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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

6 Months Ended

Oct. 02, 2021

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 unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the six months ended October 2, 2021:

(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						$	(761)					$	785					Net revenues, COGS and SG&A						$	(246)					Interest and other expense, net
Non-designated foreign currency hedge contracts						$	—					$	—											$	190					Interest and other expense, net
Designated interest rate swaps, net of tax						$	920					$	(2,257)					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 October 2, 2021 and April 3, 2021:

(In thousands)						Location in Condensed Consolidated Balance Sheets						As of						As of
												October 2, 2021						April 3, 2021
Derivative Assets:
Designated foreign currency hedge contracts						Other current assets						$	1,446					$	2,061
Non-designated foreign currency hedge contracts						Other current assets						69						104
												$	1,515					$	2,165
Derivative Liabilities:
Designated foreign currency hedge contracts						Other current liabilities						$	346					$	454
Non-designated foreign currency hedge contracts						Other current liabilities						207						349
Designated interest rate swaps						Other current liabilities						5,452						5,550
Designated interest rate swaps						Other long-term liabilities						1,761						4,301
												$	7,766					$	10,654

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 October 2, 2021 and April 3, 2021.

						As of October 2, 2021
(In thousands)						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	12,398					$	—					$	—					$	12,398
Designated foreign currency hedge contracts						—						1,446						—						1,446
Non-designated foreign currency hedge contracts						—						69						—						69
						$	12,398					$	1,515					$	—					$	13,913
Liabilities
Designated foreign currency hedge contracts						$	—					$	346					$	—					$	346
Non-designated foreign currency hedge contracts						—						207						—						207
Designated interest rate swaps						—						7,213						—						7,213
Contingent consideration						—						—						37,517						37,517
						$	—					$	7,766					$	37,517					$	45,283
						As of April 3, 2021
						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

The recurring level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs:

Fair Value at

Valuation

Unobservable

(In thousands)

October 2, 2021

Technique

Input

Range

Revenue-based payments

$

34,073

Monte Carlo Simulation Model

Discount rate

2.2%

Projected year of payment

2022 - 2023

Revenue-based payments

$

1,751

Discounted cash flow

Discount rate

8.5%

Projected year of payment

2021 - 2023

Regulatory-based payment

$

1,693

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 April 3, 2021						$	28,733
Change in fair value						9,345
Payments						(367)
Currency translation						(194)
Balance at October 2, 2021						$	37,517

Accounts Receivable, Allowance for Credit Loss

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

			Three Months Ended												Six Months Ended
(In thousands)			October 2, 2021						September 26, 2020						October 2, 2021						September 26, 2020
Beginning balance			$	2,236					$	3,446					$	2,226					$	3,824
Credit (gain) loss			504						(483)						532						(742)
Write-offs			(39)						(264)						(57)						(383)
Ending balance			$	2,701					$	2,699					$	2,701					$	2,699

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
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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
-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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