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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following is a rollforward of the allowance for credit losses:

						Twelve Months Ended
(In thousands)						April 3, 2021						March 28, 2020						March 30, 2019
Beginning balance						$	3,824					$	3,937					$	2,111
Credit (gain) loss						(991)						365						2,097
Write-offs						(607)						(478)						(271)
Ending balance						$	2,226					$	3,824					$	3,937

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 consolidated statements of income and comprehensive income for the fiscal year ended April 3, 2021.

Derivative Instruments						Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss						Amount of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings						Location in Consolidated Statements of Income and Comprehensive Income						Amount of (Loss) Excluded from Effectiveness Testing						Location in Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax						$	1,919					$	(2,404)					Net revenues, COGS and SG&A						$	(741)					Interest and other expense, net
Non-designated foreign currency hedge contracts						—						—												$	(4,405)					Interest and other expense, net
Designated interest rate swaps, net of tax						$	(2,410)					$	(4,453)					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 consolidated balance sheets as of April 3, 2021 and March 28, 2020:

(In thousands)			Location in Balance Sheet						As of April 3, 2021						As of March 28, 2020
Derivative Assets:
Designated foreign currency hedge contracts			Other current assets						$	2,061					$	839
Non-designated foreign currency hedge contracts			Other current assets						104						377
									$	2,165					$	1,216
Derivative Liabilities:
Designated foreign currency hedge contracts			Other current liabilities						$	454					$	1,854
Non-designated foreign currency hedge contracts			Other current liabilities						349						1,435
Designated interest rate swaps			Other current liabilities						5,550						5,581
Designated interest rate swaps			Other long-term liabilities						4,301						9,475
									$	10,654					$	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 April 3, 2021 and March 28, 2020.

						As of April 3, 2021
(In thousands)						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	49,699					$	—					$	—					$	49,699
Designated foreign currency hedge contracts						—						2,061						—						2,061
Non-designated foreign currency hedge contracts						—						104						—						104
						$	49,699					$	2,165					$	—					$	51,864
Liabilities
Designated foreign currency hedge contracts						$	—					$	454					$	—					$	454
Non-designated foreign currency hedge contracts						—						349						—						349
Designated interest rate swaps						—						9,851						—						9,851
Contingent consideration						—						—						28,733						28,733
						$	—					$	10,654					$	28,733					$	39,387
						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)

April 3, 2021

Technique

Input

Range

Revenue-based payments

$

24,299

Monte Carlo Simulation Model

Discount rate

2.2%

Projected year of payment

2022 - 2023

Revenue-based payments

$

2,189

Discounted cash flow

Discount rate

8.5%

Projected year of payment

2021 - 2023

Regulatory-based payment

$

2,245

Discounted cash flow

Discount rate

4.9%

Probability of payment

0% - 100%

Projected year of payment

2021 - 2023

A reconciliation of the change in the fair value of contingent consideration is included in the following table:

(In thousands)
Balance at March 28, 2020						$	—
Acquisition date fair value of contingent consideration						28,219
Change in fair value						189
Currency translation						325
Balance at April 3, 2021						$	28,733

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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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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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
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