FOREIGN CURRENCY DERIVATIVES (Tables)

12 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Financial Assets Under Master Netting Agreements

Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of April 3, 2021:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	5,106	$	(5,106)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	5,106					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(11,700)	$	5,106	$	—	$	(6,594)
Derivatives not subject to master netting agreements	—						—
Total	$	(11,700)					$	(6,594)

As of March 28, 2020:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	3,550	$	(3,550)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	3,550					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(22,890)	$	3,550	$	—	$	(19,340)
Derivatives not subject to master netting agreements	—						—
Total	$	(22,890)					$	(19,340)

Offsetting Financial Liabilities Under Master Netting Agreements

Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of April 3, 2021:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	5,106	$	(5,106)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	5,106					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(11,700)	$	5,106	$	—	$	(6,594)
Derivatives not subject to master netting agreements	—						—
Total	$	(11,700)					$	(6,594)

As of March 28, 2020:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	3,550	$	(3,550)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	3,550					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(22,890)	$	3,550	$	—	$	(19,340)
Derivatives not subject to master netting agreements	—						—
Total	$	(22,890)					$	(19,340)

Notional Amounts of Outstanding Foreign Exchange Contracts and Approximate U.S. Dollar Equivalent

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate USD equivalent at April 3, 2021:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	56,000	$	65,875	Sell EUR	1 month
GBP	£	9,900	$	13,680	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:

	April 3, 2021		March 28, 2020
(in millions)	EUR	GBP	EUR	GBP
Option contracts	€91.4	£18.1	€67.0	£18.4
Forward contracts	€76.0	£15.6	€50.2	£18.5

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD equivalent at April 3, 2021. There were no MXN currency swaps outstanding at March 28, 2020.

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
MXN	MXN	564,308	$	27,246	Buy MXN	Monthly over twelve months

Effect of Non-Designated Derivative Contracts On Results of Operations Recognized in Interest and Other Income (Expense), Net in Statements of Operations

The effect of non-designated derivative contracts on results of operations recognized in Other Non-Operating Income, net in the Consolidated Statements of Operations was as follows:

	Fiscal Year Ended
(in thousands)	April 3, 2021		March 28, 2020		March 30, 2019
(Loss)/Gain on foreign exchange contracts	$	(3,248)	$	2,665	$	7,340

Balance of Designated Derivative Contracts and the Pre-Tax Impact on Accumulated Other Comprehensive Income

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations for Fiscal Years 2021, 2020 and 2019:

	Fiscal Year Ended
(in thousands)	April 3, 2021		March 28, 2020		March 30, 2019
Loss included in accumulated other comprehensive loss, as of beginning of period	$	(20,156)	$	(7,480)	$	(1,693)
Loss recognized in other comprehensive loss	(6,807)		(13,172)		(4,176)
Loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations
Amount of loss/(gain) reclassified from accumulated other comprehensive loss into net revenues	3,479		(4,270)		(4,034)
Amount of loss/(gain) reclassified from accumulated other comprehensive loss into cost of revenues	(166)		(238)		(177)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	13,588		5,004		2,600
Total amount of loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations	16,901		496		(1,611)
Loss included in accumulated other comprehensive loss, as of end of period	$	(10,062)	$	(20,156)	$	(7,480)