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DERIVATIVE INSTRUMENTS
 6 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company enters into foreign currency forward or option contracts (derivative contracts) to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company also enters into derivative contracts that are not designated as cash flow hedges, to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment (Non-Designated Derivative Contracts). Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information related to accounting policies on the Company’s derivative contracts.
The Company has the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:
September 30, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$359,486 $3,506 $362,992 
Fair value recorded in other current assets87 114 201 
Fair value recorded in other assets191 — 191 
Fair value recorded in other accrued expenses(11,368)— (11,368)
Fair value recorded in other long-term liabilities(117)— (117)
March 31, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
As of September 30, 2025, five counterparties hold the Company’s outstanding derivative contracts, which are expected to mature in the next 15 months. As of March 31, 2025, five counterparties held the Company’s outstanding derivative contracts.
The following table summarizes changes in unrealized (loss) gain on cash flow hedges included in accumulated other comprehensive loss (AOCL), including the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses that are recorded in OCI in the condensed consolidated statements of comprehensive income:
Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Beginning balance
$(18,625)$856 $1,584 $— 
Gain (loss) recorded in OCI5,548 (5,488)(21,761)(4,356)
Reclassifications from AOCL into net sales7,921 (228)8,456 (228)
Income tax (expense) benefit in OCI(3,341)1,394 3,224 1,118 
Ending balance
$(8,497)$(3,466)$(8,497)$(3,466)
The non-performance risk of the Company and its counterparties did not have a material impact on the fair value of its derivative contracts. As of September 30, 2025, the amount of unrealized loss on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next 15 months. Refer to Note 8, “Stockholders’ Equity,” for further information on the components of AOCL.
Subsequent to September 30, 2025, through October 9, 2025, the Company entered into Designated Derivative Contracts and Non-Designated Derivative Contracts with notional values totaling $28,794 and $39,521, respectively, which are collectively expected to mature within the next 18 months and are held by three counterparties.