Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward currency exchange contracts outstanding

As of April 3, 2021 and March 28, 2020, the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments:

 

(In thousands and U.S. dollars)	April 3, 2021		March 28, 2020
Singapore Dollar	$	30,024	$	28,875
Euro	28,600		33,474
Indian Rupee	99,255		76,076
British Pound	23,795		20,191
Japanese Yen	—		2,433
Chinese Yuan	33,408		26,266
	$	215,082	$	187,315

Derivative Instruments Located on Condensed Consolidated Balance Sheet

The Company had the following derivative instruments as of April 3, 2021 and March 28, 2020, located on the consolidated balance sheet, utilized for risk management purposes detailed above:

	Foreign Exchange Contracts
	Asset Derivatives			Liability Derivatives
(In thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
April 3, 2021	Prepaid expenses and other current assets	$	4,381	Other accrued liabilities	$	862
March 28, 2020	Prepaid expenses and other current assets	30		Other accrued liabilities	9,140

Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income

The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2021 and 2020:

	Foreign Exchange Contracts
	Years Ended
(In thousands)	April 3, 2021		March 28, 2020
Amount of gains/(losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging)	$	10,471	$	(7,637)
Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) 1	4,500		(2,923)
Amount of losses recorded (ineffective portion) 2	—		(8)

1Recorded in operating expense and cost of products sold within the consolidated statements of income in fiscal 2021. Recorded in interest and other expense, net within the consolidated statements of income in fiscal 2020.

2Recorded in interest and other expense, net within the consolidated statements of income.