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DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 27, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments

The following table presents the effect of our derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in our consolidated statements of income and comprehensive income for the six months ended September 27, 2014.

Derivative Instruments		Amount of Gain/(Loss) Recognized in AOCI (Effective Portion)				Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion)				Location in Consolidated Statements of Income and Comprehensive Income		Amount of Gain/(Loss) Excluded from Effectiveness Testing *				Location in Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax		$	4,443			$	1,638			Net revenues, COGS, and SG&A		$	142			Interest and other expense, net
Non-designated foreign currency hedge contracts		—				—						2,680				Interest and other expense, net
Designated interest rate swaps, net of tax		$	(106	)		$	—			Interest and other expense, net		$	—

*   We exclude the difference between the spot rate and hedge forward rate from our effectiveness testing.

Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets

The following tables present the fair value of our derivative instruments as they appear in our consolidated balance sheets as of September 27, 2014 by type of contract and whether it is a qualifying hedge under ASC 815.

(In thousands)		Location in Balance Sheet		September 27, 2014				March 29, 2014
Derivative Assets:
Designated foreign currency hedge contracts		Other current assets		$	5,069			$	2,574
Designated interest rate swaps		Other current assets		1,080				1,250
				$	6,149			$	3,824
Derivative Liabilities:
Designated foreign currency hedge contracts		Other current liabilities		$	1,054			$	1,255
				$	1,054			$	1,255

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 27, 2014.

(In thousands)		Quoted Market Prices for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets
Money market funds		$	90,349			$	—			$	—			$	90,349
Designated foreign currency hedge contracts		—				5,069				—				5,069
Designated interest rate swap		—				1,080				—				1,080
		$	90,349			$	6,149			$	—			$	96,498
Liabilities
Designated foreign currency hedge contracts		$	—			$	1,054			$	—			$	1,054
Contingent consideration		—				—				8,105				8,105
		$	—			$	1,054			$	8,105			$	9,159

Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

The table below provides a reconciliation of the beginning and ending Level 3 liabilities for the quarter ended September 27, 2014.

(In thousands)		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent consideration as of March 29, 2014		$	7,645
Contingent consideration interest expense		460
Ending balance		$	8,105

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Name Accounting Standards Codification

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-Section 50

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Publisher FASB

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Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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