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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

6 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

The Company held the following interest rate swaps as of September 30, 2023:

Hedged Item						Original Notional Amount						Notional Amount as of September 30, 2023						Designation Date						Effective Date						Termination Date						Fixed Interest Rate						Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR						109,900						109,200						9/23/2022						6/15/2023						6/15/2025						4.08%						1,601
1-month USD Term SOFR						109,900						107,800						9/23/2022						6/15/2023						6/15/2025						4.15%						1,501
Total						$	219,800					$	217,000																													$	3,102

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 September 30, 2023:

Derivative Instruments						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
(In thousands)
Designated foreign currency hedge contracts, net of tax						$	2,657					$	(1,552)					Net revenues, COGS and SG&A						$	671					Interest and other expense, net
Non-designated foreign currency hedge contracts						$	—					$	—											$	1,670					Interest and other expense, net
Designated interest rate swaps, net of tax						$	3,231					$	1					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 September 30, 2023 and April 1, 2023:

(In thousands)						Location in Condensed Consolidated Balance Sheets						As of						As of
												September 30, 2023						April 1, 2023
Derivative Assets:
Designated foreign currency hedge contracts						Other current assets						$	2,941					$	1,401
Non-designated foreign currency hedge contracts						Other current assets						52						302
Designated interest rate swaps						Other current assets						2,576						1,110
Designated interest rate swaps						Other long-term assets						526						—
												$	6,095					$	2,813
Derivative Liabilities:
Designated foreign currency hedge contracts						Other current liabilities						$	430					$	24
Non-designated foreign currency hedge contracts						Other current liabilities						11						58
Designated interest rate swaps						Other long-term liabilities						—						1,807
												$	441					$	1,889

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 September 30, 2023 and April 1, 2023.

						As of September 30, 2023
(In thousands)						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	161,623					$	—					$	—					$	161,623
Designated foreign currency hedge contracts						—						2,941						—						2,941
Non-designated foreign currency hedge contracts						—						52						—						52
Designated interest rate swaps						—						3,102						—						3,102
						$	161,623					$	6,095					$	—					$	167,718
Liabilities
Designated foreign currency hedge contracts						$	—					$	430					$	—					$	430
Non-designated foreign currency hedge contracts						—						11						—						11
						$	—					$	441					$	—					$	441
						As of April 1, 2023
						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	132,341					$	—					$	—					$	132,341
Designated foreign currency hedge contracts						—						1,401						—						1,401
Non-designated foreign currency hedge contracts						—						302						—						302
Designated interest rate swaps						—						1,110						—						1,110
						$	132,341					$	2,813					$	—					$	135,154
Liabilities
Designated foreign currency hedge contracts						$	—					$	24					$	—					$	24
Non-designated foreign currency hedge contracts						—						58						—						58
Designated interest rate swaps						—						1,807						—						1,807
Contingent consideration						—						—						863						863
						$	—					$	1,889					$	863					$	2,752

Accounts Receivable, Allowance for Credit Loss

The following is a roll forward of the allowance for credit losses:

			Three Months Ended												Six Months Ended
(In thousands)			September 30, 2023						October 1, 2022						September 30, 2023						October 1, 2022
Beginning balance			$	5,047					$	2,495					$	4,932					$	2,475
Credit loss			30						59						181						204
Write-offs			(33)						(59)						(69)						(184)
Ending balance			$	5,044					$	2,495					$	5,044					$	2,495

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