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Derivative Instruments | 6 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company may enter into foreign currency forward or option contracts (derivative contracts), generally with maturities of 15 months or less, to manage foreign currency risk on expected cash flows and certain existing assets and liabilities, primarily intercompany balances. Certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company may also enter into derivative contracts that are not designated as cash flow hedges (Non-Designated Derivative Contracts), to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment. The after-tax unrealized gains or losses from changes in the fair value of Designated Derivative Contracts are recorded as a component of accumulated other comprehensive loss (AOCL) and are reclassified to net sales in the condensed consolidated statements of comprehensive income in the same period or periods as the related sales are recognized. The Company includes all hedge components in its assessment of effectiveness for its derivative contracts. Changes in the fair value of Non-Designated Derivative Contracts are recorded in SG&A expenses in the condensed consolidated statements of comprehensive income. The changes in fair value for these contracts are generally offset by the remeasurement gains or losses associated with the underlying foreign currency-denominated intercompany balances, which are recorded in SG&A expenses in the condensed consolidated statements of comprehensive income. As of September 30, 2021, the Company has the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:
| Designated Derivative Contracts |  | Non-Designated Derivative Contracts |  | Total
Notional value | $ | 76,266 |  |  | $ | 28,395 |  |  | $ | 104,661 |
Fair value recorded in other current assets | 3,286 |  |  | 749 |  |  | 4,035 |
As of September 30, 2021, the Company's outstanding derivative contracts are held by an aggregate of four counterparties, all with various maturity dates within the next six months. As of March 31, 2021, the Company has no outstanding derivative contracts. The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects recorded in the condensed consolidated statements of comprehensive income for changes in AOCL:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gain (loss) recorded in Other comprehensive income | $ | 2,125 |  |  | $ | (1,173) |  |  | $ | 4,049 |  |  | $ | (709) |
Reclassifications from Accumulated other comprehensive loss into net sales | (762) |  |  | 121 |  |  | (762) |  |  | 121 |
Income tax (expense) benefit in Other comprehensive income | (330) |  |  | 252 |  |  | (796) |  |  | 141 |
Total | $ | 1,033 |  |  | $ | (800) |  |  | $ | 2,491 |  |  | $ | (447) |
The following table summarizes the effect of Non-Designated Derivative Contracts recorded in the condensed consolidated statements of comprehensive income:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gain recorded in SG&A expenses | $ | 413 |  |  | $ | 42 |  |  | $ | 748 |  |  | $ | 42 |
The non-performance risk of the Company and the counterparties did not have a material impact on the fair value of its derivative contracts. As of September 30, 2021, the amount of unrealized gains on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next six months. Refer to Note 9, “Stockholders' Equity,” for further information on the components of AOCL.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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