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FOREIGN CURRENCY DERIVATIVES (Tables)
 3 Months Ended
Jun. 30, 2019
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)
 
June 30, 2019
 
March 31, 2019
Derivative Assets(1)
 
 
 
 
Non-designated hedges
 
$
86

 
$
327

Cash flow hedges
 
1,189

 
2,856

Total derivative assets
 
$
1,275

 
$
3,183

 
 
 
 
 
Derivative Liabilities(2)
 
 
 
 
Non-designated hedges
 
$
731

 
$
39

Cash flow hedges
 
970

 
843

Interest rate swap
 
15,004

 
8,594

Accrued interest
 
9

 
7

Total derivative liabilities
 
$
16,714

 
$
9,483


(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 June 30, 2019, 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 June 30, 2019, 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:
(in millions)
 
June 30, 2019
 
March 31, 2019
 
 
EUR
 
GBP
 
EUR
 
GBP
Option contracts
 
€82.6
 
£27.4
 
€76.8
 
£25.8
Forward contracts
 
€57.9
 
£20.8
 
€55.4
 
£18.0

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at June 30, 2019:

 
Local Currency
USD Equivalent
Position
Maturity
 
(in thousands)
(in thousands)
 
 
MX$
$
93,170

$
4,691

Buy MXN
Monthly over 6 months


The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at June 30, 2019:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
EUR
€
34,000

 
$
38,786

 
Sell EUR
 
1 month
GBP
£
10,500

 
$
13,363

 
Sell GBP
 
1 month
AUD
A$
9,640

 
$
6,765

 
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 other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows:
 
 
Three Months Ended June 30,
(in thousands)
 
2019
 
2018
Gain (loss) on foreign exchange contracts
 
$
(289
)
 
$
4,152
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 months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30,
(in thousands)
 
2019
 
2018
Gain (loss) included in AOCI as of beginning of period
 
$
(7,480
)
 
$
(1,693
)
 
 
 
 
 
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion)
 
(6,704
)
 
3,956

 
 
 
 
 
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)
 
(1,359
)
 
(249
)
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)
 
(104
)
 
(79
)
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)
 
652

 
—

Total amount of (gain) loss reclassified from AOCI to income (loss) (effective portion)
 
(811
)
 
(328
)
 
 
 
 
 
Gain (loss) included in AOCI as of end of period
 
$
(14,995
)
 
$
1,935