FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

6 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

The Company held the following interest rate swaps as of September 28, 2024:

Hedged Item	Original Notional Amount		Notional Amount as of September 28, 2024		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)
1-month USD Term SOFR	103,600		103,600		9/27/2024	9/30/2024	4/30/2029	3.32%	(634)
1-month USD Term SOFR	102,200		102,200		9/27/2024	9/30/2024	4/30/2029	3.30%	(403)
Total	$	205,800	$	205,800					$	(1,037)

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 six months ended September 28, 2024:

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	$	(1,263)	$	(506)	Net revenues, COGS and SG&A	$	506	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	117	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(2,053)	$	36	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 September 28, 2024 and March 30, 2024:

(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		September 28, 2024		March 30, 2024
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	—	$	1,353
Non-designated foreign currency hedge contracts	Other current assets	32		154
Designated interest rate swaps	Other current assets	744		1,673
Designated interest rate swaps	Other long-term assets	—		62
		$	776	$	3,242
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	624	$	395
Non-designated foreign currency hedge contracts	Other current liabilities	104		536
Designated interest rate swaps	Other long-term liabilities	1,781		—
		$	2,509	$	931

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 September 28, 2024 and March 30, 2024.

	As of September 28, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	155,290	$	—	$	—	$	155,290
Non-designated foreign currency hedge contracts	—		32		—		32
Designated interest rate swaps	—		744		—		744
	$	155,290	$	776	$	—	$	156,066
Liabilities
Designated foreign currency hedge contracts	$	—	$	624	$	—	$	624
Non-designated foreign currency hedge contracts	—		104		—		104
Designated interest rate swaps	—		1,781		—		1,781
Contingent consideration	—		—		26,334		26,334
	$	—	$	2,509	$	26,334	$	28,843
	As of March 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	43,073	$	—	$	—	$	43,073
Designated foreign currency hedge contracts	—		1,353		—		1,353
Non-designated foreign currency hedge contracts	—		154		—		154
Designated interest rate swaps	—		1,735		—		1,735
	$	43,073	$	3,242	$	—	$	46,315
Liabilities
Designated foreign currency hedge contracts	$	—	$	395	$	—	$	395
Non-designated foreign currency hedge contracts	—		536		—		536
	$	—	$	931	$	—	$	931

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

	Fair Value at		Valuation	Unobservable
(In thousands)	September 28, 2024		Technique	Input	Range
Revenue-based payments	$	20,606	Monte Carlo Simulation Model	Discount rate	6.3%
				Projected year of payments	2025 - 2027
Regulatory-based payment	$	4,735	Monte Carlo Simulation Model	Discount rate	6.1%
				Probability of payment	50%
				Projected year of payment	2026 - 2028
Event-based payment	$	993	Monte Carlo Simulation Model	Discount rate	5.8%
				Projected year of payment	2028

Accounts Receivable, Allowance for Credit Loss

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

	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Beginning balance	$	5,719	$	5,047	$	5,695	$	4,932
Credit loss	179		30		216		181
Write-offs	14		(33)		1		(69)
Ending balance	$	5,912	$	5,044	$	5,912	$	5,044

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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

(In thousands)
Balance at March 30, 2024	$	—
Acquisition date fair value of contingent consideration	25,000
Purchase accounting adjustments	300
Change in fair value	1,034
Balance at September 28, 2024	$	26,334