ACQUISITION (Tables)

12 Months Ended

Apr. 03, 2021

Mar. 30, 2019

Business Combinations [Abstract]

Schedule of preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed

The allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the Acquisition date is as follows:

(in thousands)	July 2, 2018
ASSETS
Cash and cash equivalents	$	80,139
Trade receivables, net	165,798
Inventories	109,074
Prepaid expenses and other current assets	68,558
Property and equipment, net	79,497
Intangible assets	985,400
Other assets	27,237
Total assets acquired	$	1,515,703
LIABILITIES
Accounts payable	$	80,653
Accrued payroll and related liabilities	44,538
Accrued expenses	147,167
Income tax payable	27,044
Deferred revenue	115,061
Deferred income taxes	94,618
Other liabilities	54,394
Total liabilities assumed	$	563,475
Total identifiable net assets acquired	952,228
Goodwill	1,264,417
Total Purchase Price	$	2,216,645

Details of acquired intangible assets

The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized:

(in thousands, except for remaining life)	Fair Value		Weighted-Average Amortization Period
Existing technology	$	538,600	4.95
Customer relationships	245,100		5.46
Trade name/Trademarks	115,600		9.00
Backlog	28,100		0.25
Total amortizable intangible assets acquired	927,400		5.45
In-process research and development	58,000
Total acquired intangible assets	$	985,400

As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows:

	April 3, 2021							March 28, 2020
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Existing technology	$	427,123	$	(277,071)	$	150,052	2.3 years	$	427,123	$	(208,848)	$	218,275
Customer relationships	240,024		(128,740)		111,284		3.2 years	240,024		(84,506)		155,518
Trade names/Trademarks	115,600		(35,322)		80,278		6.3 years	115,600		(22,478)		93,122
Purchased intangibles	$	782,747	$	(441,133)	$	341,614	3.5 years	$	782,747	$	(315,832)	$	466,915

Details of acquired intangible assets

The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized:

(in thousands, except for remaining life)	Fair Value		Weighted-Average Amortization Period
Existing technology	$	538,600	4.95
Customer relationships	245,100		5.46
Trade name/Trademarks	115,600		9.00
Backlog	28,100		0.25
Total amortizable intangible assets acquired	927,400		5.45
In-process research and development	58,000
Total acquired intangible assets	$	985,400

As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows:

	April 3, 2021							March 28, 2020
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Existing technology	$	427,123	$	(277,071)	$	150,052	2.3 years	$	427,123	$	(208,848)	$	218,275
Customer relationships	240,024		(128,740)		111,284		3.2 years	240,024		(84,506)		155,518
Trade names/Trademarks	115,600		(35,322)		80,278		6.3 years	115,600		(22,478)		93,122
Purchased intangibles	$	782,747	$	(441,133)	$	341,614	3.5 years	$	782,747	$	(315,832)	$	466,915

Pro forma information

The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the Acquisition actually occurred at the beginning of Fiscal Year 2018 or of the results of its future operations of the combined business.

	Pro Forma (unaudited)
(in thousands)	Fiscal Year Ended March 30, 2019
Total net revenues	$	2,008,245
Operating income (loss)	18,929
Net loss	$	(38,516)