XML 57 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
FOREIGN CURRENCY DERIVATIVES (Tables)
6 Months Ended
Sep. 30, 2016
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)
 
March 31, 2016
 
September 30, 2016
Derivative Assets (recorded in 'Other current assets')
 
 
 
 
Non-designated hedges
 
$
33

 
$
182

Cash flow hedges
 
1,952

 
2,524

Total Derivative Assets
 
$
1,985

 
$
2,706

 
 
 
 
 
Derivative Liabilities (recorded in 'Accrued liabilities')
 
 
 
 
Non-designated hedges
 
$
1,163

 
$
79

Cash flow hedges
 
3,255

 
2,655

Total Derivative Liabilities
 
$
4,418

 
$
2,734

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 September 30, 2016:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
EUR
33,000

 
$
37,143

 
Sell EUR
 
1 month
GBP
£
7,600

 
$
9,893

 
Sell GBP
 
1 month
AUD
A$
13,800

 
$
10,569

 
Sell AUD
 
1 month
CAD
C$
2,230

 
$
1,699

 
Sell CAD
 
1 month
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 
 September 30,
 
Six Months Ended 
 September 30,
(in thousands)
 
2015
 
2016
 
2015
 
2016
Gain (loss) on foreign exchange contracts
 
$
1,276

 
$
(193
)
 
$
148

 
$
1,750

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 September 30, 2016:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
MXN
491,790

 
$
26,779

 
Buy MXN
 
Monthly over
21 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 accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended September 30, 2015 and 2016:
 
 
Three Months Ended 
 September 30,
 
Six Months Ended 
 September 30,
(in thousands)
 
2015
 
2016
 
2015
 
2016
Gain (loss) included in AOCI as of beginning of period
 
$
102

 
$
415

 
$
5,705

 
$
(1,106
)
 
 
 
 
 
 
 
 
 
Amount of gain (loss) recognized in other comprehensive income (“OCI”)
 (effective portion)
 
(1,976
)
 
(650
)
 
(4,814
)
 
304

 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)
 
2,197

 
825

 
5,735

 
985

Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)
 
(1,171
)
 
(589
)
 
(1,944
)
 
(1,316
)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)
 
1,026

 
236

 
3,791

 
(331
)
 
 
 
 
 
 
 
 
 
Gain included in AOCI as of end of period
 
$
(2,900
)
 
$
(471
)
 
$
(2,900
)
 
$
(471
)