XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.4
DERIVATIVES (Tables)
 9 Months Ended
Dec. 26, 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)December 26, 2020March 28, 2020
Derivative Assets(1)
Non-designated hedges$120 $266 
Cash flow hedges381 3,283 
Total derivative assets$501 $3,549 
Derivative Liabilities(2)
Non-designated hedges$2,147 $668 
Cash flow hedges5,440 811 
Interest rate swap13,145 21,411 
Accrued interest869 631 
Total derivative liabilities$21,601 $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 December 26, 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 December 26, 2020, the portion of derivative liabilities classified as long-term was $4.0 million.
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 December 26, 2020:
 (in thousands)Local CurrencyUSD EquivalentPositionMaturity
EUR€90,960 $110,906 Sell EUR1 month
GBP£11,700 $15,799 Sell GBP1 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)December 26, 2020March 28, 2020
EURGBPEURGBP
Option contracts€68.0£13.0€67.0£18.4
Forward contracts€62.3£12.4€50.2£18.5
The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at December 26, 2020:

Local CurrencyUSD EquivalentPositionMaturity
(in thousands)(in thousands)
MXN$389,008 $19,009 Buy MXNMonthly over twelve months
Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net
The effect of non-designated derivative contracts recognized in other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows:
Three Months EndedNine Months Ended
(in thousands)December 26, 2020December 28, 2019December 26, 2020December 28, 2019
Gain (loss) on foreign exchange contracts$(4,440)$(2,508)$(7,173)$813 
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and nine months ended December 26, 2020 and December 28, 2019:
Three Months EndedNine Months Ended
(in thousands)December 26, 2020December 28, 2019December 26, 2020December 28, 2019
Gain (loss) included in AOCI as of beginning of period$(16,747)$(13,311)$(20,156)$(7,480)
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion)(3,754)(1,420)(8,339)(5,755)
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)1,054 (225)1,797 (3,152)
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)— (46)— (212)
Amount of (gain) loss reclassified from OCI into interest expense (effective portion)3,039 1,565 10,290 3,162 
Total amount of (gain) loss reclassified from AOCI to income (loss) (effective portion)4,093 1,294 12,087 (202)
Gain (loss) included in AOCI as of end of period$(16,408)$(13,437)$(16,408)$(13,437)