Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 28, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Forward currency exchange contracts outstanding

As of March 28, 2020 and March 30, 2019, the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments:

 

(In thousands and U.S. dollars)	March 28, 2020		March 30, 2019
Singapore Dollar	$	28,875	$	29,420
Euro	33,474		39,408
Indian Rupee	76,076		77,973
British Pound	20,191		10,575
Japanese Yen	2,433		3,840
Chinese Yuan	26,266		34,386
	$	187,315	$	195,602

Derivative Instruments Located on Condensed Consolidated Balance Sheet

The Company had the following derivative instruments as of March 28, 2020 and March 30, 2019, located on the consolidated balance sheet, utilized for risk management purposes detailed above:

	Foreign Exchange Contracts
	Asset Derivatives			Liability Derivatives
(In thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
March 28, 2020	Prepaid expenses and other current assets	$	30	Other accrued liabilities	$	9,140
March 30, 2019	Prepaid expenses and other current assets	2,802		Other accrued liabilities	1,722

Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income

The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2020 and 2019:

	Foreign Exchange Contracts
	Years Ended
(In thousands)	March 28, 2020			March 30, 2019
Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging)	$	(7,637	)	$	(1,427	)
Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) *	(2,923		)	(5,603		)
Amount of losses recorded (ineffective portion) *	(8		)	(4		)

*Recorded in interest and other expense, net within the consolidated statements of income.