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FOREIGN CURRENCY DERIVATIVES (Tables)
 3 Months Ended
Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Derivative Contracts
The gross fair value of the Company's outstanding derivative contracts at the end of each period was as follows:
(in thousands)
 
June 27, 2020
 
March 28, 2020
Derivative Assets(1)
 
 
 
 
Non-designated hedges
 
$
21

 
$
266

Cash flow hedges
 
1,058

 
3,283

Total derivative assets
 
$
1,079

 
$
3,549

 
 
 
 
 
Derivative Liabilities(2)
 
 
 
 
Non-designated hedges
 
$
806

 
$
668

Cash flow hedges
 
712

 
811

Interest rate swap
 
19,146

 
21,411

Accrued interest
 
1,394

 
631

Total derivative liabilities
 
$
22,058

 
$
23,521


(1) Short-term derivative assets are recorded in "other current assets" and long-term derivative assets are recorded in "deferred tax and other assets". As of June 27, 2020, the portion of derivative assets classified as long-term was immaterial.

(2) Short-term derivative liabilities are recorded in "accrued liabilities" and long-term derivative liabilities are recorded in "other long-term liabilities". As of June 27, 2020, the portion of derivative liabilities classified as long-term was immaterial.
Notional Value of Outstanding Foreign Exchange Currency Contracts The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at June 27, 2020:
 (in thousands)
Local Currency
 
USD Equivalent
 
Position
 
Maturity
EUR
€
44,600

 
$
49,967

 
Sell EUR
 
1 month
GBP
£
3,225

 
$
3,974

 
Sell GBP
 
1 month

The notional value of the Company's outstanding EUR and GBP option and forward contracts at the end of each period was as follows:
(in millions)
 
June 27, 2020
 
March 28, 2020
 
 
EUR
 
GBP
 
EUR
 
GBP
Option contracts
 
€62.9
 
£14.4
 
€67.0
 
£18.4
Forward contracts
 
€43.5
 
£12.8
 
€50.2
 
£18.5
Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net
The effect of non-designated derivative contracts recognized in other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows:
 
 
Three Months Ended
(in thousands)
 
June 27, 2020
 
June 29, 2019
Loss on foreign exchange contracts
 
$
(918
)
 
$
(289
)
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended June 27, 2020 and June 29, 2019:
 
 
Three Months Ended
 
(in thousands)
 
June 27, 2020
 
June 29, 2019
 
Gain (loss) included in AOCI as of beginning of period
 
$
(20,156
)
 
$
(7,480
)
 
 
 
 
 
 
 
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion)
 
(1,579
)
 
(6,704
)
 
 
 
 
 
 
 
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)
 
(909
)
 
(1,359
)
 
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)
 
—

 
(104
)
 
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)
 
3,723

 
652

 
Total amount of (gain) loss reclassified from AOCI to income (loss) (effective portion)
 
2,814

 
(811
)
 
 
 
 
 
 
 
Gain (loss) included in AOCI as of end of period
 
$
(18,921
)
 
$
(14,995
)