FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

9 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following interest rate swaps as of December 30, 2023:


Hedged Item	Original Notional Amount		Notional Amount as of December 30, 2023		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)




1-month USD Term SOFR	109,900		107,800		9/23/2022	6/15/2023	6/15/2025	4.08%	372
1-month USD Term SOFR	109,900		106,400		9/23/2022	6/15/2023	6/15/2025	4.15%	302
Total	$	219,800	$	214,200					$	674

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 nine months ended December 30, 2023:


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 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
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	1,992	$	(2,745)	Net revenues, COGS and SG&A	$	1,222	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	1,363	Interest and other expense, net
Designated interest rate swaps, net of tax	$	1,312	$	2	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 December 30, 2023 and April 1, 2023:


(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		December 30, 2023		April 1, 2023
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	668	$	1,401
Non-designated foreign currency hedge contracts	Other current assets	177		302
Designated interest rate swaps	Other current assets	1,146		1,110

		$	1,991	$	2,813
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	18	$	24
Non-designated foreign currency hedge contracts	Other current liabilities	179		58

Designated interest rate swaps	Other long-term liabilities	472		1,807
		$	669	$	1,889

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 December 30, 2023 and April 1, 2023.


	As of December 30, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	7,583	$	—	$	—	$	7,583
Designated foreign currency hedge contracts	—		668		—		668
Non-designated foreign currency hedge contracts	—		177		—		177
Designated interest rate swaps	—		1,146		—		1,146
	$	7,583	$	1,991	$	—	$	9,574
Liabilities
Designated foreign currency hedge contracts	$	—	$	18	$	—	$	18
Non-designated foreign currency hedge contracts	—		179		—		179
Designated interest rate swaps	—		472		—		472

	$	—	$	669	$	—	$	669

	As of April 1, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	132,341	$	—	$	—	$	132,341
Designated foreign currency hedge contracts	—		1,401		—		1,401
Non-designated foreign currency hedge contracts	—		302		—		302
Designated interest rate swaps	—		1,110		—		1,110
	$	132,341	$	2,813	$	—	$	135,154
Liabilities
Designated foreign currency hedge contracts	$	—	$	24	$	—	$	24
Non-designated foreign currency hedge contracts	—		58		—		58
Designated interest rate swaps	—		1,807		—		1,807
Contingent consideration	—		—		863		863
	$	—	$	1,889	$	863	$	2,752

Accounts Receivable, Allowance for Credit Loss

The following is a roll forward of the allowance for credit losses:


	Three Months Ended				Nine Months Ended
(In thousands)	December 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
Beginning balance	$	5,044	$	2,495	$	4,932	$	2,475
Credit loss	653		224		833		429
Recoveries (Write-offs)	28		19		(40)		(166)
Ending balance	$	5,725	$	2,738	$	5,725	$	2,738