COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Apr. 02, 2022 | May 23, 2022 | Oct. 01, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --04-02 | ||
Document Period End Date | Apr. 2, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-12696 | ||
Entity Registrant Name | Plantronics, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0207692 | ||
Entity Address, Address Line One | 345 Encinal Street | ||
Entity Address, City or Town | Santa Cruz | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95060 | ||
City Area Code | 831 | ||
Local Phone Number | 420-3002 | ||
Title of 12(b) Security | COMMON STOCK, $0.01 PAR VALUE | ||
Trading Symbol | POLY | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,089,670,087 | ||
Entity Common Stock, Shares Outstanding | 43,699,939 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended April 2, 2022 . | ||
Entity Central Index Key | 0000914025 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Apr. 02, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Jose, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Current assets | ||
Cash and cash equivalents | $ 170,000 | $ 202,560 |
Restricted Cash | 0 | 493,908 |
Short-term investments | 13,703 | 14,559 |
Accounts receivable, net | 277,924 | 267,464 |
Inventory, net | 234,102 | 194,405 |
Other current assets | 83,410 | 65,214 |
Total current assets | 779,139 | 1,238,110 |
Property, plant, and equipment, net | 127,021 | 140,875 |
Purchased intangibles, net | 230,478 | 341,614 |
Goodwill | 796,216 | 796,216 |
Deferred tax assets | 215,861 | 95,800 |
Other assets | 76,639 | 51,654 |
Total assets | 2,225,354 | 2,664,269 |
Current liabilities | ||
Accounts payable | 168,610 | 151,244 |
Accrued liabilities | 338,836 | 394,084 |
Current portion of long-term debt | 0 | 478,807 |
Total current liabilities | 507,446 | 1,024,135 |
Long-term debt, net of issuance costs | 1,500,283 | 1,496,064 |
Long-term income taxes payable | 68,082 | 86,227 |
Other long-term liabilities | 129,381 | 138,609 |
Total liabilities | 2,205,192 | 2,745,035 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity (deficit) | ||
Preferred stock, $0.01 par value per share; 1,000 shares authorized, no shares outstanding | 0 | 0 |
Common stock, $0.01 par value per share; 100,000 shares authorized, 60,641 and 58,908 shares issued as of April 2, 2022 and April 3, 2021, respectively | 930 | 912 |
Additional paid-in capital | 1,616,198 | 1,556,272 |
Accumulated other comprehensive income (loss) | 32,911 | (3,221) |
Accumulated deficit | (747,316) | (765,233) |
Total stockholders' equity before treasury stock | 902,723 | 788,730 |
Less: Treasury stock at cost (17,568 and 17,156 common shares as of April 2, 202 and April 3, 2021, respectively) | (882,561) | (869,496) |
Total stockholders' equity (deficit) | 20,162 | (80,766) |
Total liabilities and stockholders' equity (deficit) | $ 2,225,354 | $ 2,664,269 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 02, 2022 | Apr. 03, 2021 |
Stockholders' equity (deficit) | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, shares outstanding | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | |
Common stock, shares issued | 60,641,000 | 58,908,000 |
Treasury stock, common shares | 17,568,000 | 17,156,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Net revenues | $ 1,681,144 | $ 1,727,607 | $ 1,696,990 |
Cost of revenues | 995,051 | 951,056 | 1,144,755 |
Gross profit | 686,093 | 776,551 | 552,235 |
Operating expenses | |||
Research, development, and engineering | 183,553 | 209,290 | 218,277 |
Selling, general, and administrative | 499,839 | 488,378 | 595,463 |
Impairment of goodwill and long-lived assets | 0 | 0 | 489,094 |
Loss (gain), net from litigation settlements | 0 | 17,561 | (721) |
Restructuring and other related charges | 34,937 | 48,704 | 54,177 |
Total operating expenses | 718,329 | 763,933 | 1,356,290 |
Operating (loss) income | (32,236) | 12,618 | (804,055) |
Interest expense | 69,711 | 82,606 | 92,640 |
Other non-operating expense (income), net | 291 | (5,108) | (112) |
Loss before income taxes | (102,238) | (64,880) | (896,583) |
Income tax benefit | (120,155) | (7,549) | (69,401) |
Net income (loss) | $ 17,917 | $ (57,331) | $ (827,182) |
Per share data | |||
Basic earnings (loss) per common share (in dollars per share) | $ 0.42 | $ (1.40) | $ (20.86) |
Diluted (in dollars per share) | $ 0.41 | $ (1.40) | $ (20.86) |
Basic shares used in computing loss per common share (in shares) | 42,568 | 41,044 | 39,658 |
Diluted shares used in computing loss per common share (in shares) | 43,942 | 41,044 | 39,658 |
Product | |||
Net revenues | $ 1,455,785 | $ 1,470,826 | $ 1,432,736 |
Cost of revenues | 917,511 | 863,529 | 1,049,826 |
Service | |||
Net revenues | 225,359 | 256,781 | 264,254 |
Cost of revenues | $ 77,540 | $ 87,527 | $ 94,929 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 17,917 | $ (57,331) | $ (827,182) |
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustment | 0 | 0 | (220) |
Unrealized gains (losses) on cash flow hedges | |||
Accumulated other comprehensive income to be reclassified into earnings | 29,972 | (6,807) | (13,172) |
Net (gains) losses reclassified into net revenues | (1,987) | 3,479 | (4,270) |
Net gains reclassified into cost of revenues | (625) | (166) | (238) |
Net losses reclassified into interest expense | 9,507 | 13,588 | 5,004 |
Net unrealized gains (losses) on cash flow hedges | 36,867 | 10,094 | (12,676) |
Income tax (expense) benefit in other comprehensive income | (735) | 267 | (211) |
Other comprehensive income (loss) | 36,132 | 10,361 | (13,107) |
Comprehensive income (loss) | $ 54,049 | $ (46,970) | $ (840,289) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 17,917 | $ (57,331) | $ (827,182) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 149,126 | 164,867 | 230,262 |
Amortization of debt issuance costs | 6,101 | 6,427 | 5,402 |
Stock-based compensation | 48,160 | 42,644 | 57,095 |
impairment of goodwill and long-lived assets | 0 | 0 | 663,329 |
Deferred income taxes | (121,698) | (21,174) | (97,031) |
Provision for excess and obsolete inventories | 13,461 | 13,527 | 24,115 |
Restructuring and other related charges | 34,937 | 48,704 | 54,177 |
Cash payments for restructuring charges | (31,693) | (33,764) | (37,269) |
Other operating activities | 2,944 | 916 | 6,580 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (11,370) | (24,253) | 33,499 |
Inventory, net | (45,491) | (41,994) | (6,709) |
Current and other assets | (11,783) | (22,487) | 31,720 |
Accounts payable | 17,795 | 46,453 | (31,768) |
Accrued liabilities | (47,793) | 38,402 | (49,275) |
Income taxes | (28,382) | (15,757) | 21,074 |
Net cash (used in) provided by operating activities | (7,769) | 145,180 | 78,019 |
Cash flows from investing activities | |||
Proceeds from sales of short-term investments | 2,771 | 2,529 | 2,173 |
Purchases of short-term investments | (837) | (591) | (1,067) |
Capital expenditures | (29,722) | (22,715) | (22,880) |
Proceeds from sale of property, plant, and equipment | 0 | 1,900 | 4,692 |
Payments for (Proceeds from) Other Investing Activities | (6,020) | 0 | 0 |
Net cash used in investing activities | (33,808) | (18,877) | (17,082) |
Cash flows from financing activities | |||
Employees' tax withheld and paid for restricted stock and restricted stock units | (13,065) | (5,930) | (9,891) |
Proceeds from issuances under stock-based compensation plans | 11,784 | 12,307 | 12,486 |
Payment of cash dividends | 0 | 0 | (23,970) |
Proceeds from revolving line of credit | 0 | 50,000 | 0 |
Repayments of revolving line of credit | 0 | (50,000) | 0 |
Repayments of long-term debt | (480,689) | (146,980) | (25,000) |
Proceeds from debt issuance, net of issuance costs | 0 | 493,922 | 0 |
Net cash (used in) provided by financing activities | (481,970) | 353,319 | (46,375) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,921) | 2,967 | (3,192) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (526,468) | 482,589 | 11,370 |
Cash, cash equivalents, and restricted cash at beginning of year | 696,468 | 213,879 | 202,509 |
Cash, cash equivalents, and restricted cash at end of year | 170,000 | 696,468 | 213,879 |
Supplemental disclosures (in thousands) | |||
Cash paid for income taxes | 27,362 | 25,561 | 3,550 |
Cash paid for interest | 73,570 | 77,785 | $ 82,059 |
Cash and cash equivalents | 170,000 | 202,560 | |
Restricted Cash | $ 0 | $ 493,908 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Common stock, shares, beginning of period at Mar. 30, 2019 | 39,518,000 | |||||||
Stockholders' equity, beginning of period at Mar. 30, 2019 | $ 721,687 | $ 884 | $ 1,431,608 | $ (475) | $ 143,344 | $ (853,674) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (827,182) | (827,182) | ||||||
Foreign currency translation adjustments | (220) | (220) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | (12,887) | (12,887) | ||||||
Proceeds from issuances under stock-based compensation plans, shares | 426,000 | |||||||
Proceeds from issuances under stock-based compensation plans | 757 | $ 6 | 751 | |||||
Repurchase of restricted common stock, shares | (40,000) | |||||||
Repurchase of restricted common stock | 0 | |||||||
Cash dividends | (23,970) | (23,970) | ||||||
Stock-based compensation | 57,094 | 57,094 | ||||||
Employees' tax withheld and paid for restricted stock and restricted stock units, shares | (234,000) | |||||||
Employees' tax withheld and paid for restricted stock and restricted stock units | $ (9,892) | (9,892) | ||||||
Shares issued under the ESPP | 736,184 | 736,000 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 11,893 | $ 6 | 11,887 | |||||
Other equity changes related to compensation | (7) | 0 | (7) | |||||
Common stock, shares, end of period at Mar. 28, 2020 | 40,406,000 | |||||||
Stockholders' equity, end of period at Mar. 28, 2020 | (82,816) | $ (89) | $ 896 | 1,501,340 | (13,582) | (707,904) | $ (89) | (863,566) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (57,331) | (57,331) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 10,361 | 10,361 | ||||||
Proceeds from issuances under stock-based compensation plans, shares | 848,000 | |||||||
Proceeds from issuances under stock-based compensation plans | 7 | $ 7 | ||||||
Exercise of stock options (in shares) | 10,000 | |||||||
Exercise of stock options | 427 | 427 | ||||||
Repurchase of restricted common stock, shares | (10,000) | |||||||
Repurchase of restricted common stock | 0 | |||||||
Stock-based compensation | 42,644 | 42,644 | ||||||
Employees' tax withheld and paid for restricted stock and restricted stock units, shares | (326,000) | |||||||
Employees' tax withheld and paid for restricted stock and restricted stock units | $ (5,930) | (5,930) | ||||||
Shares issued under the ESPP | 822,748 | 823,000 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 11,873 | $ 9 | 11,864 | |||||
Other equity changes related to compensation | (1) | (3) | 2 | |||||
Common stock, shares, end of period at Apr. 03, 2021 | 41,751,000 | |||||||
Stockholders' equity, end of period at Apr. 03, 2021 | (80,766) | $ 912 | 1,556,272 | (3,221) | (765,233) | (869,496) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 17,917 | 17,917 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 36,132 | 36,132 | ||||||
Proceeds from issuances under stock-based compensation plans, shares | 853,000 | |||||||
Proceeds from issuances under stock-based compensation plans | 12 | $ 12 | ||||||
Stock-based compensation | 48,160 | 48,160 | ||||||
Employees' tax withheld and paid for restricted stock and restricted stock units, shares | 0 | |||||||
Employees' tax withheld and paid for restricted stock and restricted stock units | $ (13,065) | (13,065) | ||||||
Shares issued under the ESPP | 468,553 | 469,000 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 11,772 | $ 6 | 11,766 | |||||
Common stock, shares, end of period at Apr. 02, 2022 | 43,073,000 | |||||||
Stockholders' equity, end of period at Apr. 02, 2022 | $ 20,162 | $ 930 | $ 1,616,198 | $ 32,911 | $ (747,316) | $ (882,561) |
THE COMPANY
THE COMPANY | 12 Months Ended |
Apr. 02, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | THE COMPANY Plantronics, Inc. (“Poly,” the “Company”) is a leading global communications company that designs, manufactures, and markets integrated communications and collaboration solutions for professionals. The Company has two operating and reportable segments, Products and Services, and offers its products under the , Plantronics and Polycom brands. Merger Agreement On March 25, 2022, Poly entered into an Agreement and Plan of Merger (the “Merger Agreement”) with HP Inc. (“HP”) and Prism Subsidiary Corp. (“Merger Sub”), a wholly-owned subsidiary of HP, providing for Poly’s acquisition in an all-cash transaction by way of a merger of Merger Sub with and into Poly (the “Merger”), with Poly continuing as a wholly-owned subsidiary of HP. The Merger Agreement and transactions contemplated by the Merger Agreement were approved by Poly's Board, which further resolved to recommend that Poly stockholders vote to adopt and approve the Merger Agreement. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of Poly’s common stock (except as otherwise set forth in the Merger Agreement) will be canceled and automatically converted into the right to receive $40.00 in cash, without interest and less any applicable withholding taxes. Completion of the Merger is subject to the satisfaction of certain terms and conditions set forth in the Merger Agreement, including (i) adoption of the Merger Agreement by the requisite affirmative vote of our stockholders; (ii) the absence of any temporary restraining order, preliminary or permanent injunction or other judgment or order issued by a court of competent jurisdiction preventing, prohibiting or making illegal the consummation of the Merger; and (iii) the expiration or termination of the waiting period applicable to the Merger under the United States Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended without the imposition of a burdensome effect (as defined in the Merger Agreement), and the obtaining or making of all consents, approvals and filings required under the competition laws of China, Colombia, the European Union and Mexico and the foreign direct investment law of France, in each case without the imposition of a burdensome effect. The Merger is expected to close in calendar year 2022, subject to the satisfaction of applicable conditions. Upon consummation of the Merger, Poly’s common stock will no longer be listed on any public market. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Management's Use of Estimates and Assumptions The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP.") The Company's reporting currency is United States Dollars ("USD.") In connection with the preparation of the consolidated financial statements, the Company is required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, net revenues, expenses, and the related disclosures. The Company bases its assumptions, estimates, and judgments on historical experience, current trends, future expectations, and other factors that management believes to be relevant at the time the consolidated financial statements are prepared. On an ongoing basis, the Company reviews its accounting policies, assumptions, estimates, and judgments, including those related to revenues and related reserves and allowances, inventory valuation, product warranty obligations, the useful lives of long-lived assets, including property, plant, and equipment, investment fair values, stock-based compensation, the valuation of and assessment of recoverability of intangible assets and their useful lives, income taxes, contingencies, and restructuring charges, to ensure that the consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Because future events and their effects cannot be determined with certainty, actual results could differ from the Company's assumptions and estimates. Risks and Uncertainties The Company is subject to a greater degree of uncertainty than normal in making the judgments and estimates needed to apply its significant accounting policies due to the ongoing supply chain disruptions and COVID-19 pandemic. The Company has assessed accounting estimates and other matters, including those using prospective financial information, using information that is reasonably available as of the issuance date of the consolidated financial statements. The accounting estimates and other matters the Company has assessed included, but were not limited to, impairment of goodwill and other long-lived assets, provisions for doubtful accounts, valuation allowances for deferred tax assets, inventory and related reserves, and revenue recognition and related reserves. The Company may make changes to these estimates and judgments, which could result in material impacts to the consolidated financial statements in future periods. The extent and duration of the impact of the COVID-19 pandemic and the shortage of adequate component supply on the Company's business is highly uncertain and difficult to predict. The Company relies on contract manufacturers and sourcing of materials from the Asia Pacific region, as well as its owned manufacturing facility in Mexico. The Company has experienced disruptions in both its own supply chain as well as those of its contract manufacturers and suppliers both as a result of COVID-19 as well as the global shortage of key components. Such disruptions have had, and may continue to have, a material impact on the Company's ability to source critical component parts, complete production of its products, fulfill customer orders, and adversely affect the ability to meet customer demands as companies utilize work-from-home and hybrid work models. Additionally, if a significant number of the Company's workforce employed in any of these manufacturing facilities or in the Company's offices were to contract the virus, the Company may experience delays or the inability to develop, produce, and deliver the Company's products on a timely basis. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic and the supply chain disruptions, and it is possible that it could cause a local and/or global economic recession. The severity of the impact of the COVID-19 pandemic and supply chain disruptions on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of these factors and the extent and severity of the impact on its customers and suppliers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, including potential write-offs due to financial weakness and/or bankruptcy of its customers, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers and suppliers. As of the issuance date of these consolidated financial statements, the extent to which the COVID-19 pandemic and supply chain disruptions may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. The Company has included the results of operations of acquired companies from the date of acquisition. All significant intercompany balances and transactions have been eliminated. Unless the context indicates otherwise, references to "we," "us," and "our" refer to Plantronics, Inc. and its subsidiaries. Fiscal Year The Company's fiscal year ends on the Saturday closest to the last day of March. The years ended April 2, 2022 ("Fiscal Year 2022"), April 3, 2021 ("Fiscal Year 2021"), and March 28, 2020 ("Fiscal Year 2020") had 52, 53, 52 weeks, respectively. Financial Instruments Cash and Cash Equivalents and Short-term Investments All highly liquid investments with original stated maturities of three months or less at the date of purchase are classified as cash equivalents. The Company's short-term investments consist of publicly traded mutual funds. The specific identification method is used to determine the cost of investments. Gains and losses are recorded in other non-operating expense (income), net in the consolidated statements of operations. Investments are classified as either short-term or long-term based on each instrument's underlying effective maturity date and reasonable expectations with regard to sales and redemptions of the instruments. The Company may sell its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. Derivative Financial Instruments The Company measures all derivative instruments at fair value and reports them on the consolidated balance sheets as assets or liabilities. Changes in the fair value of derivatives are accounted for depending on the intended use of the derivative, designation of the hedging relationship, and whether or not the criteria to apply hedge accounting have been satisfied. The Company has significant assets and liabilities denominated in foreign currencies subjecting it to foreign currency risk. The Company enters into foreign exchange forward contracts to reduce the impact of currency fluctuations on assets and liabilities denominated in foreign currencies. The Company does not elect to apply hedge accounting for these forward contracts. Foreign currency forward contracts are measured at fair value with changes in fair value recorded within other non-operating expense (income), net in the consolidated statements of operations. Foreign currency forward contracts are valued using pricing models that use observable inputs. Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying foreign currency denominated assets and liabilities, and therefore, do not subject the Company to material balance sheet risk. The Company has significant revenues and expenses denominated in foreign currencies subjecting it to foreign currency risk. The Company purchases foreign currency option contracts and cross-currency swaps that qualify as cash flow hedges, with maturities of up to 12 months, to reduce the volatility of cash flows related primarily to forecasted revenues and expenses. The designated derivative's gain or loss is initially recorded as a component of accumulated other comprehensive income (loss) and is subsequently reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded, in the same period in which the transaction affects earnings. The cash flows from such hedges are presented in the same line item in the consolidated statements of cash flows as the items being hedged. The Company has floating rate debt subjecting it to interest rate risk. On June 15, 2021, the Company entered into a three-year amortizing interest rate swap in order to hedge against changes in cash flow (interest payments) attributable to fluctuations in the Company's variable rate debt. Additionally, on July 30, 2018, the Company entered into a four-year amortizing interest rate swap in order to hedge against changes in cash flows (interest payments) attributable to fluctuations in the Company's variable rate debt. The designated interest rate swaps' gain or loss are initially recorded as a component of accumulated other comprehensive income and are subsequently reclassified into interest expense in the consolidated statements of operations over the life of the underlying debt, as interest on the Company's floating rate debt is accrued. The Company does not hold or issue derivative financial instruments for speculative trading purposes. The Company enters into derivatives only with counterparties that are among the largest United States ("U.S.") banks, ranked by assets, in order to minimize its credit risk. To date, no counterparty has failed to meet its financial obligations under such contracts. Provision for Doubtful Accounts The Company maintains a provision for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company regularly performs credit evaluations of its customers’ financial conditions and considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic or country-specific risks, and economic conditions that may affect a customer’s ability to pay. Inventory Valuation Inventories are valued at the lower of cost or net realizable value. The Company holds inventory for both its products and services businesses. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company writes down inventories that have become obsolete, are in excess of estimated demand, or are valued greater than net realizable value. The Company's estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of estimated demand. Product Warranty Obligations The Company’s products include a warranty that is typically one to two years in duration, depending on the product and region. The warranty provides assurance that the product complies with agreed-upon specifications and is not sold separately. The warran ty qualifies as an assurance warranty and is not a separate performance obligation. The Company records a liability for the estimated costs of warranties at the time the related revenue is recognized. The specific warranty terms and conditions range from one usiness. Factors that affect warranty obligations include product failure rates, estimated return rates, the amount of time lapsed from the date of sale to the date of return, material usage, service- related costs incurred in correcting product failure claims, and knowledge of specific product failures that are outside of the Company’s typical experience. Goodwill and Purchased Intangibles, net Goodwill has been measured as the excess of the cost of acquisition over the amount assigned to tangible and identifiable intangible assets acquired, less liabilities assumed. At least annually, in the fourth quarter of each Fiscal Year, or more frequently if indicators of impairment exist, management performs a review to determine if the carrying value of goodwill is impaired. Impairment testing is performed at the reporting unit level. The Company determines its reporting units by assessing whether discrete financial information is available and if segment management regularly reviews the results of that component. Goodwill has been assigned to reporting units. The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more-likely-than-not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed. However, if the Company concludes otherwise, a quantitative impairment test must be performed by estimating the fair value of the reporting unit and comparing it with its carrying value, including goodwill. If the carrying amount of a reporting unit is greater than its estimated fair value, goodwill is written down by the excess amount, limited to the total amount of goodwill allocated to that reporting unit. Purchased intangibles are carried at cost and are amortized on a straight-line basis over their estimated useful lives. The Company does not have intangible assets with indefinite useful lives other than goodwill. The Company reviews its long-lived assets to be held and used, including property, plant, and equipment, right-of-use ("ROU") assets, and purchased intangibles, for impairment whenever events or changes in circumstances indicate that the carrying value of the related asset group may not be recoverable. Such conditions may include an economic downturn or a change in the assessment of future operations. The Company performs a recoverability test at the asset group level. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset group and its ultimate disposition. Measurement of any impairment loss is based on the amount by which the carrying value of the asset group exceeds its fair value. Property, Plant, and Equipment Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which range from one to 30 years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining contractual lease term. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the assets. Leases The Company’s lease portfolio consists primarily of real estate facilities under operating leases. The Company determines if an arrangement is or contains a lease at inception. ROU assets and lease liabilities are recognized at commencement based on the present value of the future minimum lease payments over the lease term. The Company applies its incremental borrowing rate, which approximates the rate at which the Company would borrow, on a secured basis, in the country where the lease was executed, to determine the present value of the future minimum lease payments when the respective lease does not provide an implicit rate. Certain of the Company’s lease agreements include options to extend or renew the lease terms. Such options are excluded from the minimum lease obligation unless they are reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company elected to exclude leases with terms of one year or less from its consolidated balance sheets and to continue to separately account for lease and non-lease components. Fair Value Measurements Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. In determining fair value, we use various valuation approaches. The following is a summary of the hierarchy levels: • Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs are unobservable for the asset or liability. The fair value of Level 2 long-term debt is determined based on inputs that were observable in the market, including the trading price, when available. For more information refer to Note 14, Fair Value Measurements . Revenue Recognition Total net revenues include gross revenue less sales discounts, product returns, and sales incentives, all of which require us to make estimates for the portion of these allowances that have yet to be credited or paid to our customers. Performance obligations are promises in a contract to transfer a distinct good or service to the customer, and are the basis for determining how revenue is recognized. Revenue is recognized when performance obligations are satisfied. Generally, this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Revenue related to product shipments is generally recognized once title and risk of loss of the product are transferred to the customer. The Company believes that transfer of title and risk of loss best represent the moment at which the customer’s ability to direct the use of and obtain substantially all the benefits of an asset have been achieved. The Company has elected to recognize the cost for freight and shipping when control over products have transferred to the customer as an expense in cost of revenues in the consolidated statements of operations. The Company's service revenue is recognized either over-time or at a point-in-time, depending on the nature of the offering. Revenues associated with non-cancelable maintenance and support contracts comprise approximately 81% of the Company's net service revenues and are recognized ratably over the contract term, which typically ranges between one and three years. The Company believes this recognition period faithfully depicts the pattern of transfer of control for maintenance and support as the services are provided in relatively even increments. For certain products, support or maintenance are provided free of charge without the purchase of a separate service contract. If the free service is determined to rise to the level of a performance obligation, the Company allocates a portion of the transaction price to the implied performance obligation and recognizes service revenues over the estimated implied service period, which can range between one month to several years, depending on the circumstances. Revenues associated with professional services are recognized when the Company has objectively determined that the obligation has been satisfied, which is usually upon customer acceptance. The Company's contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company allocates the transaction price of a contract to each identified performance obligation based on stand-alone selling price (“SSP.”) A fixed discount is always subject to allocation in this manner. If the transaction price is considered variable, the Company determines if the consideration is associated with one or many, but not all of the performance obligations, and allocates accordingly. Judgment is also required to determine the SSP for each distinct performance obligation. The Company derives SSP for its performance obligations through a stratification methodology and consider a number of characteristics, including consideration related to different service types, customers, and geographies. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. On occasion, the Company will fulfill only part of a purchase order due to lack of current availability for one or more items requested on an order. The Company's practice is to ship what is on hand, with the remaining goods shipped once the product is in stock, which is generally less than one year from the date of the order. Depending on the terms of the contract or operationally, undelivered or back-ordered items may be canceled by either party at their discretion. The distributor contracts are made under agreements that allow for rights of return and include various sales incentive programs, such as back-end rebates, discounts, marketing development funds, and other sales incentives. The Company can reasonably estimate the sales incentives due to an established sales history with customers and records the estimated reserves and allowances at the time the related revenue is recognized. Income Taxes Deferred income taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance against particular deferred income tax assets if it is more-likely-than-not that those assets will not be realized. The provision for (benefit from) income taxes comprise the Company's current tax liability and changes in deferred income tax assets and liabilities. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for (benefit from) income taxes. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are in accordance with applicable tax laws. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation, or the change of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the effect of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties. The Company is subject to income taxes in the U.S. and foreign jurisdictions. At any one-time, multiple tax years are subject to audit by various tax authorities. The Company accounts for Global Intangible Low-Taxed Income as period costs when incurred. Earnings (Loss) Per Share The Company has stock-based compensation plans under which employees, non-employee directors, and consultants may be granted stock-based compensation awards. Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share includes the effect of outstanding stock options, restricted stock, and shares purchased under the 2002 ESPP in accordance with the treasury stock method, except when their effect is anti-dilutive. For further details refer to Note 16, Computation of Earnings (Loss) Per Common Share . Comprehensive Income (Loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss.) Other comprehensive income (loss) refers to income, expenses, gains, and losses that are recorded as an element of stockholders’ equity (deficit), but which are excluded from net income. Accumulated other comprehensive income (loss), as presented in the accompanying consolidated balance sheets, consists of foreign currency translation adjustments and unrealized gains and losses on cash flow hedges, net of tax. Foreign Operations and Currency Translation The functional currency of each of the Company's subsidiaries is the USD. Assets and liabilities denominated in currencies other than the USD are re-measured at the period-end rates for monetary assets and liabilities and at historical rates for non-monetary assets and liabilities. Revenues and expenses are re-measured at average monthly rates, which approximate actual rates. Foreign currency transaction gains and losses are recognized in other non-operating expense (income), net, in the consolidated statements of operations and are immaterial for all periods presented. Stock-Based Compensation Expense The Company applies the provisions of Accounting Standards Codification (ASC) 718, Compensation - Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees and non-employee directors based on estimated fair values as of the grant date. The Company recognizes compensation expense using the straight-line attribution approach over the service period for which the stock-based compensation is expected to vest. The Company estimates expected forfeitures at the time of grant based on historical activity, which the Company believes is indicative of expected future forfeitures. Treasury Shares From time to time, the Company repurchases shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions, in accordance with programs authorized by the Board of Directors ("Board"). Repurchased shares are held as treasury stock until such time as they are retired or re-issued. Retirements of treasury stock are non-cash equity transactions in which the reacquired shares are returned to the status of authorized but unissued and the cost is recorded as a reduction to both retained earnings and treasury stock. The stock repurchase programs are intended to offset the impact of dilution resulting from the Company's stock-based compensation programs. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments, and accounts receivable, net. The Company’s investment policy limits investments to highly rated securities. In addition, the Company limits the amount of credit exposure to any one issuer and restricts placement of these investments to issuers evaluated as creditworthy. As of April 2, 2022, the Company's investments were composed solely of mutual funds and money market funds. As of April 3, 2021, the Company's investments were composed solely of mutual funds and money market funds. Concentrations of credit risk with respect to accounts receivable, net are limited due to the large number of customers that comprise the Company’s customer base and their dispersion across different geographies and markets. Two customers, Ingram Micro Group and ScanSource, accounted for 38.7% and 22.3%, respectively, of total accounts receivable, net as of April 2, 2022. Two customers, ScanSource and Ingram Micro Group, accounted for 24.9% and 24.7%, respectively, of total accounts receivable, net as of April 3, 2021. The Company does not believe other significant concentrations of credit risk exist. The Company performs ongoing credit evaluations of its customers' financial condition and requires no collateral from its customers. The Company maintains a provision for doubtful accounts based upon expected collectability of all accounts receivable. Certain inventory components required by the Company and our original design and contract manufacturers are only available from a limited number of suppliers. The rapid rate of technological change, the necessity of developing and manufacturing products with short lifecycles, and global supply and demand may intensify these risks. The inability to obtain components as required, or to develop alternative sources, as required in the future, could result in delays or reductions in product shipments, which in turn could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. As a mitigation, the Company has ongoing efforts to identify alternative sourcing suppliers to eliminate reliance to the extent possible on one supplier. Related Party A vendor of the Company, Digital River, Inc. ("Digital River"), with whom the Company had an existing relationship prior to the Acquisition of Polycom for e-commerce services, is a wholly owned subsidiary of Siris Capital Group, LLC ("Siris"). Triangle Private Holdings II, LLC ("Triangle") is also a wholly owned subsidiary of Siris. Immediately prior to the Company's Acquisition of Polycom on July 2, 2018, Triangle was Polycom’s sole stockholder and pursuant to the Company's Stock Purchase Agreement with Triangle, Triangle owned approximately 17.8% of the Company's issued and outstanding stock. However, Triangle sold all of its stock in two block sales to a broker-dealer on August 27, 2020 and November 23, 2020. As a result of the first block sale, one of the directors previously appointed to the Board resigned pursuant to the Stockholder Agreement with Triangle. The Board waived the resignation requirement with respect to a second director previously appointed in accordance with the Stockholder Agreement with Triangle. As a consequence of these relationships, Digital River is considered a related party under ASC 850, Related-Party Disclosures . The Company had immaterial transactions with Digital River during Fiscal Years 2022, 2021 and 2020. As of April 3, 2021, Triangle did not hold any of the Company's stock. For the Fiscal Year of 2022, Triangle and its related parent companies were not considered related parties. Accounts Receivable Financing The Company holds a financing agreement with an unrelated third-party financing company (the "Financing Agreement") whereby the Company offers distributors and resellers direct or indirect financing on their purchases of products and services. In return, the Company agrees to pay the financing company a fee based on a pre-defined percentage of the transaction amount financed. In certain instances, the Financing Agreement results in a transfer of the Company's receivables, without recourse, to the financing company. If the transaction meets the applicable criteria under ASC 860, Transfers and Servicing ("ASC 860"), and is accounted for as a sale of financial assets, the related accounts receivable is excluded from the balance sheet upon receipt of the third-party financing company's payment remittance. In certain legal jurisdictions, the arrangements that involve maintenance services or products bundled with maintenance at one price do not qualify as sales of financial assets in accordance with the authoritative guidance. Accordingly, accounts receivable related to these arrangements are accounted for as a secured borrowing in accordance with ASC 860 and the Company records a liability for |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Apr. 02, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (“ASU 2016-02”). Under ASU 2016-02, lessees are required to recognize a lease liability and a corresponding ROU asset on the balance sheet for virtually all leases, essentially eliminating off-balance sheet financing. On March 31, 2019, the Company adopted ASU 2016-02 using the modified retrospective approach and recognized $57.3 million in ROU assets within Other Assets and $68.5 million in lease liabilities, of which $25.7 million and $42.8 million were included within Accrued Liabilities and Other Long-Term Liabilities, respectively, on the Consolidated Balance Sheet. The initial ROU assets recognized were adjusted for accrued rent and facility-related restructuring liabilities as of the adoption date. The adoption of ASU 2016-02 did not have a material impact on the Company's Consolidated Statements of Operations. Recent accounting pronouncements issued by the FASB are not expected to have a material impact on the Company's financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Apr. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables summarize the carrying value and fair value of the Company's cash and cash equivalents, short-term investments, derivative instruments and long-term debt as of April 2, 2022 and April 3, 2021: Carrying Value at Fair Value at April 2, 2022 (in thousands) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 170,000 $ 170,000 $ — $ — Short-term investments 13,703 13,703 — — Derivative instruments 31,891 — 31,891 — Liabilities: Derivative instruments $ 1,828 $ — $ 1,828 $ — Long-term debt 1,500,283 — 1,521,562 — Carrying Value at Fair Value at April 3, 2021 (in thousands) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 202,560 $ 202,560 $ — $ — Restricted cash 493,908 493,908 — — Short-term investments 14,559 14,559 — — Derivative instruments 5,106 — 5,106 — Liabilities: Derivative instruments $ 11,802 $ — $ 11,802 $ — Current portion of long-term debt 478,807 — 482,669 — Long-term debt 1,496,064 — 1,497,323 — Valuation Techniques • Cash and cash equivalents, short-term investments, and restricted cash are classified within Level 1 of the fair value hierarchy. Financial instruments classified as Level 1 are based on quoted market prices in active markets. The types of financial instruments the Company classifies within Level 1 include bank deposits, money market securities, and publicly traded mutual funds. Restricted cash represents the cash held in trust and restricted for use to redeem the 5.50% Senior Notes. Refer to Note 8, Debt . • The Company estimates the fair value of derivatives using pricing models that use observable market inputs. The significant Level 2 inputs used in the valuation of derivatives include spot rates and forward rates. These inputs were obtained from pricing services, broker quotes, and other sources. • The fair value of long-term debt was determined based on inputs that were observable in the market, including the trading price, when available. As of April 2, 2022 and April 3, 2021, the Company's short-term investments consisted of assets related to its deferred compensation plans. The assets are reported at fair value, with unrealized gains and losses included in current period earnings. For more information regarding the Company's deferred compensation plan, see Note 4, Deferred Compensation . The Company did not incur any material realized or unrealized gains or losses during Fiscal Years 2022 and 2021. There were no transfers between fair value measurement levels during Fiscal Years 2022 and 2021. |
DEFERRED COMPENSATION
DEFERRED COMPENSATION | 12 Months Ended |
Apr. 02, 2022 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | DEFERRED COMPENSATIONAs of April 2, 2022, the Company held investments in mutual funds with a fair value totaling $13.7 million, whose holdings are publicly traded debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability was $13.7 million as of April 2, 2022. As of April 3, 2021, the Company held investments in mutual funds with a fair value totaling $14.6 million, whose holdings are publicly traded debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability as of April 3, 2021 was $14.6 million. The investments are recorded at fair value in short-term investments in the consolidated balance sheets. The liability is recorded in accrued liabilities and other non-current liabilities in the consolidated balance sheets. |
DETAILS OF CERTAIN BALANCE SHEE
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS | 12 Months Ended |
Apr. 02, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Balance Sheet Accounts | DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS Accounts receivable, net (in thousands) April 2, 2022 April 3, 2021 Accounts receivable $ 381,744 $ 352,108 Provisions for promotions and rebates (102,499) (82,315) Provisions for doubtful accounts and sales allowances (1,321) (2,329) Accounts receivable, net $ 277,924 $ 267,464 Inventory, net (in thousands) April 2, 2022 April 3, 2021 Raw materials $ 90,192 $ 87,050 Work in process 1,656 9,511 Finished goods 142,254 97,844 Inventory, net $ 234,102 $ 194,405 Property, plant, and equipment, net (in thousands) April 2, 2022 April 3, 2021 Land $ 15,112 $ 15,643 Buildings and improvements (useful life: 7-30 years) 137,682 131,752 Machinery and equipment (useful life: 1-10 years) 175,150 177,807 Software (useful life: 3-6 years) 63,601 60,244 Construction in progress 7,409 7,519 Property, plant, and equipment, gross 398,954 392,965 Accumulated depreciation and amortization (271,933) (252,090) Property, plant, and equipment, net $ 127,021 $ 140,875 Depreciation and amortization expense attributable to property, plant and equipment, net for Fiscal Years 2022, 2021, and 2020 was $34.6 million, $39.4 million, and $46.1 million, respectively. Included in software are unamortized capitalized software costs relating to both purchased and internally developed software of $13.4 million and $13.2 million at April 2, 2022 and April 3, 2021, respectively. Amortization expense related to software in Fiscal Years 2022, 2021, and 2020 was $5.0 million, $6.4 million, and $10.1 million, respectively. Included in construction in progress at April 2, 2022 was tooling for new products, machinery and equipment, building improvements, and IT-related expenditures. None of the items were individually material. Accrued Liabilities (in thousands) April 2, 2022 April 3, 2021 Deferred revenue $ 128,339 $ 141,375 Employee compensation and benefits 69,011 84,318 Provision for returns 17,672 25,133 Operating lease liabilities, current 13,879 21,701 Accrued other 109,935 121,557 Accrued liabilities $ 338,836 $ 394,084 The Company's warranty obligation is recorded in accrued liabilities and other non-current liabilities in the consolidated balance sheets. Changes in the warranty obligation during Fiscal Years 2022 and 2021 were as follows: (in thousands) April 2, 2022 April 3, 2021 Warranty obligation at beginning of year $ 17,384 $ 15,261 Warranty provision related to products shipped 17,780 21,112 Deductions for warranty claims processed (25,207) (19,168) Adjustments related to preexisting warranties 8,754 179 Warranty obligation at end of year $ 18,711 $ 17,384 Operating Leases (in thousands) Balance Sheet Classification April 2, 2022 April 3, 2021 ASSETS Operating right-of-use assets (1) Other Assets $ 45,526 $ 40,177 LIABILITIES Operating lease liabilities, current (2) Accrued Liabilities 13,879 21,701 Operating lease liabilities, long-term Other Liabilities 42,210 35,105 (1) During Fiscal Year 2022 and Fiscal Year 2021, the Company made $24.3 million and $27.3 million, respectively, in payments for operating leases included within cash provided by operating activities in the consolidated statements of cash flows. (2) During Fiscal Year 2022 and Fiscal Year 2021, the Company recognized $12.1 million and $13.7 million, respectively, in operating lease expense, net of $5.6 million and $5.4 million in sublease income, respectively, within the consolidated statement of operations. |
GOODWILL AND PURCHASED INTANGIB
GOODWILL AND PURCHASED INTANGIBLE ASSETS | 12 Months Ended |
Apr. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND PURCHASED INTANGIBLE ASSETS | GOODWILL AND PURCHASED INTANGIBLE ASSETS Goodwill The carrying amount of goodwill allocated to the Company's reportable segments is as follows: (in thousands) Products Reportable Segment Services Reportable Segment Total Consolidated Balance as of April 2, 2022 and April 3, 2021 (1) $ 628,968 $ 167,248 $ 796,216 (1) Goodwill is net of accumulated impairment losses of $427.2 million and $56.5 million related to the Products segment and Services segment, respectively. During the fourth quarters of Fiscal Year 2022 and 2021, the Company performed an initial assessment of qualitative factors to determine whether the existence of events and circumstances lead to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. After assessing the totality of relevant events and circumstances, the Company determined that it is more-likely-than-not that the fair value of all reporting units exceed carrying value. Therefore, no further impairment testing was performed and no impairment charges were recognized. Purchased Intangibles, net Purchased Intangibles, net consists primarily of existing technology, customer relationships, and trade names acquired in business combinations. Intangible assets with finite lives are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount of the related asset group may not be recoverable. No impairment charges were recognized in Fiscal Year 2022 and in Fiscal Year 2021. As of April 2, 2022 and April 3, 2021, the carrying value of purchased intangibles, excluding fully amortized assets and goodwill, is as follows: April 2, 2022 April 3, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Amount Existing technology $ 429,923 $ (342,103) $ 87,820 1.4 years $ 427,123 $ (277,071) $ 150,052 Customer relationships 240,024 (164,799) 75,225 2.3 years 240,024 (128,740) 111,284 Trade names/Trademarks 115,600 (48,167) 67,433 5.3 years 115,600 (35,322) 80,278 Total intangible assets $ 785,547 $ (555,069) $ 230,478 2.8 years $ 782,747 $ (441,133) $ 341,614 Intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets. Amortization is charged to cost of revenues and operating expenses in the consolidated statements of operations. The Company recognized $113.9 million and $124.9 million of amortization expense in Fiscal Year 2022 and Fiscal Year 2021, respectively. As of April 2, 2022, expected amortization expense attributable to purchased intangible assets for each of the next five years and thereafter is as follows: in thousands Amount 2023 $ 112,165 2024 66,869 2025 22,544 2026 12,844 2027 12,844 Thereafter 3,212 Total $ 230,478 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Future Minimum Lease Payments Future minimum lease payments under non-cancelable operating leases as of April 2, 2022 were as follows: (in thousands) Operating Leases (1) 2023 $ 15,185 2024 13,213 2025 9,424 2026 8,057 2027 6,415 Thereafter 10,802 Total lease payments $ 63,096 Less: Imputed interest (2) (7,007) Present value of lease liabilities $ 56,089 (1) The weighted average remaining lease term was 5.0 years as of April 2, 2022. (2) The weighted average discount rate was 4.4% as of April 2, 2022. Unconditional Purchase Obligations The Company's off-balance sheet unconditional purchase obligations are comprised of third-party manufacturing, component purchases, and other general and administrative commitments. We use several contract manufacturers to manufacture raw materials, components, and subassemblies for our products through our supply and demand information that can cover periods up to 78 weeks. The contract manufacturers use this information to acquire components and build products. We also obtain individual components for our products from a wide variety of individual suppliers using a combination of purchase orders, supplier contracts, including annual minimum purchase obligations, and open orders based on projected demand information. A substantial portion of the raw materials, components, and subassemblies used in our products are provided by our suppliers on a consignment basis. These consigned inventories are not recorded on our consolidated balance sheets until we take title to the raw materials, components, and subassemblies, which occurs when they are consumed in the production process. Prior to consumption in the production process, our suppliers bear the risk of loss and retain title to the consigned inventory. The agreements allow us to return parts in excess of maximum order quantities to the suppliers at the supplier’s expense. Returns for other reasons are negotiated with the suppliers on a case-by-case basis and to date have been immaterial. If our suppliers were to discontinue financing consigned inventory, it would require us to make cash outlays and we could incur expenses which, if material, could negatively affect our business and financial results. As of April 2, 2022, the Company had off balance-sheet unconditional purchase obligations of $617.8 million, including third-party manufacturing and component purchases of $512.1 million net of consigned inventories of $51.8 million. We expect to consume unconditional purchase obligations in the normal course of business, net of an immaterial purchase commitments reserve. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs in partnering with our suppliers given the current environment. Other Guarantees and Obligations In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company's breach of agreements or representations and warranties made by the Company, services to be provided by the Company, intellectual property infringement claims made by third parties or, with respect to the sale of assets of a subsidiary, matters related to the Company's conduct of business and tax matters prior to the sale. From time to time, the Company indemnifies customers against combinations of loss, expense, or liability arising from various triggering events relating to the sale and use of its products and services. In addition, the Company also provides indemnification to customers against claims related to undiscovered liabilities, additional product liability, or environmental obligations. The Company has also entered into indemnification agreements with its directors, officers, and certain other personnel that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers of the Company or certain of its affiliated entities. The Company maintains director and officer liability insurance, which may cover certain liabilities arising from its obligation to indemnify its directors, officers, and certain other personnel in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these agreements due to the limited history of prior claims and the unique facts and circumstances involved in each particular claim. Such indemnification obligations might not be subject to maximum loss clauses. Historically, the Company has not incurred material costs as a result of obligations under these agreements and it has not accrued any liabilities related to such indemnification obligations in the consolidated financial statements. As of April 2, 2022, the Company had $28.7 million in off balance-sheet contractual obligations related to advisory services performed in connection with the Merger Agreement which are contingent upon the close of the Merger. Claims and Litigation On January 23, 2018, FullView, Inc. filed a complaint in the United States District Court of the Northern District of California against Polycom, Inc. alleging infringement of two patents and thereafter filed a similar complaint in connection with the same patents in Canada. Polycom thereafter filed an inter partes reexamination ("IPR") of one of the patents, which was then appealed to Federal Circuit Court. Litigation in both matters in the United States and Canada, respectively, were stayed pending the results of that appeal. Polycom also filed an IPR of the second patent and the U.S. Patent Trial and Appeal Board (“PTAB”) denied institution of the IPR petition. FullView also initiated arbitration proceedings under a terminated license agreement with Polycom alleging that Polycom had failed to pay certain royalties due under that agreement. The arbitration panel awarded an immaterial amount to FullView. FullView filed a First and Second Amended Complaint and Polycom filed a motion to dismiss. The Court granted Polycom's partial motion to dismiss without prejudice and invalidated one of the patents in suit and granted FullView's motion of validity on the second patent. Litigation on this remaining patent is ongoing. On June 21, 2018, directPacket Research Inc. filed a complaint alleging patent infringement by Polycom, Inc. in the United States District Court for the Eastern District of Virginia, Norfolk Division. The Court granted Polycom’s Motion to Transfer Venue to the Northern District of California. Polycom filed petitions for IPR of the asserted patents which were granted by the PTAB. The District Court matter was stayed pending resolution of the IPRs. After oral argument, the PTAB issued final written decisions invalidating two of the asserted patents. The remaining claims of the third patent were unasserted against the Company. DirectPacket appealed the PTAB decision regarding the '588 patent and Polycom appealed the PTAB's decision on the '978 patent to the United States Court of Appeals for the Federal Circuit. On December 13, 2021, the Court issued an affirmance of the decision regarding the invalidity of all asserted claims of the ‘978 patent. On January 27, 2022, the Court vacated the PTAB’s finding that certain claims were invalid as obvious and remanded the case for further proceedings at the PTAB. The PTAB agreed with Polycom that additional briefing is needed to decide the issue of invalidity in light of the Federal Circuit’s revised claim construction. The district court case remains stayed pending the PTAB decision. On November 15, 2019, Felice Bassuk, individually and on behalf of others similarly situated, filed a complaint against the Company, its former CEO, Joseph Burton, its CFO, Charles Boynton, and its former CFO, Pamela Strayer, alleging various securities law violations. The Company disputes the allegations. The Court appointed lead plaintiff and lead counsel and renamed the action “In re Plantronics, Inc. Securities Litigation” on February 13, 2020. Plaintiffs filed the amended complaint on June 5, 2020 and the Company filed a Motion to Dismiss the Amended Complaint on August 7, 2020. The hearing scheduled for January 13, 2021 was vacated and on March 29, 2021, the Court issued its order granting the Company’s motion to dismiss, but allowing the Plaintiffs leave to amend their complaint. The Plaintiff filed its second amended complaint on June 22, 2021 and the Company filed its Motion to Dismiss on September 7, 2021. The court is expected to rule based on the briefs without a hearing and the parties are awaiting the court's ruling. On December 17, 2019, Cisco Systems, Inc. filed a First Amended Complaint for Trade Secret Misappropriation against Plantronics, Inc. and certain individuals which amends a previously filed complaint against certain other individuals. The Company disputes the allegations. The Company filed a Motion to Dismiss and the Court granted the Motion with leave to amend as to defendants He, Chung and Williams, granted the Motion to Compel Arbitration for defendant Williams and granted in part and denied in part the Motion to Dismiss by defendants Puorro and the Company. Cisco filed an Amended Complaint and the defendants moved to dismiss or strike portions of the Amended Complaint. The Court granted in part and denied in part the Motion to Dismiss. On September 10, 2020, the Company filed a Motion for Protective Order and a Motion to Strike and Challenge the Sufficiency of Cisco’s Trade Secret Disclosure. On December 21, 2020, the Court granted in part and denied in part such Motions. On December 30, 2020, Cisco filed a motion for leave to file a Motion for Reconsideration. On January 11, 2021 the Company filed its opposition. The Court issued its Case Management and Pretrial order setting a settlement conference which occurred on April 1, 2021. During such mediation conference, the parties were unable to reach settlement. The Texas arbitration proceeding between Mr. Williams and Cisco was settled pursuant to an agreement by the parties, and Mr. Williams was dismissed with prejudice from both that proceeding and from the district court action. On August 13, 2021, Mr. He settled with Cisco pursuant to which he will be permanently enjoined and forever prohibited from receiving, using, and/or distributing Cisco Confidential Business Information except in limited circumstances. Discovery is ongoing. On July 22, 2020, Koss Corporation filed a complaint alleging patent infringement by the Company and Polycom, Inc. in the United States District Court for the Western District of Texas, Waco Division. The Company answered the Complaint on October 1, 2020 disputing the claims. On December 18, 2020, the Company filed a Motion to Transfer Venue to the Northern District of California which was granted on May 20, 2021. On November 1, 2021, the Company filed a Motion to Dismiss the suit with the District Court on the grounds of non-patentable subject matter. The Court will rule based on the briefs without a hearing and the parties are awaiting the Court's ruling. As of the date of this Annual Report on Form 10-K, five purported stockholders have commenced separate actions against the Company and its directors related to the Merger. Those cases are: Stein v. Plantronics, Inc., et al., Civil Action No. 22-cv-03574, filed in the United States District Court for the Southern District of New York on May 3, 2022; Whitfield v. Plantronics, Inc., et al., Civil Action No. 22-cv-02583, filed in the United States District Court for the Eastern District of New York on May 5, 2022; Vicknair v. Plantronics, Inc., et al., Civil Action No. 1:22-cv-02753, filed in the United States District Court for the Eastern District of New York on May 11, 2022; Justice, II v. Plantronics, Inc., et al., No. 2:22-cv-01861, filed in United States District Court for the Eastern District of Pennsylvania on May 12, 2022; and Hansen v. Plantronics, Inc., et al., Civil Action No. 5:22-cv-02989-VKD, filed in the United States District Court for the Northern District of California on May 20, 2022. We refer to the complaints referenced in this paragraph collectively as the “Complaints.” The Complaints assert claims against all defendants under Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, and against the individual defendants under Section 20(a) of the Exchange Act for alleged “control person” liability, with respect to allegedly false or misleading statements in the Company’s preliminary proxy statement filed on May 2, 2022 and/or the Company’s definitive proxy statement filed on May 17, 2022. The Complaints seek, among other relief (1) to enjoin defendants from consummating the Merger; (2) to rescind the Merger or recover damages, if the Merger is completed; (3) to require the individual defendants to issue a revised proxy statement; (4) declaratory relief; and (5) attorneys’ fees and costs. In addition to the specific matters discussed above, the Company is involved in various legal proceedings and investigations arising in the normal course of conducting business. Where applicable, in relation to the matters described above, the Company has accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to the Company's financial condition, results of operations, or cash flows. The Company is not able to estimate an amount or range of any reasonably possible loss, including in excess of any amount accrued, because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the variable treatment of claims made in many of these proceedings, and the difficulty of predicting the settlement value of many of these proceedings. |
DEBT
DEBT | 12 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The carrying value of the Company's outstanding debt as of April 2, 2022 and April 3, 2021 were as follows: (in thousands) April 2, 2022 April 3, 2021 4.75% Senior Notes $ 494,737 $ 493,985 5.50% Senior Notes — 478,807 Term Loan Facility 1,005,546 1,002,079 As of April 2, 2022, and April 3, 2021, the net unamortized discount and debt issuance costs on the Company's outstanding debt were $16.5 million and $22.6 million, respectively. 4.75% Senior Notes On March 4, 2021, the Company issued $500.0 million aggregate principal amount of 4.75% Senior Notes. The 4.75% Senior Notes mature on March 1, 2029 and bear interest at a rate of 4.75% per annum, payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2021. The Company received proceeds of $493.9 million from issuance of the 4.75% Senior Notes, net of issuance costs of $6.1 million, which are presented in the consolidated balance sheets as a reduction to the outstanding amount payable and are being amortized to interest expense using the straight-line method, which approximates the effective interest method for this debt, over the term of the 4.75% Senior Notes. A portion of the proceeds was used to repay the outstanding principal of the 5.50% Senior Notes on May 17, 2021. The Company may redeem all or part of the 4.75% Senior Notes, upon not less than a 15-day or more than a 60-day notice, however, the applicable redemption price will be determined as follows: Redemption Period Requiring Payment of: Redemption Up To 40% Using Cash Proceeds From An Equity Offering (3) Make-Whole (1) Premium (2) Date Specific Price 4.75% Senior Notes Prior to March 1, 2024 On or after March 1, 2024 Prior to March 1, 2024 104.75% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium, which means, the greater of (i) 1.0% of the principal or (ii) the excess of the present value of the redemption price at March 1, 2024 plus interest through March 1, 2024 over the principal amount. (2) If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time, as specified in the applicable indenture, together with accrued and unpaid interest. (3) If the Company redeems the notes prior to the applicable date with net cash proceeds of one or more equity offerings, the price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 40% of the aggregate principal amount of the respective note being redeemed and at least 50% of the aggregate principal amount remains outstanding immediately after any such redemption (unless the notes are redeemed or repurchased substantially concurrently). In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the 4.75% Senior Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 4.75% Senior Notes contain restrictive covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur or guarantee additional indebtedness, make certain investments and other restricted payments, transfer and sell assets, create liens, enter into transactions with affiliates, and engage in mergers, consolidations, or sales of assets. 5.50% Senior Notes In May 2015, the Company issued $500.0 million aggregate principal amount of 5.50% Senior Notes. The 5.50% Senior Notes mature on May 31, 2023, and bear interest at a rate of 5.50% per annum, payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2015. The Company received net proceeds of $488.4 million from issuance of the 5.50% Senior Notes, net of issuance costs of $11.6 million, which are presented in the consolidated balance sheets as a reduction to the outstanding amount payable and are being amortized to interest expense over the term of the 5.50% Senior Notes using the straight-line method, which approximates the effective interest method for this debt. A portion of the proceeds was used to repay all then-outstanding amounts under the Company's revolving line of credit agreement with Wells Fargo Bank and the remaining proceeds were used primarily for share repurchases. On May 17, 2021, the Company used a portion of the proceeds from the 4.75% Senior Notes to redeem the outstanding principal and accrued interest of the 5.50% Senior Notes of $493.9 million . Term Loan Facility In connection with the acquisition of Polycom completed on July 2, 2018, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “Credit Agreement.”) The Credit Agreement replaced the Company’s prior revolving credit facility in its entirety. The Credit Agreement provides for (i) a revolving credit facility with an initial maximum aggregate amount of availability of $100 million that matures in July 2023 and (ii) a $1.275 billion term loan facility priced at LIBOR plus 2.50% due in quarterly principal installments commencing on the last business day of March, June, September and December beginning with the first full fiscal quarter ending after the closing date under the Credit Agreement for the aggregate principal amount funded on the closing date under the Credit Agreement multiplied by 0.25% (subject to prepayments outlined in the Credit Agreement) and all remaining outstanding principal due at maturity in July 2025. The Company has paid the full amount of term debt principal due prior to maturity. The Company borrowed the full amount available under the term loan facility of $1.245 billion, net of approximately $30 million of discounts and issuance costs which are being amortized to interest expense over the term of the Credit Agreement using the straight-line method, which approximates the effective interest method for this debt. The proceeds from the initial borrowing under the Credit Agreement were used to finance the acquisition of Polycom, to refinance certain debt of Polycom and to pay related fees, commissions and transaction costs. The Company has additional borrowing capacity under the Credit Agreement through the revolving credit facility, which could be used to provide ongoing working capital and capital for other general corporate purposes of the Company and its subsidiaries. The Company’s obligations under the Credit Agreement are currently guaranteed by Polycom and will from time to time be guaranteed by, subject to certain exceptions, any domestic subsidiaries that may become material in the future. Subject to certain exceptions, the Credit Agreement is secured by first-priority perfected lien on, and security interests in, substantially all of the personal property of the Company and each subsidiary guarantor and will from time to time also be secured by certain material real property that the Company or any subsidiary guarantor may acquire. Borrowings under the Credit Agreement bear interest due on a quarterly basis at a variable rate equal to (i) LIBOR plus a specified margin, or (ii) the base rate (which is the highest of (a) the prime rate publicly announced from time to time by Wells Fargo Bank, National Association, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin. The Company must also pay (i) an unused commitment fee ranging from 0.200% to 0.300% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement, and (ii) a per annum fee equal to (a) for each performance standby letter of credit outstanding under the Credit Agreement with respect to non-financial contractual obligations, 50% of the applicable margin over LIBOR under the revolving credit facility in effect from time to time multiplied by the daily amount available to be drawn under such letter of credit, and (b) for each other letter of credit outstanding under the Credit Agreement, the applicable margin over LIBOR under the revolving credit facility in effect from time to time multiplied by the daily amount available to be drawn under such letter of credit. On December 29, 2021, the Company entered into Amendment No. 3 to Credit Agreement (“Amendment No. 3”) by and among the Company, the financial institutions party thereto as lenders, and Wells Fargo Bank, National Association, as administrative agent. Amendment No. 3 amended the Credit Agreement, as previously amended, to (i) increase the maximum Secured Net Leverage Ratio (as defined in the Credit Agreement) permitted to 3.75 to 1.00 as of the end of any fiscal quarter ending during the period beginning on January 2, 2022 through December 31, 2022 and to 3.00 to 1.00 as of the end of any fiscal quarter ending thereafter, except that the maximum Secured Net Leverage Ratio shall be deemed to be 3.00 to 1.00 at all times for purposes of determining pro forma compliance with each Specified Pro Forma Financial Covenant Test (as defined in the Credit Agreement). Additionally, Amendment No. 3 modified the calculation of the Secured Net Leverage Ratio solely for purposes of determining compliance with Section 7.11(a) of the Credit Agreement for any fiscal quarter ending between January 2, 2022 through December 31, 2022 by amending the definition of Consolidated EBITDA to (a) limit the aggregate amount added back pursuant to clause (vii) thereof (relating to certain acquisition expenses) to the greater of $30,000,000 and 10% of Consolidated EBITDA for such Measurement Period (as defined in the Credit Agreement) (calculated before giving effect to any such expenses to be added back pursuant to such clause (vii) for such Measurement Period), (b) limit the aggregate amount added back pursuant to clause (vii) thereof in respect of integration expenses related to the Polycom Acquisition (as defined in the Credit Agreement) to $30,000,000, and (c) limit the aggregate amount added back pursuant to clause (viii) thereof (relating to certain non-recurring or unusual items reducing consolidated net income) to the greater of $30,000,000 and 10% of Consolidated EBITDA for such Measurement Period (calculated before giving effect to any such items to be added back pursuant to such clause (viii) for such Measurement Period). The financial covenants under the Credit Agreement, as amended, are for the benefit of the revolving credit lenders only and do not apply to any other debt of the Company. The Credit Agreement also contains various other restrictions and covenants, some of which have become more stringent over time, including restrictions on our, and certain of our subsidiaries, ability to consolidate or merge, create liens, incur additional indebtedness, dispose of assets, consummate acquisitions, make investments, and pay dividends and other distributions. The Company has the unilateral ability to terminate the revolving line of credit such that the financial covenants described above are no longer applicable. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the lenders may declare any outstanding obligations under the Credit Agreement to be immediately due and payable; provided, however, that the occurrence of an event of default as a result of a breach of a financial covenant under the Credit Agreement does not constitute a default or event of default with respect to any term facility under the Credit Agreement unless and until the required revolving lenders shall have terminated their revolving commitments and declared all amounts outstanding under the revolving credit facility to be due and payable. In addition, if the Company, any subsidiary guarantor or, with certain exceptions, any other subsidiary becomes the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable. Loans outstanding under the Credit Agreement will bear interest at a rate of 2.00% per annum in excess of the otherwise applicable rate (i) while a payment or bankruptcy event of default exists or (ii) upon the lenders’ request, during the continuance of any other event of default. As of April 2, 2022, the Company was in compliance with all financial covenants. The Company may prepay the loans and terminate the commitments under the Credit Agreement at any time without penalty. Additionally, the Company is subject to mandatory debt repayments five business days after the filing of its consolidated financial statements for any annual period in which the Company generates Excess Cash (as defined in the Credit Agreement). In accordance with the terms of the Credit Agreement, the Company did not generate Excess Cash during Fiscal Years 2022 or 2021 and therefore is not required to make any debt repayments in Fiscal Year 2022. During Fiscal Year 2022, the Company did not prepay any aggregate principal amount of the term loan facility. As of April 2, 2022, the Company had four letters of credit outstanding under the revolving credit facility for a total of $2.5 million. Under the terms of the Merger Agreement, from the date of the Merger Agreement to the termination or consummation of the Merger, Poly is restricted in its ability to drawdown or incur additional indebtedness, under certain conditions, without the prior written consent of HP. |
RESTRUCTURING AND OTHER RELATED
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | 12 Months Ended |
Apr. 02, 2022 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | RESTRUCTURING AND OTHER RELATED CHARGES Summary of Restructuring Plans Fiscal Year 2022 Restructuring Plan During Fiscal Year 2022, the Company committed to actions to reduce expenses to enable strategic investments in revenue growth. The costs incurred to date under this plan include severance benefits related to headcount reductions in the Company's global workforce and facility related charges due to the closure or consolidation of offices. Fiscal Year 2021 Restructuring Plan During Fiscal Year 2021, the Company committed to additional actions to reduce expenses and align its overall cost structure to better align with projected revenue levels as well as reorganize its executive management to align to its new Chief Executive Officer's management structure. The costs incurred to date under this plan include severance benefits related to headcount reductions in the Company's global workforce and facility related charges due to the closure or consolidation of leased offices. Legacy Restructuring Plans In connection with the Polycom acquisition, in Fiscal Years 2019 and 2020 the Company initiated actions to rationalize post-acquisition operations and realign its cost structure. These actions included streamlining the global workforce, closure or consolidation of leased offices and distribution centers, consumer product portfolio optimization efforts, and legal entity rationalization. The following table summarizes the restructuring and other related charges recognized in the Company's consolidated statements of operations: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Severance $ 20,539 $ 26,467 $ 29,777 Facility (694) 3,274 3,247 Other (1) 5,436 3,803 10,207 Total cash charges 25,281 33,544 43,231 Non-cash charges (2) 9,656 15,160 10,946 Total restructuring and other related charges $ 34,937 $ 48,704 $ 54,177 (1) Other costs primarily represent associated legal and advisory services. (2) Non-cash charges primarily represent accelerated depreciation due to the closure or consolidation of facilities. The following table summarizes the Company's restructuring liabilities during Fiscal Year 2022: As of April 3, 2021 Accruals (1) Cash Payments As of April 2, 2022 Fiscal Year 2022 Plan Severance $ — $ 21,091 $ (17,422) $ 3,669 Facility — — — — Other — 5,464 (5,379) 85 Total Fiscal Year 2022 Plan — 26,555 (22,801) 3,754 Fiscal Year 2021 Plan Severance $ 6,039 $ (701) $ (4,835) $ 503 Facility 913 (108) (388) 417 Other 186 (28) (158) — Total Fiscal Year 2021 Plan 7,138 (837) (5,381) 920 Legacy Plans Severance 1,222 149 (1,041) 330 Facility 3,281 (586) (2,470) 225 Other — — — — Total Legacy Plans 4,503 (437) (3,511) 555 Severance 7,261 20,539 (23,298) 4,502 Facility 4,194 (694) (2,858) 642 Other 186 5,436 (5,537) 85 Total $ 11,641 $ 25,281 $ (31,693) $ 5,229 (1) Excludes non-cash charges of $9.7 million recorded in restructuring and other related charges in the consolidated statements of operations for Fiscal Year 2022. |
STOCK PLANS AND STOCK-BASED COM
STOCK PLANS AND STOCK-BASED COMPENSATION | 12 Months Ended |
Apr. 02, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans and Stock-Based Compensation | STOCK PLANS AND STOCK-BASED COMPENSATION 2003 Stock Plan On May 5, 2003, the Board adopted the Plantronics, Inc. 2003 Stock Plan ("2003 Stock Plan") which was approved by the stockholders on June 27, 2003. The 2003 Stock Plan, which will continue in effect until terminated by the Board, allows for the issuance of the Company's common stock through the granting of non-qualified stock options, restricted stock, restricted stock units, and performance shares with performance-based conditions on vesting. As of April 2, 2022, there have been 21,400,000 shares of common stock cumulatively reserved since inception of the 2003 Stock Plan for issuance to employees, non-employee directors, and consultants of the Company. The Company settles stock option exercises, grants of restricted stock, and releases of vested restricted stock units with newly issued common shares. The exercise price of stock options may not be less than 100% of the fair market value of the Company's common stock on the date of grant. The term of an option may not exceed seven years from the date it is granted. Stock options granted to employees vest over a three-year period and stock options granted to non-employee directors vest over a four year period. Restricted stock ("RSAs") and restricted stock units ("RSUs") are granted to directors, executives, and employees. The estimated fair value of the restricted stock and restricted stock unit grants is determined based on the fair market value of our common stock on the date of grant. RSAs and RSUs granted to employees generally vest over a three -year Performance-based restricted stock units ("PSUs") are granted to vice presidents and executives of the Company and contain a market condition based on Total Shareholder Return ("TSR.") The Leadership Development and Compensation ("LD&C") Committee of the Board sets a target and maximum value that each executive could earn based on an annual comparison of the total stockholder return on the Company's common stock against the iShares S&P North American Tech-Multimedia Networking Index ("Index"), an index the LD&C Committee determined appropriate to compare to the total stockholder return on its stock. PSUs will be delivered in common stock over the vesting period of three years based on the Company’s actual performance compared to the target performance criteria. Awards granted prior to May 6, 2019 may equal from zero percent (0%) to 150% of the target award, and awards granted subsequent to May 6, 2019 may equal from zero percent (0%) to 200% of the target award. The fair value of PSUs is estimated on the grant date of award using a Monte Carlo simulation model to estimate the total return ranking of the Company’s stock among the Index companies over each performance period. At April 2, 2022, options to purchase 44,000 shares of common stock and 3,158,855 shares of unvested restricted stock and restricted stock units were outstanding. There were 3,125,877 shares available for future grant under the 2003 Stock Plan. 2020 Inducement Equity Incentive Plan On September 14, 2020, the Board adopted the 2020 Inducement Equity Incentive Plan (the "Inducement Plan.") The 2020 Inducement Plan, which will continue in effect until terminated by the Board, allows for the issuance of the Company's common stock through the granting of non-statutory stock options, restricted stock, restricted stock units, and performance shares with performance-based conditions on vesting. As of April 2, 2022, there have been 1,000,000 shares of common stock cumulatively reserved since inception of the Inducement Plan for issuance to employees, non-employee directors, and consultants of the Company. The Company settles stock option exercises, grants of restricted stock, and release of vested restricted stock units with newly issued common stock. The exercise price of stock options may not be less than 100% of the fair market value of the Company's common stock on the date of grant. The term of an option may not exceed seven years from the date it is granted. Stock options granted to employees vest over a three year period and stock options granted to non-employee directors vest over a four year period. RSAs and RSUs are granted to directors, executives, and employees. The estimated fair value of the restricted stock and restricted stock unit grants is determined based on the fair market value of our common stock on the date of grant. RSAs and RSUs granted to employees generally vest over a three year period and to non-employee directors over a one year period. PSUs are granted to vice presidents and executives of the Company and contain a market condition based on TSR. The LD&C Committee of the Board sets a target and maximum value that each executive could earn based on an annual comparison of the total stockholder return on the Company's common stock against the Index, an index the Committee determined appropriate to compare to the total stockholder return on its stock. PSUs will be delivered in common stock over the vesting period of three years based on the Company’s actual performance compared to the target performance criteria. Awards granted subsequent to May 6, 2019 may equal from zero percent (0%) to 200% of the target award. The fair value of PSUs is estimated on the grant date of award using a Monte Carlo simulation model to estimate the total return ranking of the Company’s stock among the Index companies over each performance period. At April 2, 2022, there were no options granted to purchase shares of common stock and 271,601 shares of unvested restricted stock and restricted stock units outstanding. There were 601,000 shares available for future grant under the Inducement Plan. 2002 Employee Stock Purchase Plan ("ESPP") On June 10, 2002, the Board adopted the 2002 ESPP, which was approved by the stockholders on July 17, 2002, to provide eligible employees with an opportunity to purchase the Company's common stock through payroll deductions. The ESPP qualifies as an employee stock purchase plan under Section 423 of the Internal Revenue Code. Under the ESPP, which is effective until terminated by the Board, the purchase price of the Company's common stock is equal to 85% of the lesser of the closing price of the common stock on (i) the first day of the offering period or (ii) the last day of the offering period. Each offering period is six months long. There were 468,553, 822,748, and 736,184, shares issued under the ESPP in Fiscal Years 2022, 2021, and 2020, respectively. At April 2, 2022, there were 1,708,704 shares reserved for future issuance under the ESPP. The total cash received from employees as a result of stock issuances under the ESPP during Fiscal Year 2022 was $11.8 million, net of taxes. Stock-based Compensation Expense The following table summarizes the amount of stock-based compensation expense included in the consolidated statements of operations: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Cost of revenues $ 5,092 $ 2,939 $ 3,992 Research, development and engineering 9,478 13,785 16,785 Selling, general, and administrative 33,590 25,926 36,318 Operating expenses 43,068 39,711 53,103 Total stock-based compensation expense 48,160 42,650 57,095 Income tax benefit (7,587) (10,321) (7,369) Total stock-based compensation expense, net of tax $ 40,573 $ 32,329 $ 49,726 Stock Plan Activity Stock Options As of April 2, 2022, all stock options outstanding were fully vested resulting in no unrecognized compensation cost. The total intrinsic value of options exercised during all periods presented was immaterial. Intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price at the time of option exercise. Restricted Stock Restricted stock consists of RSAs and RSUs. The following table summarizes the changes in unvested restricted stock for Fiscal Year 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at April 3, 2021 2,059 $ 24.91 Granted 1,834 $ 30.39 Vested (977) $ 29.72 Forfeited (366) $ 25.10 Non-vested at April 2, 2022 2,550 $ 26.98 The weighted average grant-date fair value of restricted stock is based on the quoted market price of the Company's common stock on the date of grant. The weighted average grant-date fair values of restricted stock granted during Fiscal Years 2022, 2021, and 2020 were $30.39, $15.42, and $33.77, respectively. The total grant-date fair values of restricted stock that vested during Fiscal Years 2022, 2021, and 2020 were $29.0 million, $39.5 million, and $38.2 million, respectively. As of April 2, 2022, the total unrecognized compensation cost related to non-vested restricted stock was $40.8 million and is expected to be recognized over a weighted average period of 1.6 years. Under the terms of the Merger Agreement, at or immediately prior to the consummation of the Merger, (i) each then-outstanding share of restricted stock will immediately vest and be converted into the right to receive $40 per share, (ii) each then-outstanding RSU that was granted prior to the date of the Merger Agreement will be canceled and converted into the right to receive $40 per share underlying such RSU and (iii) each then-outstanding RSU that was granted on or after the date of the Merger Agreement will either (in the discretion of HP) be assumed by HP and converted into restricted stock units of HP or canceled and converted into the right to receive restricted cash, payable in accordance with the same vesting schedule , in each case as further detailed in the Merger Agreement. Performance-based Restricted Stock The following table summarizes the changes in unvested PSUs for Fiscal Year 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at April 3, 2021 983 $ 27.88 Granted 453 $ 53.65 Vested (288) $ 9.53 Forfeited (268) $ 40.63 Non-vested at April 2, 2022 880 $ 43.25 The weighted average grant-date fair values of PSUs granted during Fiscal Years 2022, 2021, and 2020 were $53.65 , $22.83, and $57.16, respectively. The total grant-date fair values of PSUs that vested during Fiscal Years 2022 and 2021 were $2.7 million and $5.7 million, respectively. The total grant-date fair value of PSUs that vested during Fiscal Year 2020 was immaterial. As of April 2, 2022, the total unrecognized compensation cost related to non-vested PSU awards was $15.5 million and is expected to be recognized over a weighted average period of 0.8 years. Valuation Assumptions The Company estimates the fair value of ESPP shares using a Black-Scholes option valuation model. At the date of grant, the Company estimates the fair value of purchase rights granted under the ESPP using the following weighted average assumptions: Fiscal Year Ended April 2, 2022 April 3, 2021 March 28, 2020 Expected volatility 63.4 % 94.8 % 67.0 % Risk-free interest rate 0.4 % 0.1 % 1.7 % Expected dividends — % — % 3.1 % Expected life (in years) 0.5 0.5 0.5 Weighted-average grant date fair value $ 9.85 $ 12.60 $ 6.64 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Apr. 02, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive income (loss), net of tax, were as follows: (in thousands) April 2, 2022 April 3, 2021 Accumulated unrealized gain (loss) on cash flow hedges $ 28,296 $ (7,836) Accumulated foreign currency translation adjustments 4,615 4,615 Accumulated other comprehensive income (loss) $ 32,911 $ (3,221) |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Apr. 02, 2022 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANSThe Company has a defined contribution benefit plan under Section 401(k) of the Internal Revenue Code, which covers substantially all U.S. employees. Eligible employees may contribute both pre-tax and Roth after-tax amounts to the plan through payroll withholdings, subject to certain annual limitations. Under the plan, the Company matches 100% of the first 3% of employees' eligible compensation contributed to the plan, then 50% of the next 3% of the employees' eligible compensation, contributed to the plan. All matching contributions are currently 100% vested immediately. The Company reserves the right to modify its plan at any time, including increasing, decreasing, or eliminating contribution matching and vesting requirements. Total Company contributions in Fiscal Years 2022, 2021, and 2020 were $9.8 million, $10.0 million, and $10.4 million, respectively. |
FOREIGN CURRENCY DERIVATIVES
FOREIGN CURRENCY DERIVATIVES | 12 Months Ended |
Apr. 02, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Derivatives | DERIVATIVES Foreign Currency Derivatives The Company's foreign currency derivatives consist primarily of foreign currency forward and option contracts. The Company does not purchase derivative financial instruments for speculative trading purposes. The derivatives expose the Company to credit risk to the extent the counterparties may be unable to meet the terms of the derivative instrument. The Company's maximum exposure to loss as a result of credit risk was equal to the carrying value of the Company's derivative assets as of April 2, 2022 and April 3, 2021. The Company seeks to mitigate such risk by limiting its counterparties to large financial institutions. In addition, the Company monitors the potential risk of loss with any one counterparty resulting from this type of credit risk on an ongoing basis. The Company enters into master netting arrangements with counterparties to mitigate credit risk in derivative transactions, when possible. A master netting arrangement may allow each counterparty to net settle amounts owed between the Company and the counterparty as a result of multiple, separate derivative transactions. As of April 2, 2022, the Company had International Swaps and Derivatives Association ("ISDA") agreements with five applicable banks and financial institutions which contained netting provisions. The Company has elected to present the fair value of derivative assets and liabilities within the Company's consolidated balance sheets on a gross basis even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. Derivatives not subject to master netting agreements are not eligible for net presentation. As of April 2, 2022 and April 3, 2021, no cash collateral had been received or pledged related to these derivative instruments. 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) 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. Non-Designated Hedges As of April 2, 2022, the Company had foreign currency forward contracts denominated in Euro ("EUR") and Great Britain Pound Sterling ("GBP.") The Company does not elect to obtain hedge accounting for these forward contracts. These forward contracts hedge against a portion of the Company’s foreign currency-denominated cash balances, accounts receivables, and accounts payables. 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 Effect of Non-Designated Derivative Contracts on the Consolidated 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 Cash Flow Hedges Costless Collars The Company hedges a portion of the forecasted EUR and GBP denominated revenues with costless collars. On a monthly basis, the Company enters into option contracts with a six 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 Company will reclassify all related amounts in accumulated other comprehensive income (loss) into earnings within the next twelve months. Cross-currency Swaps The Company hedges a portion of the forecasted Mexican Peso ("MXN") denominated expenditures with a cross-currency swap. As of April 2, 2022, and April 3, 2021, the Company had foreign currency swap contracts of approximately MXN 572.4 million an d MXN 564.3 million, respectively. 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 The Company will reclassify all related amounts in accumulated other comprehensive income (loss) into earnings within the next twelve months. Interest Rate Swaps On June 15, 2021, the Company entered into a three-year amortizing interest rate swap agreement with Bank of America, N.A. The swap has an initial notional amount of $680 million and matures on July 31, 2024. The swap involves the receipt of floating-rate interest payments for fixed interest rate payments at a rate of 0.39% over the life of the agreement. Additionally, on July 30, 2018, the Company entered into a four-year amortizing interest rate swap agreement with Bank of America, N.A. The swap has an initial notional amount of $831 million and matures on July 31, 2022. The swap involves the receipt of floating-rate interest payments for fixed interest rate payments at a rate of 2.78% over the life of the agreement. The Company has designated the interest rate swaps as cash flow hedges. The purpose of the interest rate swaps is to hedge against changes in cash flows (interest payments) attributable to fluctuations in the Company's variable rate debt. The swaps are valued based on prevailing LIBOR rate curves on the date of measurement. The Company also evaluates counterparty credit risk when it calculates the fair value of the interest rate swaps . Changes in the fair value of the interest rate swaps are recorded to other comprehensive income and are reclassified to interest expense over the life of the underlying debt as interest is accrue d. During Fiscal Year 2022, the Company reclassified into interest expense $9.5 million and had a $24.2 million unrealized gain on its interest rate swap derivatives designated as cash flow hedges. The Company will reclassify approximately $8.3 million in accumulated other comprehensive income into earnings within the next twelve months. Effect of Designated Derivative Contracts on Accumulated Other Comprehensive Income (Loss) and the Consolidated Statements of Operations 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) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax benefit for Fiscal Years 2022, 2021, and 2020 consisted of the following: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Current Federal $ (8,703) $ (1,895) $ 15,794 State 465 1,780 2,310 Foreign 9,781 13,740 9,526 Total current income tax expense 1,543 13,625 27,630 Deferred Federal — — (12,899) State — — (768) Foreign (121,698) (21,174) (83,364) Total deferred income tax benefit (121,698) (21,174) (97,031) Income tax benefit $ (120,155) $ (7,549) $ (69,401) The components of loss before income taxes for Fiscal Years 2022, 2021, and 2020 are as follows: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 United States $ (114,124) $ (137,433) $ (756,095) Foreign 11,886 72,553 (140,488) Loss before income taxes $ (102,238) $ (64,880) $ (896,583) The following is a reconciliation between statutory federal income taxes and the income tax benefit for Fiscal Years 2022, 2021, and 2020: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Tax benefit at statutory rate $ (21,470) $ (13,625) $ (188,282) Foreign operations taxed at different rates (3,376) (11,709) 2,497 State taxes, net of federal benefit (3,164) (5,077) (14,326) Research and development credit (5,255) (9,725) (6,498) U.S. tax on foreign earnings 196 11,274 10,889 Reserve expirations (6,570) — — Goodwill impairment — — 101,604 Stock-based compensation 6,829 6,751 7,369 Internal restructuring related benefit (113,426) — (65,069) Valuation allowance change 29,902 23,928 68,486 Altera accrual — — 9,467 Tax rate change — (12,418) — Nondeductible compensation 2,217 1,209 1,187 Tax on unremitted earnings of certain subsidiaries (3,842) 161 (787) Nondeductible expenses 1,216 — — Provision to return (3,068) 2,707 1,717 Other, net (344) (1,025) 2,345 Income tax benefit $ (120,155) $ (7,549) $ (69,401) Deferred tax assets and liabilities represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Significant components of the Company's deferred tax assets and liabilities as of April 2, 2022 and April 3, 2021 are as follows: (in thousands) April 2, 2022 April 3, 2021 Deferred tax assets Accruals and other reserves $ 27,431 $ 36,503 Deferred compensation 4,453 3,717 Net operating loss carry forward 68,920 10,923 Stock-based compensation 5,573 9,939 Interest expense 8,398 23 Tax credits 22,220 13,858 Capitalized R&D costs 56,504 54,725 Intangible assets 164,182 101,362 Other deferred tax assets 7,827 4,610 Unearned revenue 15,583 9,043 Property, plant, and equipment depreciation 3,331 1,045 Total deferred tax assets, before valuation allowance 384,422 245,748 Valuation allowance (1) (131,642) (101,740) Total deferred tax assets, net 252,780 144,008 Deferred tax liabilities Deferred gains on sales of properties (1,147) (1,137) Purchased intangibles (27,937) (42,255) Unremitted earnings of certain subsidiaries (2,070) (889) Right-of-use assets (6,599) (5,623) Total deferred tax liabilities (37,753) (49,904) Net deferred tax assets $ 215,027 $ 94,104 (1) Valuation allowance on federal and state deferred tax assets is net of federal tax impact. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more-likely-than-not expected to be realized. Management evaluates and weighs all available positive and negative evidence such as historic results, projected future taxable income, future reversals of existing deferred tax liabilities, as well as prudent and feasible tax-planning strategies. On the basis of this evaluation, the Company maintains a 100% valuation allowance against its U.S. Federal and State deferred tax assets of $122.3 million. In September 2021, the Company transferred certain non-Americas intellectual property (“IP”) rights between our wholly-owned subsidiaries ("IP transfer") to align with its evolving business operations, resulting in the derecognition of a deferred tax asset (DTA) of $91.1 million and the recognition of a new DTA of $204.5 million, which represents the book and tax basis difference in the IP and was based on the fair value of the IP, in the respective subsidiaries. This results in a net discrete deferred tax benefit of $113.4 million. The impact of the IP transfer to net cash flows on the consolidated statements of cash flows during Fiscal Year 2022 was not material. Management has concluded that an impairment for local statutory and tax reporting to the aforementioned IP is likely however any impairment loss would be deductible for local tax purposes. As such, a DTA related to net operating loss carryforward of $48.0 million was recognized based on the expected impairment which was offset by a corresponding decrease in the DTA related to the intangible asset by the same amount as of April 2, 2022. Because the IP intangible asset is the result of an intercompany transfer, there is no intangible asset recognized in the consolidated balance sheets. Accordingly, the aforementioned IP impairment has no net impact to the Company’s consolidated statements of operations, balance sheet, or cash flows. The impact of an uncertain income tax position on income tax expense must be recognized at the largest amount that is more-likely-than-not to be sustained. An uncertain income tax position will not be recognized unless it has a greater than 50% likelihood of being sustained. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation, or the change of an estimate. As of April 2, 2022 and April 3, 2021, the Company had unrecognized tax benefits of $14.4 million and $149.5 million, respectively. The reduction in gross unrecognized tax benefits is primarily attributable to the aforementioned IP transfer between wholly owned subsidiaries. The unrecognized tax benefits as of April 2, 2022 would favorably impact the effective tax rate in future periods if recognized. A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Balance at beginning of period $ 149,466 $ 152,307 $ 26,458 Increase related to prior fiscal years 220 8,827 11,226 Increase related to business combinations — — 89 Increase related to current year income statement — — 115,824 Reductions related to settlements with taxing authorities (128,468) (9,668) (995) Reductions related to lapse of applicable statute of limitations (6,842) (2,000) (295) Balance at end of period $ 14,376 $ 149,466 $ 152,307 The Company recognizes interest and penalties related to income tax matters in income tax expense. The interest related to unrecognized tax benefits was $3.7 million and $3.6 million as of April 2, 2022 and April 3, 2021, respectively. No penalties have been accrued. The Company and its subsidiaries are subject to taxation in various foreign and state jurisdictions, including the U.S. The Federal statute is open from Calendar Year 2015. Foreign and State income tax matters for material tax jurisdictions have been concluded for tax years prior to Fiscal Year 2015. Within the next twelve months, we believe that the resolution of certain U.S. and foreign tax examinations and negotiations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. It is not possible to provide a range of the potential change until the tax examinations and negotiations progress further or the related statutes of limitations expire. The Company's U.S. federal and state net operating losses carryforwards as of April 2, 2022, were $0.3 million and $1.5 million, respectively. The U.S. federal net operating losses will expire between 2024 and 2026, and the state net operating losses will expire at various dates through 2042. The federal credit of $8.8 million will expire between 2031 and 2042. The state credits of $11.2 million are related to California R&D credits, which do not expire. |
REVENUE AND MAJOR CUSTOMERS
REVENUE AND MAJOR CUSTOMERS | 12 Months Ended |
Apr. 02, 2022 | |
REVENUE AND MAJOR CUSTOMERS [Abstract] | |
REVENUE AND MAJOR CUSTOMERS | REVENUE AND MAJOR CUSTOMERSThe Company’s major product categories are Headsets, Voice, Video, and Services. Product revenue is largely comprised of sales of hardware devices, peripherals, and platform software licenses used in communication and collaboration in offices and contact centers, with mobile devices, cordless phones, and computers. Services revenue primarily includes support on hardware devices, professional, hosted and managed services, and solutions to the Company's customers. The following table disaggregates revenues by major product category for Fiscal Years 2022, 2021 and 2020: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net revenues Headsets $ 724,474 $ 823,451 $ 773,186 Voice 246,816 221,131 375,505 Video 484,495 426,244 284,045 Services 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 For reporting purposes, revenue is attributed to each geographic region based on the location of the customer. Other than the U.S., no country accounted for 10% or more of the Company's total net revenues for the Fiscal Years 2022, 2021 or 2020. The following table presents total net revenues by geography: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net product revenues U.S. $ 687,818 $ 647,321 $ 708,566 Europe, Middle East, and Africa 459,333 512,196 398,721 Asia Pacific 210,220 208,597 221,912 Americas, excluding U.S. 98,414 102,712 103,537 Total international net product revenues 767,967 823,505 724,170 Total net product revenues $ 1,455,785 $ 1,470,826 $ 1,432,736 Net service revenues U.S. $ 87,146 $ 96,548 $ 102,103 Europe, Middle East, and Africa 56,039 64,660 66,900 Asia Pacific 67,038 77,158 73,424 Americas, excluding U.S. 15,136 18,415 21,827 Total international net service revenues 138,213 160,233 162,151 Total service net revenues 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 Two customers, Ingram Micro Group and ScanSource, accounted for 25.0% and 18.4%, respectively, of total net revenues for Fiscal Year 2022. Two customers, Ingram Micro Group and ScanSource accounted for 19.3% and 19.0%, respectively, of total net revenues for Fiscal Year 2021. Two customers, ScanSource and Ingram Micro Group, accounted for 19.8% and 17.3%, respectively, of total net revenues in Fiscal Year 2020. Total net revenues from ScanSource and Ingram Micro Group was comprised of both Product and Service revenue for all periods presented. Ingram Micro Group and ScanSource accounted for 38.7% and 22.3%, respectively, of accounts receivable, net as of April 2, 2022. Two customers, ScanSource and Ingram Micro Group, accounted for 24.9% and 24.7%, respectively, of accounts receivable, net as of April 3, 2021. Deferred revenue is primarily comprised of non-cancelable maintenance support performance obligations on hardware devices which are typically billed in advance and recognized ratably over the contract term as the services are delivered. The Company's deferred revenue balance was $193.1 million as of April 2, 2022, which represent s 11.5% of total net revenues for Fiscal Year 2022 and was $213.8 million as of April 3, 2021, which represents 12.4% of total net revenues for Fiscal Year 2021. During Fiscal Year 2022, the Company recognized $141.4 million in total net revenues that were recorded in deferred revenue at the beginning of the period. The table below represents aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of April 2, 2022: April 2, 2022 (in thousands) Current Non-current Total Unsatisfied (or partially unsatisfied) performance obligations $ 128,339 $ 64,734 $ 193,073 Upon establishment of creditworthiness, the Company may extend credit terms to its customers which typically ranges between 30 and 90 days from the date of invoice depending on geographic region and type of customer. The Company typically bills upon product hardware shipment, at time of software activation, upon the start of service entitlement, or upon completion of services. Revenue is not generally recognized in advance of billings. The balance of contract assets was $4.3 million and $4.1 million as of April 2, 2022 and April 3, 2021, respectively. None of the Company's contracts are deemed to have significant fi nancing components. Sales, value add, and other taxes collected concurrently with revenue producing activities are excluded from revenue. The Company's indirect channel model includes both a two-tiered distribution structure, where the Company sells to distributors that subsequently sell to resellers, and a one-tiered structure where the Company sells directly to resellers. For these arrangements, transfer of control begins at the time access to the Company's services is made available to the end customer and entitlements have been contractually established, provided all other criteria for revenue recognition are met. Commercial distributors and retailers represent the Company's largest sources of net revenues. Sales through its distribution and retail channels are made primarily under agreements allowing for rights of return and include various sales incentive programs, such as back-end rebates, discounts, marketing development funds, price protection, and other sales incentives. The Company has an established sales history for these arrangements and the Company records the estimated reserves at the inception of the contract as a reflection of the reduced transaction price. Customer sales returns are estimated based on historical data, relevant current data, and the monitoring of inventory build-up in the distribution channel. Revenue reserves represent a reasonable estimation made by management and are subject to significant judgment. Estimated reserves may differ from actual returns or incentives provided, due to unforeseen customer return or claim patterns or changes in circumstances. For certain customer contracts which has historically demonstrated variability, the Company has considered the likelihood of being under-reserved and have considered a constraint accordingly. Provisions for sales returns are presented within accrued liabilities in the Company's consolidated balance sheets. Provisions for promotions, rebates, and other sales incentives are presented as a reduction of accounts receivable unless there is no identifiable right to offset, in which case they are presented within accrued liabilities on the consolidated balance sheets. See Note 5, Details of Certain Balance Sheet Accounts . For certain arrangements, the Company pays commissions, bonuses and taxes associated with obtaining the contracts. The Company capitalizes such costs if they are deemed to be incremental and recoverable. The Company has elected to use the practical expedient to record the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Determining the amortization period of costs related to obtaining a contract involves judgment. Capitalized commissions and related expenses, on hardware sales and services recognized at a point in time generally have an amortization period of less than one year. Maintenance-related performance obligations generally have an amortization period greater than one year when considering renewals. Capitalized commissions are amortized to selling, general and administrative expense on a straight-line basis. The capitalized amount of incremental and recoverable costs of obtaining contracts and related amortization was not material a |
COMPUTATION OF EARNINGS PER COM
COMPUTATION OF EARNINGS PER COMMON SHARE | 12 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE The following table presents the computation of basic and diluted earnings (loss) per common share: Fiscal Year Ended (in thousands, except per share data) April 2, 2022 April 3, 2021 March 28, 2020 Numerator: Net income (loss) $ 17,917 $ (57,331) $ (827,182) Denominator: Weighted-average basic shares outstanding 42,568 41,044 39,658 Weighted-average diluted shares outstanding 43,942 41,044 39,658 Basic earnings (loss) per common share $ 0.42 $ (1.40) $ (20.86) Diluted earnings (loss) per common share (1) $ 0.41 $ (1.40) $ (20.86) Potentially dilutive securities excluded from diluted earnings (loss) per share because their effect is anti-dilutive 208 1,262 1,740 (1) The potentially dilutive effect of all outstanding stock options, restricted stock, and shares purchased under the 2002 ESPP are excluded from the computation of diluted loss per share in periods when the Company incurs a net loss, as their effect is anti-dilutive. |
SEGMENT REPORTING AND GEOGRAPHI
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | 12 Months Ended |
Apr. 02, 2022 | |
Segments, Geographical Areas [Abstract] | |
Segment Reporting and Geographic Information | SEGMENT REPORTING AND GEOGRAPHIC INFORMATION The Company's Chief Executive Officer is identified as its Chief Operating Decision Maker ("CODM"). The CODM has organized the Company, manages resource allocations, and measures performance among its two operating segments: Products and Services. The Products reportable segment includes the Headsets, Voice and Video product lines. The Services reportable segment includes maintenance support on hardware devices as well as professional, managed and cloud services and solutions. In managing the two operating segments the CODM uses information about their revenue and gross margin after adjustments to exclude certain non-cash transactions and activities that are not reflective of the Company's ongoing or core operations as further described below. The CODM does not review asset information by segment. Asset impairment: During the fourth quarter of Fiscal 2020, the Company determined certain of its long-lived assets, primarily related to purchased intangibles recorded in connection with the acquisition of Polycom, were not recoverable and as a result recorded impairment charges representing the excess carrying amount over the estimated fair value (see Note 6, Goodwill and Purchased Intangible Assets ). Purchase accounting amortization: Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom. Deferred revenue purchase accounting: Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom. The Company's deferred revenue primarily relates to service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines. Consumer optimization: Represents charges related to inventory reserves and supplier liabilities for excess and obsolete inventory incurred in connection with the Company's strategic actions to optimize its Consumer product portfolio. Acquisition and integration fees: Represents charges incurred in connection with the acquisition and integration of Polycom such as system implementations, legal and accounting fees. Stock-based compensation: Represents the non-cash expense associated with the Company's grant of stock-based awards to employees and non-employee directors. The following table presents segment results for revenue and gross margin, as reviewed by the CODM, and the related reconciliation to the Company's consolidated GAAP results: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Segment revenues, as reviewed by CODM Products $ 1,456,364 $ 1,471,963 1,434,635 Services 228,469 270,049 296,308 Total segment revenues, as reviewed by CODM $ 1,684,833 $ 1,742,012 $ 1,730,943 Segment gross profit, as reviewed by CODM Products $ 608,976 $ 679,484 $ 697,212 Services 150,929 182,522 201,382 Total segment gross profit, as reviewed by CODM $ 759,905 $ 862,006 $ 898,594 Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Total segment revenues, as reviewed by CODM $ 1,684,833 $ 1,742,012 $ 1,730,943 Deferred revenue purchase accounting (3,689) (14,405) (33,953) GAAP net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 Total segment gross profit, as reviewed by CODM (1) $ 759,905 $ 862,006 $ 898,594 Asset impairment — — (174,235) Purchase accounting amortization (65,031) (68,111) (122,553) Deferred revenue purchase accounting (3,689) (14,405) (33,953) Consumer optimization — — (10,415) Integration and rebranding costs — — (1,211) Stock-based compensation (5,092) (2,939) (3,992) GAAP gross profit $ 686,093 $ 776,551 $ 552,235 (1) Includes depreciation expense of $2.8 million, $14.4 million, and $15.2 million in Fiscal Years 2022, 2021, and 2020, respectively. The following table presents long-lived assets by geographic area on a consolidated basis: (in thousands) April 2, 2022 April 3, 2021 United States $ 72,648 $ 75,998 Netherlands 14,922 16,299 Mexico 37,583 39,575 United Kingdom 4,025 3,928 China 17,933 16,871 Other countries 25,435 28,381 Total long-lived assets $ 172,546 $ 181,052 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Management's Use of Estimates and Assumptions | Management's Use of Estimates and Assumptions The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP.") The Company's reporting currency is United States Dollars ("USD.") In connection with the preparation of the consolidated financial statements, the Company is required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, net revenues, expenses, and the related disclosures. The Company bases its assumptions, estimates, and judgments on historical experience, current trends, future expectations, and other factors that management believes to be relevant at the time the consolidated financial statements are prepared. On an ongoing basis, the Company reviews its accounting policies, assumptions, estimates, and judgments, including those related to revenues and related reserves and allowances, inventory valuation, product warranty obligations, the useful lives of long-lived assets, including property, plant, and equipment, investment fair values, stock-based compensation, the valuation of and assessment of recoverability of intangible assets and their useful lives, income taxes, contingencies, and restructuring charges, to ensure that the consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Because future events and their effects cannot be determined with certainty, actual results could differ from the Company's assumptions and estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. The Company has included the results of operations of acquired companies from the date of acquisition. All significant intercompany balances and transactions have been eliminated. Unless the context indicates otherwise, references to "we," "us," and "our" refer to Plantronics, Inc. and its subsidiaries. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on the Saturday closest to the last day of March. The years ended April 2, 2022 ("Fiscal Year 2022"), April 3, 2021 ("Fiscal Year 2021"), and March 28, 2020 ("Fiscal Year 2020") had 52, 53, 52 weeks, respectively. |
Financial Instruments | Financial Instruments Cash and Cash Equivalents and Short-term Investments All highly liquid investments with original stated maturities of three months or less at the date of purchase are classified as cash equivalents. The Company's short-term investments consist of publicly traded mutual funds. The specific identification method is used to determine the cost of investments. Gains and losses are recorded in other non-operating expense (income), net in the consolidated statements of operations. Investments are classified as either short-term or long-term based on each instrument's underlying effective maturity date and reasonable expectations with regard to sales and redemptions of the instruments. The Company may sell its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. Derivative Financial Instruments The Company measures all derivative instruments at fair value and reports them on the consolidated balance sheets as assets or liabilities. Changes in the fair value of derivatives are accounted for depending on the intended use of the derivative, designation of the hedging relationship, and whether or not the criteria to apply hedge accounting have been satisfied. The Company has significant assets and liabilities denominated in foreign currencies subjecting it to foreign currency risk. The Company enters into foreign exchange forward contracts to reduce the impact of currency fluctuations on assets and liabilities denominated in foreign currencies. The Company does not elect to apply hedge accounting for these forward contracts. Foreign currency forward contracts are measured at fair value with changes in fair value recorded within other non-operating expense (income), net in the consolidated statements of operations. Foreign currency forward contracts are valued using pricing models that use observable inputs. Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying foreign currency denominated assets and liabilities, and therefore, do not subject the Company to material balance sheet risk. The Company has significant revenues and expenses denominated in foreign currencies subjecting it to foreign currency risk. The Company purchases foreign currency option contracts and cross-currency swaps that qualify as cash flow hedges, with maturities of up to 12 months, to reduce the volatility of cash flows related primarily to forecasted revenues and expenses. The designated derivative's gain or loss is initially recorded as a component of accumulated other comprehensive income (loss) and is subsequently reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded, in the same period in which the transaction affects earnings. The cash flows from such hedges are presented in the same line item in the consolidated statements of cash flows as the items being hedged. The Company has floating rate debt subjecting it to interest rate risk. On June 15, 2021, the Company entered into a three-year amortizing interest rate swap in order to hedge against changes in cash flow (interest payments) attributable to fluctuations in the Company's variable rate debt. Additionally, on July 30, 2018, the Company entered into a four-year amortizing interest rate swap in order to hedge against changes in cash flows (interest payments) attributable to fluctuations in the Company's variable rate debt. The designated interest rate swaps' gain or loss are initially recorded as a component of accumulated other comprehensive income and are subsequently reclassified into interest expense in the consolidated statements of operations over the life of the underlying debt, as interest on the Company's floating rate debt is accrued. |
Provision for Doubtful Accounts | Provision for Doubtful Accounts |
Inventory and Related Reserves | Inventory Valuation |
Product Warranty Obligations | Product Warranty Obligations The Company’s products include a warranty that is typically one to two years in duration, depending on the product and region. The warranty provides assurance that the product complies with agreed-upon specifications and is not sold separately. The warran ty qualifies as an assurance warranty and is not a separate performance obligation. The Company records a liability for the estimated costs of warranties at the time the related revenue is recognized. The specific warranty terms and conditions range from one usiness. Factors that affect warranty obligations include product failure rates, estimated return rates, the amount of time lapsed from the date of sale to the date of return, material usage, service- related costs incurred in correcting product failure claims, and knowledge of specific product failures that are outside of the Company’s typical experience. |
Goodwill and Purchased Intangibles | Goodwill and Purchased Intangibles, net Goodwill has been measured as the excess of the cost of acquisition over the amount assigned to tangible and identifiable intangible assets acquired, less liabilities assumed. At least annually, in the fourth quarter of each Fiscal Year, or more frequently if indicators of impairment exist, management performs a review to determine if the carrying value of goodwill is impaired. Impairment testing is performed at the reporting unit level. The Company determines its reporting units by assessing whether discrete financial information is available and if segment management regularly reviews the results of that component. Goodwill has been assigned to reporting units. The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more-likely-than-not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed. However, if the Company concludes otherwise, a quantitative impairment test must be performed by estimating the fair value of the reporting unit and comparing it with its carrying value, including goodwill. If the carrying amount of a reporting unit is greater than its estimated fair value, goodwill is written down by the excess amount, limited to the total amount of goodwill allocated to that reporting unit. Purchased intangibles are carried at cost and are amortized on a straight-line basis over their estimated useful lives. The Company does not have intangible assets with indefinite useful lives other than goodwill. The Company reviews its long-lived assets to be held and used, including property, plant, and equipment, right-of-use ("ROU") assets, and purchased intangibles, for impairment whenever events or changes in circumstances indicate that the carrying value of the related asset group may not be recoverable. Such conditions may include an economic downturn or a change in the assessment of future operations. The Company performs a recoverability test at the asset group level. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset group and its ultimate disposition. Measurement of any impairment loss is based on the amount by which the carrying value of the asset group exceeds its fair value. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which range from one to 30 years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining contractual lease term. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the assets. |
Lessee, Leases [Policy Text Block] | Leases The Company’s lease portfolio consists primarily of real estate facilities under operating leases. The Company determines if an arrangement is or contains a lease at inception. ROU assets and lease liabilities are recognized at commencement based on the present value of the future minimum lease payments over the lease term. The Company applies its incremental borrowing rate, which approximates the rate at which the Company would borrow, on a secured basis, in the country where the lease was executed, to determine the present value of the future minimum lease payments when the respective lease does not provide an implicit rate. Certain of the Company’s lease agreements include options to extend or renew the lease terms. Such options are excluded from the minimum lease obligation unless they are reasonably certain to be exercised. Operating lease expense is recognized on a straight-line basis over the lease term. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. In determining fair value, we use various valuation approaches. The following is a summary of the hierarchy levels: • Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs are unobservable for the asset or liability. The fair value of Level 2 long-term debt is determined based on inputs that were observable in the market, including the trading price, when available. For more information refer to Note 14, Fair Value Measurements . |
Revenue Recognition | Revenue Recognition Total net revenues include gross revenue less sales discounts, product returns, and sales incentives, all of which require us to make estimates for the portion of these allowances that have yet to be credited or paid to our customers. Performance obligations are promises in a contract to transfer a distinct good or service to the customer, and are the basis for determining how revenue is recognized. Revenue is recognized when performance obligations are satisfied. Generally, this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Revenue related to product shipments is generally recognized once title and risk of loss of the product are transferred to the customer. The Company believes that transfer of title and risk of loss best represent the moment at which the customer’s ability to direct the use of and obtain substantially all the benefits of an asset have been achieved. The Company has elected to recognize the cost for freight and shipping when control over products have transferred to the customer as an expense in cost of revenues in the consolidated statements of operations. The Company's service revenue is recognized either over-time or at a point-in-time, depending on the nature of the offering. Revenues associated with non-cancelable maintenance and support contracts comprise approximately 81% of the Company's net service revenues and are recognized ratably over the contract term, which typically ranges between one and three years. The Company believes this recognition period faithfully depicts the pattern of transfer of control for maintenance and support as the services are provided in relatively even increments. For certain products, support or maintenance are provided free of charge without the purchase of a separate service contract. If the free service is determined to rise to the level of a performance obligation, the Company allocates a portion of the transaction price to the implied performance obligation and recognizes service revenues over the estimated implied service period, which can range between one month to several years, depending on the circumstances. Revenues associated with professional services are recognized when the Company has objectively determined that the obligation has been satisfied, which is usually upon customer acceptance. The Company's contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company allocates the transaction price of a contract to each identified performance obligation based on stand-alone selling price (“SSP.”) A fixed discount is always subject to allocation in this manner. If the transaction price is considered variable, the Company determines if the consideration is associated with one or many, but not all of the performance obligations, and allocates accordingly. Judgment is also required to determine the SSP for each distinct performance obligation. The Company derives SSP for its performance obligations through a stratification methodology and consider a number of characteristics, including consideration related to different service types, customers, and geographies. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. On occasion, the Company will fulfill only part of a purchase order due to lack of current availability for one or more items requested on an order. The Company's practice is to ship what is on hand, with the remaining goods shipped once the product is |
Income Taxes | Income Taxes Deferred income taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance against particular deferred income tax assets if it is more-likely-than-not that those assets will not be realized. The provision for (benefit from) income taxes comprise the Company's current tax liability and changes in deferred income tax assets and liabilities. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for (benefit from) income taxes. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are in accordance with applicable tax laws. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation, or the change of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the effect of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties. The Company is subject to income taxes in the U.S. and foreign jurisdictions. At any one-time, multiple tax years are subject to audit by various tax authorities. The Company accounts for Global Intangible Low-Taxed Income as period costs when incurred. |
Earnings Per Share | Earnings (Loss) Per Share The Company has stock-based compensation plans under which employees, non-employee directors, and consultants may be granted stock-based compensation awards. Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share includes the effect of outstanding stock options, restricted stock, and shares purchased under the 2002 ESPP in accordance with the treasury stock method, except when their effect is anti-dilutive. For further details refer to Note 16, Computation of Earnings (Loss) Per Common Share . |
Comprehensive Income | Comprehensive Income (Loss) Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss.) Other comprehensive income (loss) refers to income, expenses, gains, and losses that are recorded as an element of stockholders’ equity (deficit), but which are excluded from net income. Accumulated other comprehensive income (loss), as presented in the accompanying consolidated balance sheets, consists of foreign currency translation adjustments and unrealized gains and losses on cash flow hedges, net of tax. |
Foreign Operations and Currency Translation | Foreign Operations and Currency Translation The functional currency of each of the Company's subsidiaries is the USD. Assets and liabilities denominated in currencies other than the USD are re-measured at the period-end rates for monetary assets and liabilities and at historical rates for non-monetary assets and liabilities. Revenues and expenses are re-measured at average monthly rates, which approximate actual rates. Foreign currency transaction gains and losses are recognized in other non-operating expense (income), net, in the consolidated statements of operations and are immaterial for all periods presented. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense The Company applies the provisions of Accounting Standards Codification (ASC) 718, Compensation - Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees and non-employee directors based on estimated fair values as of the grant date. The Company recognizes compensation expense using the straight-line attribution approach over the service period for which the stock-based compensation is expected to vest. The Company estimates expected forfeitures at the time of grant based on historical activity, which the Company believes is indicative of expected future forfeitures. |
Treasury Shares | Treasury Shares |
Concentration of Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments, and accounts receivable, net. The Company’s investment policy limits investments to highly rated securities. In addition, the Company limits the amount of credit exposure to any one issuer and restricts placement of these investments to issuers evaluated as creditworthy. As of April 2, 2022, the Company's investments were composed solely of mutual funds and money market funds. As of April 3, 2021, the Company's investments were composed solely of mutual funds and money market funds. Concentrations of credit risk with respect to accounts receivable, net are limited due to the large number of customers that comprise the Company’s customer base and their dispersion across different geographies and markets. Two customers, Ingram Micro Group and ScanSource, accounted for 38.7% and 22.3%, respectively, of total accounts receivable, net as of April 2, 2022. Two customers, ScanSource and Ingram Micro Group, accounted for 24.9% and 24.7%, respectively, of total accounts receivable, net as of April 3, 2021. The Company does not believe other significant concentrations of credit risk exist. The Company performs ongoing credit evaluations of its customers' financial condition and requires no collateral from its customers. The Company maintains a provision for doubtful accounts based upon expected collectability of all accounts receivable. Certain inventory components required by the Company and our original design and contract manufacturers are only available from a limited number of suppliers. The rapid rate of technological change, the necessity of developing and manufacturing products with short lifecycles, and global supply and demand may intensify these risks. The inability to obtain components as required, or to develop alternative sources, as required in the future, could result in delays or reductions in product shipments, which in turn could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. As a mitigation, the Company has ongoing efforts to identify alternative sourcing suppliers to eliminate reliance to the extent possible on one supplier. Related Party A vendor of the Company, Digital River, Inc. ("Digital River"), with whom the Company had an existing relationship prior to the Acquisition of Polycom for e-commerce services, is a wholly owned subsidiary of Siris Capital Group, LLC ("Siris"). Triangle Private Holdings II, LLC ("Triangle") is also a wholly owned subsidiary of Siris. Immediately prior to the Company's Acquisition of Polycom on July 2, 2018, Triangle was Polycom’s sole stockholder and pursuant to the Company's Stock Purchase Agreement with Triangle, Triangle owned approximately 17.8% of the Company's issued and outstanding stock. However, Triangle sold all of its stock in two block sales to a broker-dealer on August 27, 2020 and November 23, 2020. As a result of the first block sale, one of the directors previously appointed to the Board resigned pursuant to the Stockholder Agreement with Triangle. The Board waived the resignation requirement with respect to a second director previously appointed in accordance with the Stockholder Agreement with Triangle. As a consequence of these relationships, Digital River is considered a related party under ASC 850, Related-Party Disclosures . The Company had immaterial transactions with Digital River during Fiscal Years 2022, 2021 and 2020. As of April 3, 2021, Triangle did not hold any of the Company's stock. For the Fiscal Year of 2022, Triangle and its related parent companies were not considered related parties. Accounts Receivable Financing The Company holds a financing agreement with an unrelated third-party financing company (the "Financing Agreement") whereby the Company offers distributors and resellers direct or indirect financing on their purchases of products and services. In return, the Company agrees to pay the financing company a fee based on a pre-defined percentage of the transaction amount financed. In certain instances, the Financing Agreement results in a transfer of the Company's receivables, without recourse, to the financing company. If the transaction meets the applicable criteria under ASC 860, Transfers and Servicing ("ASC 860"), and is accounted for as a sale of financial assets, the related accounts receivable is excluded from the balance sheet upon receipt of the third-party financing company's payment remittance. In certain legal jurisdictions, the arrangements that involve maintenance services or products bundled with maintenance at one price do not qualify as sales of financial assets in accordance with the authoritative guidance. Accordingly, accounts receivable related to these arrangements are accounted for as a secured borrowing in accordance with ASC 860 and the Company records a liability for any cash received, while maintaining the associated accounts receivable balance until the distributor or reseller remits payment to the third-party financing company. In Fiscal Year 2022, total tran sactions entered pursuant to the terms of the Financing Agreement were approximately $53.9 million related to the transfer of a financial asset. The financing of these receivables accelerated the collection of cash and reduced the Company's credit expos ure. Included in accounts receivable, net on the consolidated balance sheet as of April 2, 2022 was approximately $9.1 million due from the financing company. Total fees incurred pursuant to the Financing Agreement was $0.9 million for Fiscal Year 2022. These fees are recorded as a reduction of net revenues in the consolidated statement of operations. Reclassifications |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risks and Uncertainties The Company is subject to a greater degree of uncertainty than normal in making the judgments and estimates needed to apply its significant accounting policies due to the ongoing supply chain disruptions and COVID-19 pandemic. The Company has assessed accounting estimates and other matters, including those using prospective financial information, using information that is reasonably available as of the issuance date of the consolidated financial statements. The accounting estimates and other matters the Company has assessed included, but were not limited to, impairment of goodwill and other long-lived assets, provisions for doubtful accounts, valuation allowances for deferred tax assets, inventory and related reserves, and revenue recognition and related reserves. The Company may make changes to these estimates and judgments, which could result in material impacts to the consolidated financial statements in future periods. The extent and duration of the impact of the COVID-19 pandemic and the shortage of adequate component supply on the Company's business is highly uncertain and difficult to predict. The Company relies on contract manufacturers and sourcing of materials from the Asia Pacific region, as well as its owned manufacturing facility in Mexico. The Company has experienced disruptions in both its own supply chain as well as those of its contract manufacturers and suppliers both as a result of COVID-19 as well as the global shortage of key components. Such disruptions have had, and may continue to have, a material impact on the Company's ability to source critical component parts, complete production of its products, fulfill customer orders, and adversely affect the ability to meet customer demands as companies utilize work-from-home and hybrid work models. Additionally, if a significant number of the Company's workforce employed in any of these manufacturing facilities or in the Company's offices were to contract the virus, the Company may experience delays or the inability to develop, produce, and deliver the Company's products on a timely basis. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic and the supply chain disruptions, and it is possible that it could cause a local and/or global economic recession. The severity of the impact of the COVID-19 pandemic and supply chain disruptions on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of these factors and the extent and severity of the impact on its customers and suppliers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, including potential write-offs due to financial weakness and/or bankruptcy of its customers, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers and suppliers. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Business Combinations [Abstract] | |
Details of acquired intangible assets | As of April 2, 2022 and April 3, 2021, the carrying value of purchased intangibles, excluding fully amortized assets and goodwill, is as follows: April 2, 2022 April 3, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Amount Existing technology $ 429,923 $ (342,103) $ 87,820 1.4 years $ 427,123 $ (277,071) $ 150,052 Customer relationships 240,024 (164,799) 75,225 2.3 years 240,024 (128,740) 111,284 Trade names/Trademarks 115,600 (48,167) 67,433 5.3 years 115,600 (35,322) 80,278 Total intangible assets $ 785,547 $ (555,069) $ 230,478 2.8 years $ 782,747 $ (441,133) $ 341,614 |
Details of acquired intangible assets | As of April 2, 2022 and April 3, 2021, the carrying value of purchased intangibles, excluding fully amortized assets and goodwill, is as follows: April 2, 2022 April 3, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Amount Existing technology $ 429,923 $ (342,103) $ 87,820 1.4 years $ 427,123 $ (277,071) $ 150,052 Customer relationships 240,024 (164,799) 75,225 2.3 years 240,024 (128,740) 111,284 Trade names/Trademarks 115,600 (48,167) 67,433 5.3 years 115,600 (35,322) 80,278 Total intangible assets $ 785,547 $ (555,069) $ 230,478 2.8 years $ 782,747 $ (441,133) $ 341,614 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables summarize the carrying value and fair value of the Company's cash and cash equivalents, short-term investments, derivative instruments and long-term debt as of April 2, 2022 and April 3, 2021: Carrying Value at Fair Value at April 2, 2022 (in thousands) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 170,000 $ 170,000 $ — $ — Short-term investments 13,703 13,703 — — Derivative instruments 31,891 — 31,891 — Liabilities: Derivative instruments $ 1,828 $ — $ 1,828 $ — Long-term debt 1,500,283 — 1,521,562 — Carrying Value at Fair Value at April 3, 2021 (in thousands) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 202,560 $ 202,560 $ — $ — Restricted cash 493,908 493,908 — — Short-term investments 14,559 14,559 — — Derivative instruments 5,106 — 5,106 — Liabilities: Derivative instruments $ 11,802 $ — $ 11,802 $ — Current portion of long-term debt 478,807 — 482,669 — Long-term debt 1,496,064 — 1,497,323 — |
DETAILS OF CERTAIN BALANCE SH_2
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | Accounts receivable, net (in thousands) April 2, 2022 April 3, 2021 Accounts receivable $ 381,744 $ 352,108 Provisions for promotions and rebates (102,499) (82,315) Provisions for doubtful accounts and sales allowances (1,321) (2,329) Accounts receivable, net $ 277,924 $ 267,464 |
Inventory, net | Inventory, net (in thousands) April 2, 2022 April 3, 2021 Raw materials $ 90,192 $ 87,050 Work in process 1,656 9,511 Finished goods 142,254 97,844 Inventory, net $ 234,102 $ 194,405 |
Property, Plant and Equipment | Property, plant, and equipment, net (in thousands) April 2, 2022 April 3, 2021 Land $ 15,112 $ 15,643 Buildings and improvements (useful life: 7-30 years) 137,682 131,752 Machinery and equipment (useful life: 1-10 years) 175,150 177,807 Software (useful life: 3-6 years) 63,601 60,244 Construction in progress 7,409 7,519 Property, plant, and equipment, gross 398,954 392,965 Accumulated depreciation and amortization (271,933) (252,090) Property, plant, and equipment, net $ 127,021 $ 140,875 |
Accrued Liabilities | Accrued Liabilities (in thousands) April 2, 2022 April 3, 2021 Deferred revenue $ 128,339 $ 141,375 Employee compensation and benefits 69,011 84,318 Provision for returns 17,672 25,133 Operating lease liabilities, current 13,879 21,701 Accrued other 109,935 121,557 Accrued liabilities $ 338,836 $ 394,084 |
Changes in the warranty obligation accrual | The Company's warranty obligation is recorded in accrued liabilities and other non-current liabilities in the consolidated balance sheets. Changes in the warranty obligation during Fiscal Years 2022 and 2021 were as follows: (in thousands) April 2, 2022 April 3, 2021 Warranty obligation at beginning of year $ 17,384 $ 15,261 Warranty provision related to products shipped 17,780 21,112 Deductions for warranty claims processed (25,207) (19,168) Adjustments related to preexisting warranties 8,754 179 Warranty obligation at end of year $ 18,711 $ 17,384 |
Assets And Liabilities, Operating Leases [Table Text Block] | Operating Leases (in thousands) Balance Sheet Classification April 2, 2022 April 3, 2021 ASSETS Operating right-of-use assets (1) Other Assets $ 45,526 $ 40,177 LIABILITIES Operating lease liabilities, current (2) Accrued Liabilities 13,879 21,701 Operating lease liabilities, long-term Other Liabilities 42,210 35,105 (1) During Fiscal Year 2022 and Fiscal Year 2021, the Company made $24.3 million and $27.3 million, respectively, in payments for operating leases included within cash provided by operating activities in the consolidated statements of cash flows. (2) During Fiscal Year 2022 and Fiscal Year 2021, the Company recognized $12.1 million and $13.7 million, respectively, in operating lease expense, net of $5.6 million and $5.4 million in sublease income, respectively, within the consolidated statement of operations. |
GOODWILL AND PURCHASED INTANG_2
GOODWILL AND PURCHASED INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by segment | The carrying amount of goodwill allocated to the Company's reportable segments is as follows: (in thousands) Products Reportable Segment Services Reportable Segment Total Consolidated Balance as of April 2, 2022 and April 3, 2021 (1) $ 628,968 $ 167,248 $ 796,216 (1) Goodwill is net of accumulated impairment losses of $427.2 million and $56.5 million related to the Products segment and Services segment, respectively. |
Details of acquired intangible assets | As of April 2, 2022 and April 3, 2021, the carrying value of purchased intangibles, excluding fully amortized assets and goodwill, is as follows: April 2, 2022 April 3, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Amount Existing technology $ 429,923 $ (342,103) $ 87,820 1.4 years $ 427,123 $ (277,071) $ 150,052 Customer relationships 240,024 (164,799) 75,225 2.3 years 240,024 (128,740) 111,284 Trade names/Trademarks 115,600 (48,167) 67,433 5.3 years 115,600 (35,322) 80,278 Total intangible assets $ 785,547 $ (555,069) $ 230,478 2.8 years $ 782,747 $ (441,133) $ 341,614 |
Details of acquired intangible assets | As of April 2, 2022 and April 3, 2021, the carrying value of purchased intangibles, excluding fully amortized assets and goodwill, is as follows: April 2, 2022 April 3, 2021 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Weighted Average Remaining Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Amount Existing technology $ 429,923 $ (342,103) $ 87,820 1.4 years $ 427,123 $ (277,071) $ 150,052 Customer relationships 240,024 (164,799) 75,225 2.3 years 240,024 (128,740) 111,284 Trade names/Trademarks 115,600 (48,167) 67,433 5.3 years 115,600 (35,322) 80,278 Total intangible assets $ 785,547 $ (555,069) $ 230,478 2.8 years $ 782,747 $ (441,133) $ 341,614 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 2, 2022, expected amortization expense attributable to purchased intangible assets for each of the next five years and thereafter is as follows: in thousands Amount 2023 $ 112,165 2024 66,869 2025 22,544 2026 12,844 2027 12,844 Thereafter 3,212 Total $ 230,478 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancelable operating leases as of April 2, 2022 were as follows: (in thousands) Operating Leases (1) 2023 $ 15,185 2024 13,213 2025 9,424 2026 8,057 2027 6,415 Thereafter 10,802 Total lease payments $ 63,096 Less: Imputed interest (2) (7,007) Present value of lease liabilities $ 56,089 (1) The weighted average remaining lease term was 5.0 years as of April 2, 2022. (2) The weighted average discount rate was 4.4% as of April 2, 2022. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Summary of debt, fair value | The carrying value of the Company's outstanding debt as of April 2, 2022 and April 3, 2021 were as follows: (in thousands) April 2, 2022 April 3, 2021 4.75% Senior Notes $ 494,737 $ 493,985 5.50% Senior Notes — 478,807 Term Loan Facility 1,005,546 1,002,079 |
Summary of debt redemption | The Company may redeem all or part of the 4.75% Senior Notes, upon not less than a 15-day or more than a 60-day notice, however, the applicable redemption price will be determined as follows: Redemption Period Requiring Payment of: Redemption Up To 40% Using Cash Proceeds From An Equity Offering (3) Make-Whole (1) Premium (2) Date Specific Price 4.75% Senior Notes Prior to March 1, 2024 On or after March 1, 2024 Prior to March 1, 2024 104.75% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium, which means, the greater of (i) 1.0% of the principal or (ii) the excess of the present value of the redemption price at March 1, 2024 plus interest through March 1, 2024 over the principal amount. (2) If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time, as specified in the applicable indenture, together with accrued and unpaid interest. |
RESTRUCTURING AND OTHER RELAT_2
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the Company's restructuring liabilities during Fiscal Year 2022: As of April 3, 2021 Accruals (1) Cash Payments As of April 2, 2022 Fiscal Year 2022 Plan Severance $ — $ 21,091 $ (17,422) $ 3,669 Facility — — — — Other — 5,464 (5,379) 85 Total Fiscal Year 2022 Plan — 26,555 (22,801) 3,754 Fiscal Year 2021 Plan Severance $ 6,039 $ (701) $ (4,835) $ 503 Facility 913 (108) (388) 417 Other 186 (28) (158) — Total Fiscal Year 2021 Plan 7,138 (837) (5,381) 920 Legacy Plans Severance 1,222 149 (1,041) 330 Facility 3,281 (586) (2,470) 225 Other — — — — Total Legacy Plans 4,503 (437) (3,511) 555 Severance 7,261 20,539 (23,298) 4,502 Facility 4,194 (694) (2,858) 642 Other 186 5,436 (5,537) 85 Total $ 11,641 $ 25,281 $ (31,693) $ 5,229 |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the restructuring and other related charges recognized in the Company's consolidated statements of operations: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Severance $ 20,539 $ 26,467 $ 29,777 Facility (694) 3,274 3,247 Other (1) 5,436 3,803 10,207 Total cash charges 25,281 33,544 43,231 Non-cash charges (2) 9,656 15,160 10,946 Total restructuring and other related charges $ 34,937 $ 48,704 $ 54,177 (1) Other costs primarily represent associated legal and advisory services. (2) Non-cash charges primarily represent accelerated depreciation due to the closure or consolidation of facilities. |
STOCK PLANS AND STOCK-BASED C_2
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | The following table summarizes the changes in unvested PSUs for Fiscal Year 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at April 3, 2021 983 $ 27.88 Granted 453 $ 53.65 Vested (288) $ 9.53 Forfeited (268) $ 40.63 Non-vested at April 2, 2022 880 $ 43.25 |
Stock-Based Compensation Expense Included in Statements of Operations | The following table summarizes the amount of stock-based compensation expense included in the consolidated statements of operations: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Cost of revenues $ 5,092 $ 2,939 $ 3,992 Research, development and engineering 9,478 13,785 16,785 Selling, general, and administrative 33,590 25,926 36,318 Operating expenses 43,068 39,711 53,103 Total stock-based compensation expense 48,160 42,650 57,095 Income tax benefit (7,587) (10,321) (7,369) Total stock-based compensation expense, net of tax $ 40,573 $ 32,329 $ 49,726 |
Summary of Restricted Stock Activity | The following table summarizes the changes in unvested restricted stock for Fiscal Year 2022: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at April 3, 2021 2,059 $ 24.91 Granted 1,834 $ 30.39 Vested (977) $ 29.72 Forfeited (366) $ 25.10 Non-vested at April 2, 2022 2,550 $ 26.98 |
Valuation Assumptions | The Company estimates the fair value of ESPP shares using a Black-Scholes option valuation model. At the date of grant, the Company estimates the fair value of purchase rights granted under the ESPP using the following weighted average assumptions: Fiscal Year Ended April 2, 2022 April 3, 2021 March 28, 2020 Expected volatility 63.4 % 94.8 % 67.0 % Risk-free interest rate 0.4 % 0.1 % 1.7 % Expected dividends — % — % 3.1 % Expected life (in years) 0.5 0.5 0.5 Weighted-average grant date fair value $ 9.85 $ 12.60 $ 6.64 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss), net of tax, were as follows: (in thousands) April 2, 2022 April 3, 2021 Accumulated unrealized gain (loss) on cash flow hedges $ 28,296 $ (7,836) Accumulated foreign currency translation adjustments 4,615 4,615 Accumulated other comprehensive income (loss) $ 32,911 $ (3,221) |
FOREIGN CURRENCY DERIVATIVES (T
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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax benefit for Fiscal Years 2022, 2021, and 2020 consisted of the following: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Current Federal $ (8,703) $ (1,895) $ 15,794 State 465 1,780 2,310 Foreign 9,781 13,740 9,526 Total current income tax expense 1,543 13,625 27,630 Deferred Federal — — (12,899) State — — (768) Foreign (121,698) (21,174) (83,364) Total deferred income tax benefit (121,698) (21,174) (97,031) Income tax benefit $ (120,155) $ (7,549) $ (69,401) |
Schedule of Income before Income Tax, Domestic and Foreign | The components of loss before income taxes for Fiscal Years 2022, 2021, and 2020 are as follows: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 United States $ (114,124) $ (137,433) $ (756,095) Foreign 11,886 72,553 (140,488) Loss before income taxes $ (102,238) $ (64,880) $ (896,583) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation between statutory federal income taxes and the income tax benefit for Fiscal Years 2022, 2021, and 2020: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Tax benefit at statutory rate $ (21,470) $ (13,625) $ (188,282) Foreign operations taxed at different rates (3,376) (11,709) 2,497 State taxes, net of federal benefit (3,164) (5,077) (14,326) Research and development credit (5,255) (9,725) (6,498) U.S. tax on foreign earnings 196 11,274 10,889 Reserve expirations (6,570) — — Goodwill impairment — — 101,604 Stock-based compensation 6,829 6,751 7,369 Internal restructuring related benefit (113,426) — (65,069) Valuation allowance change 29,902 23,928 68,486 Altera accrual — — 9,467 Tax rate change — (12,418) — Nondeductible compensation 2,217 1,209 1,187 Tax on unremitted earnings of certain subsidiaries (3,842) 161 (787) Nondeductible expenses 1,216 — — Provision to return (3,068) 2,707 1,717 Other, net (344) (1,025) 2,345 Income tax benefit $ (120,155) $ (7,549) $ (69,401) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities as of April 2, 2022 and April 3, 2021 are as follows: (in thousands) April 2, 2022 April 3, 2021 Deferred tax assets Accruals and other reserves $ 27,431 $ 36,503 Deferred compensation 4,453 3,717 Net operating loss carry forward 68,920 10,923 Stock-based compensation 5,573 9,939 Interest expense 8,398 23 Tax credits 22,220 13,858 Capitalized R&D costs 56,504 54,725 Intangible assets 164,182 101,362 Other deferred tax assets 7,827 4,610 Unearned revenue 15,583 9,043 Property, plant, and equipment depreciation 3,331 1,045 Total deferred tax assets, before valuation allowance 384,422 245,748 Valuation allowance (1) (131,642) (101,740) Total deferred tax assets, net 252,780 144,008 Deferred tax liabilities Deferred gains on sales of properties (1,147) (1,137) Purchased intangibles (27,937) (42,255) Unremitted earnings of certain subsidiaries (2,070) (889) Right-of-use assets (6,599) (5,623) Total deferred tax liabilities (37,753) (49,904) Net deferred tax assets $ 215,027 $ 94,104 (1) Valuation allowance on federal and state deferred tax assets is net of federal tax impact. |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Balance at beginning of period $ 149,466 $ 152,307 $ 26,458 Increase related to prior fiscal years 220 8,827 11,226 Increase related to business combinations — — 89 Increase related to current year income statement — — 115,824 Reductions related to settlements with taxing authorities (128,468) (9,668) (995) Reductions related to lapse of applicable statute of limitations (6,842) (2,000) (295) Balance at end of period $ 14,376 $ 149,466 $ 152,307 |
REVENUE AND MAJOR CUSTOMERS (Ta
REVENUE AND MAJOR CUSTOMERS (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
REVENUE AND MAJOR CUSTOMERS [Abstract] | |
Net Revenues by Product Group | The following table disaggregates revenues by major product category for Fiscal Years 2022, 2021 and 2020: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net revenues Headsets $ 724,474 $ 823,451 $ 773,186 Voice 246,816 221,131 375,505 Video 484,495 426,244 284,045 Services 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 |
Net Revenues by Geography | The following table presents total net revenues by geography: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net product revenues U.S. $ 687,818 $ 647,321 $ 708,566 Europe, Middle East, and Africa 459,333 512,196 398,721 Asia Pacific 210,220 208,597 221,912 Americas, excluding U.S. 98,414 102,712 103,537 Total international net product revenues 767,967 823,505 724,170 Total net product revenues $ 1,455,785 $ 1,470,826 $ 1,432,736 Net service revenues U.S. $ 87,146 $ 96,548 $ 102,103 Europe, Middle East, and Africa 56,039 64,660 66,900 Asia Pacific 67,038 77,158 73,424 Americas, excluding U.S. 15,136 18,415 21,827 Total international net service revenues 138,213 160,233 162,151 Total service net revenues 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 |
Schedule Of Revenue Performance Obligations | The table below represents aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of April 2, 2022: April 2, 2022 (in thousands) Current Non-current Total Unsatisfied (or partially unsatisfied) performance obligations $ 128,339 $ 64,734 $ 193,073 |
COMPUTATION OF EARNINGS PER C_2
COMPUTATION OF EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The following table presents the computation of basic and diluted earnings (loss) per common share: Fiscal Year Ended (in thousands, except per share data) April 2, 2022 April 3, 2021 March 28, 2020 Numerator: Net income (loss) $ 17,917 $ (57,331) $ (827,182) Denominator: Weighted-average basic shares outstanding 42,568 41,044 39,658 Weighted-average diluted shares outstanding 43,942 41,044 39,658 Basic earnings (loss) per common share $ 0.42 $ (1.40) $ (20.86) Diluted earnings (loss) per common share (1) $ 0.41 $ (1.40) $ (20.86) Potentially dilutive securities excluded from diluted earnings (loss) per share because their effect is anti-dilutive 208 1,262 1,740 |
SEGMENT REPORTING AND GEOGRAP_2
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Apr. 02, 2022 | |
Segments, Geographical Areas [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents segment results for revenue and gross margin, as reviewed by the CODM, and the related reconciliation to the Company's consolidated GAAP results: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Segment revenues, as reviewed by CODM Products $ 1,456,364 $ 1,471,963 1,434,635 Services 228,469 270,049 296,308 Total segment revenues, as reviewed by CODM $ 1,684,833 $ 1,742,012 $ 1,730,943 Segment gross profit, as reviewed by CODM Products $ 608,976 $ 679,484 $ 697,212 Services 150,929 182,522 201,382 Total segment gross profit, as reviewed by CODM $ 759,905 $ 862,006 $ 898,594 Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Total segment revenues, as reviewed by CODM $ 1,684,833 $ 1,742,012 $ 1,730,943 Deferred revenue purchase accounting (3,689) (14,405) (33,953) GAAP net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 Total segment gross profit, as reviewed by CODM (1) $ 759,905 $ 862,006 $ 898,594 Asset impairment — — (174,235) Purchase accounting amortization (65,031) (68,111) (122,553) Deferred revenue purchase accounting (3,689) (14,405) (33,953) Consumer optimization — — (10,415) Integration and rebranding costs — — (1,211) Stock-based compensation (5,092) (2,939) (3,992) GAAP gross profit $ 686,093 $ 776,551 $ 552,235 |
Net Revenues by Product Group | The following table disaggregates revenues by major product category for Fiscal Years 2022, 2021 and 2020: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net revenues Headsets $ 724,474 $ 823,451 $ 773,186 Voice 246,816 221,131 375,505 Video 484,495 426,244 284,045 Services 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 |
Net Revenues by Geography | The following table presents total net revenues by geography: Fiscal Year Ended (in thousands) April 2, 2022 April 3, 2021 March 28, 2020 Net product revenues U.S. $ 687,818 $ 647,321 $ 708,566 Europe, Middle East, and Africa 459,333 512,196 398,721 Asia Pacific 210,220 208,597 221,912 Americas, excluding U.S. 98,414 102,712 103,537 Total international net product revenues 767,967 823,505 724,170 Total net product revenues $ 1,455,785 $ 1,470,826 $ 1,432,736 Net service revenues U.S. $ 87,146 $ 96,548 $ 102,103 Europe, Middle East, and Africa 56,039 64,660 66,900 Asia Pacific 67,038 77,158 73,424 Americas, excluding U.S. 15,136 18,415 21,827 Total international net service revenues 138,213 160,233 162,151 Total service net revenues 225,359 256,781 264,254 Total net revenues $ 1,681,144 $ 1,727,607 $ 1,696,990 |
Schedule of Long-Lived Assets, by Geographic Areas | The following table presents long-lived assets by geographic area on a consolidated basis: (in thousands) April 2, 2022 April 3, 2021 United States $ 72,648 $ 75,998 Netherlands 14,922 16,299 Mexico 37,583 39,575 United Kingdom 4,025 3,928 China 17,933 16,871 Other countries 25,435 28,381 Total long-lived assets $ 172,546 $ 181,052 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | |||
Apr. 02, 2022USD ($)Customer | Apr. 03, 2021Customer | Mar. 28, 2020Customer | May 31, 2015USD ($) | |
Product Information [Line Items] | ||||
Unrecorded Unconditional Purchase Obligation | $ 512.1 | |||
Revenue From Contracts With Customers, Percentage Associated With Non-cancellable Maintenance And Support Contracts | 81.00% | |||
Duration of fiscal year | 364 days | 371 days | 364 days | |
Number of customers accounting for 10% or more of net accounts receivable | Customer | 1 | |||
Accounts Receivable Financing, Gross | $ 53.9 | |||
Accounts Receivable Financing, Current | 9.1 | |||
Financing Agreement, Fees | 0.9 | |||
Inventory Off Balance Sheet | $ 51.8 | |||
Minimum | ||||
Product Information [Line Items] | ||||
Product warranty terms | 1 year | |||
Maximum | ||||
Product Information [Line Items] | ||||
Product warranty terms | 2 years | |||
Customer concentration risk | Accounts receivable | ||||
Product Information [Line Items] | ||||
Number of customers accounting for 10% or more of net accounts receivable | Customer | 2 | |||
Scansource, D&H Distributors And Ingram Micro [Member] | Customer concentration risk | Accounts receivable | ||||
Product Information [Line Items] | ||||
Number of customers accounting for 10% or more of net accounts receivable | Customer | 2 | |||
Ingram Micro [Member] | Customer concentration risk | Accounts receivable | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 38.70% | 24.70% | ||
ScanSource [Member] | Customer concentration risk | Accounts receivable | ||||
Product Information [Line Items] | ||||
Concentration risk percentage | 22.30% | 24.90% | ||
Ingram Micro Group and ScanSource | Customer concentration risk | Accounts receivable | ||||
Product Information [Line Items] | ||||
Number of customers accounting for 10% or more of net accounts receivable | Customer | 2 | |||
Triangle [Member] | ||||
Product Information [Line Items] | ||||
Ownership percentage | 17.80% | |||
5.50% Senior Notes | Senior notes | ||||
Product Information [Line Items] | ||||
Debt Instrument, Face Amount | $ 500 | |||
Stated interest rate | 5.50% |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS - Narrative (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 | Mar. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 45,526 | $ 40,177 | |
Other Assets | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 57,300 | ||
Liability | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of lease liabilities | $ 56,089 | ||
Liability | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of lease liabilities | 68,500 | ||
Accrued Liabilities | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of lease liabilities | 25,700 | ||
Other Long-Term Liabilities | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of lease liabilities | $ 42,800 |
ACQUISITION (Details)
ACQUISITION (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Accounts payable | ||
Goodwill | $ 796,216 | $ 796,216 |
ACQUISITION - Narrative (Detail
ACQUISITION - Narrative (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 796,216 | $ 796,216 |
Triangle [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 17.80% |
ACQUISITION - Acquired Intangib
ACQUISITION - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Business Acquisition [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 785,547 | $ 782,747 |
Existing technology | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 4 months 24 days | |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months 18 days | |
Trade names/Trademarks | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 3 months 18 days |
ACQUISITION - Goodwill (Details
ACQUISITION - Goodwill (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 796,216 | $ 796,216 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Value & Fair Value (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Short-term investments | $ 13,703 | $ 14,559 |
Derivative instruments | 30,091 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative instruments | 0 | 6,594 |
Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 170,000 | 202,560 |
Restricted cash | 493,908 | |
Short-term investments | 13,703 | 14,559 |
Derivative instruments | 31,891 | 5,106 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative instruments | 1,828 | 11,802 |
Current portion of long-term debt | 478,807 | |
Long-term debt | 1,500,283 | 1,496,064 |
Level 1 | Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 170,000 | 202,560 |
Restricted cash | 493,908 | |
Short-term investments | 13,703 | 14,559 |
Derivative instruments | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative instruments | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | 0 | 0 |
Level 2 | Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | |
Short-term investments | 0 | 0 |
Derivative instruments | 31,891 | 5,106 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative instruments | 1,828 | 11,802 |
Current portion of long-term debt | 482,669 | |
Long-term debt | 1,521,562 | 1,497,323 |
Level 3 | Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | |
Short-term investments | 0 | 0 |
Derivative instruments | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative instruments | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Cash
FAIR VALUE MEASUREMENTS - Cash & Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Cash and cash equivalents | $ 170,000 | $ 202,560 |
Short-term investments (due in 1 year or less) | 13,703 | 14,559 |
Restricted Cash | 0 | 493,908 |
Mutual Funds | Level 1 | ||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Debt Securities, Available-for-sale | $ 13,700 | $ 14,600 |
DEFERRED COMPENSATION (Details)
DEFERRED COMPENSATION (Details) - USD ($) $ in Millions | Apr. 02, 2022 | Apr. 03, 2021 |
Other long-term liabilities | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred compensation liability, noncurrent | $ 13.7 | $ 14.6 |
Level 1 | Mutual Funds | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Securities held in a rabbi trust | $ 13.7 | $ 14.6 |
DETAILS OF CERTAIN BALANCE SH_3
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 381,744 | $ 352,108 |
Accounts receivable, net | 277,924 | 267,464 |
Provision for promotions and rebates: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable reserves | (102,499) | (82,315) |
Provision for doubtful accounts and sales allowances: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable reserves | $ (1,321) | $ (2,329) |
DETAILS OF CERTAIN BALANCE SH_4
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Inventory, net (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 90,192 | $ 87,050 |
Work in process | 1,656 | 9,511 |
Finished goods | 142,254 | 97,844 |
Inventory, net | $ 234,102 | $ 194,405 |
DETAILS OF CERTAIN BALANCE SH_5
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 34,600 | $ 39,400 | $ 46,100 |
Property, Plant and Equipment, Net [Abstract] | |||
Land | 15,112 | 15,643 | |
Buildings and improvements (useful life: 7-30 years) | 137,682 | 131,752 | |
Machinery and equipment (useful life: 2-10 years) | 175,150 | 177,807 | |
Software (useful life: 5-10 years) | 63,601 | 60,244 | |
Construction in progress | 7,409 | 7,519 | |
Property, plant, and equipment, gross | 398,954 | 392,965 | |
Accumulated depreciation and amortization | (271,933) | (252,090) | |
Property, plant, and equipment, net | 127,021 | 140,875 | |
Unamortized capitalized software costs | 13,400 | 13,200 | |
Amortization expense related to capitalized software costs | $ 5,000 | $ 6,400 | $ 10,100 |
Building and improvements | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 7 years | ||
Building and improvements | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 30 years | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 1 year | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 10 years | ||
Software | Minimum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 3 years | ||
Software | Maximum | |||
Property, Plant and Equipment, Net [Abstract] | |||
Useful life | 6 years |
DETAILS OF CERTAIN BALANCE SH_6
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Accrued Liabilities [Abstract] | ||
Accrued Deferred Revenue, Current | $ 128,339 | $ 141,375 |
Employee compensation and benefits | 69,011 | 84,318 |
Accrued Provision For Returns, Current | 17,672 | 25,133 |
Operating Lease, Liability, Current | 13,879 | 21,701 |
Other Accrued Liabilities, Current | 109,935 | 121,557 |
Accrued liabilities | $ 338,836 | $ 394,084 |
DETAILS OF CERTAIN BALANCE SH_7
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Product Warranty Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty obligation at beginning of year | $ 17,384 | $ 15,261 |
Warranty provision related to products shipped | 17,780 | 21,112 |
Deductions for warranty claims processed | (25,207) | (19,168) |
Adjustments related to preexisting warranties | 8,754 | 179 |
Warranty obligation at end of year | $ 18,711 | $ 17,384 |
DETAILS OF CERTAIN BALANCE SH_8
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease, ROU asset | $ 45,526 | $ 40,177 |
Operating lease liabilities, current | 13,879 | 21,701 |
Operating lease liabilities, long-term | 42,210 | 35,105 |
Payments for operating lease payments | 24,300 | 27,300 |
Operating lease expense | 12,100 | 13,700 |
Sublease income | $ 5,600 | $ 5,400 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
GOODWILL AND PURCHASED INTANG_3
GOODWILL AND PURCHASED INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Polycom | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 113.9 | $ 124.9 |
GOODWILL AND PURCHASED INTANG_4
GOODWILL AND PURCHASED INTANGIBLE ASSETS GOODWILL AND PURCHASED INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Apr. 02, 2022USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 796,216 |
Goodwill, ending balance | 796,216 |
Products Reportable Segment | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 628,968 |
Goodwill, ending balance | 628,968 |
Impairment prior to re-segmentation | 427,200 |
Services Reportable Segment | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 167,248 |
Goodwill, ending balance | 167,248 |
Impairment prior to re-segmentation | $ 56,500 |
GOODWILL AND PURCHASED INTANG_5
GOODWILL AND PURCHASED INTANGIBLE ASSETS GOODWILL AND PURCHASED INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 785,547 | $ 782,747 |
Finite-Lived Intangible Assets, Accumulated Amortization | 555,069 | 441,133 |
Finite-Lived Intangible Assets, Net | 230,478 | |
Purchased intangibles, net | $ 230,478 | 341,614 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 9 months 18 days | |
Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 429,923 | 427,123 |
Finite-Lived Intangible Assets, Accumulated Amortization | 342,103 | 277,071 |
Finite-Lived Intangible Assets, Net | $ 87,820 | 150,052 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 4 months 24 days | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 240,024 | 240,024 |
Finite-Lived Intangible Assets, Accumulated Amortization | 164,799 | 128,740 |
Finite-Lived Intangible Assets, Net | $ 75,225 | 111,284 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months 18 days | |
Trade names/Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 115,600 | 115,600 |
Finite-Lived Intangible Assets, Accumulated Amortization | 48,167 | 35,322 |
Finite-Lived Intangible Assets, Net | $ 67,433 | $ 80,278 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 3 months 18 days |
GOODWILL AND PURCHASED INTANG_6
GOODWILL AND PURCHASED INTANGIBLE ASSETS - Future Amortization Expense (Details) $ in Thousands | Apr. 02, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 112,165 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 66,869 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 22,544 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 12,844 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12,844 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 3,212 |
Finite-Lived Intangible Assets, Net | $ 230,478 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands | Apr. 02, 2022USD ($) |
Loss Contingencies [Line Items] | |
Weighted average remaining lease term | 5 years |
Weighted average discount rate, percent | 4.40% |
Liability | |
Loss Contingencies [Line Items] | |
2023 | $ 15,185 |
2024 | 13,213 |
2025 | 9,424 |
2026 | 8,057 |
2027 | 6,415 |
Thereafter | 10,802 |
Total lease payments | 63,096 |
Less: Imputed interest | (7,007) |
Present value of lease liabilities | $ 56,089 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Apr. 02, 2022USD ($) |
Business Acquisition [Line Items] | |
Unconditional purchase obligations | $ 617.8 |
Inventory Off Balance Sheet | 51.8 |
Merger Agreement | |
Business Acquisition [Line Items] | |
Contractual Obligation | $ 28.7 |
DEBT (Details)
DEBT (Details) | Dec. 29, 2021USD ($) | May 17, 2021USD ($) | Mar. 04, 2021USD ($) | Jul. 02, 2018USD ($) | May 31, 2015USD ($) | Apr. 02, 2022USD ($)letter_of_credit | Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) |
Debt Disclosure [Line Items] | ||||||||
Debt Instrument, Number Of Letters Of Credit | letter_of_credit | 4 | |||||||
Proceeds from issuance of senior notes, net of issuance costs | $ 0 | $ 493,922,000 | $ 0 | |||||
Line Of Credit Facility, Periodic Payment, Principal, Percentage Multiplied By Funded Amount | 0.25% | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 16,500,000 | 22,600,000 | ||||||
Debt Instrument, Debt Default, Interest Rate In Excess Of Applicable Rate | 2.00% | |||||||
5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Extinguishment of debt | $ 493,900,000 | |||||||
Senior notes | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Principal amount of debt issued | $ 500,000,000 | |||||||
Stated interest rate | 5.50% | |||||||
Proceeds from issuance of senior notes, net of issuance costs | $ 488,400,000 | |||||||
Debt issuance costs | $ 11,600,000 | |||||||
Senior notes | Senior Notes, 4.75 Percent | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 104.75% | |||||||
Principal amount of debt issued | $ 500,000,000 | |||||||
Stated interest rate | 4.75% | |||||||
Proceeds from issuance of senior notes, net of issuance costs | $ 493,900,000 | |||||||
Debt issuance costs | $ 6,100,000 | |||||||
Repurchase price, percentage of principal amount | 101.00% | |||||||
Secured Debt [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Principal amount of debt issued | $ 1,275,000,000 | |||||||
Long-term Debt | 1,245,000,000 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 30,000,000 | |||||||
Minimum | Senior notes | Senior Notes, 4.75 Percent | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 50.00% | |||||||
Debt redemption notice period | 15 days | |||||||
Maximum | Senior notes | Senior Notes, 4.75 Percent | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt redemption notice period | 60 days | |||||||
Percentage of debt redeemed | 40.00% | |||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||
EBITDA, covenant, percent | 10.00% | |||||||
Line Of Credit Facility, Unused Capacity, Percentage Over LIBOR Multiplied By Daily Amount Available Under Facility | 50.00% | |||||||
Letters of Credit Outstanding, Amount | $ 2,500,000 | |||||||
Revolving Credit Facility [Member] | Minimum | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||
Revolving Credit Facility [Member] | Maximum | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||
Federal Funds Rate [Member] | Secured Debt [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Basis spread of variable rate | 0.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Basis spread of variable rate | 1.00% | |||||||
Level 2 | Carrying Value | Senior notes | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | $ 0 | 478,807,000 | ||||||
Level 2 | Carrying Value | Senior notes | Senior Notes, 4.75 Percent | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | 494,737,000 | 493,985,000 | ||||||
Level 2 | Revolving Credit Facility [Member] | Carrying Value | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | $ 1,005,546,000 | $ 1,002,079,000 | ||||||
Debt Instrument, Period, January Two Twenty Twenty Two Through December Thirty Once Twenty Twenty Two | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, leverage ratio maximum | 3.75 | |||||||
EBITDA, covenant, amount | $ 30,000,000 | |||||||
Debt Instrument, Period, January One Twenty Twenty Three and Thereafter | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, leverage ratio minimum | 3 | |||||||
Debt Instrument, Period, December Twenty Nine Twenty Twenty and Thereafter | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, leverage ratio maximum | 3 |
RESTRUCTURING AND OTHER RELAT_3
RESTRUCTURING AND OTHER RELATED CHARGES - Restructuring Recognized on the Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | $ 9,656 | $ 15,160 | $ 10,946 |
Restructuring charges | 34,937 | 48,704 | 54,177 |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 20,539 | 26,467 | 29,777 |
Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (694) | 3,274 | 3,247 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,436 | 3,803 | 10,207 |
Total cash charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 25,281 | $ 33,544 | $ 43,231 |
RESTRUCTURING AND OTHER RELAT_4
RESTRUCTURING AND OTHER RELATED CHARGES - Restructuring Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 11,641 | ||
Restructuring and other related charges | 34,937 | $ 48,704 | $ 54,177 |
Payments | (31,693) | (33,764) | (37,269) |
Adjustments | 25,281 | ||
Restructuring Reserve | 5,229 | 11,641 | |
Employee severance and related benefits | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 7,261 | ||
Restructuring and other related charges | 20,539 | 26,467 | $ 29,777 |
Adjustments | 20,539 | ||
Restructuring Reserve | $ 4,502 | $ 7,261 |
RESTRUCTURING AND OTHER RELAT_5
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 11,641 | ||
Accruals | 25,281 | ||
Cash Payments | (31,693) | ||
Restructuring Reserve | 5,229 | $ 11,641 | |
Non-cash charges | 9,656 | 15,160 | $ 10,946 |
Employee severance and related benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 7,261 | ||
Accruals | 20,539 | ||
Cash Payments | (23,298) | ||
Restructuring Reserve | 4,502 | 7,261 | |
Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4,194 | ||
Accruals | (694) | ||
Cash Payments | (2,858) | ||
Restructuring Reserve | 642 | 4,194 | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 186 | ||
Accruals | 5,436 | ||
Cash Payments | (5,537) | ||
Restructuring Reserve | 85 | 186 | |
Fiscal Year 2022 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | ||
Accruals | 26,555 | ||
Cash Payments | (22,801) | ||
Restructuring Reserve | 3,754 | 0 | |
Fiscal Year 2022 Plan | Employee severance and related benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | ||
Accruals | 21,091 | ||
Cash Payments | (17,422) | ||
Restructuring Reserve | 3,669 | 0 | |
Fiscal Year 2022 Plan | Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | ||
Accruals | 0 | ||
Cash Payments | 0 | ||
Restructuring Reserve | 0 | 0 | |
Fiscal Year 2022 Plan | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | ||
Accruals | 5,464 | ||
Cash Payments | (5,379) | ||
Restructuring Reserve | 85 | 0 | |
Fiscal Year 2021 Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 7,138 | ||
Accruals | (837) | ||
Cash Payments | (5,381) | ||
Restructuring Reserve | 920 | 7,138 | |
Fiscal Year 2021 Plan | Employee severance and related benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 6,039 | ||
Accruals | (701) | ||
Cash Payments | (4,835) | ||
Restructuring Reserve | 503 | 6,039 | |
Fiscal Year 2021 Plan | Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 913 | ||
Accruals | (108) | ||
Cash Payments | (388) | ||
Restructuring Reserve | 417 | 913 | |
Fiscal Year 2021 Plan | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 186 | ||
Accruals | (28) | ||
Cash Payments | (158) | ||
Restructuring Reserve | 0 | 186 | |
Legacy Plans | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4,503 | ||
Accruals | (437) | ||
Cash Payments | (3,511) | ||
Restructuring Reserve | 555 | 4,503 | |
Legacy Plans | Employee severance and related benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 1,222 | ||
Accruals | 149 | ||
Cash Payments | (1,041) | ||
Restructuring Reserve | 330 | 1,222 | |
Legacy Plans | Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 3,281 | ||
Accruals | (586) | ||
Cash Payments | (2,470) | ||
Restructuring Reserve | 225 | 3,281 | |
Legacy Plans | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | ||
Accruals | 0 | ||
Cash Payments | 0 | ||
Restructuring Reserve | $ 0 | $ 0 |
STOCK PLANS AND STOCK-BASED C_3
STOCK PLANS AND STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation and benefits | $ 69,011 | $ 84,318 | |
Number of shares reserved under plan (shares) | 21,400,000 | ||
Percent of estimated fair market value at the date of grant (percentage) | 100.00% | ||
Options to purchase shares of common stock (shares) | 44,000 | ||
Unvested restricted stock and restricted stock units (shares) | 3,158,855 | ||
Shares available for future grant (shares) | 3,125,877 | ||
Percentage of fair market value at date of grant (percentage) | 85.00% | ||
Shares issued under the ESPP | 468,553 | 822,748 | 736,184 |
2020 Inducement Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to purchase shares of common stock (shares) | 0 | ||
Unvested restricted stock and restricted stock units (shares) | 271,601 | ||
Shares available for future grant (shares) | 601,000 | ||
Common stock reserved for future issuance (in shares) | 1,000,000 | ||
2002 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares reserved under plan (shares) | 1,708,704 | ||
Total cash received from employees as a result of stock issuances under the ESPP, net of taxes | $ 11,800 | ||
Offering period | 6 months | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock and restricted stock units (shares) | 2,550,000 | 2,059,000 | |
Total unrecognized compensation cost | $ 40,800 | ||
Period for recognition for unrecognized compensation cost | 1 year 7 months 6 days | ||
Weighted average grant date fair value (in dollars per share) | $ (30.39) | $ (15.42) | $ (33.77) |
Total grant date fair value | $ 29,000 | $ 39,500 | $ 38,200 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock and restricted stock units (shares) | 880,000 | 983,000 | |
Total unrecognized compensation cost | $ 15,500 | ||
Period for recognition for unrecognized compensation cost | 9 months 18 days | ||
Weighted average grant date fair value (in dollars per share) | $ (53.65) | $ (22.83) | $ (57.16) |
Total grant date fair value | $ 2,700 | $ 5,700 | |
Employee | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period (years) | 3 years | ||
Employee | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period (years) | 3 years | ||
Director | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period (years) | 4 years | ||
Director | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period (years) | 1 year |
STOCK PLANS AND STOCK-BASED C_4
STOCK PLANS AND STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 48,160 | $ 42,650 | $ 57,095 |
Income tax benefit | (7,587) | (10,321) | (7,369) |
Total stock-based compensation expense, net of tax | 40,573 | 32,329 | 49,726 |
Cost of revenues | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 5,092 | 2,939 | 3,992 |
Research, development and engineering | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 9,478 | 13,785 | 16,785 |
Selling, general, and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 33,590 | 25,926 | 36,318 |
Operating expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 43,068 | $ 39,711 | $ 53,103 |
STOCK PLANS AND STOCK-BASED C_5
STOCK PLANS AND STOCK-BASED COMPENSATION Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested Restricted Stock at March 31, 2017 (shares) | 3,158,855 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested Restricted Stock at March 31, 2016 (shares) | 2,059,000 | ||
Restricted stock granted (shares) | 1,834,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (977,000) | ||
Restricted stock forfeited (shares) | (366,000) | ||
Non-vested Restricted Stock at March 31, 2017 (shares) | 2,550,000 | 2,059,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value or restricted stock, March 31, 2016 (in dollars per share) | $ 24.91 | ||
Weighted average grant date fair value of restricted stock granted (in dollars per share) | 30.39 | $ 15.42 | $ 33.77 |
Weighted average grant date fair value of restricted stock vested (in dollars per share) | 29.72 | ||
Weighted average grant date fair value of restricted stock forfeited (in dollars per share) | 25.10 | ||
Weighted average grant date fair value or restricted stock, March 31, 2017 (in dollars per share) | $ 26.98 | $ 24.91 |
STOCK PLANS AND STOCK-BASED C_6
STOCK PLANS AND STOCK-BASED COMPENSATION Valuation Assumptions (Details) - ESPP - $ / shares | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 63.40% | 94.80% | 67.00% |
Risk-free interest rate | 0.40% | 0.10% | 1.70% |
Expected dividends | 0.00% | 0.00% | 3.10% |
Expected life (in years) | 6 months | 6 months | 6 months |
Weighted-average grant date fair value (in dollars per share) | $ 9.85 | $ 12.60 | $ 6.64 |
STOCK PLANS AND STOCK-BASED C_7
STOCK PLANS AND STOCK-BASED COMPENSATION Performance Shares Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,158,855 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 880,000 | 983,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.25 | $ 27.88 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 453,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 53.65 | $ 22.83 | $ 57.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (288,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 9.53 | ||
Restricted stock forfeited (shares) | (268,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 40.63 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 15,500 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 9 months 18 days |
COMMON STOCK REPURCHASES (Detai
COMMON STOCK REPURCHASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Equity [Abstract] | |||
Value of shares withheld in satisfaction of employee tax withholding obligations | $ 13,065 | $ 5,930 | $ 9,891 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 32,911 | $ (3,221) |
Accumulated unrealized gain (loss) on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated unrealized gain (loss) on cash flow hedges | 28,296 | (7,836) |
Accumulated foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated foreign currency translation adjustments | 4,615 | 4,615 |
Accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 32,911 | $ (3,221) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 |
EMPLOYEE BENEFIT PLANS [Abstract] | ||||
Vesting of matching contributions | 100.00% | |||
Non-elective company contribution as percentage of employee salary | 3.00% | |||
Company match | 50.00% | |||
Company contributions | $ 9.8 | $ 10 | $ 10.4 |
FOREIGN CURRENCY DERIVATIVES (D
FOREIGN CURRENCY DERIVATIVES (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Jun. 15, 2021USD ($) | Jul. 30, 2018USD ($) | Apr. 02, 2022EUR (€)financial_institution | Apr. 02, 2022USD ($)financial_institution | Apr. 02, 2022GBP (£)financial_institution | Apr. 02, 2022MXN ($)financial_institution | Apr. 03, 2021EUR (€) | Apr. 03, 2021GBP (£) | Apr. 03, 2021MXN ($) |
Derivative [Line Items] | |||||||||
Number of financial institutions the company has International Swap and Derivatives Association agreements | financial_institution | 5 | 5 | 5 | 5 | |||||
Foreign Exchange Forward, EURO | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | € 66,000 | $ 72,940 | |||||||
Derivative, Currency Sold | Sell EUR | ||||||||
Derivative, Remaining Maturity | 1 month | ||||||||
Foreign Exchange Forward, GBP | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | 22,012 | £ 16,800 | |||||||
Derivative, Currency Sold | Sell GBP | ||||||||
Derivative, Remaining Maturity | 1 month | ||||||||
Option contracts | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | € 72,800 | 14,200 | € 91,400 | £ 18,100 | |||||
Forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | € 68,100 | £ 14,100 | € 76,000 | £ 15,600 | |||||
Foreign currency swap contract | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | $ 27,281 | $ 572,420 | $ 564,300 | ||||||
Interest Rate Swap | |||||||||
Derivative [Line Items] | |||||||||
Notional amount of non-designated hedge | $ | $ 680,000 | $ 831,000 | |||||||
Term of contract | 3 years | 4 years | |||||||
Minimum | Options | |||||||||
Derivative [Line Items] | |||||||||
Term of contract | 6 months | ||||||||
Maximum | Options | |||||||||
Derivative [Line Items] | |||||||||
Term of contract | 12 months | ||||||||
Cash flow hedge | Forwards | |||||||||
Derivative [Line Items] | |||||||||
Term of contract | 3 months |
FOREIGN CURRENCY DERIVATIVES _2
FOREIGN CURRENCY DERIVATIVES (Details 1) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | $ (1,800) | $ (11,700) |
Derivative Asset, Fair Value, Gross Asset | 31,891 | 5,106 |
Derivative Asset [Abstract] | ||
Derivative asset not subject to master netting agreements | 0 | 0 |
Gross Amount of Derivative Assets | 31,891 | 5,106 |
Net Amount of Derivative Assets, subject to master netting agreements | 30,091 | 0 |
Net Amount of Derivative Assets | 30,091 | 0 |
Derivative Liability [Abstract] | ||
Derivative liability not subject to master netting agreements | 0 | 0 |
Gross Amount of Derivative Liabilities | (1,800) | (11,700) |
Net Amount of Derivative Liabilities, subject to master netting agreements | 0 | (6,594) |
Net Amount of Derivative Liabilities | 0 | (6,594) |
Derivative Asset, Fair Value, Gross Liability | (1,800) | (5,106) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 1,800 | 5,106 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | $ 0 |
FOREIGN CURRENCY DERIVATIVES _3
FOREIGN CURRENCY DERIVATIVES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain on foreign exchange contracts | $ 4,420 | $ (3,248) | $ 2,665 |
FOREIGN CURRENCY DERIVATIVES FO
FOREIGN CURRENCY DERIVATIVES FOREIGN CURRENCY DERIVATIVES (Details 3) $ in Thousands, $ in Thousands, € in Millions, £ in Millions | Jun. 15, 2021USD ($) | Jul. 30, 2018USD ($) | Apr. 02, 2022USD ($) | Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) | Apr. 02, 2022EUR (€) | Apr. 02, 2022GBP (£) | Apr. 02, 2022MXN ($) | Apr. 03, 2021EUR (€) | Apr. 03, 2021GBP (£) | Apr. 03, 2021MXN ($) |
Derivative [Line Items] | |||||||||||
Net (gains) losses reclassified into income for interest rate swap | $ (9,507) | $ (13,588) | $ (5,004) | ||||||||
Accumulated other comprehensive income to be reclassified into earnings | 29,972 | $ (6,807) | $ (13,172) | ||||||||
Foreign currency swap contract | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | 27,281 | $ 572,420 | $ 564,300 | ||||||||
Option contracts | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | € 72.8 | £ 14.2 | € 91.4 | £ 18.1 | |||||||
Forward contracts | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | € 68.1 | £ 14.1 | € 76 | £ 15.6 | |||||||
Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $ 680,000 | $ 831,000 | |||||||||
Term of contract | 3 years | 4 years | |||||||||
Derivative, Fixed Interest Rate | 0.39% | 2.78% | |||||||||
Accumulated other comprehensive income to be reclassified into earnings | (8,300) | ||||||||||
Unrealized Gain (Loss) on Derivatives | $ 24,200 |
FOREIGN CURRENCY DERIVATIVES _4
FOREIGN CURRENCY DERIVATIVES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Effect of Derivative Contracts on Accumulated Other Comprehensive Income and Statements of Operations [Roll Forward] | |||
Gain (loss) included in AOCI 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) |
Net revenues | 1,681,144 | 1,727,607 | 1,696,990 |
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | (995,051) | (951,056) | (1,144,755) |
Interest expense | (69,711) | (82,606) | (92,640) |
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) | 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) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Effect of Derivative Contracts on Accumulated Other Comprehensive Income and Statements of Operations [Roll Forward] | |||
Net revenues | (1,987) | 3,479 | (4,270) |
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | (625) | (166) | (238) |
Interest expense | $ (9,507) | $ (13,588) | $ (5,004) |
FOREIGN CURRENCY DERIVATIVES _5
FOREIGN CURRENCY DERIVATIVES (Details) 7 - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Derivative [Line Items] | ||
Derivative Asset, Noncurrent | $ 16,100 | $ 100 |
Derivative Liability, Noncurrent | 100 | 2,000 |
Other Current Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Current | 31,891 | 5,106 |
Other Current Assets | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Asset, Current | 25,613 | 0 |
Other Current Assets | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Current | 1,590 | 2,864 |
Other Current Assets | Designated as Hedging Instrument | Cash flow hedge | ||
Derivative [Line Items] | ||
Derivative Asset, Current | 4,688 | 2,242 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Current | 1,828 | 11,802 |
Other Liabilities [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Current | 1,377 | 9,863 |
Accrued interest On Derivatives | 28 | 102 |
Other Liabilities [Member] | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Current | 39 | 18 |
Other Liabilities [Member] | Designated as Hedging Instrument | Cash flow hedge | ||
Derivative [Line Items] | ||
Derivative Liability, Current | $ 384 | $ 1,819 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Current: | |||
Federal | $ (8,703,000) | $ (1,895,000) | $ 15,794,000 |
State | 465,000 | 1,780,000 | 2,310,000 |
Foreign | 9,781,000 | 13,740,000 | 9,526,000 |
Total current provision for income taxes | 1,543,000 | 13,625,000 | 27,630,000 |
Deferred: | |||
Federal | 0 | 0 | (12,899,000) |
State | 0 | 0 | (768,000) |
Foreign | (121,698,000) | (21,174,000) | (83,364,000) |
Total deferred benefit for income taxes | (121,698,000) | (21,174,000) | (97,031,000) |
Income tax benefit | (120,155,000) | (7,549,000) | (69,401,000) |
Components of income before income taxes | |||
United States | (114,124,000) | (137,433,000) | (756,095,000) |
Foreign | 11,886,000 | 72,553,000 | (140,488,000) |
Loss before income taxes | (102,238,000) | (64,880,000) | (896,583,000) |
Reconciliation between statutory federal income taxes and income tax expense | |||
Tax benefit at statutory rate | (21,470,000) | (13,625,000) | (188,282,000) |
Foreign operations taxed at different rates | (3,376,000) | (11,709,000) | 2,497,000 |
State taxes, net of federal benefit | (3,164,000) | (5,077,000) | (14,326,000) |
Research and development credit | (5,255,000) | (9,725,000) | (6,498,000) |
U.S. tax on foreign earnings | 196,000 | 11,274,000 | 10,889,000 |
Reserve expirations | (6,570,000) | 0 | 0 |
Goodwill impairment | 0 | 0 | 101,604,000 |
Stock-based compensation | 6,829,000 | 6,751,000 | 7,369,000 |
Internal restructuring related benefit | (113,426,000) | 0 | (65,069,000) |
Valuation allowance change | 29,902,000 | 23,928,000 | 68,486,000 |
Altera accrual | 0 | 0 | 9,467,000 |
Tax rate change | 0 | (12,418,000) | 0 |
Nondeductible compensation | 2,217,000 | 1,209,000 | 1,187,000 |
Tax on unremitted earnings of certain subsidiaries | (3,842,000) | 161,000 | (787,000) |
Nondeductible expenses | 1,216,000 | 0 | 0 |
Provision to return | (3,068,000) | 2,707,000 | 1,717,000 |
Other, net | (344,000) | (1,025,000) | 2,345,000 |
Income tax benefit | (120,155,000) | (7,549,000) | (69,401,000) |
Components of Deferred Tax Assets | |||
Accruals and other reserves | 27,431,000 | 36,503,000 | |
Deferred compensation | 4,453,000 | 3,717,000 | |
Net operating loss carry forward | 68,920,000 | 10,923,000 | |
Stock-based compensation | 5,573,000 | 9,939,000 | |
Interest expense | 8,398,000 | 23,000 | |
Tax credits | 22,220,000 | 13,858,000 | |
Capitalized R&D costs | 56,504,000 | 54,725,000 | |
Intangible assets | 164,182,000 | 101,362,000 | |
Other deferred tax assets | 7,827,000 | 4,610,000 | |
Unearned revenue | 15,583,000 | 9,043,000 | |
Property, plant, and equipment depreciation | 3,331,000 | 1,045,000 | |
Total deferred tax assets, before valuation allowance | 384,422,000 | 245,748,000 | |
Valuation allowance | 131,642,000 | 101,740,000 | |
Total deferred tax assets, net | 252,780,000 | 144,008,000 | |
Components of Deferred Tax Liabilities | |||
Deferred gains on sales of properties | (1,147,000) | (1,137,000) | |
Deferred Tax Liabilities, Intangible Assets | (27,937,000) | (42,255,000) | |
Unremitted earnings of certain subsidiaries | (2,070,000) | (889,000) | |
Right-of-use assets | (6,599,000) | (5,623,000) | |
Total deferred tax liabilities | 37,753,000 | 49,904,000 | |
Net deferred tax assets | 215,027,000 | 94,104,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | 149,466,000 | 152,307,000 | 26,458,000 |
Increase related to prior fiscal years | 220,000 | 8,827,000 | 11,226,000 |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 0 | 0 | 89,000 |
Increase of unrecognized tax benefits related to the current year | 0 | 0 | 115,824,000 |
Reductions related to settlements with taxing authorities | (128,468,000) | (9,668,000) | (995,000) |
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations | (6,842,000) | (2,000,000) | (295,000) |
Balance at end of period | $ 14,376,000 | 149,466,000 | 152,307,000 |
Deferred Tax Assets, Valuation Allowance, Percent | 100.00% | ||
Valuation allowance | $ 122,300,000 | ||
Tax penalties accrued | 0 | 0 | |
Unrecognized tax benefits | 14,376,000 | 149,466,000 | $ 152,307,000 |
Interest related to unrecognized tax benefits | 3,700,000 | $ 3,600,000 | |
Annual limitation | 700,000 | ||
Domestic Tax Authority | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Net operating loss carryforwards | 300,000 | ||
Tax credit carryforward | 8,800,000 | ||
State and Local Jurisdiction | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Net operating loss carryforwards | 1,500,000 | ||
Tax credit carryforward | $ 11,200,000 |
REVENUE AND MAJOR CUSTOMERS (De
REVENUE AND MAJOR CUSTOMERS (Details) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022USD ($)Customer | Apr. 03, 2021USD ($)Customer | Mar. 28, 2020USD ($)Customer | |
Revenue from External Customer [Line Items] | |||
Contract with Customer, Asset, Gross, Current | $ 4,300 | $ 4,100 | |
Revenue, Remaining Performance Obligation, Current | 128,339 | ||
Net revenues | 1,681,144 | 1,727,607 | $ 1,696,990 |
Contract with Customer, Liability | $ 193,100 | $ 213,800 | |
Contract with Customer, Liability, Percentage Of Revenue | 11.50% | 12.40% | |
Number of major customers, ten percent or greater, net accounts receivable | Customer | 1 | ||
Revenue, Remaining Performance Obligation, Noncurrent | $ 64,734 | ||
Revenue, Remaining Performance Obligation, Amount | 193,073 | ||
Contract with Customer, Liability, Revenue Recognized | 141,400 | ||
Product | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 1,455,785 | $ 1,470,826 | $ 1,432,736 |
Product | U.S. | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 687,818 | 647,321 | 708,566 |
Product | Europe and Africa | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 459,333 | 512,196 | 398,721 |
Product | Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 210,220 | 208,597 | 221,912 |
Product | Americas, excluding U.S. | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 98,414 | 102,712 | 103,537 |
Product | Total international net revenues [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 767,967 | 823,505 | 724,170 |
Enterprise Headset [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 724,474 | 823,451 | 773,186 |
Voice | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 246,816 | 221,131 | 375,505 |
Video | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 484,495 | 426,244 | 284,045 |
Service | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 225,359 | 256,781 | 264,254 |
Service | U.S. | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 87,146 | 96,548 | 102,103 |
Service | Europe and Africa | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 56,039 | 64,660 | 66,900 |
Service | Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 67,038 | 77,158 | 73,424 |
Service | Americas, excluding U.S. | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 15,136 | 18,415 | 21,827 |
Service | Total international net revenues [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | $ 138,213 | $ 160,233 | $ 162,151 |
Net Revenues [Member] | Customer concentration risk | |||
Revenue from External Customer [Line Items] | |||
Number of major customers, ten percent or greater, net revenues | Customer | 2 | 2 | 2 |
Net Revenues [Member] | Customer concentration risk | Ingram Micro [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk percentage | 25.00% | 19.30% | 17.30% |
Net Revenues [Member] | Customer concentration risk | ScanSource [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk percentage | 18.40% | 19.00% | 19.80% |
Accounts receivable | Customer concentration risk | |||
Revenue from External Customer [Line Items] | |||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 2 | ||
Accounts receivable | Customer concentration risk | Ingram Micro [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk percentage | 38.70% | 24.70% | |
Accounts receivable | Customer concentration risk | Scansource, D&H Distributors And Ingram Micro [Member] | |||
Revenue from External Customer [Line Items] | |||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 2 | ||
Accounts receivable | Customer concentration risk | ScanSource [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk percentage | 22.30% | 24.90% | |
Minimum | |||
Revenue from External Customer [Line Items] | |||
Revenue From Contracts With Customers, Credit Term | 30 days | ||
Maximum | |||
Revenue from External Customer [Line Items] | |||
Revenue From Contracts With Customers, Credit Term | 90 days |
COMPUTATION OF EARNINGS PER C_3
COMPUTATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 17,917 | $ (57,331) | $ (827,182) |
Earnings Per Share, Basic and Diluted | |||
Weighted average common shares-basic (in shares) | 42,568 | 41,044 | 39,658 |
Weighted average common shares-diluted (in shares) | 43,942 | 41,044 | 39,658 |
Basic (in dollars per share) | $ 0.42 | $ (1.40) | $ (20.86) |
Diluted (in dollars per share) | $ 0.41 | $ (1.40) | $ (20.86) |
Potentially dilutive securities excluded from diluted earnings (loss) per share because their effect is anti-dilutive | 208 | 1,262 | 1,740 |
SEGMENT REPORTING AND GEOGRAP_3
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Narrative (Details) | 12 Months Ended |
Apr. 02, 2022segment | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Number of operating segments | 2 |
SEGMENT REPORTING AND GEOGRAP_4
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Segments Results for Revenue and Gross Margin (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment gross profit, as reviewed by CODM | $ 686,093 | $ 776,551 | $ 552,235 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment revenues, as reviewed by CODM | 1,684,833 | 1,742,012 | 1,730,943 |
Total segment gross profit, as reviewed by CODM | 759,905 | 862,006 | 898,594 |
Operating Segments | Products Reportable Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment revenues, as reviewed by CODM | 1,456,364 | 1,471,963 | 1,434,635 |
Total segment gross profit, as reviewed by CODM | 608,976 | 679,484 | 697,212 |
Operating Segments | Services Reportable Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment revenues, as reviewed by CODM | 228,469 | 270,049 | 296,308 |
Total segment gross profit, as reviewed by CODM | $ 150,929 | $ 182,522 | $ 201,382 |
SEGMENT REPORTING AND GEOGRAP_5
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Segment Revenue and Gross Margin Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Depreciation, as reviewed by CODM | $ 2,800 | $ 14,400 | $ 15,200 |
Net revenues | 1,681,144 | 1,727,607 | 1,696,990 |
Gross profit | 686,093 | 776,551 | 552,235 |
Consumer optimization | (13,461) | (13,527) | (24,115) |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total segment revenues as reviewed by CODM | 1,684,833 | 1,742,012 | 1,730,943 |
Gross profit | 759,905 | 862,006 | 898,594 |
Segment Reconciling Items | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Deferred revenue purchase accounting | (3,689) | (14,405) | (33,953) |
Asset impairment | 0 | 0 | (174,235) |
Purchase accounting amortization | (65,031) | (68,111) | (122,553) |
Consumer optimization | 0 | 0 | (10,415) |
Integration and rebranding costs | 0 | 0 | (1,211) |
Stock-based compensation | $ (5,092) | $ (2,939) | $ (3,992) |
SEGMENT REPORTING AND GEOGRAP_6
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Net Revenues by Major Product Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Revenue from External Customer [Line Items] | |||
Net revenues | $ 1,681,144 | $ 1,727,607 | $ 1,696,990 |
Voice | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 246,816 | 221,131 | 375,505 |
Video | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 484,495 | 426,244 | 284,045 |
Service | |||
Revenue from External Customer [Line Items] | |||
Net revenues | $ 225,359 | $ 256,781 | $ 264,254 |
SEGMENT REPORTING AND GEOGRAP_7
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - External Customers by Major Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Revenue from External Customer [Line Items] | |||
Net revenues | $ 1,681,144 | $ 1,727,607 | $ 1,696,990 |
SEGMENT REPORTING AND GEOGRAP_8
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Apr. 03, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 172,546 | $ 181,052 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 72,648 | 75,998 |
Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 14,922 | 16,299 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 37,583 | 39,575 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,025 | 3,928 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 17,933 | 16,871 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 25,435 | $ 28,381 |
SUPPLEMENTARY QUARTERLY FINANCI
SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Mar. 28, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Duration of fiscal year | 364 days | 371 days | 364 days |
Net revenues | $ 1,681,144 | $ 1,727,607 | $ 1,696,990 |
Gross profit | 686,093 | 776,551 | 552,235 |
Net income (loss) | $ 17,917 | $ (57,331) | $ (827,182) |
Basic (in dollars per share) | $ 0.42 | $ (1.40) | $ (20.86) |
Diluted (in dollars per share) | $ 0.41 | $ (1.40) | $ (20.86) |