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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables) | 9 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Swaps | The Company held the following interest rate swaps as of December 31, 2022:
Hedged Item |  | Original Notional Amount |  | Notional Amount as of December 31, 2022 |  | Designation Date |  | Effective Date |  | Termination Date |  | Fixed Interest Rate |  | Estimated Fair Value Assets (Liabilities)
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-month USD Term SOFR |  | $ | 140,719 |  |  | $ | 57,000 |  |  | 9/23/2022 |  | 9/30/2022 |  | 6/15/2023 |  | 2.67% |  | $ | 399 |
1-month USD Term SOFR |  | 101,219 |  |  | 41,000 |  |  | 9/23/2022 |  | 9/30/2022 |  | 6/15/2023 |  | 2.76% |  | 277 |
1-month USD Term SOFR |  | 23,888 |  |  | 47,775 |  |  | 9/23/2022 |  | 9/30/2022 |  | 6/15/2023 |  | 4.44% |  | 81 |
1-month USD Term SOFR |  | 23,888 |  |  | 47,775 |  |  | 9/23/2022 |  | 9/30/2022 |  | 6/15/2023 |  | 4.46% |  | 79 |
1-month USD Term SOFR |  | 109,900 |  |  | 109,900 |  |  | 9/23/2022 |  | 6/15/2023 |  | 6/15/2025 |  | 4.08% |  | (68) |
1-month USD Term SOFR |  | 109,900 |  |  | 109,900 |  |  | 9/23/2022 |  | 6/15/2023 |  | 6/15/2025 |  | 4.15% |  | (189) |
Total |  | $ | 509,514 |  |  | $ | 413,350 |  |  |  |  |  |  |  |  |  |  | $ | 579 |
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 nine months ended December 31, 2022:
(In thousands) |  | Amount of Gain 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 Excluded from Effectiveness Testing |  | Location in Condensed Consolidated Statements of Income and Comprehensive Income
Designated foreign currency hedge contracts, net of tax |  | $ | 1,604 |  |  | $ | 4,978 |  |  | Net revenues, COGS and SG&A |  | $ | 642 |  |  | Interest and other expense, net
Non-designated foreign currency hedge contracts |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,265 |  |  | Interest and other expense, net
Designated interest rate swaps, net of tax |  | $ | 2,458 |  |  | $ | (1,110) |  |  | 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 31, 2022 and April 2, 2022:
(In thousands) |  | Location in Condensed Consolidated Balance Sheets |  | As of |  | As of
|  | December 31, 2022 |  | April 2, 2022
Derivative Assets: |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current assets |  | $ | 1,055 |  |  | $ | 3,133 |
Non-designated foreign currency hedge contracts |  | Other current assets |  | 49 |  |  | 99 |
Designated interest rate swaps |  | Other current assets |  | 1,687 |  |  | — |
|  |  |  | $ | 2,791 |  |  | $ | 3,232 |
Derivative Liabilities: |  |  |  |  |  |
Designated foreign currency hedge contracts |  | Other current liabilities |  | $ | 45 |  |  | $ | 56 |
Non-designated foreign currency hedge contracts |  | Other current liabilities |  | 246 |  |  | 25 |
Designated interest rate swaps |  | Other current liabilities |  | — |  |  | 1,813 |
Designated interest rate swaps |  | Other long-term liabilities |  | 1,108 |  |  | — |
|  |  |  | $ | 1,399 |  |  | $ | 1,894 |
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 31, 2022 and April 2, 2022.
|  | As of December 31, 2022
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 89,114 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,114 |
Designated foreign currency hedge contracts |  | — |  |  | 1,055 |  |  | — |  |  | 1,055 |
Non-designated foreign currency hedge contracts |  | — |  |  | 49 |  |  | — |  |  | 49 |
Designated interest rate swaps |  | — |  |  | 1,687 |  |  | — |  |  | 1,687 |
|  | $ | 89,114 |  |  | $ | 2,791 |  |  | $ | — |  |  | $ | 91,905 |
Liabilities |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 45 |
Non-designated foreign currency hedge contracts |  | — |  |  | 246 |  |  | — |  |  | 246 |
Designated interest rate swaps |  | — |  |  | 1,108 |  |  | — |  |  | 1,108 |
Contingent consideration |  | — |  |  | — |  |  | 848 |  |  | 848 |
|  | $ | — |  |  | $ | 1,399 |  |  | $ | 848 |  |  | $ | 2,247 |
|  | As of April 2, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 97,425 |  |  | $ | — |  |  | $ | — |  |  | $ | 97,425 |
Designated foreign currency hedge contracts |  | — |  |  | 3,133 |  |  | — |  |  | 3,133 |
Non-designated foreign currency hedge contracts |  | — |  |  | 99 |  |  | — |  |  | 99 |
|  | $ | 97,425 |  |  | $ | 3,232 |  |  | $ | — |  |  | $ | 100,657 |
Liabilities |  |  |  |  |  |  |  |
Designated foreign currency hedge contracts |  | $ | — |  |  | $ | 56 |  |  | $ | — |  |  | $ | 56 |
Non-designated foreign currency hedge contracts |  | — |  |  | 25 |  |  | — |  |  | 25 |
Designated interest rate swaps |  | — |  |  | 1,813 |  |  | — |  |  | 1,813 |
Contingent consideration |  | — |  |  | — |  |  | 33,675 |  |  | 33,675 |
|  | $ | — |  |  | $ | 1,894 |  |  | $ | 33,675 |  |  | $ | 35,569 |
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 31, 2022 |  | Technique |  | Input |  | Range
Revenue-based payments |  | $ | 848 |  |  | Discounted cash flow |  | Discount rate |  | 8.5%
|  |  | Projected year of payment |  | 2023
A reconciliation of the change in the fair value of contingent consideration is included in the following table:
(In thousands) |  |
Balance at April 2, 2022 |  | $ | 33,675 |
Change in fair value |  | (504) |
Payments |  | (32,293) |
Currency translation |  | (30) |
Balance at December 31, 2022 |  | $ | 848 |
Accounts Receivable, Allowance for Credit Loss | The following is a roll forward of the allowance for credit losses:
| Three Months Ended |  | Nine Months Ended
(In thousands) | December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
Beginning balance | $ | 2,495 |  |  | $ | 2,701 |  |  | $ | 2,475 |  |  | $ | 2,226 |
Credit loss | 224 |  |  | (305) |  |  | 429 |  |  | 226 |
Recoveries (Write-offs) | 19 |  |  | (14) |  |  | (166) |  |  | (70) |
Ending balance | $ | 2,738 |  |  | $ | 2,382 |  |  | $ | 2,738 |  |  | $ | 2,382 |

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