FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

6 Months Ended

Sep. 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 six months ended September 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	$	(1,610)	$	(728)	Net revenues, COGS and SG&A	$	(469)	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	(3,907)	Interest and other expense, net
Designated interest rate swaps, net of tax	$	22	$	(2,178)	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 26, 2020 and March 28, 2020:

(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		September 26, 2020		March 28, 2020
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	67	$	839
Non-designated foreign currency hedge contracts	Other current assets	411		$	377
		$	478	$	1,216
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	989	$	1,854
Non-designated foreign currency hedge contracts	Other current liabilities	223		1,435
Designated interest rate swaps	Other current liabilities	6,134		5,581
Designated interest rate swaps	Other long-term liabilities	7,521		9,475
		$	14,867	$	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 September 26, 2020 and March 28, 2020.

	As of September 26, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	167,175	$	—	$	—	$	167,175
Designated foreign currency hedge contracts	—		67		—		67
Non-designated foreign currency hedge contracts	—		411		—		411
	$	167,175	$	478	$	—	$	167,653
Liabilities
Designated foreign currency hedge contracts	$	—	$	989	$	—	$	989
Non-designated foreign currency hedge contracts	—		223		—		223
Designated interest rate swaps	—		13,655		—		13,655
Contingent consideration	—		—		3,920		3,920
	$	—	$	14,867	$	3,920	$	18,787
	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)	September 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 September 26, 2020	$	3,920

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)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Beginning balance	$	3,446	$	3,624	$	3,824	$	3,937
Credit (gain) loss	(483)		586		(742)		286
Write-offs	(264)		(102)		(383)		(115)
Ending balance	$	2,699	$	4,108	$	2,699	$	4,108