±«ÓãÖ±²¥

Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.21.4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Jan. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] Ìý
Outstanding Derivatives on Individual Contract Basis
The following table presents outstanding derivatives on an individual contract basis:
Ìý Fair Value of Derivatives
with Unrealized Gains
Fair Value of Derivatives
with Unrealized Losses
(In thousands) December 2021 March 2021 December 2020 December 2021 March 2021 December 2020
Foreign currency exchange contracts designated as hedging instruments
$ 55,000Ìý $ 12,301Ìý $ 12,457Ìý $ (32,660) $ (73,087) $ (96,437)
Foreign currency exchange contracts not designated as hedging instruments
2,466Ìý 956Ìý 3,752Ìý (327) (1,168) (1,398)
Total derivatives
$ 57,466Ìý $ 13,257Ìý $ 16,209Ìý $ (32,987) $ (74,255) $ (97,835)
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If ±«ÓãÖ±²¥ were to offset and record the asset and liability balances of its foreign exchange forward contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
Ìý December 2021 March 2021 December 2020
(In thousands) Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$ 57,466Ìý $ (32,987) $ 13,257Ìý $ (74,255) $ 16,209Ìý $ (97,835)
Gross amounts not offset in the Consolidated Balance Sheets
(22,964) 22,964Ìý (13,246) 13,246Ìý (16,209) 16,209Ìý
Net amounts
$ 34,502Ìý $ (10,023) $ 11Ìý $ (61,009) $ —Ìý $ (81,626)
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If ±«ÓãÖ±²¥ were to offset and record the asset and liability balances of its foreign exchange forward contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
Ìý December 2021 March 2021 December 2020
(In thousands) Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$ 57,466Ìý $ (32,987) $ 13,257Ìý $ (74,255) $ 16,209Ìý $ (97,835)
Gross amounts not offset in the Consolidated Balance Sheets
(22,964) 22,964Ìý (13,246) 13,246Ìý (16,209) 16,209Ìý
Net amounts
$ 34,502Ìý $ (10,023) $ 11Ìý $ (61,009) $ —Ìý $ (81,626)
Derivatives Classified as Current or Noncurrent Based on Maturity Dates
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
(In thousands) December 2021 March 2021 December 2020
Other current assets $ 50,298Ìý $ 7,440Ìý $ 15,510Ìý
Accrued liabilities (28,326) (66,351) (77,317)
Other assets 7,168Ìý 5,817Ìý 699Ìý
Other liabilities (4,661) (7,904) (20,518)
Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income The effects of cash flow hedging included in ±«ÓãÖ±²¥â€™s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are summarized as follows:
(In thousands)
GainÌý(Loss)ÌýonÌýDerivatives Recognized in OCI
ThreeÌýMonthsÌýEndedÌýDecember
GainÌý(Loss)ÌýonÌýDerivatives Recognized in OCI
Nine Months Ended December
Cash Flow Hedging Relationships 2021 2020 2021 2020
Foreign currency exchange $ 14,185Ìý $ (82,491) $ 43,983Ìý $ (129,817)
(In thousands)
GainÌý(Loss)ÌýReclassifiedÌýfrom AccumulatedÌýOCIÌýintoÌýIncome
ThreeÌýMonthsÌýEnded December
GainÌý(Loss)ÌýReclassifiedÌýfrom AccumulatedÌýOCIÌýintoÌýIncome
Nine Months Ended December
Location of Gain (Loss) 2021 2020 2021 2020
Net revenues
$ (9,284) $ 4,048Ìý $ (16,045) $ 6,354Ìý
Cost of goods sold
(3,974) 224Ìý (26,644) 25,372Ìý
Selling, general and administrative expenses
688Ìý 586Ìý (418) 2,934Ìý
Other income (expense), net
104Ìý (613) (2,958) 1,190Ìý
Interest expense
27Ìý 26Ìý 81Ìý 80Ìý
Total $ (12,439) $ 4,271Ìý $ (45,984) $ 35,930Ìý