DERIVATIVES (Tables)

3 Months Ended

Jul. 02, 2022

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 July 2, 2022

	Gross Amount of Derivative Assets Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	40,032	$	(778)	$	—	$	39,254
Derivatives not subject to master netting agreements	—						—
Total	$	40,032					$	39,254

	Gross Amount of Derivative Liabilities Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	(778)	$	778	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(778)					$	—

As of April 2, 2022

	Gross Amount of Derivative Assets Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	31,891	$	(1,800)	$	—	$	30,091
Derivatives not subject to master netting agreements	—						—
Total	$	31,891					$	30,091

	Gross Amount of Derivative Liabilities Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	(1,800)	$	1,800	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(1,800)					$	—

Offsetting Financial Liabilities Under Master Netting Agreements

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

As of July 2, 2022

	Gross Amount of Derivative Assets Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	40,032	$	(778)	$	—	$	39,254
Derivatives not subject to master netting agreements	—						—
Total	$	40,032					$	39,254

	Gross Amount of Derivative Liabilities Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	(778)	$	778	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(778)					$	—

As of April 2, 2022

	Gross Amount of Derivative Assets Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	31,891	$	(1,800)	$	—	$	30,091
Derivatives not subject to master netting agreements	—						—
Total	$	31,891					$	30,091

	Gross Amount of Derivative Liabilities Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed 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	$	(1,800)	$	1,800	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(1,800)					$	—

Summary of Outstanding Derivative Contracts

The gross fair value of the Company's outstanding derivative contracts at July 2, 2022 and April 2, 2022 was as follows:

(in thousands)	July 2, 2022		April 2, 2022
Derivative assets(1)
Non-designated hedges	$	2,314	$	1,590
Cash flow hedges	9,194		4,688
Interest rate swaps	28,524		25,613
Total derivative assets	$	40,032	$	31,891
Derivative liabilities(2)
Non-designated hedges	$	89	$	39
Cash flow hedges	496		384
Interest rate swaps	193		1,377
Accrued interest	(24)		28
Total derivative liabilities	$	754	$	1,828

            

(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 2, 2022, the portion of derivative assets classified as long-term was $11.6 million. As of April 2, 2022, the portion of derivative assets classified as long-term was $16.1 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 2, 2022, the portion of derivative liabilities classified as long-term was $0.1 million. As of April 2,2022, the portion of derivative liabilities classified as long-term was $0.1 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 2, 2022:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	51,900	$	54,070	Sell EUR	1 month
GBP	£	7,200	$	8,664	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:

	July 2, 2022		April 2, 2022
(in millions)	EUR	GBP	EUR	GBP
Option contracts	€84.4	£17.3	€72.8	£14.2
Forward contracts	€69.4	£13.8	€68.1	£14.1

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at July 2, 2022:

(in thousands)	Local Currency	USD Equivalent		Position	Maturity
MXN	362,970	$	17,293	Buy MXN	Monthly over a nine 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 2, 2022		July 3, 2021
Gain (loss) on foreign exchange contracts	$	6,713	$	(486)

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 (loss) and the condensed consolidated statements of operations for the three months ended July 2, 2022 and July 3, 2021:

	Three Months Ended
(in thousands)	July 2, 2022		July 3, 2021
Loss included in accumulated other comprehensive income (loss), as of beginning of period	$	26,805	$	(10,062)
Gain (loss) recognized in other comprehensive income (loss)	10,094		440
Amount of (gain) loss reclassified from accumulated other comprehensive income (loss) into net revenues	(3,365)		1,772
Amount of gain reclassified from accumulated other comprehensive income (loss) into cost of revenues	(446)		(236)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	622		3,089
Total amount of (gain) loss reclassified from accumulated other comprehensive income to the condensed consolidated statements of operations	(3,189)		4,625
Gain (loss) included in accumulated other comprehensive income (loss), as of end of period	$	33,710	$	(4,997)