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FOREIGN CURRENCY DERIVATIVES (Tables)
 6 Months Ended
Sep. 30, 2017
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, 2017
 
September 30, 2017
Derivative Assets(1)
 
 
 
 
Non-designated hedges
 
$
86

 
$
310

Cash flow hedges
 
2,034

 
505

Total Derivative Assets
 
$
2,120

 
$
815

 
 
 
 
 
Derivative Liabilities(2)
 
 
 
 
Non-designated hedges
 
$
286

 
$
339

Cash flow hedges
 
1,109

 
4,346

Total Derivative Liabilities
 
$
1,395

 
$
4,685


(1) Short-term derivative assets are recorded in "other current assets" and long-term derivative assets are recorded in "deferred tax and other assets". As of September 30, 2017 the portion of derivative assets classified as long-term was immaterial.
(2) Short-term derivative liabilities are recorded in "accrued liabilities" and long-term derivative liabilities are recorded in "other long-term liabilities". As of September 30, 2017 the portion of derivative liabilities classified as long-term was immaterial.
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, 2017:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
EUR
€
33,900

 
$
28,650

 
Sell EUR
 
1 month
GBP
£
5,000

 
$
6,710

 
Sell GBP
 
1 month
AUD
A$
13,200

 
$
10,352

 
Sell AUD
 
1 month
CAD
C$
2,700

 
$
2,161

 
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)
 
2016
 
2017
 
2016
 
2017
Gain (loss) on foreign exchange contracts
 
$
(193
)
 
$
2,102

 
$
1,750

 
$
5,236
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, 2017:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
MXN
$
134,150

 
$
6,978

 
Buy MXN
 
Monthly over
9 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, 2016 and 2017:
 
 
Three Months Ended 
 September 30,
 
Six Months Ended 
 September 30,
(in thousands)
 
2016
 
2017
 
2016
 
2017
Gain (loss) included in AOCI as of beginning of period
 
$
415

 
$
(1,744
)
 
$
(1,106
)
 
$
541

 
 
 
 
 
 
 
 
 
Amount of gain (loss) recognized in other comprehensive income (“OCI”)
 (effective portion)
 
(650
)
 
(2,302
)
 
304

 
(4,647
)
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)
 
825

 
1,131

 
985

 
1,149

Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)
 
(589
)
 
(174
)
 
(1,316
)
 
(132
)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)
 
236

 
957

 
(331
)
 
1,017

 
 
 
 
 
 
 
 
 
Gain (loss) included in AOCI as of end of period
 
$
(471
)
 
$
(3,089
)
 
$
(471
)
 
$
(3,089
)