FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following interest rate swaps as of March 30, 2024:


Hedged Item	Original Notional Amount		Notional Amount as of March 30, 2024		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR	109,900		106,400		9/23/2022	6/15/2023	6/15/2025	4.08%	900
1-month USD Term SOFR	109,900		105,000		9/23/2022	6/15/2023	6/15/2025	4.15%	835
Total	$	219,800	$	211,400					$	1,735

Accounts Receivable, Allowance for Credit Loss

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


	Twelve Months Ended
(In thousands)	March 30, 2024		April 1, 2023		April 2, 2022
Beginning balance	$	4,932	$	2,475	$	2,226
Credit loss	840		2,623		359
Write-offs	(77)		(166)		(110)
Ending balance	$	5,695	$	4,932	$	2,475

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 March 30, 2024.


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	$	2,764	$	3,502	Net revenues, COGS and SG&A	$	1,973	Interest and other expense, net
Non-designated foreign currency hedge contracts	—		—			$	1,510	Interest and other expense, net
Designated interest rate swaps, net of tax	$	2,148	$	(5)	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 March 30, 2024 and April 1, 2023:


(In thousands)	Location in Balance Sheet	As of March 30, 2024		As of April 1, 2023
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	1,353	$	1,401
Non-designated foreign currency hedge contracts	Other current assets	154		302
Designated interest rate swaps	Other current assets	1,673		1,110
Designated interest rate swaps	Other long-term assets	62		—
		$	3,242	$	2,813
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	395	$	24
Non-designated foreign currency hedge contracts	Other current liabilities	536		58

Designated interest rate swaps	Other long-term liabilities	—		1,807
		$	931	$	1,889

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 March 30, 2024 and April 1, 2023.


	As of March 30, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	43,073	$	—	$	—	$	43,073
Designated foreign currency hedge contracts	—		1,353		—		1,353
Non-designated foreign currency hedge contracts	—		154		—		154
Designated interest rate swaps	—		1,735		—		1,735

	$	43,073	$	3,242	$	—	$	46,315
Liabilities
Designated foreign currency hedge contracts	$	—	$	395	$	—	$	395
Non-designated foreign currency hedge contracts	—		536		—		536


	$	—	$	931	$	—	$	931

	As of April 1, 2023
	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