DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 27, 2015

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 Topic 815 in our consolidated statements of income and comprehensive income for the three months ended June 27, 2015:

Derivative Instruments	Amount of Gain/(Loss) Recognized in AOCI		Amount of Gain/(Loss) Reclassified from AOCI into Retained Earnings		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	$	1,183	$	3,993	Net revenues, COGS, and SG&A	$	16	Interest and other expense, net
Non-designated foreign currency hedge contracts	—		—			621		Interest and other expense, net
Designated interest rate swaps, net of tax	$	7	$	—	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 27, 2015 and March 28, 2015:

(In thousands)	Location in Balance Sheet	June 27, 2015		March 28, 2015
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	5,647	$	9,740
		$	5,647	$	9,740
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	1,334	$	2,499
Designated interest rate swaps	Other current liabilities	148		159
		$	1,482	$	2,658

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 27, 2015.

(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	$	71,099	$	—	$	—	$	71,099
Designated foreign currency hedge contracts	—		5,647		—		5,647
	$	71,099	$	5,647	$	—	$	76,746
Liabilities
Designated foreign currency hedge contracts	$	—	$	1,334	$	—	$	1,334
Designated interest rate swap	—		148		—		148
Contingent consideration	—		—		4,810		4,810
	$	—	$	1,482	$	4,810	$	6,292

Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

The table below provides a reconciliation of the beginning and ending Level 3 liabilities for the quarter ended June 27, 2015.

(In thousands)	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Contingent consideration as of March 28, 2015	$	4,727
Fair value adjustment	83
Ending balance	$	4,810