FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

9 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following interest rate swaps as of December 31, 2022:


Hedged Item	Original Notional Amount		Notional Amount as of December 31, 2022		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR	$	140,719	$	57,000	9/23/2022	9/30/2022	6/15/2023	2.67%	$	399
1-month USD Term SOFR	101,219		41,000		9/23/2022	9/30/2022	6/15/2023	2.76%	277
1-month USD Term SOFR	23,888		47,775		9/23/2022	9/30/2022	6/15/2023	4.44%	81
1-month USD Term SOFR	23,888		47,775		9/23/2022	9/30/2022	6/15/2023	4.46%	79
1-month USD Term SOFR	109,900		109,900		9/23/2022	6/15/2023	6/15/2025	4.08%	(68)
1-month USD Term SOFR	109,900		109,900		9/23/2022	6/15/2023	6/15/2025	4.15%	(189)
Total	$	509,514	$	413,350					$	579

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 December 31, 2022:


(In thousands)	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
Designated foreign currency hedge contracts, net of tax	$	1,604	$	4,978	Net revenues, COGS and SG&A	$	642	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	1,265	Interest and other expense, net
Designated interest rate swaps, net of tax	$	2,458	$	(1,110)	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 December 31, 2022 and April 2, 2022:


(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		December 31, 2022		April 2, 2022
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	1,055	$	3,133
Non-designated foreign currency hedge contracts	Other current assets	49		99
Designated interest rate swaps	Other current assets	1,687		—
		$	2,791	$	3,232
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	45	$	56
Non-designated foreign currency hedge contracts	Other current liabilities	246		25
Designated interest rate swaps	Other current liabilities	—		1,813
Designated interest rate swaps	Other long-term liabilities	1,108		—
		$	1,399	$	1,894

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 December 31, 2022 and April 2, 2022.


	As of December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	89,114	$	—	$	—	$	89,114
Designated foreign currency hedge contracts	—		1,055		—		1,055
Non-designated foreign currency hedge contracts	—		49		—		49
Designated interest rate swaps	—		1,687		—		1,687
	$	89,114	$	2,791	$	—	$	91,905
Liabilities
Designated foreign currency hedge contracts	$	—	$	45	$	—	$	45
Non-designated foreign currency hedge contracts	—		246		—		246
Designated interest rate swaps	—		1,108		—		1,108
Contingent consideration	—		—		848		848
	$	—	$	1,399	$	848	$	2,247

	As of April 2, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	97,425	$	—	$	—	$	97,425
Designated foreign currency hedge contracts	—		3,133		—		3,133
Non-designated foreign currency hedge contracts	—		99		—		99

	$	97,425	$	3,232	$	—	$	100,657
Liabilities
Designated foreign currency hedge contracts	$	—	$	56	$	—	$	56
Non-designated foreign currency hedge contracts	—		25		—		25
Designated interest rate swaps	—		1,813		—		1,813
Contingent consideration	—		—		33,675		33,675
	$	—	$	1,894	$	33,675	$	35,569

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

Fair Value at

Valuation

Unobservable

(In thousands)

December 31, 2022

Technique

Input

Range

Revenue-based payments

848

Discounted cash flow

Discount rate

8.5%

Projected year of payment

2023

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


(In thousands)
Balance at April 2, 2022	$	33,675
Change in fair value	(504)
Payments	(32,293)
Currency translation	(30)
Balance at December 31, 2022	$	848

Accounts Receivable, Allowance for Credit Loss

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


	Three Months Ended				Nine Months Ended
(In thousands)	December 31, 2022		January 1, 2022		December 31, 2022		January 1, 2022
Beginning balance	$	2,495	$	2,701	$	2,475	$	2,226
Credit loss	224		(305)		429		226
Recoveries (Write-offs)	19		(14)		(166)		(70)
Ending balance	$	2,738	$	2,382	$	2,738	$	2,382