ACQUISITION (Tables)

12 Months Ended

Mar. 28, 2020

Business Combinations [Abstract]

Schedule of preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed

The allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the Acquisition date is as follows:

(in thousands)	July 2, 2018
ASSETS
Cash and cash equivalents	$	80,139
Trade receivables, net	165,798
Inventories	109,074
Prepaid expenses and other current assets	68,558
Property and equipment, net	79,497
Intangible assets	985,400
Other assets	27,237
Total assets acquired	$	1,515,703
LIABILITIES
Accounts payable	$	80,653
Accrued payroll and related liabilities	44,538
Accrued expenses	147,167
Income tax payable	27,044
Deferred revenue	115,061
Deferred income taxes	94,618
Other liabilities	54,394
Total liabilities assumed	$	563,475
Total identifiable net assets acquired	952,228
Goodwill	1,264,417
Total Purchase Price	$	2,216,645

Details of acquired intangible assets

The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized:

(in thousands, except for remaining life)	Fair Value		Weighted-Average Amortization Period
Existing technology	$	538,600	4.95
Customer relationships	245,100		5.46
Trade name/Trademarks	115,600		9.00
Backlog	28,100		0.25
Total amortizable intangible assets acquired	927,400		5.45
In-process research and development	58,000
Total acquired intangible assets	$	985,400

As of March 28, 2020 and March 30, 2019, the carrying value of other intangible assets, excluding fully amortized assets, is as follows:

As of	March 28, 2020							March 30, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life
Amortizing Assets
Existing technology	$	427,123	$	(208,848	)	$	218,275	$	566,881	$	(86,301	)	$	480,580	3.3 years
Customer relationships	240,024		(84,506		)	155,518		245,481		(36,245		)	209,236		4.0 years
Trade name/Trademarks	115,600		(22,478		)	93,122		115,600		(9,633		)	105,967		7.3 years
Non-amortizing assets
In-process R&D	—		—			—		29,892		—			29,892		N/A
Total intangible assets	$	782,747	$	(315,832	)	$	466,915	$	957,854	$	(132,179	)	$	825,675	4.3 years

Details of acquired intangible assets

The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized:

(in thousands, except for remaining life)	Fair Value		Weighted-Average Amortization Period
Existing technology	$	538,600	4.95
Customer relationships	245,100		5.46
Trade name/Trademarks	115,600		9.00
Backlog	28,100		0.25
Total amortizable intangible assets acquired	927,400		5.45
In-process research and development	58,000
Total acquired intangible assets	$	985,400

As of March 28, 2020 and March 30, 2019, the carrying value of other intangible assets, excluding fully amortized assets, is as follows:

As of	March 28, 2020							March 30, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life
Amortizing Assets
Existing technology	$	427,123	$	(208,848	)	$	218,275	$	566,881	$	(86,301	)	$	480,580	3.3 years
Customer relationships	240,024		(84,506		)	155,518		245,481		(36,245		)	209,236		4.0 years
Trade name/Trademarks	115,600		(22,478		)	93,122		115,600		(9,633		)	105,967		7.3 years
Non-amortizing assets
In-process R&D	—		—			—		29,892		—			29,892		N/A
Total intangible assets	$	782,747	$	(315,832	)	$	466,915	$	957,854	$	(132,179	)	$	825,675	4.3 years

Pro forma information

	Pro Forma (unaudited)
(in thousands)	Fiscal Year Ended March 30, 2019			Fiscal Year Ended March 31, 2018
Total net revenues	$	2,008,245		$	1,892,971
Operating income (loss)	18,929			(208,234		)
Net loss	$	(38,516	)	$	(379,032	)