FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following interest rate swaps as of April 1, 2023:


Hedged Item	Original Notional Amount		Notional Amount as of April 1, 2023		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR	$	140,719	$	28,500	9/28/2018	9/30/2022	6/15/2023	2.67%	$	132
1-month USD Term SOFR	101,219		20,500		9/28/2018	9/30/2022	6/15/2023	2.76%	91
1-month USD Term SOFR	23,888		71,663		9/23/2022	9/30/2022	6/15/2023	4.44%	67
1-month USD Term SOFR	23,888		71,663		9/23/2022	9/30/2022	6/15/2023	4.46%	63
1-month USD Term SOFR	109,900		109,900		9/23/2022	6/15/2023	6/15/2025	4.08%	(464)
1-month USD Term SOFR	109,900		109,900		9/23/2022	6/15/2023	6/15/2025	4.15%	(585)
Total	$	509,514	$	412,126					$	(696)

Accounts Receivable, Allowance for Credit Loss

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


	Twelve Months Ended
(In thousands)	April 1, 2023		April 2, 2022		April 3, 2021
Beginning balance	$	2,475	$	2,226	$	3,824
Credit (gain) loss	2,623		359		(991)
Write-offs	(166)		(110)		(607)
Ending balance	$	4,932	$	2,475	$	2,226

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 consolidated statements of income and comprehensive income for the fiscal year ended April 1, 2023.


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 Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	2,828	$	6,255	Net revenues, COGS and SG&A	$	983	Interest and other expense, net
Non-designated foreign currency hedge contracts	—		—			$	923	Interest and other expense, net
Designated interest rate swaps, net of tax	$	1,441	$	(1,119)	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 consolidated balance sheets as of April 1, 2023 and April 2, 2022:


(In thousands)	Location in Balance Sheet	As of April 1, 2023		As of April 2, 2022
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	1,401	$	3,133
Non-designated foreign currency hedge contracts	Other current assets	302		99
Designated interest rate swaps	Other current assets	1,110		—
		$	2,813	$	3,232
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	24	$	56
Non-designated foreign currency hedge contracts	Other current liabilities	58		25
Designated interest rate swaps	Other current liabilities	—		1,813
Designated interest rate swaps	Other long-term liabilities	1,807		—
		$	1,889	$	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 April 1, 2023 and April 2, 2022.


	As of April 1, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	132,341	$	—	$	—	$	132,341
Designated foreign currency hedge contracts	—		1,401		—		1,401
Non-designated foreign currency hedge contracts	—		302		—		302

Designated interest rate swaps	—		1,110		$	—	1,110
	$	132,341	$	2,813	$	—	$	135,154
Liabilities
Designated foreign currency hedge contracts	$	—	$	24	$	—	$	24
Non-designated foreign currency hedge contracts	—		58		—		58
Designated interest rate swaps	—		1,807		—		1,807
Contingent consideration	—		—		863		863
	$	—	$	1,889	$	863	$	2,752

	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)

April 1, 2023

Technique

Input

Range

Revenue-based payments

863

Discounted cash flow

Discount rate

8.5%

Projected fiscal year of payment

2024

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	(15)
Balance at April 1, 2023	$	863