FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

3 Months Ended

Jul. 02, 2022

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 the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended July 2, 2022:

(In thousands)	Amount of Gain Recognized in Accumulated Other Comprehensive Loss		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
Designated foreign currency hedge contracts, net of tax	$	900	$	1,242	Net revenues, COGS and SG&A	$	101	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	925	Interest and other expense, net
Designated interest rate swaps, net of tax	$	2,350	$	(799)	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 Condensed Consolidated Balance Sheets as of July 2, 2022 and April 2, 2022:

(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		July 2, 2022		April 2, 2022
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	4,528	$	3,133
Non-designated foreign currency hedge contracts	Other current assets	110		99
Designated interest rate swaps	Other current assets	49		—
		$	4,687	$	3,232
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	282	$	56
Non-designated foreign currency hedge contracts	Other current liabilities	196		25
Designated interest rate swaps	Other current liabilities	—		1,813
		$	478	$	1,894

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 July 2, 2022 and April 2, 2022.

	As of July 2, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	44,030	$	—	$	—	$	44,030
Designated foreign currency hedge contracts	—		4,528		—		4,528
Non-designated foreign currency hedge contracts	—		110		—		110
Designated interest rate swaps	—		49		—		49
	$	44,030	$	4,687	$	—	$	48,717
Liabilities
Designated foreign currency hedge contracts	$	—	$	282	$	—	$	282
Non-designated foreign currency hedge contracts	—		196		—		196
Contingent consideration	—		—		877		877
	$	—	$	478	$	877	$	1,355
	As of April 2, 2022
	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

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

	Fair Value at		Valuation	Unobservable
(In thousands)	July 2, 2022		Technique	Input	Range
Revenue-based payments	$	877	Discounted cash flow	Discount rate	8.5%
				Projected year of payment	2022 - 2023

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

(In thousands)
Balance at April 2, 2022	$	33,675
Change in fair value	(504)
Payments	(32,293)
Currency translation	(1)
Balance at July 2, 2022	$	877

Accounts Receivable, Allowance for Credit Loss

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

	Three Months Ended
(In thousands)	July 2, 2022		July 3, 2021
Beginning balance	$	2,475	$	2,226
Credit (gain) loss	146		27
Write-offs	(126)		(17)
Ending balance	$	2,495	$	2,236