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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

3 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

The Company held the following interest rate swaps as of June 29, 2024:

Hedged Item						Original Notional Amount						Notional Amount as of June 29, 2024						Designation Date						Effective Date						Termination Date						Fixed Interest Rate						Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR						109,900						105,000						9/23/2022						6/15/2023						6/15/2025						4.08%						843
1-month USD Term SOFR						109,900						103,600						9/23/2022						6/15/2023						6/15/2025						4.15%						793
Total						$	219,800					$	208,600																													$	1,636

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 three months ended June 29, 2024:

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						$	269					$	(393)					Net revenues, COGS and SG&A						$	157					Interest and other income (expense), net
Non-designated foreign currency hedge contracts						$	—					$	—											$	226					Interest and other income (expense), net
Designated interest rate swaps, net of tax						$	430					$	2					Interest and other income (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 June 29, 2024 and March 30, 2024:

(In thousands)						Location in Condensed Consolidated Balance Sheets						As of						As of
												June 29, 2024						March 30, 2024
Derivative Assets:
Designated foreign currency hedge contracts						Other current assets						$	1,792					$	1,353
Non-designated foreign currency hedge contracts						Other current assets						125						154
Designated interest rate swaps						Other current assets						1,636						1,673
Designated interest rate swaps						Other long-term assets						—						62
												$	3,553					$	3,242
Derivative Liabilities:
Designated foreign currency hedge contracts						Other current liabilities						$	560					$	395
Non-designated foreign currency hedge contracts						Other current liabilities						38						536
												$	598					$	931

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 June 29, 2024 and March 30, 2024.

						As of June 29, 2024
(In thousands)						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	195,279					$	—					$	—					$	195,279
Designated foreign currency hedge contracts						—						1,792						—						1,792
Non-designated foreign currency hedge contracts						—						125						—						125
Designated interest rate swaps						—						1,636						—						1,636
						$	195,279					$	3,553					$	—					$	198,832
Liabilities
Designated foreign currency hedge contracts						$	—					$	560					$	—					$	560
Non-designated foreign currency hedge contracts						—						38						—						38
Contingent consideration						—						—						25,000						25,000
						$	—					$	598					$	25,000					$	25,598
						As of March 30, 2024
						Level 1						Level 2						Level 3						Total
Assets
Money market funds						$	43,073					$	—					$	—					$	43,073
Designated foreign currency hedge contracts						—						1,353						—						1,353
Non-designated foreign currency hedge contracts						—						154						—						154
Designated interest rate swaps						—						1,735						—						1,735
						$	43,073					$	3,242					$	—					$	46,315
Liabilities
Designated foreign currency hedge contracts						$	—					$	395					$	—					$	395
Non-designated foreign currency hedge contracts						—						536						—						536
						$	—					$	931					$	—					$	931

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

Fair Value at

Valuation

Unobservable

(In thousands)

June 29, 2024

Technique

Input

Range

Revenue-based payments

$

19,700

Monte Carlo Simulation Model

Discount rate

6.3%

Projected year of payments

2025 - 2027

Regulatory-based payment

$

4,600

Monte Carlo Simulation Model

Discount rate

6.1%

Probability of payment

50%

Projected year of payment

2026 - 2028

Event-based payment

$

700

Monte Carlo Simulation Model

Discount rate

5.8%

Projected year of payment

2028

Accounts Receivable, Allowance for Credit Loss

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

			Three Months Ended
(In thousands)			June 29, 2024						July 1, 2023
Beginning balance			$	5,695					$	4,932
Credit loss			37						151
Write-offs			(13)						(36)
Ending balance			$	5,719					$	5,047

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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

(In thousands)
Balance at March 30, 2024						$	—
Acquisition date fair value of contingent consideration						25,000
Balance at June 29, 2024						$	25,000

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