FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)
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6 Months Ended |
Sep. 26, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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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 | | $ | — | | | | | | | | | | | | | | |
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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 | |
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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 | |
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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 | |
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