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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

9 Months Ended

Dec. 26, 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 and comprehensive income for the nine months ended December 26, 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 and Comprehensive Income						Amount of Gain (Loss) Excluded from Effectiveness Testing						Location in Condensed Consolidated Statements of Income and Comprehensive Income
Designated foreign currency hedge contracts, net of tax						$	1,378					$	(1,538)					Net revenues, COGS and SG&A						$	(671)					Interest and other expense, net
Non-designated foreign currency hedge contracts						$	—					$	—											$	(5,218)					Interest and other expense, net
Designated interest rate swaps, net of tax						$	(2,996)					$	(3,326)					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 December 26, 2020 and March 28, 2020:

(In thousands)						Location in Condensed Consolidated Balance Sheets						As of						As of
												December 26, 2020						March 28, 2020
Derivative Assets:
Designated foreign currency hedge contracts						Other current assets						$	191					$	839
Non-designated foreign currency hedge contracts						Other current assets						69						377
												$	260					$	1,216
Derivative Liabilities:
Designated foreign currency hedge contracts						Other current liabilities						$	919					$	1,854
Non-designated foreign currency hedge contracts						Other current liabilities						206						1,435
Designated interest rate swaps						Other current liabilities						5,697						5,581
Designated interest rate swaps						Other long-term liabilities						6,323						9,475
												$	13,145					$	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 December 26, 2020 and March 28, 2020.

						As of December 26, 2020
(In thousands)						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	79,773					$	—					$	—					$	79,773
Designated foreign currency hedge contracts						—						191						—						191
Non-designated foreign currency hedge contracts						—						69						—						69
						$	79,773					$	260					$	—					$	80,033
Liabilities
Designated foreign currency hedge contracts						$	—					$	919					$	—					$	919
Non-designated foreign currency hedge contracts						—						206						—						206
Designated interest rate swaps						—						12,020						—						12,020
Contingent consideration						—						—						3,920						3,920
						$	—					$	13,145					$	3,920					$	17,065
						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)

December 26, 2020

Technique

Input

Range

Revenue-based payments

$

1,920

Discounted cash flow

Discount rate

8.5%

Projected year of payment

2021 - 2023

Regulatory-based payment

$

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 is included in the following table:

(In thousands)
Balance at March 28, 2020						$	—
Acquisition date fair value of contingent consideration						3,920
Change in fair value						—
Balance at December 26, 2020						$	3,920

Accounts Receivable, Allowance for Credit Loss

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

			Three Months Ended												Nine Months Ended
(In thousands)			December 26, 2020						December 28, 2019						December 26, 2020						December 28, 2019
Beginning balance			$	2,699					$	4,108					$	3,824					$	3,937
Credit (gain) loss			(95)						229						(838)						515
Write-offs			(79)						(240)						(461)						(355)
Ending balance			$	2,525					$	4,097					$	2,525					$	4,097

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
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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
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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).

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