v3.26.1
Derivative Instruments
 12 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company has the following derivative contracts recorded at fair value in the consolidated balance sheets:
March 31, 2026
Designated
Derivative
Contracts
Non-Designated
Derivative
Contracts
Total
Notional value
$337,183
$18,343
$355,526
Fair value recorded in other current assets
7,316
370
7,686
March 31, 2025
Designated
Derivative
Contracts
Non-Designated
Derivative
Contracts
Total
Notional value
$367,695
$14,018
$381,713
Fair value recorded in other current assets
2,163
75
2,238
Fair value recorded in other accrued expenses
(64)
—
(64)
The maximum amount of loss the Company would incur if derivative counterparties failed completely to perform
according to the terms of the contracts is limited to the derivative gross fair value of contracts in asset positions. The
non-performance risk of the Company and its counterparties did not have a material impact on the fair value of its
derivative contracts. As of March 31, 2026, unrealized gains on derivative contracts recorded in AOCL are expected
to be reclassified into net sales within the next twelve months. Refer to Note 11, “Stockholders’ Equity,” for further
information on the components of AOCL.
The Company settled derivative contracts with notional values as follows:
Years Ended March 31,
2026
2025
2024
Designated Derivative Contracts
$431,232
$258,040
$179,528
Non-Designated Derivative Contracts
160,512
18,565
—
Total
$591,744
$276,605
$179,528
The following table summarizes changes in unrealized (loss) gain on cash flow hedges included in in AOCL,
including the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or
losses that are recorded in OCI in the consolidated statements of comprehensive income:
Years Ended March 31,
2026
2025
2024
Beginning balance
$1,584
$—
$—
(Loss) gain recorded in OCI
(12,631)
4,387
4,090
Gain (loss) reclassified into net sales
17,849
(2,288)
(4,090)
Income tax expense in OCI
(1,238)
(515)
—
Ending balance
$5,564
$1,584
$—
Subsequent to March 31, 2026, through May 1, 2026, the Company entered into Designated Derivative Contracts
and Non-Designated Derivative Contracts with notional values totaling $71,135 and $14,722, respectively, which are
collectively expected to mature within the next twelve months.