FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company transacts business in various foreign countries and is therefore, exposed to foreign currency exchange rate risk inherent in forecasted sales, cost of sales, and monetary assets and liabilities denominated in non-functional currencies. The Company has established risk management programs to protect against volatility in the value of non-functional currency denominated monetary assets and liabilities, and of future cash flows caused by changes in foreign currency exchange rates. The Company tries to maintain a partial or fully hedged position for certain transaction exposures, which are primarily, but not limited to, revenues, customer and vendor payments and inter-company balances in currencies other than the functional currency unit of the operating entity. The Company enters into short-term foreign currency forward and swap contracts to hedge only those currency exposures associated with certain assets and liabilities, primarily accounts receivable and accounts payable, and cash flows denominated in non-functional currencies. Gains and losses on the Company's forward and swap contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these forward and swap contracts is minimized since the contracts are with large financial institutions and accordingly, fair value adjustments related to the credit risk of the counterparty financial institution were not material.

As of March 31, 2016, the aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts was $4.3 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	1,076,000	—	$	165,373	$	—
EUR	15,030	75,135	16,977		85,374
HUF	14,759,000	—	53,090		—
ILS	122,000	—	32,072		—
MXN	1,503,000	—	86,823		—
MYR	180,000	18,200	45,023		4,552
PLN	56,400	—	15,004		—
Other	N/A	N/A	40,621		—
			454,983		89,926
Other Forward/Swap Contracts
BRL	—	440,000	—		120,892
CHF	8,420	24,760	8,716		25,629
CNY	885,136	—	135,739		—
DKK	203,100	157,200	30,777		23,821
EUR	959,000	1,213,691	1,080,754		1,364,808
GBP	34,693	58,825	49,810		84,354
HUF	20,063,000	17,734,000	72,169		63,791
ILS	79,900	69,520	21,004		18,276
INR	2,843,900	20,170	42,708		300
MXN	1,885,860	746,330	108,940		43,113
MYR	391,491	79,400	97,922		19,860
PLN	137,548	84,861	36,593		22,576
RON	78,424	66,870	19,836		16,913
SEK	473,954	821,132	57,697		99,637
Other	N/A	N/A	54,157		31,296
			1,816,822		1,935,266
Total Notional Contract Value in USD			$	2,271,805	$	2,025,192

As of March 31, 2016 and 2015, the fair value of the Company's short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company's exposure to monetary assets and liabilities denominated in non-functional currencies and are not accounted for as hedges under the accounting standards. Accordingly, changes in fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the consolidated statements of operations. As of March 31, 2016 and 2015, the Company also has included net deferred gains and losses, in accumulated other comprehensive loss, a component of shareholders' equity in the consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred gains totaled $2.7 million as of March 31, 2016, and are expected to be recognized primarily as a component of cost of sales in the consolidated statement of operations over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal years presented and are included as a component of interest and other, net in the consolidated statements of operations.

The following table presents the fair value of the Company's derivative instruments utilized for foreign currency risk management purposes at March 31, 2016 and 2015:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	March 31, 2016		March 31, 2015		Balance Sheet Location	March 31, 2016		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	5,510	$	2,896	Other current liabilities	$	2,446	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	17,138	$	22,933	Other current liabilities	$	18,645	$	11,328

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company's financial position for any of the periods presented.