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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables) | 3 Months Ended
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Jun. 27, 2020
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 the Company's derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended June 27, 2020:
(In thousands) |  | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings |  | Location in Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) |  | Amount of Gain (Loss) Excluded from Effectiveness Testing |  | Location in Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Designated foreign currency hedge contracts, net of tax |  | $ | 1,883 |  |  | $ | (129) |  |  | Net revenues, COGS and SG&A |  | $ | (248) |  |  | Interest and other expense, net
Non-designated foreign currency hedge contracts |  | $ | — |  |  | $ | — |  |  |  |  | $ | (1,842) |  |  | Interest and other expense, net
Designated interest rate swaps, net of tax |  | $ | (3,131) |  |  | $ | (1,013) |  |  | Interest and other expense, net |  | $ | — |  |  |
Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets | The following tables present the fair value of the Company's derivative instruments as they appear in its condensed consolidated balance sheets as of June 27, 2020 and March 28, 2020:
(In thousands) |  | Location in Condensed Consolidated Balance Sheets |  | As of |  | As of
|  |  |  | June 27, 2020 |  | March 28, 2020
Derivative Assets: |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current assets |  | $ | 227 |  |  | $ | 839 |
Non-designated foreign currency hedge contracts |  | Other current assets |  | 164 |  |  | $ | 377 |
|  |  |  | $ | 391 |  |  | $ | 1,216 |
Derivative Liabilities: |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current liabilities |  | $ | 1,073 |  |  | $ | 1,854 |
Non-designated foreign currency hedge contracts |  | Other current liabilities |  | 68 |  |  | 1,435 |
Designated interest rate swaps |  | Other current liabilities |  | 5,875 |  |  | 5,581 |
Designated interest rate swaps |  | Other long-term liabilities |  | 9,243 |  |  | 9,475 |
|  |  |  | $ | 16,259 |  |  | $ | 18,345 |
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 June 27, 2020 and March 28, 2020.
|  | As of June 27, 2020 |  |  |  |  |  |
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 171,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,313 |
Designated foreign currency hedge contracts |  | — |  |  | 227 |  |  | — |  |  | 227 |
Non-designated foreign currency hedge contracts |  | — |  |  | 164 |  |  | — |  |  | 164 |
|  | $ | 171,313 |  |  | $ | 391 |  |  | $ | — |  |  | $ | 171,704 |
Liabilities |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | $ | — |  |  | $ | 1,073 |  |  | $ | — |  |  | $ | 1,073 |
Non-designated foreign currency hedge contracts |  | — |  |  | 68 |  |  | — |  |  | 68 |
Designated interest rate swaps |  | — |  |  | 15,118 |  |  | — |  |  | 15,118 |
Contingent consideration |  | — |  |  | — |  |  | 3,920 |  |  | 3,920 |
|  | $ | — |  |  | $ | 16,259 |  |  | $ | 3,920 |  |  | $ | 20,179 |
|  | As of March 28, 2020 |  |  |  |  |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 44,564 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,564 |
Designated foreign currency hedge contracts |  | — |  |  | 839 |  |  | — |  |  | 839 |
Non-designated foreign currency hedge contracts |  | — |  |  | 377 |  |  | — |  |  | 377 |
|  | $ | 44,564 |  |  | $ | 1,216 |  |  | $ | — |  |  | $ | 45,780 |
Liabilities |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | $ | — |  |  | $ | 1,854 |  |  | $ | — |  |  | $ | 1,854 |
Non-designated foreign currency hedge contracts |  | — |  |  | 1,435 |  |  | — |  |  | 1,435 |
Designated interest rate swaps |  | — |  |  | 15,056 |  |  | — |  |  | 15,056 |
|  | $ | — |  |  | $ | 18,345 |  |  | $ | — |  |  | $ | 18,345 |
The recurring level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs:
|  | Fair Value at |  | Valuation |  | Unobservable |  |
(In thousands) |  | June 27, 2020 |  | Technique |  | Input |  | Range
Revenue-based payments |  | $ | 1,900 |  |  | Discounted cash flow |  | Discount rate |  | 8.5%
|  |  |  |  |  | Projected year of payment |  | 2021 - 2023
Regulatory-based payments |  | $ | 2,000 |  |  | Discounted cash flow |  | Discount rate |  | 4.9%
|  |  |  |  |  | Probability of payment |  | 0% - 100%
|  |  |  |  |  | Projected year of payment |  | 2021 - 2023
Reconciliation of the change in the fair value of contingent consideration are included in the following table:
(In thousands) |  |
Balance at March 28, 2020 |  | $ | — |
Acquisition date fair value of contingent consideration |  | 3,920 |
Balance at June 27, 2020 |  | $ | 3,920 |
Accounts Receivable, Allowance for Credit Loss | The following is a rollfoward of the allowance for credit losses:
| Three Months Ended |  |
(In thousands) | June 27, 2020 |  | June 29, 2019
Beginning balance | $ | 3,824 |  |  | $ | 3,937 |
Credit loss expense | (259) |  |  | (299) |
Write-offs | (119) |  |  | (14) |
Ending balance | $ | 3,446 |  |  | $ | 3,624 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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