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Derivative Financial Instruments | 3 Months Ended
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Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-U.S. dollar balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-U.S. dollar denominated assets and liabilities within "Other income (expense)" in the consolidated condensed statements of income. The Company does not apply hedge accounting to these foreign currency derivative instruments. As of June 27, 2020, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $24.6 million. The fair value of this contract was not material as of June 27, 2020. The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):
|  | Three Months Ended |  |  |  |  |  |  |  |
|  | June 27, |  | June 29, |  |  |  |  |  |
|  | 2020 |  | 2019 |  |  |  |  |  | Location
Gain (loss) recognized in income: |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,183 |  |  | $ | (2,363) |  |  |  |  |  |  | Other income (expense)

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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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