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DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Jun. 28, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments
The following table presents the effect of our derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in our consolidated statements of income and comprehensive income for the three months ended June 28, 2014.

Derivative Instruments
 
Amount of
Gain/(Loss)
Recognized
in AOCI
(Effective Portion)
 
Amount of Gain/(Loss) Reclassified
from AOCI into
Earnings
(Effective Portion)
 
Location in
Consolidated Statements of
Income and Comprehensive Income
 
Amount of Gain/(Loss)
Excluded from
Effectiveness
Testing (*)
 
Location in
Consolidated Statements of
Income and Comprehensive Income
(In thousands)
 
 
 
 
 
 
 
 
 
 
Designated foreign currency hedge contracts, net of tax
 
$
(148
)
 
$
793

 
Net revenues, COGS, and SG&A
 
$
83

 
Interest and other expense, net
Non-designated foreign currency hedge contracts
 
—

 
—

 
 
 
(88
)
 
Interest and other expense, net
Designated interest rate swaps, net of tax
 
$
559

 
$
—

 
Interest and other expense, net
 
$
—

 
 
(*)   We exclude the difference between the spot rate and hedge forward rate from our effectiveness testing.
Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets
The following tables present the fair value of our derivative instruments as they appear in our consolidated balance sheets as of June 28, 2014 by type of contract and whether it is a qualifying hedge under ASC 815.
(In thousands)
 
Location in
Balance Sheet
 
June 28, 2014
 
March 29, 2014
Derivative Assets:
 
 
 
 
 
 
Designated foreign currency hedge contracts
 
Other current assets
 
$
1,401

 
$
2,574

Designated interest rate swaps
 
Other current assets
 
353

 
1,250

 
 
 
 
$
1,754

 
$
3,824

Derivative Liabilities:
 
 
 
 
 
 
Designated foreign currency hedge contracts
 
Other current liabilities
 
$
673

 
$
1,255

 
 
 
 
$
673

 
$
1,255
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of June 28, 2014.
(In thousands)
 
Quoted Market
Prices for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Assets
 
 
 
 
 
 
 
 
Money market funds
 
$
95,662

 
$
—

 
$
—

 
$
95,662

Designated foreign currency hedge contracts
 
—

 
1,401

 
—

 
1,401

Designated interest rate swap
 
—

 
353

 
—

 
353

 
 
$
95,662

 
$
1,754

 
$
—

 
$
97,416

Liabilities
 
 
 
 
 
 
 
 
Designated foreign currency hedge contracts
 
$
—

 
$
673

 
$
—

 
$
673

Contingent consideration
 
—

 
—

 
7,870

 
7,870

 
 
$
—

 
$
673

 
$
7,870

 
$
8,543
Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
A description of the methods used to determine the fair value of the Level 3 liabilities is included within Note 3, Acquisitions. The table below provides a reconciliation of the beginning and ending Level 3 liabilities for the quarter ended June 28, 2014.
(In thousands)
 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent consideration as of March 29, 2014
 
7,645

Contingent consideration interest expense
 
225

Ending balance
 
$
7,870