FOREIGN CURRENCY DERIVATIVES (Tables)

9 Months Ended

Dec. 31, 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)	December 31, 2019		March 31, 2019
Derivative Assets(1)
Non-designated hedges	$	63	$	327
Cash flow hedges	537		2,856
Total derivative assets	$	600	$	3,183
Derivative Liabilities(2)
Non-designated hedges	$	1,187	$	39
Cash flow hedges	1,645		843
Interest rate swap	12,855		8,594
Accrued interest	584		7
Total derivative liabilities	$	16,271	$	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 December 31, 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 December 31, 2019, the portion of derivative liabilities classified as long-term was immaterial.

Notional Value of Outstanding Foreign Exchange Currency Contracts

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at December 31, 2019:

	Local Currency		USD Equivalent		Position	Maturity
	(in thousands)		(in thousands)
MX$	$	10,580	$	533	Buy MXN	Monthly over 1 month

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, 2019:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	54,600	$	61,123	Sell EUR	1 month
GBP	£	22,700	$	29,752	Sell GBP	1 month
AUD	A$	4,400	$	3,073	Sell AUD	1 month

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)	December 31, 2019		March 31, 2019
	EUR	GBP	EUR	GBP
Option contracts	€120.5	£40.6	€76.8	£25.8
Forward contracts	€33.7	£13.5	€55.4	£18.0

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)	2019			2018		2019		2018
Gain (loss) on foreign exchange contracts	$	(2,508	)	$	1,784	$	813	$	6,826

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, 2019 and 2018:

	Three Months Ended December 31,						Nine Months Ended December 31,
(in thousands)	2019			2018			2019			2018
Gain (loss) included in AOCI as of beginning of period	$	(13,311	)	$	2,825		$	(7,480	)	$	(1,693	)
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion)	(1,420		)	(5,622		)	(5,755		)	(853		)
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)	(225		)	(1,488		)	(3,152		)	(2,637		)
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)	(46		)	6			(212		)	(73		)
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)	1,565			1,029			3,162			2,006
Total amount of (gain) loss reclassified from AOCI to income (loss) (effective portion)	1,294			(453		)	(202		)	(704		)
Gain (loss) included in AOCI as of end of period	$	(13,437	)	$	(3,250	)	$	(13,437	)	$	(3,250	)