FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following is a rollforward of the allowance for credit losses:

	Twelve Months Ended
(In thousands)	April 2, 2022		April 3, 2021		March 28, 2020
Beginning balance	$	2,226	$	3,824	$	3,937
Credit (gain) loss	359		(991)		365
Write-offs	(110)		(607)		(478)
Ending balance	$	2,475	$	2,226	$	3,824

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 the Company's derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its consolidated statements of income and comprehensive income for the fiscal year ended April 2, 2022.

Derivative Instruments	Amount of Gain Recognized in Accumulated Other Comprehensive Loss		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Location in Consolidated Statements of Income and Comprehensive Income	Amount of (Loss) Gain Excluded from Effectiveness Testing		Location in Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	2,750	$	2,401	Net revenues, COGS and SG&A	$	(865)	Interest and other expense, net
Non-designated foreign currency hedge contracts	—		—			$	1,382	Interest and other expense, net
Designated interest rate swaps, net of tax	$	3,035	$	(4,421)	Interest and other expense, net

Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets

The following tables present the fair value of the Company's derivative instruments as they appear in its consolidated balance sheets as of April 2, 2022 and April 3, 2021:

(In thousands)	Location in Balance Sheet	As of April 2, 2022		As of April 3, 2021
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	3,133	$	2,061
Non-designated foreign currency hedge contracts	Other current assets	99		104
		$	3,232	$	2,165
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	56	$	454
Non-designated foreign currency hedge contracts	Other current liabilities	25		349
Designated interest rate swaps	Other current liabilities	1,813		5,550
Designated interest rate swaps	Other long-term liabilities	—		4,301
		$	1,894	$	10,654

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 April 2, 2022 and April 3, 2021.

	As of April 2, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	97,425	$	—	$	—	$	97,425
Designated foreign currency hedge contracts	—		3,133		—		3,133
Non-designated foreign currency hedge contracts	—		99		—		99
	$	97,425	$	3,232	$	—	$	100,657
Liabilities
Designated foreign currency hedge contracts	$	—	$	56	$	—	$	56
Non-designated foreign currency hedge contracts	—		25		—		25
Designated interest rate swaps	—		1,813		—		1,813
Contingent consideration	—		—		33,675		33,675
	$	—	$	1,894	$	33,675	$	35,569
	As of April 3, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	49,699	$	—	$	—	$	49,699
Designated foreign currency hedge contracts	—		2,061		—		2,061
Non-designated foreign currency hedge contracts	—		104		—		104
	$	49,699	$	2,165	$	—	$	51,864
Liabilities
Designated foreign currency hedge contracts	$	—	$	454	$	—	$	454
Non-designated foreign currency hedge contracts	—		349		—		349
Designated interest rate swaps	—		9,851		—		9,851
Contingent consideration	—		—		28,733		28,733
	$	—	$	10,654	$	28,733	$	39,387

The recurring level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs:

	Fair Value at		Valuation	Unobservable
(In thousands)	April 2, 2022		Technique	Input	Range
Revenue-based payments	$	30,209	Discounted cash flow	Discount rate	2.2%
				Projected fiscal year of payment	2023
Revenue-based payments	$	1,725	Discounted cash flow	Discount rate	8.5%
				Projected fiscal year of payment	2023 - 2024
Regulatory-based payment	$	1,741	Discounted cash flow	Discount rate	4.9%
				Probability of payment	0% - 100%
				Projected fiscal year of payment	2024

A reconciliation of the change in the fair value of contingent consideration is included in the following table:

(In thousands)
Balance at April 3, 2021	$	28,733
Change in fair value	10,461
Payments	(5,158)
Currency translation	(361)
Balance at April 2, 2022	$	33,675