FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

9 Months Ended

Jan. 01, 2022

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 unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the nine months ended January 1, 2022:

(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	$	351	$	1,520	Net revenues, COGS and SG&A	$	(931)	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	1,004	Interest and other expense, net
Designated interest rate swaps, net of tax	$	1,488	$	(3,367)	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 January 1, 2022 and April 3, 2021:

(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		January 1, 2022		April 3, 2021
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	1,597	$	2,061
Non-designated foreign currency hedge contracts	Other current assets	127		104
		$	1,724	$	2,165
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	84	$	454
Non-designated foreign currency hedge contracts	Other current liabilities	82		349
Designated interest rate swaps	Other current liabilities	4,466		5,550
Designated interest rate swaps	Other long-term liabilities	622		4,301
		$	5,254	$	10,654

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 January 1, 2022 and April 3, 2021.

	As of January 1, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	93,192	$	—	$	—	$	93,192
Designated foreign currency hedge contracts	—		1,597		—		1,597
Non-designated foreign currency hedge contracts	—		127		—		127
	$	93,192	$	1,724	$	—	$	94,916
Liabilities
Designated foreign currency hedge contracts	$	—	$	84	$	—	$	84
Non-designated foreign currency hedge contracts	—		82		—		82
Designated interest rate swaps	—		5,088		—		5,088
Contingent consideration	—		—		38,377		38,377
	$	—	$	5,254	$	38,377	$	43,631
	As of April 3, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	49,699	$	—	$	—	$	49,699
Designated foreign currency hedge contracts	—		2,061		—		2,061
Non-designated foreign currency hedge contracts	—		104		—		104
	$	49,699	$	2,165	$	—	$	51,864
Liabilities
Designated foreign currency hedge contracts	$	—	$	454	$	—	$	454
Non-designated foreign currency hedge contracts	—		349		—		349
Designated interest rate swaps	—		9,851		—		9,851
Contingent Consideration	—		—		28,733		28,733
	$	—	$	10,654	$	28,733	$	39,387

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

	Fair Value at		Valuation	Unobservable
(In thousands)	January 1, 2022		Technique	Input	Range
Revenue-based payments	$	35,000	Discounted cash flow	Discount rate	2.2%
				Projected year of payment	2022
Revenue-based payments	$	1,717	Discounted cash flow	Discount rate	8.5%
				Projected year of payment	2022 - 2023
Regulatory-based payment	$	1,660	Discounted cash flow	Discount rate	4.9%
				Probability of payment	0% - 100%
				Projected year of payment	2022 - 2023

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

(In thousands)
Balance at April 3, 2021	$	28,733
Change in fair value	10,272
Payments	(367)
Currency translation	(261)
Balance at January 1, 2022	$	38,377

Accounts Receivable, Allowance for Credit Loss

The following is a rollforward of the allowance for credit losses:

	Three Months Ended				Nine Months Ended
(In thousands)	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020
Beginning balance	$	2,701	$	2,699	$	2,226	$	3,824
Credit (gain) loss	(305)		(95)		226		(838)
Write-offs	(14)		(79)		(70)		(461)
Ending balance	$	2,382	$	2,525	$	2,382	$	2,525