Derivative Financial Instruments

12 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Company enters into derivative financial instruments on a limited basis and does not use them for trading purposes. It does, however, use derivatives in the form of forward exchange contracts to manage well-defined foreign currency risks. The Company enters into economic hedges of material non-functional currency monetary asset and liability balances. Foreign exchange contract gains and losses are recognized at the end of each fiscal period in the Company’s results of operations. Such gains and losses are typically offset by the corresponding changes to the related underlying hedged item. Cash flows from derivative financial instruments are classified in the same category as the cash flows from the items hedged.

At March 31, 2018 and April 1, 2017, the Company had net forward exchange contracts to purchase foreign currencies totaling $10.6 million and $7.3 million, respectively. In general, these contracts have a duration of approximately one month and the counterparties are large, highly rated banks; therefore, the Company believes that the risk of loss as a result of nonperformance by the banks is minimal.

The table below summarizes, by currency, the notional amounts of forward exchange contracts in U.S. dollars as of March 31, 2018 and April 1, 2017. The “bought” amounts represent the net U.S. dollar equivalents of commitments to purchase foreign currencies, and the “sold” amounts represent the net U.S. dollar equivalents of commitments to sell foreign currencies. The foreign currency amounts have been translated into a U.S. dollar equivalent value using the exchange rates as of March 31, 2018 and April 1, 2017.



	Bought (Sold)
(In thousands)	2018			2017
Japanese Yen	$	5,456		$	1,352
Euro	6,613			7,568
New Taiwan Dollar	(1,546		)	(686		)
Korean Won	(218		)	32
British Pound	(3,031		)	(1,992		)
Chinese Renminbi	2,665			995
Singapore Dollar	659			74
	$	10,598		$	7,343