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Foreign Currency Transactions and Derivatives
6 Months Ended
Sep. 30, 2014
Foreign Currency Transactions and Derivatives [Abstract]  
Foreign Currency Transactions and Derivatives
Note 3 - Foreign Currency Transactions and Derivatives

The Company is exposed to foreign exchange rate risks related to assets and liabilities that are denominated in non-local currency and current inter-company balances due to and from the Company’s foreign subsidiaries. The Company enters into foreign currency forward contracts to sell or buy currencies with the intent of mitigating foreign exchange rate risks related to these balances. The Company does not hedge currency risk related to anticipated revenue or expenses denominated in foreign currency. All foreign exchange derivatives are recognized on the condensed consolidated balance sheets at fair value. See note 4 of the condensed consolidated financial statements for further information.

The foreign currency net gains or (losses) for the three months ended September 30, 2014 and 2013 were $327,000 and ($2.4 million), respectively and for the six months ended September 30, 2014 and 2013 were $123,000 and ($3.0 million), respectively. The hedging transaction net gains or (losses) from foreign exchange derivative contracts for the three months ended September 30, 2014 and 2013 were ($510,000) and $887,000, respectively and for the six months ended September 30, 2014 and 2013 were ($728,000) and $897,000, respectively. These amounts were recorded to “administrative and general” in the condensed consolidated statements of operations.

The Company has derivative contracts maturing through October 2014 to sell $4.7 million and purchase $14.3 million in foreign currencies at September 30, 2014 and had derivative contracts maturing through April 2014 to sell $3.1 million and purchase $24.1 million in foreign currencies at March 31, 2014.