FOREIGN CURRENCY DERIVATIVES (Tables)

3 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivative Contracts

The gross fair value of our outstanding derivative contracts at the end of each period was as follows:

(in thousands)	June 30, 2014	March 31, 2014
Derivative Assets (recorded in 'Other current assets')
Non-designated hedges	31.3	153.3
Cash flow hedges	803.1	973.4
Total Derivative Assets	834.4	1,126.7
Derivative Liabilities (recorded in 'Other accrued liabilities')
Non-designated hedges	193.6	79.7
Cash flow hedges	1,751.3	2,803.8
Total Derivative Liabilities	1,944.9	2,883.5

Notional Value of Outstanding Foreign Exchange Currency Contracts

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, 2014:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	18,400	$	25,082	Sell EUR	1 month
GBP	£	4,000	$	6,505	Sell GBP	1 month
AUD	A$	7,500	$	7,046	Sell AUD	1 month

Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net

The effect of non-designated derivative contracts on results of operations recognized in interest and other income, net in the condensed consolidated statements of operations was as follows:

	Three Months Ended June 30,
(in thousands)	2014		2013
Gain on foreign exchange contracts	$	14	$	74

Notional Value of Outstanding Cross-Currency Swaps

The following table summarizes the notional value of the Company’s outstanding MXN cross-currency swaps and approximate USD Equivalent at June 30, 2014:

(in thousands)	Local Currency	USD Equivalent		Position	Maturity
MXN	132,750	$	9,928	Buy MXN	Monthly over	6 months

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on the accumulated other comprehensive income and condensed consolidated statements of income for the three months ended June 30, 2014 and 2013:

	Three Months Ended June 30,
(in thousands)	2014			2013
Gain (loss) included in AOCI as of beginning of period	$	(1,442	)	$	1,371
Amount of gain (loss) recognized in OCI (effective portion)	73			(1,663		)
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	(870		)	(16		)
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)	108			270
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)	(762		)	254
Loss included in AOCI as of end of period	$	(607	)	$	(546	)