£25.8
Forward contracts
 
€35.0
 
£10.7
 
€55.4
 
£18.0
The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at March 31, 2019:
 
Local Currency
 
USD Equivalent
 
Position
 
Maturity
 
(in thousands)
 
(in thousands)
 
 
 
 
EUR
€
34,000

 
$
38,239

 
Sell EUR
 
1 month
GBP
£
11,600

 
$
15,091

 
Sell GBP
 
1 month
AUD
A$
15,200

 
$
10,775

 
Sell AUD
 
1 month
Effect of Non-Designated Derivative Contracts On Results of Operations Recognized in Interest and Other Income (Expense), Net in Statements of Operations
The effect of non-designated derivative contracts on results of operations recognized in other non-operating income and (expense), net in the consolidated statements of operations was as follows:
 
 
Fiscal Year Ended March 31,
(in thousands)
 
2017
 
2018
 
2019
Gain (loss) on foreign exchange contracts
 
$
4,599

 
$
(7,405
)
 
$
7,340
Notional Value of Outstanding Currency Swaps and Approximate U.S. Dollar Equivalent
The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at March 31, 2019:
 
 
Local Currency
 
USD Equivalent
 
Position
 
Maturity
 
 
(in thousands)
 
(in thousands)
 
 
 
 
 
MX$
 
149,700

 
$
7,537

 
Buy MXN
 
Monthly over
9 months
Balance of Designated Derivative Contracts and the Pre-Tax Impact on Accumulated Other Comprehensive Income
The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges in AOCI and the consolidated statements of operations for Fiscal Years ended March 31, 2017, 2018, and 2019:
(in thousands)
 
2017
 
2018
 
2019
Gain (loss) included in AOCI as of beginning of period
 
$
(1,106
)
 
$
541

 
$
(1,693
)
 
 
 
 
 
 
 
Amount of gain (loss) recognized in OCI (effective portion)
 
3,095

 
(6,741
)
 
(4,176
)
 
 
 
 
 
 
 
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)
 
(4,111
)
 
4,715

 
(4,034
)
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)
 
2,663

 
(208
)
 
(177
)
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)
 
—

 
—

 
2,600

Total amount of (gain) loss reclassified from AOCI to consolidated statements of operations (effective portion)
 
(1,448
)
 
4,507

 
(1,611
)
 
 
 
 
 
 
 
Gain (loss) included in AOCI as of end of period
 
$
541

 
$
(1,693
)
 
$
(7,480
)