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Debt and Credit Facility
 3 Months Ended
Jun. 29, 2019
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt and Credit Facility
2021 Notes

On March 12, 2014, the Company issued the 2021 Notes at a discounted price of 99.281% of par. Interest on the 2021 Notes is payable semi-annually on March 15 and September 15.

The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2021 Notes. As of June 29, 2019, the remaining term of the 2021 Notes is 1.7 years respectively.

The following table summarizes the carrying value of the 2021 Notes as of June 29, 2019 and March 30, 2019:
 
 
 
 
(In thousands)
June 29, 2019
 
March 30, 2019
Principal amount of the 2021 Notes
$
500,000


$
500,000

Unamortized discount of the 2021 Notes
(928
)

(1,063
)
Unamortized debt issuance costs associated with 2021 Notes
(406
)

(467
)
Carrying value of the 2021 Notes
$
498,666

 
$
498,470



Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows:
 
Three Months Ended
(In thousands)
June 29, 2019
 
June 30, 2018
Contractual coupon interest
$
3,750

 
$
3,750

Amortization of debt issuance costs
61

 
61

Amortization of debt discount, net
135

 
131

Total interest expense related to the 2021 Notes
$
3,946

 
$
3,942



2024 Notes

On May 30, 2017, the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1.

The Company received $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of June 29, 2019, the remaining term of the 2024 Notes is approximately 5.0 years.

In relation to the issuance of the 2024 Notes, the Company entered into interest rate swap contracts with certain independent financial institutions, whereby the Company pays on a semi-annual basis, a variable interest rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps, and receives on a semi-annual basis, interest income at a fixed interest rate of 2.950%. The Company incurred a net interest expense of $1.0 million for the three months ended June 29, 2019 and earned a net interest income of $851 thousand for the three months ended June 30, 2018, from the interest rate swap contracts, which was included in interest and other income (expense), net on the condensed consolidated statements of income. During the three months ended June 29, 2019, the Company sold the interest rate swap contracts for an immaterial gain. The gain will be amortized as a reduction to interest expense over the remaining life of the 2024 Notes.

The following table summarizes the carrying value of the 2024 Notes as of June 29, 2019 and March 30, 2019:

(In thousands)
 
June 29, 2019

March 30, 2019
Principal amount of the 2024 Notes
 
$
750,000


$
750,000

Unamortized discount of the 2024 Notes
 
(613
)

(642
)
Unamortized debt issuance costs associated with 2024 Notes
 
(2,790
)

(2,932
)
Carrying Value of the 2024 Notes
 
$
746,597


$
746,426

Fair value hedge adjustment — interest rate swap contracts
 
—


(10,089
)
Net carrying value of the 2024 Notes
 
$
746,597


$
736,337



Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows:
 
Three Months Ended
(In thousands)
June 29, 2019

June 30, 2018
Contractual coupon interest (including interest rate swap, net)
$
6,542


$
6,382

Amortization of debt issuance costs
142


142

Amortization of debt discount, net
29


28

Total interest expense related to the 2024 Notes
$
6,713


$
6,552




Revolving Credit Facility

On December 7, 2016, the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million, with a syndicate of banks (expiring in December 2021). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company’s credit rating. In connection with the credit facility, the Company is required to maintain certain financial and nonfinancial covenants. As of June 29, 2019, the Company had made no borrowings under this credit facility and was not in violation of any of the covenants.