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DERIVATIVES (Tables)
 3 Months Ended
Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Derivative Contracts The gross fair value of the Company's outstanding derivative contracts measured on a recurring basis at the end of each period was as follows:
(in thousands)July 3, 2021April 3, 2021
Derivative assets(1)
Non-designated hedges$1,218 $2,864 
Cash flow hedges1,917 2,242 
Interest rate swap2,549 — 
Total derivative assets$5,684 $5,106 
Derivative liabilities(2)
Non-designated hedges$19 $18 
Cash flow hedges891 1,819 
Interest rate swap8,294 9,863 
Accrued interest102 102 
Total derivative liabilities$9,306 $11,802 
            
(1) Short-term derivative assets are recorded in other current assets and long-term derivative assets are recorded in other non-current assets on the condensed consolidated balance sheets. As of July 3, 2021, the portion of derivative assets classified as long-term was $2.7 million.
(2) Short-term derivative liabilities are recorded in accrued liabilities and long-term derivative liabilities are recorded in other non-current liabilities on the condensed consolidated balance sheets. As of July 3, 2021, the portion of derivative liabilities classified as long-term was $0.6 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 USD equivalent at July 3, 2021:
 (in thousands)Local CurrencyUSD EquivalentPositionMaturity
EUR€36,000 $42,674 Sell EUR1 month
GBP£9,500 $13,100 Sell GBP1 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:
July 3, 2021April 3, 2021
(in millions)EURGBPEURGBP
Option contracts€100.3£20.9€91.4£18.1
Forward contracts€84.2£16.1€76.0£15.6
The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at July 3, 2021:

(in thousands)Local CurrencyUSD EquivalentPositionMaturity
MXN$369,888 $17,813 Buy MXNMonthly over a twelve month period
Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net
The effect of non-designated derivative contracts on results of operations recognized in other non-operating income, net in the condensed consolidated statements of operations was as follows:
Three Months Ended
(in thousands)July 3, 2021June 27, 2020
Loss on foreign exchange contracts$(486)$(918)
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended July 3, 2021 and June 27, 2020:
Three Months Ended
(in thousands)July 3, 2021June 27, 2020
Loss included in accumulated other comprehensive income (loss), as of beginning of period$(10,062)$(20,156)
Gain (loss) recognized in other comprehensive income (loss)440 (1,579)
Amount of (gain)/loss reclassified from accumulated other comprehensive income (loss) into net revenues1,772 (909)
Amount of loss reclassified from accumulated other comprehensive income (loss) into cost of revenues(236)— 
Amount of gain reclassified from accumulated other comprehensive income (loss) into interest expense3,089 3,723 
Total amount of gain reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations4,625 2,814 
Loss included in accumulated other comprehensive income (loss), as of end of period$(4,997)$(18,921)