DERIVATIVES (Tables)

6 Months Ended

Sep. 26, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivative Contracts

The gross fair value of the Company's outstanding derivative contracts at the end of each period was as follows:

(in thousands)	September 26, 2020		March 28, 2020
Derivative Assets(1)
Non-designated hedges	$	698	$	266
Cash flow hedges	654		3,283
Total derivative assets	$	1,352	$	3,549
Derivative Liabilities(2)
Non-designated hedges	$	16	$	668
Cash flow hedges	2,060		811
Interest rate swap	15,920		21,411
Accrued interest	965		631
Total derivative liabilities	$	18,961	$	23,521

(1) Short-term derivative assets are recorded in "other current assets" and long-term derivative assets are recorded in "deferred tax and other assets". As of September 26, 2020, the portion of derivative assets classified as long-term was immaterial.

(2) Short-term derivative liabilities are recorded in "accrued liabilities" and long-term derivative liabilities are recorded in "other long-term liabilities". As of September 26, 2020, the portion of derivative liabilities classified as long-term was $5.5 million.

Notional Value of Outstanding Foreign Exchange Currency Contracts

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at September 26, 2020:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	50,800	$	59,059	Sell EUR	1 month
GBP	£	3,600	$	4,574	Sell GBP	1 month

The notional value of the Company's outstanding EUR and GBP option and forward contracts at the end of each period was as follows:

(in millions)	September 26, 2020		March 28, 2020
	EUR	GBP	EUR	GBP
Option contracts	€60.7	£12.3	€67.0	£18.4
Forward contracts	€51.8	£11.0	€50.2	£18.5

Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net

The effect of non-designated derivative contracts recognized in other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows:

	Three Months Ended				Six Months Ended
(in thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Gain (loss) on foreign exchange contracts	$	(1,815)	$	3,610	$	(2,733)	$	3,321

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended September 26, 2020 and September 28, 2019:

	Three Months Ended				Six Months Ended
(in thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Gain (loss) included in AOCI as of beginning of period	$	(18,921)	$	(14,995)	$	(20,156)	$	(7,480)
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion)	(3,006)		2,369		(4,585)		(4,335)
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)	1,652		(1,568)		743		(2,927)
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)	—		(62)		—		(166)
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)	3,528		945		7,251		1,597
Total amount of (gain) loss reclassified from AOCI to income (loss) (effective portion)	5,180		(685)		7,994		(1,496)
Gain (loss) included in AOCI as of end of period	$	(16,747)	$	(13,311)	$	(16,747)	$	(13,311)