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Derivative Instruments | 12 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2021 and 2020, the Company had no outstanding derivative contracts, however, settled derivative contracts with notional values were as follows:
| Years Ended March 31,
| 2021 |  | 2020
Designated Derivative Contracts | $ | 68,241 |  |  | $ | 65,569 |
Non-Designated Derivative Contracts | 18,909 |  |  | 49,251 |
Total | $ | 87,150 |  |  | $ | 114,820 |
The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses recorded in the consolidated statements of comprehensive income for changes in AOCL:
| Years Ended March 31,
| 2021 |  | 2020 |  | 2019
(Loss) gain recorded in Other comprehensive income | $ | (1,223) |  |  | $ | 1,516 |  |  | $ | 8,355 |
Reclassifications from AOCL into net sales | 1,223 |  |  | (1,516) |  |  | (8,675) |
Income tax benefit in Other comprehensive income* | — |  |  | — |  |  | 77 |
Total | $ | — |  |  | $ | — |  |  | $ | (243) |
*The amount for the year ended March 31, 2019 is inclusive of the income tax effects from the Tax Reform Act reclassified from AOCL to retained earnings in the consolidated balance sheets in connection with the previous adoption of a new accounting standard. The Company had settled all its outstanding Designated Derivative Contracts as of March 31, 2021 and 2020, and therefore the amounts are zero for each respective year. Amounts excluded from effectiveness testing recorded in SG&A expenses for Designated Derivative Contracts were as follows:
| Years Ended March 31,
| 2021 |  | 2020 |  | 2019
Gain excluded from effectiveness testing recorded in SG&A expenses* | $ | — |  |  | $ | — |  |  | $ | 1,918 |
*The amount for the year ended March 31, 2019 was recognized under legacy US GAAP. Beginning April 1, 2019, under the new hedging standard, these amounts are now recorded as a component of AOCL and were classified in net sales during the years ended March 31, 2021 and 2020. The following table summarizes the effect of Non-Designated Derivative Contracts:
| Years Ended March 31,
| 2021 |  | 2020 |  | 2019
Gain recorded in SG&A expenses | $ | 267 |  |  | $ | 328 |  |  | $ | 1,393 |
The non-performance risk of the Company and the counterparties did not have a material impact on the fair value of its derivative contracts.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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