FOREIGN CURRENCY DERIVATIVES (Tables)

12 Months Ended

Apr. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Financial Assets Under Master Netting Agreements

Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of April 2, 2022:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	31,891	$	(1,800)	$	—	$	30,091
Derivatives not subject to master netting agreements	—						—
Total	$	31,891					$	30,091

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(1,800)	$	1,800	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(1,800)					$	—

As of April 3, 2021:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	5,106	$	(5,106)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	5,106					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(11,700)	$	5,106	$	—	$	(6,594)
Derivatives not subject to master netting agreements	—						—
Total	$	(11,700)					$	(6,594)

Offsetting Financial Liabilities Under Master Netting Agreements

Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of April 2, 2022:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	31,891	$	(1,800)	$	—	$	30,091
Derivatives not subject to master netting agreements	—						—
Total	$	31,891					$	30,091

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(1,800)	$	1,800	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	(1,800)					$	—

As of April 3, 2021:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities		Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	5,106	$	(5,106)	$	—	$	—
Derivatives not subject to master netting agreements	—						—
Total	$	5,106					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(11,700)	$	5,106	$	—	$	(6,594)
Derivatives not subject to master netting agreements	—						—
Total	$	(11,700)					$	(6,594)

Notional Amounts of Outstanding Foreign Exchange Contracts and Approximate U.S. Dollar Equivalent

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate USD equivalent at April 2, 2022:

(in thousands)	Local Currency		USD Equivalent		Position	Maturity
EUR	€	66,000	$	72,940	Sell EUR	1 month
GBP	£	16,800	$	22,012	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:

	April 2, 2022		April 3, 2021
(in millions)	EUR	GBP	EUR	GBP
Option contracts	€72.8	£14.2	€91.4	£18.1
Forward contracts	€68.1	£14.1	€76.0	£15.6

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at April 2, 2022.

(in thousands)	Local Currency	USD Equivalent		Position	Maturity
MXN	572,420	$	27,281	Buy MXN	Monthly over a twelve -month period

Effect of Non-Designated Derivative Contracts On Results of Operations Recognized in Interest and Other Income (Expense), Net in Statements of Operations

The effect of non-designated derivative contracts on results of operations recognized in other non-operating expense (income), net in the consolidated statements of operations was as follows:

	Fiscal Year Ended
(in thousands)	April 2, 2022		April 3, 2021		March 28, 2020
Gain (loss) on foreign exchange contracts	$	4,420	$	(3,248)	$	2,665

Balance of Designated Derivative Contracts and the Pre-Tax Impact on 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 (loss) and the consolidated statements of operations for Fiscal Years 2022, 2021 and 2020:

	Fiscal Year Ended
(in thousands)	April 2, 2022		April 3, 2021		March 28, 2020
Loss included in accumulated other comprehensive income (loss), as of beginning of period	$	(10,062)	$	(20,156)	$	(7,480)
Gain (loss) recognized in other comprehensive income (loss)	29,972		(6,807)		(13,172)
Loss/(gain) reclassified from accumulated other comprehensive loss to the consolidated statements of operations
Amount of (gain) loss reclassified from accumulated other comprehensive income (loss) into net revenues	(1,987)		3,479		(4,270)
Amount of gain reclassified from accumulated other comprehensive income (loss) into cost of revenues	(625)		(166)		(238)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	9,507		13,588		5,004
Total amount of loss reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations	6,895		16,901		496
Gain (loss) included in accumulated other comprehensive income (loss), as of end of period	$	26,805	$	(10,062)	$	(20,156)

Schedule of Derivative Instruments

The gross fair value of the Company's outstanding derivative contracts at April 2, 2022 and April 3, 2021 was as follows:

(in thousands)	April 2, 2022		April 3, 2021
Derivative assets(1)
Non-designated hedges	$	1,590	$	2,864
Cash flow hedges	4,688		2,242
Interest rate swaps	25,613		—
Total derivative assets	$	31,891	$	5,106
Derivative liabilities(2)
Non-designated hedges	$	39	$	18
Cash flow hedges	384		1,819
Interest rate swaps	1,377		9,863
Accrued interest	28		102
Total derivative liabilities	$	1,828	$	11,802

(1) Short-term derivative assets are recorded in other current assets and long-term derivative assets are recorded in other non-current assets on the consolidated balance sheets. As of April 2, 2022, the portion of derivative assets classified as long-term was $16.1 million. As of April 3, 2021, the portion of derivative assets classified as long-term was $0.1 million.

(2) Short-term derivative liabilities are recorded in accrued liabilities and long-term derivative liabilities are recorded in other non-current liabilities on the consolidated balance sheets. As of April 2, 2022, the portion of derivative liabilities classified as long-term was $0.1 million. As of April 3, 2021, the portion of derivative liabilities classified as long-term was $2.0 million.