COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Apr. 03, 2021 | May 13, 2021 | Sep. 25, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
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 | PLT | ||
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 | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 471,886,734 | ||
Entity Common Stock, Shares Outstanding | 41,838,866 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for its 2021 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 3, 2021 . | ||
Current Fiscal Year End Date | --04-03 | ||
Document Period End Date | Apr. 3, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000914025 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Current assets | ||
Cash and cash equivalents | $ 202,560 | $ 213,879 |
Restricted Cash | 493,908 | 0 |
Short-term investments | 14,559 | 11,841 |
Accounts receivable, net | 267,464 | 246,835 |
Inventory, net | 194,405 | 164,527 |
Other current assets | 65,214 | 47,946 |
Total current assets | 1,238,110 | 685,028 |
Property, plant, and equipment, net | 140,875 | 165,858 |
Purchased intangibles, net | 341,614 | 466,915 |
Goodwill | 796,216 | 796,216 |
Deferred tax assets | 95,800 | 82,496 |
Other assets | 51,654 | 60,661 |
Total assets | 2,664,269 | 2,257,174 |
Current liabilities | ||
Accounts payable | 151,244 | 102,159 |
Accrued liabilities | 394,084 | 373,666 |
Current portion of long-term debt | 478,807 | 0 |
Total current liabilities | 1,024,135 | 475,825 |
Long-term debt, net of issuance costs | 1,496,064 | 1,621,694 |
Long-term income taxes payable | 86,227 | 98,319 |
Other long-term liabilities | 138,609 | 144,152 |
Total liabilities | 2,745,035 | 2,339,990 |
Commitments and contingencies (Note 9) | ||
Stockholders' 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, 58,908 and 57,237 shares issued as of April 3, 2021 and March 28, 2020, respectively | 912 | 896 |
Additional paid-in capital | 1,556,272 | 1,501,340 |
Accumulated other comprehensive loss | (3,221) | (13,582) |
Accumulated deficit | (765,233) | (707,904) |
Total stockholders' equity before treasury stock | 788,730 | 780,750 |
Less: Treasury stock at cost (17,156 and 16,829 common shares as of April 3, 2021 and March 28, 2020, respectively) | (869,496) | (863,566) |
Total stockholders' deficit | (80,766) | (82,816) |
Total liabilities and stockholders' deficit | $ 2,664,269 | $ 2,257,174 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 03, 2021 | Mar. 28, 2020 |
Stockholders' deficit | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,908,000 | 57,237,000 |
Treasury stock, common shares | 17,156,000 | 16,829,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Net revenues | $ 1,727,607 | $ 1,696,990 | $ 1,674,535 |
Cost of revenues | 951,056 | 1,144,755 | 980,396 |
Gross profit | 776,551 | 552,235 | 694,139 |
Operating expenses | |||
Research, development, and engineering | 209,290 | 218,277 | 201,886 |
Selling, general, and administrative | 488,378 | 595,463 | 567,879 |
impairment of goodwill and long-lived assets sg&a | 0 | 489,094 | 0 |
Loss (gain), net from litigation settlements | 17,561 | (721) | 975 |
Restructuring and other related charges | 48,704 | 54,177 | 32,694 |
Total operating expenses | 763,933 | 1,356,290 | 803,434 |
Operating income (loss) | 12,618 | (804,055) | (109,295) |
Interest expense | 82,606 | 92,640 | 83,000 |
Other non-operating income, net | (5,108) | (112) | (6,603) |
Loss before income taxes | (64,880) | (896,583) | (185,692) |
Income tax benefit | (7,549) | (69,401) | (50,131) |
Net loss | $ (57,331) | $ (827,182) | $ (135,561) |
Per share data | |||
Basic earnings (loss) per common share (in dollars per share) | $ (1.40) | $ (20.86) | $ (3.61) |
Diluted earnings (loss) per common share (in dollars per share) | $ (1.40) | $ (20.86) | $ (3.61) |
Basic shares used in computing loss per common share (in shares) | 41,044 | 39,658 | 37,569 |
Diluted shares used in computing loss per common share (in shares) | 41,044 | 39,658 | 37,569 |
Product | |||
Net revenues | $ 1,470,826 | $ 1,432,736 | $ 1,510,770 |
Cost of revenues | 863,529 | 1,049,826 | 902,625 |
Service | |||
Net revenues | 256,781 | 264,254 | 163,765 |
Cost of revenues | $ 87,527 | $ 94,929 | $ 77,771 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (57,331) | $ (827,182) | $ (135,561) |
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustment | 0 | (220) | 150 |
Unrealized gains (losses) on cash flow hedges | |||
Unrealized cash flow hedge losses | (6,807) | (13,172) | (4,176) |
Net losses (gains) reclassified into Net Revenues | 3,479 | (4,270) | (4,034) |
Net losses (gains) reclassified into Cost of Revenues | (166) | (238) | (177) |
Net losses reclassified into Interest Expense | 13,588 | 5,004 | 2,600 |
Net unrealized gains (losses) on cash flow hedges | 10,094 | (12,676) | (5,787) |
Unrealized holding gains during the year | 0 | 0 | 198 |
Income tax benefit (expense) in other comprehensive income | 267 | (211) | 2,095 |
Other comprehensive income (loss) | 10,361 | (13,107) | (3,344) |
Comprehensive loss | $ (46,970) | $ (840,289) | $ (138,905) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (57,331) | $ (827,182) | $ (135,561) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 164,867 | 230,262 | 201,369 |
Amortization of debt issuance costs | 6,427 | 5,402 | 4,593 |
Stock-based compensation | 42,644 | 57,095 | 41,934 |
impairment of goodwill and long-lived assets | 0 | 663,329 | 0 |
Deferred income taxes | (21,174) | (97,031) | (49,932) |
Provision for excess and obsolete inventories | 13,527 | 24,115 | 7,386 |
Restructuring and other related charges | 48,704 | 54,177 | 32,694 |
Cash payments for restructuring charges | (33,764) | (37,269) | (29,463) |
Other operating activities | 4,751 | 6,580 | 9,640 |
Changes in assets and liabilities, net of acquisition: | |||
Accounts receivable | (24,253) | 33,499 | (10,307) |
Inventory | (41,994) | (6,709) | (7,182) |
Current and other assets | (26,126) | 31,720 | 30,747 |
Accounts payable | 46,453 | (31,768) | 3,658 |
Accrued liabilities | 38,206 | (49,275) | 61,593 |
Income taxes | (15,757) | 21,074 | (45,122) |
Net cash provided by operating activities | 145,180 | 78,019 | 116,047 |
Cash flows from investing activities | |||
Proceeds from sales of investments | 2,529 | 2,173 | 131,300 |
Proceeds from maturities of investments | 0 | 0 | 131,017 |
Purchase of investments | (591) | (1,067) | (822) |
Acquisition, net of cash acquired | 0 | 0 | (1,642,241) |
Capital expenditures | (22,715) | (22,880) | (26,797) |
Proceeds from sale of property, plant, and equipment | 1,900 | 4,692 | 0 |
Net cash used in investing activities | (18,877) | (17,082) | (1,407,543) |
Cash flows from financing activities | |||
Repurchase of common stock | 0 | 0 | (13,177) |
Employees' tax withheld and paid for restricted stock and restricted stock units | (5,930) | (9,891) | (14,070) |
Proceeds from issuances under stock-based compensation plans | 12,307 | 12,486 | 15,730 |
Payment of cash dividends | 0 | (23,970) | (22,880) |
Proceeds from revolving line of credit | 50,000 | 0 | 0 |
Repayments of revolving line of credit | (50,000) | 0 | 0 |
Repayments of long-term debt | (146,980) | (25,000) | (103,188) |
Proceeds from debt issuance, net of issuance costs | 493,922 | 0 | 1,244,713 |
Net cash provided by (used in) financing activities | 353,319 | (46,375) | 1,107,128 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,967 | (3,192) | (3,784) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 482,589 | 11,370 | (188,152) |
Cash, cash equivalents, and restricted cash at beginning of year | 213,879 | 202,509 | 390,661 |
Cash, cash equivalents, and restricted cash at end of year | 696,468 | 213,879 | 202,509 |
Supplemental disclosures (in thousands) | |||
Cash paid for income taxes | 25,561 | 3,550 | 44,917 |
Cash paid for interest | $ 77,785 | $ 82,059 | $ 75,684 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive IncomeRevision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsRevision of Prior Period, Accounting Standards Update, Adjustment | Treasury Stock |
Common stock, shares, beginning of period at Mar. 31, 2018 | 33,251,000 | ||||||||||
Stockholders' equity, beginning of period at Mar. 31, 2018 | $ 352,970 | $ 2,595 | $ 816 | $ 876,645 | $ 2,870 | $ (124) | $ 299,066 | $ 2,719 | $ (826,427) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss | (135,561) | (135,561) | |||||||||
Foreign currency translation adjustments | 150 | 150 | |||||||||
Net unrealized gains (losses) on cash flow hedges, net of tax | (3,371) | (3,371) | |||||||||
Proceeds from issuances under stock-based compensation plans, shares | 576,000 | ||||||||||
Proceeds from issuances under stock-based compensation plans | 18,720 | $ 4 | 18,716 | ||||||||
Repurchase of restricted common stock, shares | (93,000) | ||||||||||
Repurchase of restricted common stock | 0 | ||||||||||
Issuance of common stock for acquisition, shares | 6,352,000 | ||||||||||
Issuance of common stock for acquisition | 494,265 | $ 64 | 494,201 | ||||||||
Cash dividends | (22,880) | (22,880) | |||||||||
Stock-based compensation | 41,934 | 41,934 | |||||||||
Repurchase of common stock, shares | (361,000) | ||||||||||
Repurchase of common stock | (13,177) | (13,177) | |||||||||
Employees' tax withheld and paid for restricted stock and restricted stock units, shares | (207,000) | ||||||||||
Employees' tax withheld and paid for restricted stock and restricted stock units | $ (14,070) | (14,070) | |||||||||
Shares issued under the ESPP | 138,133 | ||||||||||
Other equity changes related to compensation | $ 112 | 112 | |||||||||
Common stock, shares, end of period at Mar. 30, 2019 | 39,518,000 | ||||||||||
Stockholders' equity, end of period at Mar. 30, 2019 | 721,687 | $ (89) | $ 884 | 1,431,608 | (475) | 143,344 | $ (89) | (853,674) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss | (827,182) | (827,182) | |||||||||
Foreign currency translation adjustments | (220) | (220) | |||||||||
Net unrealized gains (losses) on cash flow hedges, net of tax | (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) | $ 896 | 1,501,340 | (13,582) | (707,904) | (863,566) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss | (57,331) | (57,331) | |||||||||
Net unrealized gains (losses) on cash flow hedges, net of tax | 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) |
THE COMPANY
THE COMPANY | 12 Months Ended |
Apr. 03, 2021 | |
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 that span headsets, open Session Initiation Protocol ("SIP") and native ecosystem desktop phones, conference room phones, video conferencing solutions and peripherals, including cameras, speakers, and microphones, cloud management and analytics software solutions, and services. The Company has two operating and reportable segments, Products and Services, and offers its products under the , Plantronics and Polycom brands. Founded in 1961, the Company is incorporated in the state of Delaware under the name Plantronics, Inc. and in March 2019, the Company changed the name under which it markets itself to Poly. The Company is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "PLT." On May 13, 2021, the Company issued a press release announcing a change in our symbol on the NYSE to "POLY" effective at the open of market trading on May 24, 2021. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 03, 2021 | |
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 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 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 own manufacturing facility in Mexico. The Company has experienced disruptions in both its own supply chain as well as those of its contract manufacturers as a result of COVID-19 and, as this virus has impacted various regions differently, the Company may in the future experience further business operation disruptions. Such disruptions have had, and may continue to have, a material impact on the Company's ability to 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 it is possible that it could cause a local and/or global economic recession. The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic 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 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 year ended April 3, 2021 ("Fiscal Year 2021") had 53 weeks. The years ended March 28, 2020 ("Fiscal Year 2020") and March 30, 2019 ("Fiscal Year 2019") each had 52 weeks. 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, which are primarily mutual funds that are held in a rabbi trust under non-qualified deferred compensation plans, are classified as trading securities. The specific identification method is used to determine the cost of investments. Unrealized gains and losses are recorded in Other Non-Operating 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 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 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 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 derivative's gain or loss is initially recorded as a component of Accumulated Other Comprehensive Loss and is 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. Refer to Note 3 , Recent Accounting Pronouncements , for additional information regarding our adoption of Accounting Standard Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , effective March 29, 2020. 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. A substantial portion of the raw materials, components and subassemblies (together, “parts”) used in the Company's products are provided by its suppliers on a consignment basis. These consigned inventories are not recorded on the Company's Consolidated Balance Sheets until it takes title to the parts, which occurs when they are consumed in the production process. The Company provides forecasts to its suppliers covering up to 52 weeks of demand and places purchase orders when the parts are consumed in the production process, at which time all rights, title, and interest in and to the parts transfers to the Company. Prior to consumption in the production process, the Company's suppliers bear the risk of loss and retain title to the consigned inventory. As of April 3, 2021, and March 28, 2020, the off-balance sheet consigned inventory balances were $57.3 million and $21.7 million, respectively. The terms of the Company's agreements with suppliers allow the Company 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 are immaterial in all periods presented. As of April 3, 2021, the Company’s aggregate purchase commitments to its suppliers for parts used in the manufacture of the Company’s products, including the off-balance sheet consigned inventory discussed above, was $534.9 million, which the Company expects to utilize in the normal course of business, net of an immaterial purchase commitments reserve. The Company’s purchase commitments reserve reflects the Company’s estimate of purchase commitments it does not expect to use in normal ongoing operations generally within the next twelve months. 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 warranty 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 Goodwill, Purchased Intangibles and Impairment 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. In the fourth quarter of Fiscal Year 2021, the Company performed the qualitative assessment and determined that it is more-likely-than-not that the carrying value of each of our reporting units is less than fair value. Therefore, we did not perform a quantitative assessment. In the fourth quarter of Fiscal Year 2020, the Company performed a quantitative assessment and determined that the carrying amount of its reporting units were greater than its estimated fair value and therefore recorded an impairment charge. Refer to Note 8, Goodwill and Purchased Intangible Assets . 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 hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the hierarchy levels: Level 1 Level 1 inputs are quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The Company's Level 1 financial assets consist of Cash and Cash Equivalents and Short-term Investments. Level 2 Level 2 inputs are inputs, other than quoted prices, that are directly or indirectly observable for the asset or liability. Level 2 inputs include model-generated values that rely on inputs either directly observed or readily derived from available market data sources, such as Bloomberg or other news and data vendors. They include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic factors. The Company's Level 2 financial assets and liabilities consist of derivative foreign currency contracts, an interest rate swap, and long-term debt. The fair value of Level 2 derivative foreign currency contracts and the interest rate swap is determined using pricing models that use observable market inputs. For more information regarding the Company's derivative assets and liabilities refer to Note 16, Derivatives . 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 regarding long-term debt refer to Note 10, Debt. Level 3 Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company has no Level 3 assets or liabilities. 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 85% 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. Advertising Costs The Company expenses all advertising costs as incurred. Advertising expense for Fiscal Years 2021, 2020, and 2019 was $0.6 million, $0.8 million, and $1.2 million, respectively. 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 comprises 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 (“GILTI”) as period costs when incurred. 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, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating loss per share. During all periods presented, the Company incurred a net loss. Therefore, no effect is given to participating securities since they do not share in the losses of the Company. For further details refer to Note 18, Computation of Loss Per Common Share . Comprehensive Loss Comprehensive Loss consists of two components, Net Income and Other Comprehensive Loss. Other Comprehensive Loss refers to income, expenses, gains, and losses that are recorded as an element of Stockholders’ Deficit, but which are excluded from Net Income. Accumulated Other Comprehensive 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 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. The Company accounts for excess tax benefits and tax deficiencies to be recognized in the provision for income taxes as discrete items in the period when the awards vest or are settled. The amount of excess tax benefits or deficiencies will fluctuate from period-to-period based on the price of the Company’s stock, the volume of stock-based instruments settled or vested, and the grant date fair value. For further details refer to Note 17, Income Taxes . 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 3, 2021, the Company's investments were composed solely of mutual funds and money market funds. As of March 28, 2020, the Company's investments were composed solely of mutual 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, ScanSource and Ingram Micro Group, accounted for 24.9% and 24.7 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. The Company adopted ASU 2016-13 effective March 29, 2020, using the modified retrospective transition method, which requires a cumulative-effect adjustment to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. The adoption had an immaterial impact on the Company’s financial position, results of operations and cash flows. In February 2016, the FASB 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. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The Company adopted ASU 2014-09 as of April 1, 2018 using the modified retrospective method and recognized the cumulative effect of initially applying ASU 2014-09 as an adjustment to the opening balance of retained earnings. |
ACQUISITION
ACQUISITION | 12 Months Ended |
Apr. 03, 2021 | |
Business Combinations [Abstract] | |
ACQUISITION | ACQUISITION Polycom Acquisition On July 2, 2018 ("Acquisition Date"), the Company completed the Acquisition of Polycom based upon the terms and conditions contained in the Purchase Agreement dated March 28, 2018. The Company believes the Acquisition will better position Plantronics with its channel partners, customers, and strategic alliance partners by allowing the Company to pursue additional opportunities across the Unified Communications & Collaboration ("UC&C") market in both hardware end points and services. At the closing of the Acquisition, the Company acquired Polycom for approximately $2.2 billion with the total consideration consisting of (1) 6.4 million shares of the Company's common stock (the "Stock Consideration") valued at approximately $0.5 billion and (2) approximately $1.7 billion in cash net of cash acquired (the "Cash Consideration"), resulting in Triangle, which was Polycom’s sole stockholder, owning approximately 16.0% of the Company immediately following the Acquisition. The consideration paid at closing was subject to a working capital, tax and other adjustments. This transaction was accounted for as a business combination and the Company has included the financial results of Polycom in the Consolidated Financial Statements since the date of Acquisition. During the quarter ended June 29, 2019, the Company finalized its allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed. Since the Acquisition, the Company has recorded measurement period adjustments to reflect facts and circumstances in existence as of the Acquisition date. These adjustments included deferred tax and tax liabilities of $45.2 million, a working capital adjustment of $8.0 million, and various other immaterial adjustments of $1.4 million, resulting in a decrease to goodwill of approximately $54.6 million. The allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the Acquisition date is as follows: (in thousands) July 2, 2018 ASSETS Cash and cash equivalents $ 80,139 Trade receivables, net 165,798 Inventories 109,074 Prepaid expenses and other current assets 68,558 Property and equipment, net 79,497 Intangible assets 985,400 Other assets 27,237 Total assets acquired $ 1,515,703 LIABILITIES Accounts payable $ 80,653 Accrued payroll and related liabilities 44,538 Accrued expenses 147,167 Income tax payable 27,044 Deferred revenue 115,061 Deferred income taxes 94,618 Other liabilities 54,394 Total liabilities assumed $ 563,475 Total identifiable net assets acquired 952,228 Goodwill 1,264,417 Total Purchase Price $ 2,216,645 The estimate of fair value and purchase price allocation were based on information available at the time of closing the Acquisition. The Acquisition resulted in $1,264 million of goodwill, which represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed. The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 Existing technology relates to products for voice, video and platform products. The Company valued the developed technology using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the developed technology less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period. Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers of Polycom. Customer relationships were valued using the discounted cash flow method as described above and the distributor method under the income approach. Under the distributor method, the economic profits generated by a distributor are deemed to be attributable to the customer relationships. The economic useful life was determined based on historical customer turnover rates. Order backlog was valued separately from customer relationships using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by order backlog less costs to fulfill. The economic useful life was determined based on the period over which the order backlog is expected to be fulfilled. Trade name/trademarks relate to the “Polycom” trade name and related trademarks. The fair value was determined by applying the profit allocation method under the income approach. This valuation method estimates the value of an asset by the profit saved because the company owns the asset. The economic useful life was determined based on the expected life of the trade name and trademarks and the cash flows anticipated over the forecasted periods at the time of the Acquisition. The fair value of in-process technology was determined using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by thin-process technology, less charges representing the contribution of other assets to those cash flows. As of March 28, 2020, the Company had reclassified $58.0 million of completed in-process research and development into existing technology, which is being amortized over the estimated useful life. The Company believes the amounts of purchased intangible assets recorded above represent the fair values of and approximate the amounts a market participant would pay for these intangible assets as of the Acquisition date. As of the Acquisition date, goodwill was primarily attributable to the assembled workforce, market expansion, and anticipated synergies and economies of scale expected from the integration of the Polycom business. The synergies include certain cost savings, operating efficiencies, and other strategic benefits projected to be achieved. Goodwill is not expected to be deductible for tax purposes. The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if Polycom had been acquired as of the beginning of Fiscal Year 2018. The unaudited pro forma information includes adjustments to amortization for intangible assets acquired, the purchase accounting effect on deferred revenue assumed and inventory acquired, restructuring charges related to the Acquisition, and transaction and integration costs. For the year ended March 30, 2019 and March 31, 2018, non-recurring pro forma adjustments directly attributable to the Polycom Acquisition included (i) the purchase accounting effect of deferred revenue assumed of $84.8 million, (ii) the purchase accounting effect of inventory acquired of $30.4 million, and (iii) Acquisition costs of $19.2 million. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the Acquisition actually occurred at the beginning of Fiscal Year 2018 or of the results of its future operations of the combined business. Pro Forma (unaudited) (in thousands) Fiscal Year Ended Total net revenues $ 2,008,245 Operating income (loss) 18,929 Net loss $ (38,516) |
CASH, CASH EQUIVALENTS AND INVE
CASH, CASH EQUIVALENTS AND INVESTMENTS | 12 Months Ended |
Apr. 03, 2021 | |
CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract] | |
Cash, Cash Equivalents and Investments | CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND SHORT-TERM INVESTMENTS The following tables summarize the Company’s Cash and Cash Equivalents, Restricted Cash, and Short-term Investments adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as Cash and Cash Equivalents, Restricted Cash, and Short-term Investments as of April 3, 2021 and March 28, 2020 (in thousands): April 3, 2021 Amortized Gross Gross Fair Cash & Cash Equivalents Restricted Cash Short-Term Investments Cash and cash equivalents $ 177,551 $ — $ — $ 177,551 $ 177,551 $ — Restricted cash (1) 493,908 493,908 493,908 Level 1: Mutual funds 12,622 1,945 (8) 14,559 — 14,559 Money market funds 25,009 — — 25,009 25,009 Total cash and cash equivalents, restricted cash and short-term investments measured at fair value $ 709,090 $ 1,945 $ (8) $ 711,027 $ 202,560 $ 493,908 $ 14,559 (1) Restricted cash represents the cash held in trust and restricted for use to redeem the 5.50% Senior Notes. Refer to Note 21, Subsequent Events . March 28, 2020 Amortized Gross Gross Fair Cash & Cash Equivalents Short-Term Investments Cash and cash equivalents $ 213,879 $ — $ — $ 213,879 $ 213,879 $ — Level 1: Mutual funds 12,938 31 (1,128) 11,841 — 11,841 Total cash and cash equivalents $ 226,817 $ 31 $ (1,128) $ 225,720 $ 213,879 $ 11,841 As of April 3, 2021, and March 28, 2020, the Company's investments consisted of assets related to its deferred compensation plan and are classified as trading securities. 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, refer to Note 6, Deferred Compensation . The Company did not incur material realized gains or losses during all periods presented. There were no transfers between fair value measurement levels during Fiscal Years 2021 and 2020. |
DEFERRED COMPENSATION
DEFERRED COMPENSATION | 12 Months Ended |
Apr. 03, 2021 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation | DEFERRED COMPENSATION As of April 3, 2021, the Company held investments in mutual funds with a fair value totaling $14.6 million, all of which related to debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability was $14.6 million as of April 3, 2021. As of March 28, 2020, the Company held investments in mutual funds with a fair value totaling $11.8 million, all of which related to 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 March 28, 2020 was $11.7 million. The investments are classified as trading securities and are recorded in Short-term Investments in the Consolidated Balance Sheets. The liability is recorded in Accrued Liabilities and Other Long-Term Liabilities in the Consolidated Balance Sheets. |
DETAILS OF CERTAIN BALANCE SHEE
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS | 12 Months Ended |
Apr. 03, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Balance Sheet Accounts | DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS Accounts Receivable, net: (in thousands) April 3, 2021 March 28, 2020 Accounts receivable $ 352,108 $ 350,642 Provisions for promotions and rebates (82,315) (101,666) Provisions for doubtful accounts and sales allowances (2,329) (2,141) Accounts receivable, net $ 267,464 $ 246,835 Inventory, net: (in thousands) April 3, 2021 March 28, 2020 Raw materials $ 87,050 $ 97,371 Work in process 9,511 459 Finished goods 97,844 66,697 Inventory, net $ 194,405 $ 164,527 Property, Plant, and Equipment, net: (in thousands) April 3, 2021 March 28, 2020 Land $ 15,643 $ 15,112 Buildings and improvements (useful life: 7-30 years) 131,752 132,153 Machinery and equipment (useful life: 1-10 years) 177,807 170,756 Software (useful life: 5-6 years) 60,244 60,552 Construction in progress 7,519 6,934 Property, plant, and equipment, gross 392,965 385,507 Accumulated depreciation and amortization (252,090) (219,649) Property, plant, and equipment, net $ 140,875 $ 165,858 Depreciation and amortization expense attributable to Property, Plant and Equipment for Fiscal Years 2021, 2020, and 2019 was $39.4 million , $46.1 million, and $40.6 million, respectively. Included in software are unamortized capitalized software costs relating to both purchased and internally developed software of $13.2 million and $19.1 million at April 3, 2021 and March 28, 2020, respectively. Amortization expense related to software in Fiscal Years 2021, 2020, and 2019 was $6.4 million , $10.1 million, and $11.0 million, respectively. Included in construction in progress at April 3, 2021 was machinery and equipment, tooling for new products, building improvements, and IT-related expenditures. None of the items were individually material. Accrued Liabilities: (in thousands) April 3, 2021 March 28, 2020 Short term deferred revenue $ 141,375 $ 144,040 Employee compensation and benefits 84,318 48,153 Provision for returns 25,133 20,146 Operating lease liabilities, current 21,701 22,517 Accrued other 121,557 138,810 Accrued liabilities $ 394,084 $ 373,666 Changes in the warranty obligation, whi ch are recorded in Accrued Liabilities and Other Long-term Liabilities in the Consolidated Balance Sheets, are as follows: (in thousands) April 3, 2021 March 28, 2020 Warranty obligation at beginning of year $ 15,261 $ 17,984 Warranty provision related to products shipped 21,112 18,736 Deductions for warranty claims processed (19,168) (21,333) Adjustments related to preexisting warranties 179 (126) Warranty obligation at end of year $ 17,384 $ 15,261 Operating Leases: Balance Sheet (in thousands) Classification April 3, 2021 March 28, 2020 ASSETS Operating right-of-use assets (1) Other Assets $ 40,177 $ 44,226 LIABILITIES Operating lease liabilities, current (2) Accrued Liabilities 21,701 22,517 Operating lease liabilities, long-term Other Liabilities 35,105 35,144 (1) During Fiscal Year 2021 and Fiscal Year 2020, the Company made $27.3 million and $24.2 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 2021 and Fiscal Year 2020, the Company recognized $13.7 million and $17.7 million, respectively, in operating lease expense, net of $5.4 million and $5.6 million in sublease income, respectively, within the Consolidated Statement of Operations. |
GOODWILL AND PURCHASED INTANGIB
GOODWILL AND PURCHASED INTANGIBLE ASSETS | 12 Months Ended |
Apr. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND PURCHASED INTANGIBLE ASSETS | GOODWILL AND PURCHASED INTANGIBLE ASSETS Goodwill During the fourth quarter of Fiscal Year 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. During the fourth quarter of Fiscal Year 2020, the Company experienced a sustained decrease in its stock price and determined that it was more-likely-than-not that the carrying value of the Company's reporting units exceeded their fair value. During the fourth quarter of Fiscal Year 2020, the Company made key changes to its executive management, which ultimately resulted in a change to the composition of its reportable segments and consequently a change from one to four reporting units: Headsets, Voice, Video, and Services (see Note 20, Segment Reporting and Geographic Information for additional information). As a result of the quantitative impairment test performed on a one reporting unit basis, the Company recorded a goodwill impairment loss of $323.1 million due to changes in the estimate of long-term future financial performance to reflect lower expectations for growth in revenue and earnings than previously estimated. Additionally, after the reallocation of goodwill to its four reporting units, the Company recorded an additional goodwill impairment loss of $47.8 million and $112.8 million to its Voice and Video reporting units, respectively. The fair value of the Company's reporting units was estimated using a discounted cash flow model (income approach), which used Level 3 inputs. The income approach included assumptions for, among others, forecasted revenue, operating income, and discount rates, all of which require significant judgment by management. These assumptions also consider the current industry environment and outlook, and the resulting impact on the Company's ex pectations for the performance of its business. The changes in the carrying amount of goodwill allocated to the Company's reportable segments for Fiscal Year 2021 and Fiscal Year 2020 are as follows: (in thousands) Poly Reportable Segment Products Reportable Segment Services Reportable Segment Total Consolidated Balance as of March 30, 2019 $ 1,278,380 $ — $ — $ 1,278,380 Acquisition measurement period adjustments 1,517 1,517 Impairment prior to re-segmentation (323,088) — — (323,088) Allocation due to re-segmentation (956,809) 789,561 167,248 — Impairment after re-segmentation — (160,593) (160,593) Balance as of March 28, 2020 — 628,968 167,248 796,216 Balance as of April 3, 2021 $ — $ 628,968 $ 167,248 $ 796,216 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. As a result of the sustained decrease in stock price experienced in Fiscal Year 2020, the Company determined the Voice products asset group to not be recoverable and a quantitative impairment test was performed. The fair value of the Company's Voice products asset group was estimated using a discounted cash flow model (income approach) which used Level 3 inputs. The income approach included assumptions for, among others, forecasted revenue, operating income, and discount rates, all of which require significant judgment by management. The Company compared the fair value of the Voice products asset group to its carrying value and determined the existing technology and customer relationships intangible assets and certain machinery and equipment to be completely impaired. As a result, the Company recorded an impairment of long-lived assets totaling $179.6 million in the fourth quarter of Fiscal Year 2020 within its Product segment, of which $174.2 million and $5.4 million was classified as Cost of Revenues and Operating Expenses, respectively, in the Consolidated Statements of Operations. Impairment of long-lived assets was comprised of $175.0 million of intangible assets and $4.6 million of machinery and equipment. No impairment charges were recognized in Fiscal Year 2021. As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows: April 3, 2021 March 28, 2020 (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 $ 427,123 $ (277,071) $ 150,052 2.3 years $ 427,123 $ (208,848) $ 218,275 Customer relationships 240,024 (128,740) 111,284 3.2 years 240,024 (84,506) 155,518 Trade names/Trademarks 115,600 (35,322) 80,278 6.3 years 115,600 (22,478) 93,122 Purchased intangibles $ 782,747 $ (441,133) $ 341,614 3.5 years $ 782,747 $ (315,832) $ 466,915 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 $124.9 million and $183.7 million of amortization expense in Fiscal Year 2021 and Fiscal Year 2020, respectively. As of April 3, 2021, expected amortization expense attributable to Purchased Intangibles for each of the next five years and thereafter is as follows: in thousands Amount 2022 $ 113,858 2023 111,232 2024 65,936 2025 21,688 2026 12,844 Thereafter 16,056 Total $ 341,614 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 03, 2021 | |
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 3, 2021 were as follows: (in thousands) Operating Leases (1) 2022 $ 23,693 2023 10,013 2024 7,813 2025 5,816 2026 4,646 Thereafter 11,872 Total lease payments 63,853 Less: Imputed interest (2) (7,047) Present value of lease liabilities $ 56,806 (1) The weighted average remaining lease term was 4.3 years as of April 3, 2021. (2) The weighted average discount rate was 4.8% as of April 3, 2021. Unconditional Purchase Obligations The Company purchases materials and services from a variety of suppliers and manufacturers. During the normal course of business and to manage manufacturing operations, the Company may enter into firm, non-cancelable, and unconditional purchase obligations for inventory, including electronic components such as semiconductor chips, in addition to service, capital expenditure, and general and administrative activities for which amounts are not recorded on the Consolidated Balance Sheets. As of April 3, 2021, the Company had outstanding off-balance sheet third-party manufacturing, component purchase, and other general and administrative commitments of $667.0 million . 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. 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 and denied. 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 had 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. Litigation on the 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 Inter Partes Review of the asserted patents which were granted by the PTAB. The District Court matter was stayed pending resolution of the IPRs. Oral argument was heard on the IPRs on October 20, 2020. On January 11, 2021, the PTAB issued final written decisions invalidating two of the asserted patents. The remaining claims of the third patent were unasserted against the Company. On February 12, 2021, directPacket filed a notice of appeal to the United States Court of Appeals for the Federal Circuit with respect to the PTAB’s final written decision regarding the ’588 patent. On March 15, 2021, Polycom filed a notice of appeal to the United States Court of Appeals for the Federal Circuit with respect to the PTAB’s final written decision regarding the ’978 patent. 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’s Motion to Dismiss the Amended Complaint on August 7, 2020. Plaintiffs filed their opposition on October 2, 2020 and the Company replied on November 16, 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. On April 13, 2021, pursuant to the parties’ mutual agreement, the Court issued its order granting a stipulation and scheduling order which provides the plaintiffs until June 15, 2021 to consider whether or not to file a second amended complaint, and if filed, allowing defendants until August 16, 2021 to file a motion to dismiss, with plaintiffs’ opposition to such motion due on or before September 30, 2021, and with defendants’ reply to be filed on or before November 1, 2021. 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 such 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 agreed to stay the District Court case for 30 days to pursue settlement of pending claims. This 30 day period has run, however the parties are still in settlement discussions and have continue the stay. 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 remains pending. On January 29, 2021, the plaintiff amended its infringement contentions to add new accused products. On February 12, 2021, the plaintiff filed its opposition to the Motion to Transfer. Claim construction exchanges have begun, and a claim construction hearing was scheduled for April 22, 2021. Trial is scheduled for April 18, 2022. 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. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The estimated fair value and carrying value of the Company's outstanding debt as of April 3, 2021 and March 28, 2020 were as follows: April 3, 2021 March 28, 2020 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 4.75% Senior Notes $ 492,580 $ 493,985 $ — $ — 5.50% Senior Notes 482,669 478,807 359,140 495,409 Term Loan Facility 1,004,743 1,002,079 852,942 1,126,285 As of April 3, 2021, and March 28, 2020, the net unamortized discount, premium and debt issuance costs on the Company's outstanding debt were $22.6 million and $25.1 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. Refer to Note 21, Subsequent Events . The fair value of the 4.75% Senior Notes was determined based on inputs that were observable in the market, including the trading price of the 4.75% Senior Notes, when available (Level 2). 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, using the straight-line method, which approximates the effective interest method for this debt, over the term of the 5.50% Senior Notes. 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. The fair value of the 5.50% Senior Notes was determined based on inputs that were observable in the market, including the trading price of the 5.50% Senior Notes, when available (Level 2). The Company may redeem all or a part of the 5.50% Senior Notes, upon not less than a 30-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 35% Using Cash Proceeds From An Equity Offering (3) : Make-Whole (1) Premium (2) Date Specified Price 5.50% Senior Notes Prior to May 15, 2018 On or after May 15, 2018 Prior to May 15, 2018 105.50% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest. (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 35% of the aggregate principal amount of the respective note being redeemed. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the 5.50% Senior Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 5.50% Senior Notes contain restrictive covenants that, among other things, limit the Company's ability to create certain liens and enter into sale and lease-back transactions; create, assume, incur, or guarantee additional indebtedness of its subsidiaries without such subsidiary guaranteeing the 5.50% Senior Notes on an unsecured unsubordinated basis; and consolidate or merge with, or convey, transfer or lease all or substantially all of the assets of the Company and its subsidiaries to, another person. During Fiscal Year 2021, the Company repurchased $19.3 million aggregate principal amount of 5.50% Senior Notes and recorded an immaterial gain on extinguishment, which is included in Interest Expense in the Consolidated Statements of Operations. The Company did not incur prepayment penalties. Term Loan Facility In connection with the Polycom Acquisition 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 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 liens 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 February 20, 2020, the Company entered into an Amendment No. 2 to Credit Agreement (the “Amendment”) by and among the Company, the financial institutions party thereto as lenders and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Agent”). The Amendment amended the Credit Agreement, as previously amended to (i) increase the maximum Secured Net Leverage Ratio (as defined in the Credit Agreement) permitted under the Credit Agreement to 3.75 to 1.00 through December 26, 2020 and 3.00 to 1.00 thereafter and (ii) decrease the minimum Interest Coverage Ratio (as defined in the Credit Agreement) required under the Credit Agreement to 2.25 to 1.00 through December 26, 2020 and 2.75 to 1.00 thereafter. Additionally, the Amendment modified the calculation of the Secured Net Leverage Ratio and the Interest Coverage Ratio solely for purposes of compliance with Sections 7.11(a) and 7.11(b) of the Credit Agreement to (i) calculate the Secured Net Leverage Ratio net of the aggregate amount of unrestricted Cash and Cash Equivalents (as defined in the Credit Agreement) on the Consolidated Balance Sheet of the Company and its Restricted Subsidiaries (as defined in the Credit Agreement) as of the date of calculation up to an amount equal to $150,000,000 and (ii) solely for purposes of any fiscal quarter ending from December 29, 2019 through December 26, 2020, increase the cap on Expected Cost Savings (as defined in the Credit Agreement) in determining Consolidated EBITDA (as defined in the Credit Agreement) to the greater of (A) 20% of Consolidated EBITDA for such Measurement Period (as defined in the Credit Agreement) (calculated before giving effect to any such Expected Cost Savings to be added back pursuant to clause (a)(ix) of the definition of Consolidated EBITDA) and (B)(x) for the period from December 29, 2019 through March 28, 2020, $121,000,000, (y) for the period from March 29, 2020 through June 27, 2020, $107,000,000 and (z) for the period from June 28, 2020 through December 26, 2020, $88,000,000. The financial covenants under the Credit Agreement described above 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 3, 2021, 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 2021 or 2020 and therefore is not required to make any debt repayments. During Fiscal Year 2021, the Company prepaid $130.0 million aggregate principal amount of the Term Loan Facility and did not incur any prepayment penalties. The Company recorded an immaterial loss on extinguishment on the prepayment, which is included in Interest Expense in the Consolidated Statements of Operations. As of April 3, 2021, the Company had five letters of credit outstanding under the revolving credit facility for a total of $1.4 million. The fair value of the term loan facility was determined based on inputs that were observable in the market (Level 2). |
RESTRUCTURING AND OTHER RELATED
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | 12 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | RESTRUCTURING AND OTHER RELATED CHARGES Summary of Restructuring Plans Fiscal Year 2021 Restructuring Plans 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. Fiscal Year 2020 Restructuring Plans During Fiscal Year 2020, the Company committed to additional actions to rationalize post-Acquisition operations and costs to align the Company's cost structure to current revenue expectations. The costs incurred to date under these plans include severance benefits related to headcount reductions in the Company's global workforce, facility related charges due to consolidation of the Company's leased offices, asset impairments associated with consumer product portfolio optimization efforts, and other costs associated with legal entity rationalization. Fiscal Year 2019 Restructuring Plans During the Fiscal Year 2019, the Company initiated post-Acquisition restructuring plans to realign the Company's cost structure, including streamlining the global workforce, consolidation of certain distribution centers in North America, and reduction of redundant legal entities, in order to take advantage of operational efficiencies following the Acquisition. The costs incurred to date under these plans have primarily comprised of severance benefits from reduction in force actions, facilities related actions initiated by management, 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 3, 2021 March 28, 2020 March 30, 2019 Severance $ 26,467 $ 29,777 $ 25,033 Facility 3,274 3,247 2,241 Other (1) 3,803 10,207 5,420 Total cash charges 33,544 43,231 32,694 Non-cash charges (2) 15,160 10,946 — Total restructuring and other related charges $48,704 $54,177 $32,694 (1) Other costs primarily represent associated legal and advisory services. (2) Non-cash charges primarily represent asset impairments due to closure or consolidation of facilities. The following table summarizes the Company's restructuring liabilities during Fiscal Year 2021: As of March 28, 2020 Charges Payments As of April 3, 2021 FY 2021 Plans Severance $ — $ 27,130 $ (21,091) $ 6,039 Facility — 313 600 913 Other — 3,803 (3,617) 186 Total FY 2021 Plans — 31,246 (24,108) 7,138 FY 2020 Plans Severance $ 7,475 $ (1,164) $ (5,264) $ 1,047 Facility 2,501 2,961 (2,181) 3,281 Other 1,621 — (1,621) — Total FY 2020 Plans 11,597 1,797 (9,066) 4,328 FY 2019 Plans Severance 147 501 (473) 175 Facility — — — — Other 117 — (117) — Total FY 2019 Plans 264 501 (590) 175 Severance 7,622 26,467 (26,828) 7,261 Facility 2,501 3,274 (1,581) 4,194 Other 1,738 3,803 (5,355) 186 Total $ 11,861 $ 33,544 $ (33,764) $ 11,641 |
STOCK PLANS AND STOCK-BASED COM
STOCK PLANS AND STOCK-BASED COMPENSATION | 12 Months Ended |
Apr. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans and Stock-Based Compensation | 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 3, 2021, there have been 19,400,000 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. Restricted stock and restricted stock units granted to employees generally vest over a three year period and to non-employee directors over a one year period. 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 Committee determined appropriate to compare to the total stockholder return on its stock. Performance shares 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 3, 2021, options to purchase 54,000 shares of common stock and 2,643,462 shares of unvested restricted stock and restricted stock units were outstanding. There were 2,768,574 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 3, 2021, 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. Restricted stock and restricted stock units 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. Performance shares 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 3, 2021, there were no options granted to purchase shares of common stock and 399,000 shares of unvested restricted stock and restricted stock units outstanding. There were 601,000 shares available for future grant under the Inducement Plan. 2002 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 822,748 , 736,184, and 138,133, shares issued under the ESPP in Fiscal Years 2021, 2020, and 2019, respectively. At April 3, 2021, there were 177,257 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 2021 was $11.9 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 3, 2021 March 28, 2020 March 30, 2019 Cost of revenues $ 2,939 $ 3,992 $ 4,176 Research, development and engineering 13,785 16,785 11,699 Selling, general, and administrative 25,926 36,318 26,059 Operating expenses 39,711 53,103 37,758 Total stock-based compensation expense 42,650 57,095 41,934 Income tax benefit (10,321) (7,369) (9,891) Total stock-based compensation expense, net of tax $ 32,329 $ 49,726 $ 32,043 Stock Plan Activity Stock Options The following is a summary of the Company’s stock option activity during Fiscal Year 2021: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at March 28, 2020 352 $ 47.39 Options granted — $ — Options exercised (10) $ 42.66 Options forfeited or expired (288) $ 47.25 Outstanding at April 3, 2021 54 $ 48.98 1.6 $ — Vested and exercisable at April 3, 2021 54 $ 48.98 1.6 $ — The total intrinsic value of options exercised during Fiscal Years 2021 and 2020 was immaterial. The total intrinsic value of options exercised during Fiscal Year 2019 was $5.8 million. 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. The total cash received from employees as a result of employee stock option exercises during Fiscal Year 2021 was $0.4 million , net of taxes. There was an immaterial amount of total net tax benefit attributable to stock options exercised during Fiscal Year 2021. As of April 3, 2021, all stock options outstanding were fully vested resulting in no unrecognized compensation cost. Restricted Stock Restricted stock consists of RSAs and RSUs. The following table summarizes the changes in unvested restricted stock for Fiscal Year 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at March 28, 2020 1,911 $ 43.71 Granted 1,440 $ 15.42 Vested (888) $ 44.47 Forfeited (404) $ 37.08 Non-vested at April 3, 2021 2,059 $ 24.91 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 2021, 2020, and 2019 were $15.42 , $33.77, and $68.00, respectively. The total grant-date fair values of restricted stock that vested during Fiscal Years 2021, 2020, and 2019 were $39.5 million , $38.2 million, and $27.8 million, respectively. As of April 3, 2021, the total unrecognized compensation cost related to non-vested restricted stock awards was $26.2 million and is expected to be recognized over a weighted average period of 1.7 years. Performance-based Restricted Stock The following table summarizes the changes in unvested PSUs for Fiscal Year 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at March 28, 2020 421 $ 61.09 Granted 988 $ 22.83 Vested (72) $ 79.88 Forfeited (354) $ 42.69 Non-vested at April 3, 2021 983 $ 27.88 The weighted average grant-date fair values of PSUs granted during Fiscal Years 2021, 2020, and 2019 were $22.83 , $57.16, and $75.43, respectively. The total grant-date fair values of PSUs that vested during Fiscal Year 2021 was $5.7 million. The total grant-date fair value of PSUs that vested during Fiscal Years 2020 and 2019 were immaterial. As of April 3, 2021, the total unrecognized compensation cost related to non-vested PSU awards was $13.8 million and is expected to be recognized over a weighted average period of 1.1 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 3, 2021 March 28, 2020 March 30, 2019 Expected volatility 94.8 % 67.0 % 40.8 % Risk-free interest rate 0.1 % 1.7 % 2.4 % Expected dividends — % 3.1 % 1.1 % Expected life (in years) 0.5 0.5 0.5 Weighted-average grant date fair value $ 12.60 $ 6.64 $ 14.44 |
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES | 12 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Common Stock Repurchases | COMMON STOCK REPURCHASES From time to time, the Company's Board has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Repurchased shares are held as treasury stock until they are retired or re-issued. On November 28, 2018, the Board approved a 1.0 million shares repurchase program expanding its capacity to repurchase shares to approximately 1.7 million shares. As of April 3, 2021, there remained 1,369,014 shares authorized for repurchase under the repurchase program approved by the Board. Repurchases by the Company pursuant to Board-authorized program are shown in the following table: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 Value of shares withheld in satisfaction of employee tax obligations $ 5,930 $ 9,891 The amounts withheld were equivalent to the employees' minimum statutory tax withholding requirements and are reflected as a financing activity within the Company's Consolidated Statements of Cash Flows. These share withholdings have the same effect as share repurchases by the Company as they reduce the number of shares that would have otherwise been issued in connection with the vesting of shares subject to the restricted stock grants. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Apr. 03, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of Accumulated Other Comprehensive Loss, net of tax, were as follows: (in thousands) April 3, 2021 March 28, 2020 Accumulated unrealized loss on cash flow hedges (1) $ (7,836) $ (18,197) Accumulated foreign currency translation adjustments 4,615 4,615 Accumulated other comprehensive loss $ (3,221) $ (13,582) (1) Refer to Note 16, Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of April 3, 2021 and March 28, 2020. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Apr. 03, 2021 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The 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 2021, 2020, and 2019 were $10.0 million , $10.4 million, and $7.1 million, respectively. |
FOREIGN CURRENCY DERIVATIVES
FOREIGN CURRENCY DERIVATIVES | 12 Months Ended |
Apr. 03, 2021 | |
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 exchange contracts 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 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 3, 2021, the Company had International Swaps and Derivatives Association (ISDA) agreements with four 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 3, 2021 and March 28, 2020, 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 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) As of March 28, 2020: 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 $ 3,550 $ (3,550) $ — $ — Derivatives not subject to master netting agreements — — Total $ 3,550 $ — 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 $ (22,890) $ 3,550 $ — $ (19,340) Derivatives not subject to master netting agreements — — Total $ (22,890) $ (19,340) The Company's derivative instruments are measured using Level 2 fair value inputs. Non-Designated Hedges As of April 3, 2021, the Company had foreign currency forward contracts denominated in EUR and 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 Receivable, and Accounts Payable. The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate USD equivalent at April 3, 2021: (in thousands) Local Currency USD Equivalent Position Maturity EUR € 56,000 $ 65,875 Sell EUR 1 month GBP £ 9,900 $ 13,680 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 Income, net in the Consolidated Statements of Operations was as follows: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 (Loss)/Gain on foreign exchange contracts $ (3,248) $ 2,665 $ 7,340 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 3, 2021 March 28, 2020 (in millions) EUR GBP EUR GBP Option contracts €91.4 £18.1 €67.0 £18.4 Forward contracts €76.0 £15.6 €50.2 £18.5 The Company will reclassify all related amounts in Accumulated Other Comprehensive Loss into earnings within the next twelve months. Cross-currency Swaps The Company hedges a portion of the forecasted MXN denominated expenditures with a cross-currency swap. The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD equivalent at April 3, 2021. There were no MXN currency swaps outstanding at March 28, 2020. (in thousands) Local Currency USD Equivalent Position Maturity MXN MXN 564,308 $ 27,246 Buy MXN Monthly over twelve months The Company will reclassify all related amounts in Accumulated Other Comprehensive Loss into earnings within the next twelve months. Interest Rate Swap 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 this interest rate swap as a cash flow hedge. The purpose of this swap is to hedge against changes in cash flows (interest payments) attributable to fluctuations in the Company's variable rate debt. The derivative is 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 swap . Changes in the fair value of the interest rate swap are recorded to Other Comprehensive Loss on and reclassified to Interest Expense over the life of the underlying debt as interest is accrue d. During Fiscal Year 2021, the Company recorded a loss of $13.6 million on its interest rate swap derivative designated as a cash flow hedge. The Company will reclassify $8.0 million in Accumulated Other Comprehensive Loss into earnings within the next twelve months. Effect of Designated Derivative Contracts on Accumulated Other Comprehensive 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 Loss and the Consolidated Statements of Operations for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Loss included in accumulated other comprehensive loss, as of beginning of period $ (20,156) $ (7,480) $ (1,693) Loss recognized in other comprehensive loss (6,807) (13,172) (4,176) Loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations Amount of loss/(gain) reclassified from accumulated other comprehensive loss into net revenues 3,479 (4,270) (4,034) Amount of loss/(gain) reclassified from accumulated other comprehensive loss into cost of revenues (166) (238) (177) Amount of loss reclassified from accumulated other comprehensive loss into interest expense 13,588 5,004 2,600 Total amount of loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations 16,901 496 (1,611) Loss included in accumulated other comprehensive loss, as of end of period $ (10,062) $ (20,156) $ (7,480) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Benefit for Fiscal Years 2021, 2020, and 2019 consisted of the following: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Current: Federal $ (1,895) $ 15,794 $ (1,199) State 1,780 2,310 2,550 Foreign 13,740 9,526 (1,550) Total current income tax expense (benefit) 13,625 27,630 (199) Deferred: Federal — (12,899) (37,577) State — (768) (4,160) Foreign (21,174) (83,364) (8,195) Total deferred income tax benefit (21,174) (97,031) (49,932) Income tax benefit $ (7,549) $ (69,401) $ (50,131) The components of Loss Before Income Taxes for Fiscal Years 2021, 2020, and 2019 are as follows: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 United States $ (137,433) $ (756,095) $ (179,387) Foreign 72,553 (140,488) (6,305) Loss before income taxes $ (64,880) $ (896,583) $ (185,692) The following is a reconciliation between statutory federal income taxes and the income tax benefit for Fiscal Years 2021, 2020, and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Tax benefit at statutory rate $ (13,625) $ (188,282) $ (38,995) Foreign operations taxed at different rates (11,709) 2,497 (4,965) State taxes, net of federal benefit (5,077) (14,326) (1,610) Research and development credit (9,725) (6,498) (4,288) US tax on foreign earnings 11,274 10,889 4,398 Impact of Tax Act — — (3,728) Goodwill impairment — 101,604 — Stock-based compensation 6,751 7,369 (1,196) Internal restructuring related benefit — (65,069) — Valuation allowance change 23,928 68,486 — Altera accrual — 9,467 — Tax rate change (12,418) — — Nondeductible compensation 1,209 1,187 1,611 Provision to return 2,707 1,717 — Other, net (864) 1,558 (1,358) Income tax benefit $ (7,549) $ (69,401) $ (50,131) 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 3, 2021 and March 28, 2020 are as follows: (in thousands) April 3, 2021 March 28, 2020 Deferred tax assets Accruals and other reserves $ 36,503 $ 29,788 Deferred compensation 3,717 277 Net operating loss carry forward 10,923 11,810 Stock-based compensation 9,939 10,867 Interest expense 23 10,676 Tax credits 13,858 12,437 Capitalized R&D costs 54,725 41,123 Intangible assets 101,362 94,809 Other deferred tax assets 4,610 3,826 Unearned revenue 9,043 6,521 Property, plant, and equipment depreciation 1,045 818 Total deferred tax assets, before valuation allowance 245,748 222,952 Valuation allowance (1) (101,740) (81,436) Total deferred tax assets, net 144,008 141,516 Deferred tax liabilities Deferred gains on sales of properties (1,137) (1,128) Purchased intangibles (42,255) (55,586) Unremitted earnings of certain subsidiaries (889) (7,123) Right of use assets (5,623) (5,316) Total deferred tax liabilities (49,904) (69,153) Net deferred tax assets $ 94,104 $ 72,363 (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 $92.6 million. 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 3, 2021 and March 28, 2020, the Company had unrecognized tax benefits of $149.5 million and $152.3 million, respectively. The increase of uncertain tax positions when compared to the prior year is primarily due to an enacted statutory tax rate increase in Netherlands, which resulted in remeasurement of unrecognized tax benefits. The unrecognized tax benefits as of April 3, 2021 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 3, 2021 March 28, 2020 March 30, 2019 Balance at beginning of period $ 152,307 $ 26,458 $ 12,612 Increase (decrease) of unrecognized tax benefits related to prior fiscal years 8,827 11,226 254 Increase of unrecognized tax benefits related to business combinations — 89 13,329 Increase of unrecognized tax benefits related to current year income statement — 115,824 2,069 Reductions to unrecognized tax benefits related to settlements with taxing authorities (9,668) (995) — Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations (2,000) (295) (1,806) Balance at end of period $ 149,466 $ 152,307 $ 26,458 The Company's continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The interest related to unrecognized tax benefits was $3.6 million and $4.0 million as of April 3, 2021 and March 28, 2020, 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 2014. Foreign and State income tax matters for material tax jurisdictions have been concluded for tax years prior to Fiscal Year 2014. 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 3, 2021, were $0.4 million and $1.2 million, respectively. The U.S. federal net operating losses will expire between 2022 and 2026, and the state net operating losses will expire at various dates through 2037. The federal credit of $3.2 million will expire at various dates between 2021 and 2041. The state credits of $10.1 million will expire at various dates between 2021 through 2041 except for California R&D credit, which does not expire. |
REVENUE AND MAJOR CUSTOMERS
REVENUE AND MAJOR CUSTOMERS | 12 Months Ended |
Apr. 03, 2021 | |
REVENUE AND MAJOR CUSTOMERS [Abstract] | |
REVENUE AND MAJOR CUSTOMERS | EVENUE AND MAJOR CUSTOMERS The Company designs, builds, and markets collaboration solutions which combine legendary audio expertise and powerful video and conferencing capabilities to create endpoints that power meaningful human connections and provide solutions that make life easier when they work together and with our partner's services. The Company’s major product categories are Headsets, Video, Voice, and Services. Headsets include wired and wireless communication headsets; Voice includes open SIP and native ecosystem desktop phones as well as conference room phones; Video includes video conferencing solutions and peripherals, such as cameras, speakers, and microphones. The broad portfolio of Services include video interoperability, hardware and support for our solutions and hardware devices, as well as professional, hosted, and managed services that are grounded in our deep expertise aimed at helping customers achieve their goals for collaboration. The Company's cloud management and analytics software enables IT administrators to configure and update firmware, monitor device usage, troubleshoot, and gain a deep understanding of user behavior. All of the Company's solutions are designed to integrate seamlessly with the platform and services of our customers choice in a wide range of Unified Communications & Collaboration ("UC&C"), Unified Communication as a Service ("UCaaS"), and Video as a Service ("VaaS") environments. The Company's RealPresence collaboration solutions range from infrastructure to endpoints and allow people to connect and collaborate globally, naturally and seamlessly. As announced on February 4, 2020, the Company entered into a definitive agreement with Nacon S.A. and closed the transaction on March 19, 2020, completing the sale of the Company's consumer gaming assets for a net amount and resulting pre-tax gain on sale that are not material to the Company's Consolidated Financial Statements. 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 2021, 2020 and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net revenues Headsets $ 823,451 $ 773,186 $ 910,699 Voice 221,131 375,505 344,586 Video 426,244 284,045 255,485 Services 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 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 2021, 2020 or 2019. The following table presents Total Net Revenues by geography: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net product revenues U.S. $ 647,321 $ 708,566 $ 729,930 Europe, Middle East, and Africa 512,196 398,721 432,899 Asia Pacific 208,597 221,912 245,499 Americas, excluding U.S. 102,712 103,537 102,442 Total international net product revenues 823,505 724,170 780,840 Total net product revenues $ 1,470,826 $ 1,432,736 $ 1,510,770 Net service revenues U.S. $ 96,548 $ 102,103 $ 59,615 Europe and Africa 64,660 66,900 43,991 Asia Pacific 77,158 73,424 43,382 Americas, excluding U.S. 18,415 21,827 16,777 Total international net service revenues 160,233 162,151 104,150 Total service net revenues 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 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 for Fiscal Year 2020. Two customers, ScanSource and Ingram Micro Group, accounted for 16.0% and 11.4%, respectively, of Total Net Revenues in Fiscal Year 2019. Total Net Revenues from ScanSource and Ingram Micro Group was comprised of both Product and Service revenue for all periods presented. ScanSource and Ingram Micro Group accounted for 24.9% and 24.7%, respectively, of Accounts Receivable, net as of April 3, 2021. Three customers, Ingram Micro Group, ScanSource, and Synnex Group, accounted for 22.2%, 17.3%, and 15.6%, respectively, of Accounts Receivable, net as of March 28, 2020. 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 $213.8 million as of April 3, 2021, which represent s 12.4% of Total Net Revenues for Fiscal Year 2021, and was $208.5 million as of March 28, 2020, which represents 12.3% of Total Net Revenues for Fiscal Year 2020. During Fiscal Year 2021, the Company recognized $144.1 million in Total Net Revenues that was 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 3, 2021: April 3, 2021 (in millions) Current Non-current Total Unsatisfied (or partially unsatisfied) performance obligations $ 141.4 $ 72.4 $ 213.8 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 $4.1 million and $3.7 million as of as of April 3, 2021 and March 28, 2020, respectively. None of the Company's contracts are deemed to have significant fi nancing components. Sales, value add, and other taxes collected concurrent 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 have 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 offset, in which case they are presented within Accrued Liabilities on its Consolidated Balance Sheets. Refer to Note 7, Details of Certain Balance Sheet Accounts for additional details. 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 sales and marketing Expense on a straight-line basis. The capitalized amount of incremental and recoverable costs of obtaining contracts with an amortization period of greater than one year are $4.9 million a |
COMPUTATION OF EARNINGS PER COM
COMPUTATION OF EARNINGS PER COMMON SHARE | 12 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | COMPUTATION OF LOSS PER COMMON SHARE Basic loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share assumes the issuance of additional shares of common stock by the Company upon exercise of all outstanding stock options and vesting of restricted stock, if the effect is dilutive, in accordance with the treasury stock method. The potentially dilutive effect of outstanding stock options and restricted stock has been excluded from the computation of diluted loss per share in all periods presented, as their effect is anti-dilutive, Refer to Note 2, Significant Accounting Policies , for additional information regarding the Company's computation of loss per common share. The following table sets forth the computation of basic and diluted loss per common share for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands, except loss per share data) April 3, 2021 March 28, 2020 March 30, 2019 Numerator: Net loss $ (57,331) $ (827,182) $ (135,561) Denominator: Weighted-average common shares outstanding 41,044 39,658 37,569 Basic and diluted loss per common share $ (1.40) $ (20.86) $ (3.61) Potentially dilutive securities excluded from diluted loss per share because their effect is anti-dilutive 1,262 1,740 616 |
SEGMENT REPORTING AND GEOGRAPHI
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | 12 Months Ended |
Apr. 03, 2021 | |
Segments, Geographical Areas [Abstract] | |
Segment Reporting and Geographic Information | SEGMENT REPORTING AND GEOGRAPHIC INFORMATION The Company's Chief Executive Office 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. During the fourth quarter of Fiscal Year 2020, the Company made key changes to its executive management. We realigned our segment reporting structure commensurate with this change. The reportable segments are consistent with how the segments report to and are managed by Poly’s Chief Executive Officer (the CODM). As a result, the Company’s reportable segments consist of Products and Services. Prior periods have been reclassified to conform to current presentation. The Products reportable segment includes the Company's 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 8, Goodwill and Purchased Intangible Assets ). Purchase accounting amortization: Represents the amortization of purchased intangible assets recorded in connection with the Acquisition of Polycom. Inventory valuation adjustment: Represents the amortization of the inventory step-up associated with the impact of inventory fair value purchase accounting adjustments 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 compensation expense: Represents the non-cash expense associated with the Company's issuance of common stock and share-based awards to employees and non-employee directors. The following table presents segments results for revenue and gross margin, as reviewed by the CODM, and their reconciliation to the Company's consolidated GAAP results: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Segment revenues, as reviewed by CODM Products $ 1,471,963 $ 1,434,635 1,518,687 Services 270,049 296,308 240,672 Total segment revenues, as reviewed by CODM $ 1,742,012 $ 1,730,943 $ 1,759,359 Segment gross profit, as reviewed by CODM Products $ 679,484 $ 697,212 $ 766,068 Services 182,522 201,382 162,884 Total segment gross profit, as reviewed by CODM $ 862,006 $ 898,594 $ 928,952 Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Total segment revenues, as reviewed by CODM $ 1,742,012 $ 1,730,943 $ 1,759,359 Deferred revenue purchase accounting (14,405) (33,953) (84,824) GAAP total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 Total segment gross profit, as reviewed by CODM (1) $ 862,006 $ 898,594 $ 928,952 Asset impairment — (174,235) — Purchase accounting amortization (68,111) (122,553) (114,361) Inventory valuation adjustment — — (30,395) Deferred revenue purchase accounting (14,405) (33,953) (84,824) Consumer optimization — (10,415) — Integration and rebranding costs — (1,211) (1,057) Stock-based compensation (2,939) (3,992) (4,176) GAAP gross profit $ 776,551 $ 552,235 $ 694,139 (1) Includes depreciation expense of $14.4 million , $15.2 million, and $11.0 million in Fiscal Years 2021, 2020, and 2019, respectively. The following table presents long-lived assets by geographic area on a consolidated basis: (in thousands) April 3, 2021 March 28, 2020 United States $ 75,998 $ 95,521 Netherlands 16,299 17,670 Mexico 39,575 39,210 United Kingdom 3,928 3,962 China 16,871 20,476 Other countries 28,381 33,245 Total long-lived assets $ 181,052 $ 210,084 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 03, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Debt Extinguishment On May 17, 2021, the Company redeemed the outstanding principal and accrued interest on the 5.50% Senior Notes of $493.9 million. |
SUPPLEMENTARY QUARTERLY FINANCI
SUPPLEMENTARY QUARTERLY FINANCIAL DATA | 12 Months Ended |
Apr. 03, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Financial Data | SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited) Each of the Company's Fiscal Years ends on the Saturday closest to the last day of March. The Company's Fiscal Year 2021 consisted of 53 weeks and Fiscal Year 2020 consisted of 52 weeks. Our interim fiscal quarters for the first, second, third, and fourth quarter of Fiscal Year 2021 ended on June 27, 2020, September 26, 2020, December 26, 2020, and April 3, 2021, respectively, and our interim fiscal quarters for the first, second, third, and fourth quarter of Fiscal Year 2020 ended on June 29, 2019, September 28, 2019, December 28, 2019, and March 28, 2020, respectively. All interim fiscal quarters presented below consisted of 13 weeks, except for the quarter ended April 3, 2021, which consisted of 14 weeks. (in thousands, except per share data) Quarter Ended April 3, 2021 December 26, 2020 September 26, 2020 June 27, 2020 Total net revenues $ 476,233 $ 484,685 $ 410,969 $ 355,720 Gross profit 212,816 226,657 180,746 156,332 Net income (loss) 10,977 20,113 (13,405) (75,015) Basic net income (loss) per common share 0.26 0.49 (0.33) (1.85) Diluted net income (loss) per common share 0.25 0.48 (0.33) (1.85) Cash dividends declared per common share — — — — (in thousands, except per share data) Quarter Ended March 28, 2020 1 December 28, 2019 September 28, 2019 June 29, 2019 Total net revenues $ 403,043 $ 384,471 $ 461,709 $ 447,767 Gross profit (10,328) 143,846 206,071 212,646 Net loss (677,918) (78,483) (25,910) (44,871) Basic net loss per common share (16.94) (1.97) (0.65) (1.14) Diluted net loss per common share (16.94) (1.97) (0.65) (1.14) Cash dividends declared per common share — 0.15 0.15 0.15 (1) The Company's consolidated financial results for the fourth quarter of Fiscal Year 2020 includes a non-cash impairment charge of $179.6 million to Intangible Assets and Property, Plant, and Equipment related to long-lived assets in the Voice asset group, as well as a non-cash impairment charge of $483.7 million to Goodwill related to an overall decline in the Company’s earnings and a sustained decrease in its share price. The Company also completed its internal intangible property restructuring between its wholly-owned subsidiaries to align the IP structure to its operations, resulting in a deferred tax asset and partially offset by a valuation allowance recorded against its U.S. deferred tax assets. |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 03, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II: VALUATION AND QUALITYING ACCOUNTS AND RESERVES | PLANTRONICS, INC. SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Year Other (4) Charged to Expenses or Other Accounts Deductions Balance at End of Year Provision for doubtful accounts and sales allowances: (1) Year ended March 30, 2019 $ 873 $ 3,927 $ 4,332 $ (4,176) $ 4,956 Year ended March 28, 2020 4,956 — (2,297) (518) 2,141 Year ended April 3, 2021 2,141 — 577 (389) 2,329 Provision for returns: (2) Year ended March 30, 2019 $ 10,225 $ (10,225) $ — $ — $ — Year ended March 28, 2020 — — — — — Year ended April 3, 2021 — — — — — Provision for promotions and rebates: (2) Year ended March 30, 2019 $ 38,284 $ 44,136 $ 417,422 $ (376,789) $ 123,053 Year ended March 28, 2020 123,053 (224) 441,250 (452,705) 111,374 Year ended April 3, 2021 111,374 4,619 378,777 (397,592) 97,178 Valuation allowance for deferred tax assets: (3) Year ended March 30, 2019 $ 2,514 $ 8,068 $ 7,469 $ (2,264) $ 15,787 Year ended March 28, 2020 15,787 — 71,561 (5,912) 81,436 Year ended April 3, 2021 81,436 — 21,087 (783) 101,740 (1) Amounts charged to expenses or other accounts related to the provision for doubtful accounts are recorded as part of Selling, General, and Administrative expenses and amounts related to sales allowances are recorded as a reduction to Total Net Revenues in the Consolidated Statements of Operations. (2) Amounts charged to expenses or other accounts are recorded as a reduction to Total Net Revenues in the in the Consolidated Statements of Operations. (3) Amounts charged to expenses or other accounts are recorded as part of Income Tax Benefit in the Consolidated Statements of Operations. (4) Amounts represent changes in the accounts due to Acquisition of Polycom on July 2, 2018 and the impact from adoption of ASC 606. All other schedules have been omitted because the required information is either not present or not present in the amounts sufficient to require submission of the schedule, or because the information required is included in the Consolidated Financial Statements or notes thereto. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 03, 2021 | |
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 year ended April 3, 2021 ("Fiscal Year 2021") had 53 weeks. The years ended March 28, 2020 ("Fiscal Year 2020") and March 30, 2019 ("Fiscal Year 2019") each had 52 weeks. |
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, which are primarily mutual funds that are held in a rabbi trust under non-qualified deferred compensation plans, are classified as trading securities. The specific identification method is used to determine the cost of investments. Unrealized gains and losses are recorded in Other Non-Operating 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 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 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. |
Provision for Doubtful Accounts | 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. Refer to Note 3 , Recent Accounting Pronouncements , for additional information regarding our adoption of Accounting Standard Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , effective March 29, 2020. |
Inventory and Related Reserves | 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. A substantial portion of the raw materials, components and subassemblies (together, “parts”) used in the Company's products are provided by its suppliers on a consignment basis. These consigned inventories are not recorded on the Company's Consolidated Balance Sheets until it takes title to the parts, which occurs when they are consumed in the production process. The Company provides forecasts to its suppliers covering up to 52 weeks of demand and places purchase orders when the parts are consumed in the production process, at which time all rights, title, and interest in and to the parts transfers to the Company. Prior to consumption in the production process, the Company's suppliers bear the risk of loss and retain title to the consigned inventory. As of April 3, 2021, and March 28, 2020, the off-balance sheet consigned inventory balances were $57.3 million and $21.7 million, respectively. |
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 warranty 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 |
Goodwill and Purchased Intangibles | Goodwill, Purchased Intangibles and Impairment 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. In the fourth quarter of Fiscal Year 2021, the Company performed the qualitative assessment and determined that it is more-likely-than-not that the carrying value of each of our reporting units is less than fair value. Therefore, we did not perform a quantitative assessment. In the fourth quarter of Fiscal Year 2020, the Company performed a quantitative assessment and determined that the carrying amount of its reporting units were greater than its estimated fair value and therefore recorded an impairment charge. Refer to Note 8, Goodwill and Purchased Intangible Assets . 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 hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the hierarchy levels: Level 1 Level 1 inputs are quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The Company's Level 1 financial assets consist of Cash and Cash Equivalents and Short-term Investments. Level 2 Level 2 inputs are inputs, other than quoted prices, that are directly or indirectly observable for the asset or liability. Level 2 inputs include model-generated values that rely on inputs either directly observed or readily derived from available market data sources, such as Bloomberg or other news and data vendors. They include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic factors. The Company's Level 2 financial assets and liabilities consist of derivative foreign currency contracts, an interest rate swap, and long-term debt. The fair value of Level 2 derivative foreign currency contracts and the interest rate swap is determined using pricing models that use observable market inputs. For more information regarding the Company's derivative assets and liabilities refer to Note 16, Derivatives . 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 regarding long-term debt refer to Note 10, Debt. Level 3 Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company has no Level 3 assets or liabilities. |
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 85% 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. |
Advertising Costs | Advertising Costs |
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 comprises 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 (“GILTI”) as period costs when incurred. |
Earnings Per Share | 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, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating loss per share. During all periods presented, the Company incurred a net loss. Therefore, no effect is given to participating securities since they do not share in the losses of the Company. For further details refer to Note 18, Computation of Loss Per Common Share . |
Comprehensive Income | Comprehensive Loss Comprehensive Loss consists of two components, Net Income and Other Comprehensive Loss. Other Comprehensive Loss refers to income, expenses, gains, and losses that are recorded as an element of Stockholders’ Deficit, but which are excluded from Net Income. Accumulated Other Comprehensive 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 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. The Company accounts for excess tax benefits and tax deficiencies to be recognized in the provision for income taxes as discrete items in the period when the awards vest or are settled. The amount of excess tax benefits or deficiencies will fluctuate from period-to-period based on the price of the Company’s stock, the volume of stock-based instruments settled or vested, and the grant date fair value. For further details refer to Note 17, Income Taxes . |
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 3, 2021, the Company's investments were composed solely of mutual funds and money market funds. As of March 28, 2020, the Company's investments were composed solely of mutual 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, ScanSource and Ingram Micro Group, accounted for 24.9% and 24.7%, r espectively, of total Accounts Receivable, net as of April 3, 2021. Three customers, Ingram Micro Group, ScanSource, and Synnex Group, accounted for 22.2%, 17.3%, and 15.6%, respectively, of total Accounts Receivable, net as of March 28, 2020. 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 2021 and 2020. 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 2021, total transactions entered pursuant to the terms of the Financing Agreement were approximately $91.3 million, of which $83.5 million was related to the transfer of a financial asset. The financing of these receivables accelerated the collection of cash and reduced the Company's credit exposure. Included in Accounts Receivable, net on the Consolidated Balance Sheets as of April 3, 2021 was approximately $8.9 million due from the financing company. Total fees incurred pursuant to the Financing Agreement was $1.3 million for Fiscal Year 2021. 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 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 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 own manufacturing facility in Mexico. The Company has experienced disruptions in both its own supply chain as well as those of its contract manufacturers as a result of COVID-19 and, as this virus has impacted various regions differently, the Company may in the future experience further business operation disruptions. Such disruptions have had, and may continue to have, a material impact on the Company's ability to 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 it is possible that it could cause a local and/or global economic recession. The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic 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 may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended | |
Apr. 03, 2021 | Mar. 30, 2019 | |
Business Combinations [Abstract] | ||
Schedule of preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed | The allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the Acquisition date is as follows: (in thousands) July 2, 2018 ASSETS Cash and cash equivalents $ 80,139 Trade receivables, net 165,798 Inventories 109,074 Prepaid expenses and other current assets 68,558 Property and equipment, net 79,497 Intangible assets 985,400 Other assets 27,237 Total assets acquired $ 1,515,703 LIABILITIES Accounts payable $ 80,653 Accrued payroll and related liabilities 44,538 Accrued expenses 147,167 Income tax payable 27,044 Deferred revenue 115,061 Deferred income taxes 94,618 Other liabilities 54,394 Total liabilities assumed $ 563,475 Total identifiable net assets acquired 952,228 Goodwill 1,264,417 Total Purchase Price $ 2,216,645 | |
Details of acquired intangible assets | The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows: April 3, 2021 March 28, 2020 (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 $ 427,123 $ (277,071) $ 150,052 2.3 years $ 427,123 $ (208,848) $ 218,275 Customer relationships 240,024 (128,740) 111,284 3.2 years 240,024 (84,506) 155,518 Trade names/Trademarks 115,600 (35,322) 80,278 6.3 years 115,600 (22,478) 93,122 Purchased intangibles $ 782,747 $ (441,133) $ 341,614 3.5 years $ 782,747 $ (315,832) $ 466,915 | |
Details of acquired intangible assets | The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows: April 3, 2021 March 28, 2020 (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 $ 427,123 $ (277,071) $ 150,052 2.3 years $ 427,123 $ (208,848) $ 218,275 Customer relationships 240,024 (128,740) 111,284 3.2 years 240,024 (84,506) 155,518 Trade names/Trademarks 115,600 (35,322) 80,278 6.3 years 115,600 (22,478) 93,122 Purchased intangibles $ 782,747 $ (441,133) $ 341,614 3.5 years $ 782,747 $ (315,832) $ 466,915 | |
Pro forma information | The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the Acquisition actually occurred at the beginning of Fiscal Year 2018 or of the results of its future operations of the combined business. Pro Forma (unaudited) (in thousands) Fiscal Year Ended Total net revenues $ 2,008,245 Operating income (loss) 18,929 Net loss $ (38,516) |
CASH, CASH EQUIVALENTS AND IN_2
CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract] | |
Cash, Cash Equivalents and Investments | The following tables summarize the Company’s Cash and Cash Equivalents, Restricted Cash, and Short-term Investments adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as Cash and Cash Equivalents, Restricted Cash, and Short-term Investments as of April 3, 2021 and March 28, 2020 (in thousands): April 3, 2021 Amortized Gross Gross Fair Cash & Cash Equivalents Restricted Cash Short-Term Investments Cash and cash equivalents $ 177,551 $ — $ — $ 177,551 $ 177,551 $ — Restricted cash (1) 493,908 493,908 493,908 Level 1: Mutual funds 12,622 1,945 (8) 14,559 — 14,559 Money market funds 25,009 — — 25,009 25,009 Total cash and cash equivalents, restricted cash and short-term investments measured at fair value $ 709,090 $ 1,945 $ (8) $ 711,027 $ 202,560 $ 493,908 $ 14,559 (1) Restricted cash represents the cash held in trust and restricted for use to redeem the 5.50% Senior Notes. Refer to Note 21, Subsequent Events . March 28, 2020 Amortized Gross Gross Fair Cash & Cash Equivalents Short-Term Investments Cash and cash equivalents $ 213,879 $ — $ — $ 213,879 $ 213,879 $ — Level 1: Mutual funds 12,938 31 (1,128) 11,841 — 11,841 Total cash and cash equivalents $ 226,817 $ 31 $ (1,128) $ 225,720 $ 213,879 $ 11,841 |
DETAILS OF CERTAIN BALANCE SH_2
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | Accounts Receivable, net: (in thousands) April 3, 2021 March 28, 2020 Accounts receivable $ 352,108 $ 350,642 Provisions for promotions and rebates (82,315) (101,666) Provisions for doubtful accounts and sales allowances (2,329) (2,141) Accounts receivable, net $ 267,464 $ 246,835 |
Inventory, net | Inventory, net: (in thousands) April 3, 2021 March 28, 2020 Raw materials $ 87,050 $ 97,371 Work in process 9,511 459 Finished goods 97,844 66,697 Inventory, net $ 194,405 $ 164,527 |
Property, Plant and Equipment | Property, Plant, and Equipment, net: (in thousands) April 3, 2021 March 28, 2020 Land $ 15,643 $ 15,112 Buildings and improvements (useful life: 7-30 years) 131,752 132,153 Machinery and equipment (useful life: 1-10 years) 177,807 170,756 Software (useful life: 5-6 years) 60,244 60,552 Construction in progress 7,519 6,934 Property, plant, and equipment, gross 392,965 385,507 Accumulated depreciation and amortization (252,090) (219,649) Property, plant, and equipment, net $ 140,875 $ 165,858 |
Accrued Liabilities | Accrued Liabilities: (in thousands) April 3, 2021 March 28, 2020 Short term deferred revenue $ 141,375 $ 144,040 Employee compensation and benefits 84,318 48,153 Provision for returns 25,133 20,146 Operating lease liabilities, current 21,701 22,517 Accrued other 121,557 138,810 Accrued liabilities $ 394,084 $ 373,666 |
Changes in the warranty obligation accrual | Changes in the warranty obligation, whi ch are recorded in Accrued Liabilities and Other Long-term Liabilities in the Consolidated Balance Sheets, are as follows: (in thousands) April 3, 2021 March 28, 2020 Warranty obligation at beginning of year $ 15,261 $ 17,984 Warranty provision related to products shipped 21,112 18,736 Deductions for warranty claims processed (19,168) (21,333) Adjustments related to preexisting warranties 179 (126) Warranty obligation at end of year $ 17,384 $ 15,261 |
Assets And Liabilities, Operating Leases [Table Text Block] | Operating Leases: Balance Sheet (in thousands) Classification April 3, 2021 March 28, 2020 ASSETS Operating right-of-use assets (1) Other Assets $ 40,177 $ 44,226 LIABILITIES Operating lease liabilities, current (2) Accrued Liabilities 21,701 22,517 Operating lease liabilities, long-term Other Liabilities 35,105 35,144 (1) During Fiscal Year 2021 and Fiscal Year 2020, the Company made $27.3 million and $24.2 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 2021 and Fiscal Year 2020, the Company recognized $13.7 million and $17.7 million, respectively, in operating lease expense, net of $5.4 million and $5.6 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. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by segment | The changes in the carrying amount of goodwill allocated to the Company's reportable segments for Fiscal Year 2021 and Fiscal Year 2020 are as follows: (in thousands) Poly Reportable Segment Products Reportable Segment Services Reportable Segment Total Consolidated Balance as of March 30, 2019 $ 1,278,380 $ — $ — $ 1,278,380 Acquisition measurement period adjustments 1,517 1,517 Impairment prior to re-segmentation (323,088) — — (323,088) Allocation due to re-segmentation (956,809) 789,561 167,248 — Impairment after re-segmentation — (160,593) (160,593) Balance as of March 28, 2020 — 628,968 167,248 796,216 Balance as of April 3, 2021 $ — $ 628,968 $ 167,248 $ 796,216 |
Details of acquired intangible assets | The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows: April 3, 2021 March 28, 2020 (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 $ 427,123 $ (277,071) $ 150,052 2.3 years $ 427,123 $ (208,848) $ 218,275 Customer relationships 240,024 (128,740) 111,284 3.2 years 240,024 (84,506) 155,518 Trade names/Trademarks 115,600 (35,322) 80,278 6.3 years 115,600 (22,478) 93,122 Purchased intangibles $ 782,747 $ (441,133) $ 341,614 3.5 years $ 782,747 $ (315,832) $ 466,915 |
Details of acquired intangible assets | The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 As of April 3, 2021 and March 28, 2020, the carrying value of Purchased Intangibles, excluding fully amortized assets, is as follows: April 3, 2021 March 28, 2020 (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 $ 427,123 $ (277,071) $ 150,052 2.3 years $ 427,123 $ (208,848) $ 218,275 Customer relationships 240,024 (128,740) 111,284 3.2 years 240,024 (84,506) 155,518 Trade names/Trademarks 115,600 (35,322) 80,278 6.3 years 115,600 (22,478) 93,122 Purchased intangibles $ 782,747 $ (441,133) $ 341,614 3.5 years $ 782,747 $ (315,832) $ 466,915 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of April 3, 2021, expected amortization expense attributable to Purchased Intangibles for each of the next five years and thereafter is as follows: in thousands Amount 2022 $ 113,858 2023 111,232 2024 65,936 2025 21,688 2026 12,844 Thereafter 16,056 Total $ 341,614 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of April 3, 2021 were as follows: (in thousands) Operating Leases (1) 2022 $ 23,693 2023 10,013 2024 7,813 2025 5,816 2026 4,646 Thereafter 11,872 Total lease payments 63,853 Less: Imputed interest (2) (7,047) Present value of lease liabilities $ 56,806 (1) The weighted average remaining lease term was 4.3 years as of April 3, 2021. (2) The weighted average discount rate was 4.8% as of April 3, 2021. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Debt Disclosure [Abstract] | |
Summary of debt, fair value | The estimated fair value and carrying value of the Company's outstanding debt as of April 3, 2021 and March 28, 2020 were as follows: April 3, 2021 March 28, 2020 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 4.75% Senior Notes $ 492,580 $ 493,985 $ — $ — 5.50% Senior Notes 482,669 478,807 359,140 495,409 Term Loan Facility 1,004,743 1,002,079 852,942 1,126,285 |
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. The Company may redeem all or a part of the 5.50% Senior Notes, upon not less than a 30-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 35% Using Cash Proceeds From An Equity Offering (3) : Make-Whole (1) Premium (2) Date Specified Price 5.50% Senior Notes Prior to May 15, 2018 On or after May 15, 2018 Prior to May 15, 2018 105.50% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest. (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 35% of the aggregate principal amount of the respective note being redeemed. |
RESTRUCTURING AND OTHER RELAT_2
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the Company's restructuring liabilities during Fiscal Year 2021: As of March 28, 2020 Charges Payments As of April 3, 2021 FY 2021 Plans Severance $ — $ 27,130 $ (21,091) $ 6,039 Facility — 313 600 913 Other — 3,803 (3,617) 186 Total FY 2021 Plans — 31,246 (24,108) 7,138 FY 2020 Plans Severance $ 7,475 $ (1,164) $ (5,264) $ 1,047 Facility 2,501 2,961 (2,181) 3,281 Other 1,621 — (1,621) — Total FY 2020 Plans 11,597 1,797 (9,066) 4,328 FY 2019 Plans Severance 147 501 (473) 175 Facility — — — — Other 117 — (117) — Total FY 2019 Plans 264 501 (590) 175 Severance 7,622 26,467 (26,828) 7,261 Facility 2,501 3,274 (1,581) 4,194 Other 1,738 3,803 (5,355) 186 Total $ 11,861 $ 33,544 $ (33,764) $ 11,641 |
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 3, 2021 March 28, 2020 March 30, 2019 Severance $ 26,467 $ 29,777 $ 25,033 Facility 3,274 3,247 2,241 Other (1) 3,803 10,207 5,420 Total cash charges 33,544 43,231 32,694 Non-cash charges (2) 15,160 10,946 — Total restructuring and other related charges $48,704 $54,177 $32,694 (1) Other costs primarily represent associated legal and advisory services. (2) Non-cash charges primarily represent asset impairments due to closure or consolidation of facilities. |
STOCK PLANS AND STOCK-BASED C_2
STOCK PLANS AND STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at March 28, 2020 421 $ 61.09 Granted 988 $ 22.83 Vested (72) $ 79.88 Forfeited (354) $ 42.69 Non-vested at April 3, 2021 983 $ 27.88 |
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 3, 2021 March 28, 2020 March 30, 2019 Cost of revenues $ 2,939 $ 3,992 $ 4,176 Research, development and engineering 13,785 16,785 11,699 Selling, general, and administrative 25,926 36,318 26,059 Operating expenses 39,711 53,103 37,758 Total stock-based compensation expense 42,650 57,095 41,934 Income tax benefit (10,321) (7,369) (9,891) Total stock-based compensation expense, net of tax $ 32,329 $ 49,726 $ 32,043 |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during Fiscal Year 2021: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at March 28, 2020 352 $ 47.39 Options granted — $ — Options exercised (10) $ 42.66 Options forfeited or expired (288) $ 47.25 Outstanding at April 3, 2021 54 $ 48.98 1.6 $ — Vested and exercisable at April 3, 2021 54 $ 48.98 1.6 $ — |
Summary of Restricted Stock Activity | The following table summarizes the changes in unvested restricted stock for Fiscal Year 2021: Number of Shares Weighted Average Grant Date Fair Value (in thousands) Unvested at March 28, 2020 1,911 $ 43.71 Granted 1,440 $ 15.42 Vested (888) $ 44.47 Forfeited (404) $ 37.08 Non-vested at April 3, 2021 2,059 $ 24.91 |
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 3, 2021 March 28, 2020 March 30, 2019 Expected volatility 94.8 % 67.0 % 40.8 % Risk-free interest rate 0.1 % 1.7 % 2.4 % Expected dividends — % 3.1 % 1.1 % Expected life (in years) 0.5 0.5 0.5 Weighted-average grant date fair value $ 12.60 $ 6.64 $ 14.44 |
COMMON STOCK REPURCHASES (Table
COMMON STOCK REPURCHASES (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | Repurchases by the Company pursuant to Board-authorized program are shown in the following table: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 Value of shares withheld in satisfaction of employee tax obligations $ 5,930 $ 9,891 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | Mar. 04, 2021 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | The components of Accumulated Other Comprehensive Loss, net of tax, were as follows: (in thousands) April 3, 2021 March 28, 2020 Accumulated unrealized loss on cash flow hedges (1) $ (7,836) $ (18,197) Accumulated foreign currency translation adjustments 4,615 4,615 Accumulated other comprehensive loss $ (3,221) $ (13,582) (1) Refer to Note 16, Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of April 3, 2021 and March 28, 2020. |
FOREIGN CURRENCY DERIVATIVES (T
FOREIGN CURRENCY DERIVATIVES (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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 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) As of March 28, 2020: 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 $ 3,550 $ (3,550) $ — $ — Derivatives not subject to master netting agreements — — Total $ 3,550 $ — 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 $ (22,890) $ 3,550 $ — $ (19,340) Derivatives not subject to master netting agreements — — Total $ (22,890) $ (19,340) |
Offsetting Financial Liabilities Under Master Netting Agreements | Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties 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) As of March 28, 2020: 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 $ 3,550 $ (3,550) $ — $ — Derivatives not subject to master netting agreements — — Total $ 3,550 $ — 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 $ (22,890) $ 3,550 $ — $ (19,340) Derivatives not subject to master netting agreements — — Total $ (22,890) $ (19,340) |
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 3, 2021: (in thousands) Local Currency USD Equivalent Position Maturity EUR € 56,000 $ 65,875 Sell EUR 1 month GBP £ 9,900 $ 13,680 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 3, 2021 March 28, 2020 (in millions) EUR GBP EUR GBP Option contracts €91.4 £18.1 €67.0 £18.4 Forward contracts €76.0 £15.6 €50.2 £18.5 The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD equivalent at April 3, 2021. There were no MXN currency swaps outstanding at March 28, 2020. (in thousands) Local Currency USD Equivalent Position Maturity MXN MXN 564,308 $ 27,246 Buy MXN Monthly over twelve months |
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 Income, net in the Consolidated Statements of Operations was as follows: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 (Loss)/Gain on foreign exchange contracts $ (3,248) $ 2,665 $ 7,340 |
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 Loss and the Consolidated Statements of Operations for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Loss included in accumulated other comprehensive loss, as of beginning of period $ (20,156) $ (7,480) $ (1,693) Loss recognized in other comprehensive loss (6,807) (13,172) (4,176) Loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations Amount of loss/(gain) reclassified from accumulated other comprehensive loss into net revenues 3,479 (4,270) (4,034) Amount of loss/(gain) reclassified from accumulated other comprehensive loss into cost of revenues (166) (238) (177) Amount of loss reclassified from accumulated other comprehensive loss into interest expense 13,588 5,004 2,600 Total amount of loss/(gain) reclassified from accumulated other comprehensive loss to the Consolidated Statements of Operations 16,901 496 (1,611) Loss included in accumulated other comprehensive loss, as of end of period $ (10,062) $ (20,156) $ (7,480) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income Tax Benefit for Fiscal Years 2021, 2020, and 2019 consisted of the following: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Current: Federal $ (1,895) $ 15,794 $ (1,199) State 1,780 2,310 2,550 Foreign 13,740 9,526 (1,550) Total current income tax expense (benefit) 13,625 27,630 (199) Deferred: Federal — (12,899) (37,577) State — (768) (4,160) Foreign (21,174) (83,364) (8,195) Total deferred income tax benefit (21,174) (97,031) (49,932) Income tax benefit $ (7,549) $ (69,401) $ (50,131) |
Schedule of Income before Income Tax, Domestic and Foreign | The components of Loss Before Income Taxes for Fiscal Years 2021, 2020, and 2019 are as follows: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 United States $ (137,433) $ (756,095) $ (179,387) Foreign 72,553 (140,488) (6,305) Loss before income taxes $ (64,880) $ (896,583) $ (185,692) |
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 2021, 2020, and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Tax benefit at statutory rate $ (13,625) $ (188,282) $ (38,995) Foreign operations taxed at different rates (11,709) 2,497 (4,965) State taxes, net of federal benefit (5,077) (14,326) (1,610) Research and development credit (9,725) (6,498) (4,288) US tax on foreign earnings 11,274 10,889 4,398 Impact of Tax Act — — (3,728) Goodwill impairment — 101,604 — Stock-based compensation 6,751 7,369 (1,196) Internal restructuring related benefit — (65,069) — Valuation allowance change 23,928 68,486 — Altera accrual — 9,467 — Tax rate change (12,418) — — Nondeductible compensation 1,209 1,187 1,611 Provision to return 2,707 1,717 — Other, net (864) 1,558 (1,358) Income tax benefit $ (7,549) $ (69,401) $ (50,131) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities as of April 3, 2021 and March 28, 2020 are as follows: (in thousands) April 3, 2021 March 28, 2020 Deferred tax assets Accruals and other reserves $ 36,503 $ 29,788 Deferred compensation 3,717 277 Net operating loss carry forward 10,923 11,810 Stock-based compensation 9,939 10,867 Interest expense 23 10,676 Tax credits 13,858 12,437 Capitalized R&D costs 54,725 41,123 Intangible assets 101,362 94,809 Other deferred tax assets 4,610 3,826 Unearned revenue 9,043 6,521 Property, plant, and equipment depreciation 1,045 818 Total deferred tax assets, before valuation allowance 245,748 222,952 Valuation allowance (1) (101,740) (81,436) Total deferred tax assets, net 144,008 141,516 Deferred tax liabilities Deferred gains on sales of properties (1,137) (1,128) Purchased intangibles (42,255) (55,586) Unremitted earnings of certain subsidiaries (889) (7,123) Right of use assets (5,623) (5,316) Total deferred tax liabilities (49,904) (69,153) Net deferred tax assets $ 94,104 $ 72,363 (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 3, 2021 March 28, 2020 March 30, 2019 Balance at beginning of period $ 152,307 $ 26,458 $ 12,612 Increase (decrease) of unrecognized tax benefits related to prior fiscal years 8,827 11,226 254 Increase of unrecognized tax benefits related to business combinations — 89 13,329 Increase of unrecognized tax benefits related to current year income statement — 115,824 2,069 Reductions to unrecognized tax benefits related to settlements with taxing authorities (9,668) (995) — Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations (2,000) (295) (1,806) Balance at end of period $ 149,466 $ 152,307 $ 26,458 |
REVENUE AND MAJOR CUSTOMERS (Ta
REVENUE AND MAJOR CUSTOMERS (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
REVENUE AND MAJOR CUSTOMERS [Abstract] | |
Net Revenues by Product Group | The following table disaggregates revenues by major product category for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net revenues Headsets $ 823,451 $ 773,186 $ 910,699 Voice 221,131 375,505 344,586 Video 426,244 284,045 255,485 Services 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 |
Net Revenues by Geography | The following table presents Total Net Revenues by geography: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net product revenues U.S. $ 647,321 $ 708,566 $ 729,930 Europe, Middle East, and Africa 512,196 398,721 432,899 Asia Pacific 208,597 221,912 245,499 Americas, excluding U.S. 102,712 103,537 102,442 Total international net product revenues 823,505 724,170 780,840 Total net product revenues $ 1,470,826 $ 1,432,736 $ 1,510,770 Net service revenues U.S. $ 96,548 $ 102,103 $ 59,615 Europe and Africa 64,660 66,900 43,991 Asia Pacific 77,158 73,424 43,382 Americas, excluding U.S. 18,415 21,827 16,777 Total international net service revenues 160,233 162,151 104,150 Total service net revenues 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 |
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 3, 2021: April 3, 2021 (in millions) Current Non-current Total Unsatisfied (or partially unsatisfied) performance obligations $ 141.4 $ 72.4 $ 213.8 |
COMPUTATION OF EARNINGS PER C_2
COMPUTATION OF EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted loss per common share for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands, except loss per share data) April 3, 2021 March 28, 2020 March 30, 2019 Numerator: Net loss $ (57,331) $ (827,182) $ (135,561) Denominator: Weighted-average common shares outstanding 41,044 39,658 37,569 Basic and diluted loss per common share $ (1.40) $ (20.86) $ (3.61) Potentially dilutive securities excluded from diluted loss per share because their effect is anti-dilutive 1,262 1,740 616 |
SEGMENT REPORTING AND GEOGRAP_2
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Segments, Geographical Areas [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents segments results for revenue and gross margin, as reviewed by the CODM, and their reconciliation to the Company's consolidated GAAP results: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Segment revenues, as reviewed by CODM Products $ 1,471,963 $ 1,434,635 1,518,687 Services 270,049 296,308 240,672 Total segment revenues, as reviewed by CODM $ 1,742,012 $ 1,730,943 $ 1,759,359 Segment gross profit, as reviewed by CODM Products $ 679,484 $ 697,212 $ 766,068 Services 182,522 201,382 162,884 Total segment gross profit, as reviewed by CODM $ 862,006 $ 898,594 $ 928,952 Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Total segment revenues, as reviewed by CODM $ 1,742,012 $ 1,730,943 $ 1,759,359 Deferred revenue purchase accounting (14,405) (33,953) (84,824) GAAP total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 Total segment gross profit, as reviewed by CODM (1) $ 862,006 $ 898,594 $ 928,952 Asset impairment — (174,235) — Purchase accounting amortization (68,111) (122,553) (114,361) Inventory valuation adjustment — — (30,395) Deferred revenue purchase accounting (14,405) (33,953) (84,824) Consumer optimization — (10,415) — Integration and rebranding costs — (1,211) (1,057) Stock-based compensation (2,939) (3,992) (4,176) GAAP gross profit $ 776,551 $ 552,235 $ 694,139 (1) Includes depreciation expense of $14.4 million |
Net Revenues by Product Group | The following table disaggregates revenues by major product category for Fiscal Years 2021, 2020 and 2019: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net revenues Headsets $ 823,451 $ 773,186 $ 910,699 Voice 221,131 375,505 344,586 Video 426,244 284,045 255,485 Services 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 |
Net Revenues by Geography | The following table presents Total Net Revenues by geography: Fiscal Year Ended (in thousands) April 3, 2021 March 28, 2020 March 30, 2019 Net product revenues U.S. $ 647,321 $ 708,566 $ 729,930 Europe, Middle East, and Africa 512,196 398,721 432,899 Asia Pacific 208,597 221,912 245,499 Americas, excluding U.S. 102,712 103,537 102,442 Total international net product revenues 823,505 724,170 780,840 Total net product revenues $ 1,470,826 $ 1,432,736 $ 1,510,770 Net service revenues U.S. $ 96,548 $ 102,103 $ 59,615 Europe and Africa 64,660 66,900 43,991 Asia Pacific 77,158 73,424 43,382 Americas, excluding U.S. 18,415 21,827 16,777 Total international net service revenues 160,233 162,151 104,150 Total service net revenues 256,781 264,254 163,765 Total net revenues $ 1,727,607 $ 1,696,990 $ 1,674,535 |
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 3, 2021 March 28, 2020 United States $ 75,998 $ 95,521 Netherlands 16,299 17,670 Mexico 39,575 39,210 United Kingdom 3,928 3,962 China 16,871 20,476 Other countries 28,381 33,245 Total long-lived assets $ 181,052 $ 210,084 |
SUPPLEMENTARY QUARTERLY FINAN_2
SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | All interim fiscal quarters presented below consisted of 13 weeks, except for the quarter ended April 3, 2021, which consisted of 14 weeks. (in thousands, except per share data) Quarter Ended April 3, 2021 December 26, 2020 September 26, 2020 June 27, 2020 Total net revenues $ 476,233 $ 484,685 $ 410,969 $ 355,720 Gross profit 212,816 226,657 180,746 156,332 Net income (loss) 10,977 20,113 (13,405) (75,015) Basic net income (loss) per common share 0.26 0.49 (0.33) (1.85) Diluted net income (loss) per common share 0.25 0.48 (0.33) (1.85) Cash dividends declared per common share — — — — (in thousands, except per share data) Quarter Ended March 28, 2020 1 December 28, 2019 September 28, 2019 June 29, 2019 Total net revenues $ 403,043 $ 384,471 $ 461,709 $ 447,767 Gross profit (10,328) 143,846 206,071 212,646 Net loss (677,918) (78,483) (25,910) (44,871) Basic net loss per common share (16.94) (1.97) (0.65) (1.14) Diluted net loss per common share (16.94) (1.97) (0.65) (1.14) Cash dividends declared per common share — 0.15 0.15 0.15 (1) The Company's consolidated financial results for the fourth quarter of Fiscal Year 2020 includes a non-cash impairment charge of $179.6 million to Intangible Assets and Property, Plant, and Equipment related to long-lived assets in the Voice asset group, as well as a non-cash impairment charge of $483.7 million to Goodwill related to an overall decline in the Company’s earnings and a sustained decrease in its share price. The Company also completed its internal intangible property restructuring between its wholly-owned subsidiaries to align the IP structure to its operations, resulting in a deferred tax asset and partially offset by a valuation allowance recorded against its U.S. deferred tax assets. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | |||||
Apr. 03, 2021USD ($)Customer | Mar. 28, 2020USD ($)Customer | Mar. 30, 2019USD ($)Customer | Mar. 31, 2019Customer | Jul. 02, 2018 | May 31, 2015USD ($) | |
Product Information [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation | $ 534.9 | |||||
Revenue From Contracts With Customers, Percentage Associated With Non-cancellable Maintenance And Support Contracts | 85.00% | |||||
Duration of fiscal year | 371 days | 364 days | 364 days | |||
Advertising expense | $ 0.6 | $ 0.8 | $ 1.2 | |||
Number of customers accounting for 10% or more of net accounts receivable | Customer | 1 | |||||
Accounts Receivable Financing, Gross | 91.3 | |||||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 83.5 | |||||
Accounts Receivable Financing, Current | 8.9 | |||||
Financing Agreement, Fees | 1.3 | |||||
Inventory Off Balance Sheet | $ 57.3 | $ 21.7 | ||||
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 | 3 | |||||
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 | 3 | |||||
Ingram Micro [Member] | Customer concentration risk | Accounts receivable | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 24.70% | 22.20% | 22.20% | |||
ScanSource [Member] | Customer concentration risk | Accounts receivable | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 24.90% | 17.30% | 17.30% | |||
Synnex Corp. [Member] | Customer concentration risk | Accounts receivable | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 15.60% | 15.60% | ||||
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% | 16.00% | ||||
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 (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 31, 2019 |
Other Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 40,177 | $ 44,226 | |
Other Assets [Member] | 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 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Present value of lease liabilities | $ 56,806 | ||
Liability [Member] | 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 [Member] | 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 [Member] | 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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Jul. 02, 2018 |
Accounts payable | ||||
Goodwill | $ 796,216 | $ 796,216 | $ 1,278,380 | |
Polycom | ||||
ASSETS | ||||
Cash and cash equivalents | $ 80,139 | |||
Trade receivables, net | 165,798 | |||
Inventories | 109,074 | |||
Prepaid expenses and other current assets | 68,558 | |||
Property and equipment, net | 79,497 | |||
Intangible assets | 985,400 | |||
Other assets | 27,237 | |||
Total assets acquired | 1,515,703 | |||
Accounts payable | ||||
Accounts payable | 80,653 | |||
Accrued payroll and related liabilities | 44,538 | |||
Accrued expenses | 147,167 | |||
Income tax payable | 27,044 | |||
Deferred revenue | 115,061 | |||
Deferred income taxes | 94,618 | |||
Other liabilities | 54,394 | |||
Total liabilities assumed | 563,475 | |||
Total identifiable net assets acquired | 952,228 | |||
Goodwill | 1,264,417 | |||
Total Purchase Price | $ 2,216,645 |
ACQUISITION - Narrative (Detail
ACQUISITION - Narrative (Details) - USD ($) $ in Thousands, shares in Millions | Jul. 02, 2018 | Apr. 03, 2021 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 28, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 796,216 | $ 1,278,380 | $ 796,216 | ||
Triangle [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 16.00% | 17.80% | |||
Polycom | |||||
Business Acquisition [Line Items] | |||||
Revenues | 84,800 | $ 84,800 | |||
Goodwill | $ 1,264,417 | ||||
Business Combination, Consideration Transferred | $ 2,200,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued And Issuable, Shares | 6.4 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 500,000 | ||||
Payments to Acquire Businesses, Gross | 1,700,000 | ||||
Business Combination, Adjustment, Deferred Tax And Tax Liabilities | $ 45,200 | ||||
Business Combination, Adjustment, Working Capital Adjustment | 8,000 | ||||
Business Combination, Adjustment, Other | 1,400 | ||||
Goodwill, Purchase Accounting Adjustments | (54,600) | ||||
Fair Value Adjustment to Inventory [Member] | Polycom | |||||
Business Acquisition [Line Items] | |||||
Revenues | 30,400 | 30,400 | |||
Acquisition-related Costs [Member] | Polycom | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 19,200 | $ 19,200 | |||
In Process Research and Development [Member] | Polycom | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived Intangible Assets Acquired | $ 58,000 | $ 58,000 |
ACQUISITION - Acquired Intangib
ACQUISITION - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2018 | Apr. 03, 2021 | Mar. 28, 2020 |
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 782,747 | $ 782,747 | |
Polycom | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 927,400 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 5 months 12 days | ||
Intangible Assets Acquired | 985,400 | ||
Technology-Based Intangible Assets [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months 18 days | ||
Technology-Based Intangible Assets [Member] | Polycom | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 538,600 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 11 months 12 days | ||
Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 2 months 12 days | ||
Customer Relationships [Member] | Polycom | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 245,100 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 5 months 15 days | ||
Order or Production Backlog [Member] | Polycom | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 28,100 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 months | ||
Trademarks and Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 3 months 18 days | ||
Trademarks and Trade Names [Member] | Polycom | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 115,600 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years | ||
In Process Research and Development [Member] | Polycom | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | $ 58,000 | $ 58,000 |
ACQUISITION - Goodwill (Details
ACQUISITION - Goodwill (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Jul. 02, 2018 |
Goodwill [Line Items] | ||||
Goodwill | $ 796,216 | $ 796,216 | $ 1,278,380 | |
Polycom | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 1,264,417 |
ACQUISITION - Pro Forma Informa
ACQUISITION - Pro Forma Information (Details) - Polycom - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 2,008,245 | |
Business Acquisition, Pro Forma Operating Income (Loss) | 18,929 | |
Business Acquisition, Pro Forma Net Income (Loss) | (38,516) | |
Revenues | $ 84,800 | $ 84,800 |
CASH, CASH EQUIVALENTS AND IN_3
CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Cash and cash equivalents | $ 202,560 | $ 213,879 |
Restricted cash | 493,908 | |
Short-term investments (due in 1 year or less) | 14,559 | 11,841 |
Total cash, cash equivalents and investments measured at fair value, amortized cost | 709,090 | 226,817 |
Total cash, cash equivalents and investments measured at fair value, gross unrealized gain | 1,945 | 31 |
Total cash, cash equivalents and investments measured at fair value, gross unrealized loss | (8) | (1,128) |
Total cash, cash equivalents and investments measured at fair value, fair value | 711,027 | 225,720 |
Restricted Cash | 493,908 | 0 |
Cash | ||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Cash and cash equivalents | 177,551 | 213,879 |
Mutual Funds | Level 1 | ||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term investments (due in 1 year or less) | 14,559 | 11,841 |
Debt Securities, Available-for-sale, Amortized Cost | 12,622 | 12,938 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,945 | 31 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (8) | (1,128) |
Debt Securities, Available-for-sale | 14,559 | $ 11,841 |
Money Market Funds | Level 1 | ||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||
Cash and cash equivalents | 25,009 | |
Debt Securities, Available-for-sale, Amortized Cost | 25,009 | |
Debt Securities, Available-for-sale | $ 25,009 |
DEFERRED COMPENSATION (Details)
DEFERRED COMPENSATION (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Other long-term liabilities | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred compensation liability, noncurrent | $ 14,600 | $ 11,700 |
Mutual Funds | Short-term investments | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Investments | 14,600 | |
Level 1 | Mutual Funds | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Securities held in a rabbi trust | $ 14,559 | $ 11,841 |
DETAILS OF CERTAIN BALANCE SH_3
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 352,108 | $ 350,642 |
Accounts receivable, net | 267,464 | 246,835 |
Provision for promotions and rebates: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable reserves | (82,315) | (101,666) |
Provision for doubtful accounts and sales allowances: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable reserves | $ (2,329) | $ (2,141) |
DETAILS OF CERTAIN BALANCE SH_4
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Inventory, net (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 87,050 | $ 97,371 |
Work in process | 9,511 | 459 |
Finished goods | 97,844 | 66,697 |
Inventory, net | $ 194,405 | $ 164,527 |
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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 39,400 | $ 46,100 | $ 40,600 |
Property, Plant and Equipment, Net [Abstract] | |||
Land | 15,643 | 15,112 | |
Buildings and improvements (useful life: 7-30 years) | 131,752 | 132,153 | |
Machinery and equipment (useful life: 2-10 years) | 177,807 | 170,756 | |
Software (useful life: 5-10 years) | 60,244 | 60,552 | |
Construction in progress | 7,519 | 6,934 | |
Property, plant, and equipment, gross | 392,965 | 385,507 | |
Accumulated depreciation and amortization | (252,090) | (219,649) | |
Property, plant, and equipment, net | 140,875 | 165,858 | |
Unamortized capitalized software costs | 13,200 | 19,100 | |
Amortization expense related to capitalized software costs | $ 6,400 | $ 10,100 | $ 11,000 |
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 | 5 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. 03, 2021 | Mar. 28, 2020 |
Accrued Liabilities [Abstract] | ||
Accrued Deferred Revenue, Current | $ 141,375 | $ 144,040 |
Employee compensation and benefits | 84,318 | 48,153 |
Accrued Provision For Returns, Current | 25,133 | 20,146 |
Other Accrued Liabilities, Current | 121,557 | 138,810 |
Accrued liabilities | $ 394,084 | $ 373,666 |
DETAILS OF CERTAIN BALANCE SH_7
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Product Warranty Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty obligation at beginning of year | $ 15,261 | $ 17,984 |
Warranty provision related to products shipped | 21,112 | 18,736 |
Deductions for warranty claims processed | (19,168) | (21,333) |
Adjustments related to preexisting warranties | 179 | (126) |
Warranty obligation at end of year | $ 17,384 | $ 15,261 |
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. 03, 2021 | Mar. 28, 2020 | |
Debt Instrument [Line Items] | ||
Payments for operating lease payments | $ 27,300 | $ 24,200 |
Operating lease expense | 13,700 | 17,700 |
Unconditional purchase obligations | 667,000 | |
Sublease income | 5,400 | 5,600 |
Other Assets [Member] | ||
Debt Instrument [Line Items] | ||
Operating lease, ROU asset | 40,177 | 44,226 |
Accrued Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Operating lease liabilities, current | 21,701 | 22,517 |
Other Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Operating lease liabilities, long-term | $ 35,105 | $ 35,144 |
GOODWILL AND PURCHASED INTANG_3
GOODWILL AND PURCHASED INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment prior to re-segmentation | $ 323,100 | $ 323,088 | ||
Cost of revenues | $ 951,056 | 1,144,755 | $ 980,396 | |
Operating Expenses | 763,933 | 1,356,290 | 803,434 | |
Polycom | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 124,900 | 183,700 | ||
Product | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 179,600 | |||
Cost of revenues | 174,200 | $ 863,529 | 1,049,826 | $ 902,625 |
Operating Expenses | 5,400 | |||
Products Reportable Segment | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment prior to re-segmentation | $ 0 | |||
Products Reportable Segment | Voice | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment prior to re-segmentation | 47,800 | |||
Products Reportable Segment | Video | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment prior to re-segmentation | 112,800 | |||
Other Intangible Assets [Member] | Product | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 175,000 | |||
Machinery and equipment | Product | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 4,600 |
GOODWILL AND PURCHASED INTANG_4
GOODWILL AND PURCHASED INTANGIBLE ASSETS GOODWILL AND PURCHASED INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2020 | Mar. 28, 2020 | Apr. 03, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 1,278,380 | ||
Acquisition measurement period adjustments | 1,517 | ||
Impairment prior to re-segmentation | $ (323,100) | (323,088) | |
Allocation due to re-segmentation | 0 | ||
Impairment after re-segmentation | (323,100) | (323,088) | |
Goodwill, ending balance | 796,216 | 796,216 | |
Goodwill | 796,216 | 1,278,380 | $ 796,216 |
Poly Reportable Segment | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,278,380 | ||
Acquisition measurement period adjustments | 1,517 | ||
Impairment prior to re-segmentation | (323,088) | ||
Allocation due to re-segmentation | (956,809) | ||
Impairment after re-segmentation | (323,088) | ||
Goodwill, ending balance | 0 | 0 | |
Goodwill | 0 | 0 | 0 |
Products Reportable Segment | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | ||
Impairment prior to re-segmentation | 0 | ||
Allocation due to re-segmentation | 789,561 | ||
Impairment after re-segmentation | 0 | ||
Goodwill, ending balance | 628,968 | 628,968 | |
Goodwill | 628,968 | 628,968 | 628,968 |
Services Reportable Segment | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 0 | ||
Impairment prior to re-segmentation | 0 | ||
Allocation due to re-segmentation | 167,248 | ||
Impairment after re-segmentation | 0 | ||
Goodwill, ending balance | 167,248 | 167,248 | |
Goodwill | $ 167,248 | 167,248 | $ 167,248 |
Voice And Video | |||
Goodwill [Roll Forward] | |||
Impairment prior to re-segmentation | (160,593) | ||
Impairment after re-segmentation | (160,593) | ||
Voice And Video | Poly Reportable Segment | |||
Goodwill [Roll Forward] | |||
Impairment prior to re-segmentation | 0 | ||
Impairment after re-segmentation | 0 | ||
Voice And Video | Products Reportable Segment | |||
Goodwill [Roll Forward] | |||
Impairment prior to re-segmentation | (160,593) | ||
Impairment after re-segmentation | $ (160,593) |
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. 03, 2021 | Mar. 28, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 441,133 | $ 315,832 |
Purchased intangibles, net | 341,614 | 466,915 |
Finite-Lived Intangible Assets, Net | 341,614 | |
Finite-lived Intangible Assets Acquired | $ 782,747 | 782,747 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 6 months | |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 427,123 | 427,123 |
Finite-Lived Intangible Assets, Accumulated Amortization | 277,071 | 208,848 |
Finite-Lived Intangible Assets, Net | $ 150,052 | 218,275 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months 18 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 240,024 | 240,024 |
Finite-Lived Intangible Assets, Accumulated Amortization | 128,740 | 84,506 |
Finite-Lived Intangible Assets, Net | $ 111,284 | 155,518 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 2 months 12 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 115,600 | 115,600 |
Finite-Lived Intangible Assets, Accumulated Amortization | 35,322 | 22,478 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 80,278 | $ 93,122 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 3 months 18 days |
GOODWILL AND PURCHASED INTANG_6
GOODWILL AND PURCHASED INTANGIBLE ASSETS - Future Amortization Expense (Details) $ in Thousands | Apr. 03, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 113,858 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 111,232 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 65,936 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 21,688 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 12,844 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 16,056 |
Finite-Lived Intangible Assets, Net | $ 341,614 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands | Apr. 03, 2021USD ($) |
Loss Contingencies [Line Items] | |
Weighted average remaining lease term | 4 years 3 months 18 days |
Weighted average discount rate, percent | 4.80% |
Liability [Member] | |
Loss Contingencies [Line Items] | |
2022 | $ 23,693 |
2023 | 10,013 |
2024 | 7,813 |
2025 | 5,816 |
2026 | 4,646 |
Thereafter | 11,872 |
Total lease payments | 63,853 |
Less: Imputed interest | 7,047 |
Present value of lease liabilities | $ 56,806 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Apr. 03, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 667 |
DEBT (Details)
DEBT (Details) | Mar. 04, 2021USD ($) | Feb. 20, 2020USD ($) | Jul. 02, 2018USD ($) | May 31, 2015USD ($) | Apr. 03, 2021USD ($)letter_of_credit | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | Mar. 31, 2021USD ($) |
Debt Disclosure [Line Items] | ||||||||
Extinguishment of debt | $ 130,000,000 | |||||||
Debt Instrument, Number Of Letters Of Credit | letter_of_credit | 5 | |||||||
Proceeds from issuance of senior notes, net of issuance costs | $ 493,922,000 | $ 0 | $ 1,244,713,000 | |||||
Line Of Credit Facility, Periodic Payment, Principal, Percentage Multiplied By Funded Amount | 0.25% | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 22,600,000 | 25,100,000 | ||||||
Debt Instrument, Debt Default, Interest Rate In Excess Of Applicable Rate | 2.00% | |||||||
Senior notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Extinguishment of debt | $ 19,300,000 | |||||||
Senior notes | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | 105.50% | |||||||
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 | |||||||
Repurchase price, percentage of principal amount | 101.00% | |||||||
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 | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt redemption notice period | 30 days | |||||||
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 | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Debt redemption notice period | 60 days | |||||||
Percentage of debt redeemed | 35.00% | |||||||
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, amount | $ 150,000,000 | |||||||
EBITDA, covenant, percent | 20.00% | |||||||
Line Of Credit Facility, Unused Capacity, Percentage Over LIBOR Multiplied By Daily Amount Available Under Facility | 50.00% | |||||||
Letters of Credit Outstanding, Amount | $ 1,400,000 | |||||||
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 | Fair Value | Senior notes | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | $ 482,669,000 | 359,140,000 | ||||||
Level 2 | Fair Value | Senior notes | Senior Notes, 4.75 Percent | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | 492,580,000 | |||||||
Level 2 | Carrying Value | Senior notes | 5.50% Senior Notes | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | 495,409,000 | $ 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 | 493,985,000 | |||||||
Level 2 | Revolving Credit Facility [Member] | Fair Value | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | 1,004,743,000 | 852,942,000 | ||||||
Level 2 | Revolving Credit Facility [Member] | Carrying Value | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
Long term debt, 5.50% Senior Notes | $ 1,002,079,000 | $ 1,126,285,000 | ||||||
Debt Instrument, Period, February 20, 2020 through December 26, 2020 [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, leverage ratio maximum | 3.75 | |||||||
EBITDA, covenant, leverage ratio minimum | 2.25 | |||||||
Debt Instrument, Period, December 26, 2020 and Thereafter [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, leverage ratio maximum | 3 | |||||||
EBITDA, covenant, leverage ratio minimum | 2.75 | |||||||
Debt Instrument, Period, December 29, 2019 through March 28, 2020 [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, amount | $ 121,000,000 | |||||||
Debt Instrument Period, March 29, 2020 through June 27, 2020 [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, amount | 107,000,000 | |||||||
Debt Instrument, Period, June 28, 2020 through December 26, 2020 [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Disclosure [Line Items] | ||||||||
EBITDA, covenant, amount | $ 88,000,000 |
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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Non-cash charges | $ 15,160 | $ 10,946 | $ 0 |
Restructuring charges | 48,704 | 54,177 | 32,694 |
Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 26,467 | 29,777 | 25,033 |
Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,274 | 3,247 | 2,241 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,803 | 10,207 | 5,420 |
Total cash charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 33,544 | $ 43,231 | $ 32,694 |
RESTRUCTURING AND OTHER RELAT_4
RESTRUCTURING AND OTHER RELATED CHARGES - Restructuring Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 11,861 | ||
Restructuring and other related charges | 48,704 | $ 54,177 | $ 32,694 |
Payments | (33,764) | (37,269) | (29,463) |
Adjustments | 33,544 | ||
Restructuring Reserve | 11,641 | 11,861 | |
Employee severance and related benefits | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 7,622 | ||
Restructuring and other related charges | 26,467 | 29,777 | $ 25,033 |
Adjustments | 26,467 | ||
Restructuring Reserve | $ 7,261 | $ 7,622 |
RESTRUCTURING AND OTHER RELAT_5
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Details) $ in Thousands | 12 Months Ended |
Apr. 03, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | $ 11,861 |
Accruals | 33,544 |
Cash Payments | (33,764) |
Restructuring Reserve | 11,641 |
Employee severance and related benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 7,622 |
Accruals | 26,467 |
Cash Payments | (26,828) |
Restructuring Reserve | 7,261 |
Facility | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 2,501 |
Accruals | 3,274 |
Cash Payments | (1,581) |
Restructuring Reserve | 4,194 |
Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 1,738 |
Accruals | 3,803 |
Cash Payments | (5,355) |
Restructuring Reserve | 186 |
FY 2021 Plans | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 0 |
Accruals | 31,246 |
Cash Payments | (24,108) |
Restructuring Reserve | 7,138 |
FY 2021 Plans | Employee severance and related benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 0 |
Accruals | 27,130 |
Cash Payments | (21,091) |
Restructuring Reserve | 6,039 |
FY 2021 Plans | Facility | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 0 |
Accruals | 313 |
Cash Payments | 600 |
Restructuring Reserve | 913 |
FY 2021 Plans | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 0 |
Accruals | 3,803 |
Cash Payments | (3,617) |
Restructuring Reserve | 186 |
FY 2020 Plans | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 11,597 |
Accruals | 1,797 |
Cash Payments | (9,066) |
Restructuring Reserve | 4,328 |
FY 2020 Plans | Employee severance and related benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 7,475 |
Accruals | (1,164) |
Cash Payments | (5,264) |
Restructuring Reserve | 1,047 |
FY 2020 Plans | Facility | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 2,501 |
Accruals | 2,961 |
Cash Payments | (2,181) |
Restructuring Reserve | 3,281 |
FY 2020 Plans | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 1,621 |
Accruals | 0 |
Cash Payments | (1,621) |
Restructuring Reserve | 0 |
FY 2019 Plans | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 264 |
Accruals | 501 |
Cash Payments | (590) |
Restructuring Reserve | 175 |
FY 2019 Plans | Employee severance and related benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 147 |
Accruals | 501 |
Cash Payments | (473) |
Restructuring Reserve | 175 |
FY 2019 Plans | Facility | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 0 |
Accruals | 0 |
Cash Payments | 0 |
Restructuring Reserve | 0 |
FY 2019 Plans | Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve | 117 |
Accruals | 0 |
Cash Payments | (117) |
Restructuring Reserve | $ 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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation and benefits | $ 84,318 | $ 48,153 | |
Number of shares reserved under plan (shares) | 19,400,000 | ||
Percent of estimated fair market value at the date of grant (percentage) | 100.00% | ||
Options to purchase shares of common stock (shares) | 54,000 | ||
Unvested restricted stock and restricted stock units (shares) | 2,643,462 | ||
Shares available for future grant (shares) | 2,768,574 | ||
Percentage of fair market value at date of grant (percentage) | 85.00% | ||
Shares issued under the ESPP | 822,748 | 736,184 | 138,133 |
Total intrinsic value | $ 5,800 | ||
Total cash received from employees as a result of exercises, net of taxes | $ 400 | ||
2020 Inducement Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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) | 177,257 | ||
Total cash received from employees as a result of stock issuances under the ESPP, net of taxes | $ 11,900 | ||
Offering period | 6 months | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to purchase shares of common stock (shares) | 54,000 | 352,000 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock and restricted stock units (shares) | 2,059,000 | 1,911,000 | |
Total unrecognized compensation cost | $ 26,200 | ||
Period for recognition for unrecognized compensation cost | 1 year 8 months 12 days | ||
Weighted average grant date fair value (in dollars per share) | $ (15.42) | $ (33.77) | $ (68) |
Total grant date fair value | $ 39,500 | $ 38,200 | $ 27,800 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock and restricted stock units (shares) | 983,000 | 421,000 | |
Total unrecognized compensation cost | $ 13,800 | ||
Period for recognition for unrecognized compensation cost | 1 year 1 month 6 days | ||
Weighted average grant date fair value (in dollars per share) | $ (22.83) | $ (57.16) | $ (75.43) |
Total grant date fair value | $ 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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 42,650 | $ 57,095 | $ 41,934 |
Income tax benefit | (10,321) | (7,369) | (9,891) |
Total stock-based compensation expense, net of tax | 32,329 | 49,726 | 32,043 |
Cost of revenues | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,939 | 3,992 | 4,176 |
Research, development and engineering | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 13,785 | 16,785 | 11,699 |
Selling, general, and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 25,926 | 36,318 | 26,059 |
Operating expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 39,711 | $ 53,103 | $ 37,758 |
STOCK PLANS AND STOCK-BASED C_5
STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Apr. 03, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, March 31, 2017 (shares) | 54,000 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, March 31, 2016 (shares) | 352,000 |
Options granted (shares) | 0 |
Options exercised (shares) | (10,000) |
Options forfeited or expired (shares) | (288,000) |
Options outstanding, March 31, 2017 (shares) | 54,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price of options outstanding at March 31, 2016 (in dollars per share) | $ / shares | $ 47.39 |
Weighted average exercise price of options granted (in dollars per share) | $ / shares | 0 |
Weighted average exercise price of options exercised (in dollars per share) | $ / shares | 42.66 |
Weighted average exercise price of options forfeited or expired (in dollars per share) | $ / shares | 47.25 |
Weighted average exercise price of options outstanding at March 31, 2017 (in dollars per share) | $ / shares | $ 48.98 |
Weighted average remaining contractual life of options outstanding at March 31, 2016 (in years) | 1 year 7 months 6 days |
Aggregate intrinsic value of options outstanding at March 31, 2017 | $ | $ 0 |
Vested or expected to vest at March 31, 2017 (in shares) | 54,000 |
Weighted average exercise price of options vested or expected to vest at March 31, 2017 (in dollars per share) | $ / shares | $ 48.98 |
Weighted average remaining contractual life of options vested or expected to vest at March 31, 2017 (in years) | 1 year 7 months 6 days |
Aggregate intrinsic value of options vested or expected to vest at March 31, 2017 | $ | $ 0 |
STOCK PLANS AND STOCK-BASED C_6
STOCK PLANS AND STOCK-BASED COMPENSATION Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
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) | 2,643,462 | ||
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) | 1,911,000 | ||
Restricted stock granted (shares) | 1,440,000 | ||
Restricted stock vested (shares) | 888,000 | ||
Restricted stock forfeited (shares) | (404,000) | ||
Non-vested Restricted Stock at March 31, 2017 (shares) | 2,059,000 | 1,911,000 | |
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) | $ 43.71 | ||
Weighted average grant date fair value of restricted stock granted (in dollars per share) | 15.42 | $ 33.77 | $ 68 |
Weighted average grant date fair value of restricted stock vested (in dollars per share) | 44.47 | ||
Weighted average grant date fair value of restricted stock forfeited (in dollars per share) | 37.08 | ||
Weighted average grant date fair value or restricted stock, March 31, 2017 (in dollars per share) | $ 24.91 | $ 43.71 |
STOCK PLANS AND STOCK-BASED C_7
STOCK PLANS AND STOCK-BASED COMPENSATION Valuation Assumptions (Details) - ESPP - $ / shares | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 94.80% | 67.00% | 40.80% |
Risk-free interest rate | 0.10% | 1.70% | 2.40% |
Expected dividends | 0.00% | 3.10% | 1.10% |
Expected life (in years) | 6 months | 6 months | 6 months |
Weighted-average grant date fair value (in dollars per share) | $ 12.60 | $ 6.64 | $ 14.44 |
STOCK PLANS AND STOCK-BASED C_8
STOCK PLANS AND STOCK-BASED COMPENSATION Performance Shares Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
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 | 2,643,462 | ||
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 | 983,000 | 421,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.88 | $ 61.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 988,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.83 | $ 57.16 | $ 75.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (72,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 79.88 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 354,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 42.69 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 13.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days |
COMMON STOCK REPURCHASES (Detai
COMMON STOCK REPURCHASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2021 | Nov. 28, 2018 | |
Equity [Abstract] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,700,000 | 1,000,000 | |||
Repurchase of common stock | $ 0 | $ 0 | $ 13,177 | ||
Value of shares withheld in satisfaction of employee tax withholding obligations | $ 5,930 | $ 9,891 | $ 14,070 | ||
Remaining shares authorized for repurchase under program | 1,369,014 | ||||
Treasury stock retired (shares) | 0 | 0 | 0 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (3,221) | $ (13,582) |
Accumulated unrealized gain (loss) on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated unrealized gain (loss) on cash flow hedges | (7,836) | (18,197) |
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 loss | $ (3,221) | $ (13,582) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 |
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 | $ 10 | $ 10.4 | $ 7.1 |
FOREIGN CURRENCY DERIVATIVES (D
FOREIGN CURRENCY DERIVATIVES (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Apr. 03, 2021EUR (€)financial_institution | Apr. 03, 2021USD ($)financial_institution | Apr. 03, 2021GBP (£)financial_institution | Apr. 03, 2021MXN ($)financial_institution | Mar. 28, 2020EUR (€) | Mar. 28, 2020GBP (£) | |
Derivative [Line Items] | ||||||
Number of financial institutions the company has International Swap and Derivatives Association agreements | 4 | 4 | 4 | 4 | ||
Foreign Exchange Forward, EURO | ||||||
Derivative [Line Items] | ||||||
Notional amount of non-designated hedge | € 56,000 | $ 65,875 | ||||
Derivative, Currency Sold | Sell EUR | |||||
Derivative, Remaining Maturity | 1 month | |||||
Foreign Exchange Forward, GBP | ||||||
Derivative [Line Items] | ||||||
Notional amount of non-designated hedge | 13,680 | £ 9,900 | ||||
Derivative, Currency Sold | Sell GBP | |||||
Derivative, Remaining Maturity | 1 month | |||||
Option contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount of non-designated hedge | € 91,400 | 18,100 | € 67,000 | £ 18,400 | ||
Forward contracts | ||||||
Derivative [Line Items] | ||||||
Notional amount of non-designated hedge | € 76,000 | £ 15,600 | € 50,200 | £ 18,500 | ||
Foreign currency swap contract | ||||||
Derivative [Line Items] | ||||||
Notional amount of non-designated hedge | $ 27,246 | $ 564,308 | ||||
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. 03, 2021 | Mar. 28, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | $ (11,700) | $ (22,890) |
Derivative Asset, Fair Value, Gross Asset | 5,106 | 3,550 |
Derivative Asset [Abstract] | ||
Derivative asset not subject to master netting agreements | 0 | 0 |
Gross Amount of Derivative Assets | 5,106 | 3,550 |
Net Amount of Derivative Assets, subject to master netting agreements | 0 | 0 |
Net Amount of Derivative Assets | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liability not subject to master netting agreements | 0 | 0 |
Gross Amount of Derivative Liabilities | (11,700) | (22,890) |
Net Amount of Derivative Liabilities, subject to master netting agreements | (6,594) | (19,340) |
Net Amount of Derivative Liabilities | (6,594) | (19,340) |
Derivative Asset, Fair Value, Gross Liability | (5,106) | (3,550) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset | 5,106 | 3,550 |
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. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain on foreign exchange contracts | $ (3,248) | $ 2,665 | $ 7,340 |
FOREIGN CURRENCY DERIVATIVES FO
FOREIGN CURRENCY DERIVATIVES FOREIGN CURRENCY DERIVATIVES (Details 3) $ in Thousands, $ in Thousands, € in Millions, £ in Millions | 12 Months Ended | ||||||||
Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | Apr. 03, 2021EUR (€) | Apr. 03, 2021GBP (£) | Apr. 03, 2021MXN ($) | Mar. 28, 2020EUR (€) | Mar. 28, 2020GBP (£) | Jul. 30, 2018USD ($) | |
Derivative [Line Items] | |||||||||
Net (gains) losses reclassified into income for interest rate swap | $ (13,588) | $ (5,004) | $ (2,600) | ||||||
Foreign currency swap contract | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Notional Amount | 27,246 | $ 564,308 | |||||||
Option contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Notional Amount | € 91.4 | £ 18.1 | € 67 | £ 18.4 | |||||
Forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Notional Amount | € 76 | £ 15.6 | € 50.2 | £ 18.5 | |||||
Interest Rate Swap | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Notional Amount | $ 831,000 | ||||||||
Derivative, Fixed Interest Rate | 2.78% | ||||||||
Accumulated other comprehensive income to be reclassified into earnings | $ 8,000 |
FOREIGN CURRENCY DERIVATIVES _4
FOREIGN CURRENCY DERIVATIVES (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
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 | $ (20,156) | $ (7,480) | $ (20,156) | $ (7,480) | $ (1,693) | ||||||
Loss recognized in other comprehensive loss | (6,807) | (13,172) | (4,176) | ||||||||
Net revenues | $ 476,233 | $ 484,685 | $ 410,969 | $ 355,720 | $ 403,043 | $ 384,471 | $ 461,709 | $ 447,767 | 1,727,607 | 1,696,990 | 1,674,535 |
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | (951,056) | (1,144,755) | (980,396) | ||||||||
Interest expense | (82,606) | (92,640) | (83,000) | ||||||||
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) | 16,901 | 496 | (1,611) | ||||||||
Loss included in accumulated other comprehensive loss, as of end of period | $ (10,062) | $ (20,156) | (10,062) | (20,156) | (7,480) | ||||||
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 | 3,479 | (4,270) | (4,034) | ||||||||
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | (166) | (238) | (177) | ||||||||
Interest expense | $ 13,588 | $ (5,004) | $ (2,600) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | |
Current: | |||||
Federal | $ (1,895,000) | $ 15,794,000 | $ (1,199,000) | ||
State | 1,780,000 | 2,310,000 | 2,550,000 | ||
Foreign | 13,740,000 | 9,526,000 | (1,550,000) | ||
Total current provision for income taxes | 13,625,000 | 27,630,000 | (199,000) | ||
Deferred: | |||||
Federal | 0 | (12,899,000) | (37,577,000) | ||
State | 0 | (768,000) | (4,160,000) | ||
Foreign | (21,174,000) | (83,364,000) | (8,195,000) | ||
Total deferred benefit for income taxes | (21,174,000) | (97,031,000) | (49,932,000) | ||
Income tax benefit | (7,549,000) | (69,401,000) | (50,131,000) | ||
Components of income before income taxes | |||||
United States | (137,433,000) | (756,095,000) | (179,387,000) | ||
Foreign | 72,553,000 | (140,488,000) | (6,305,000) | ||
Loss before income taxes | (64,880,000) | (896,583,000) | (185,692,000) | ||
Reconciliation between statutory federal income taxes and income tax expense | |||||
Tax benefit at statutory rate | (13,625,000) | (188,282,000) | (38,995,000) | ||
Foreign operations taxed at different rates | (11,709,000) | 2,497,000 | (4,965,000) | ||
State taxes, net of federal benefit | (5,077,000) | (14,326,000) | (1,610,000) | ||
Research and development credit | (9,725,000) | (6,498,000) | (4,288,000) | ||
US tax on foreign earnings | 11,274,000 | 10,889,000 | 4,398,000 | ||
Impact of Tax Act | 0 | 0 | (3,728,000) | ||
Goodwill impairment | 0 | 101,604,000 | 0 | ||
Stock-based compensation | 6,751,000 | 7,369,000 | (1,196,000) | ||
Internal restructuring related benefit | 0 | (65,069,000) | 0 | ||
Valuation allowance change | 23,928,000 | 68,486,000 | 0 | ||
Altera accrual | 0 | 9,467,000 | 0 | ||
Tax rate change | (12,418,000) | 0 | 0 | ||
Nondeductible compensation | 1,209,000 | 1,187,000 | 1,611,000 | ||
Provision to return | 2,707,000 | 1,717,000 | 0 | ||
Other, net | (864,000) | 1,558,000 | (1,358,000) | ||
Income tax benefit | (7,549,000) | (69,401,000) | (50,131,000) | ||
Components of Deferred Tax Assets | |||||
Accruals and other reserves | $ 36,503,000 | $ 29,788,000 | |||
Deferred compensation | 3,717,000 | 277,000 | |||
Net operating loss carry forward | 10,923,000 | 11,810,000 | |||
Stock-based compensation | 9,939,000 | 10,867,000 | |||
Interest expense | 23,000 | 10,676,000 | |||
Tax credits | 13,858,000 | 12,437,000 | |||
Capitalized R&D costs | 54,725,000 | 41,123,000 | |||
Intangible assets | 101,362,000 | 94,809,000 | |||
Other deferred tax assets | 4,610,000 | 3,826,000 | |||
Unearned revenue | 9,043,000 | 6,521,000 | |||
Property, plant, and equipment depreciation | 1,045,000 | 818,000 | |||
Total deferred tax assets, before valuation allowance | 245,748,000 | 222,952,000 | |||
Valuation allowance | 101,740,000 | 81,436,000 | |||
Total deferred tax assets, net | 144,008,000 | 141,516,000 | |||
Components of Deferred Tax Liabilities | |||||
Deferred gains on sales of properties | (1,137,000) | (1,128,000) | |||
Deferred Tax Liabilities, Intangible Assets | (42,255,000) | (55,586,000) | |||
Unremitted earnings of certain subsidiaries | (889,000) | (7,123,000) | |||
Right of use assets | (5,623,000) | (5,316,000) | |||
Total deferred tax liabilities | 49,904,000 | 69,153,000 | |||
Net deferred tax assets | $ 94,104,000 | 72,363,000 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Balance at beginning of period | 152,307,000 | 26,458,000 | 12,612,000 | ||
Increase (decrease) of unrecognized tax benefits related to prior fiscal years | 8,827,000 | 11,226,000 | 254,000 | ||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 0 | 89,000 | 13,329,000 | ||
Increase of unrecognized tax benefits related to the current year | 0 | 115,824,000 | 2,069,000 | ||
Reductions to unrecognized tax benefits related to settlements with taxing authorities | (9,668,000) | (995,000) | 0 | ||
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations | (2,000,000) | (295,000) | (1,806,000) | ||
Balance at end of period | 149,466,000 | 152,307,000 | 26,458,000 | ||
Deferred Tax Assets, Valuation Allowance, Percent | 100.00% | ||||
Valuation allowance | $ 92,600,000 | ||||
Tax penalties accrued | 0 | 0 | |||
Unrecognized tax benefits | $ 152,307,000 | $ 26,458,000 | $ 26,458,000 | 149,466,000 | 152,307,000 |
Interest related to unrecognized tax benefits | 3,600,000 | $ 4,000,000 | |||
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 | 400,000 | ||||
Tax credit carryforward | 3,200,000 | ||||
State and Local Jurisdiction | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Net operating loss carryforwards | 1,200,000 | ||||
Tax credit carryforward | $ 10,100,000 |
REVENUE AND MAJOR CUSTOMERS (De
REVENUE AND MAJOR CUSTOMERS (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 03, 2021USD ($) | Dec. 26, 2020USD ($) | Sep. 26, 2020USD ($) | Jun. 27, 2020USD ($) | Mar. 28, 2020USD ($)Customer | Dec. 28, 2019USD ($) | Sep. 28, 2019USD ($) | Jun. 29, 2019USD ($) | Apr. 03, 2021USD ($)Customer | Mar. 28, 2020USD ($)Customer | Mar. 30, 2019USD ($)Customer | Mar. 31, 2019Customer | |
Revenue from External Customer [Line Items] | ||||||||||||
Contract with Customer, Asset, Gross, Current | $ 4,100,000 | $ 3,700,000 | $ 4,100,000 | $ 3,700,000 | ||||||||
Revenue, Remaining Performance Obligation, Current | 141,400 | 141,400 | ||||||||||
Net revenues | 476,233,000 | $ 484,685,000 | $ 410,969,000 | $ 355,720,000 | 403,043,000 | $ 384,471,000 | $ 461,709,000 | $ 447,767,000 | 1,727,607,000 | 1,696,990,000 | $ 1,674,535,000 | |
Contract with Customer, Liability | 213,800,000 | $ 208,500,000 | $ 213,800,000 | $ 208,500,000 | ||||||||
Contract with Customer, Liability, Percentage Of Revenue | 12.40% | 12.30% | ||||||||||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 1 | |||||||||||
Capitalized Contract Cost, Gross | 4,900,000 | $ 4,900,000 | ||||||||||
Revenue, Remaining Performance Obligation, Noncurrent | 72,400 | 72,400 | ||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 213,800 | 213,800 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | 144,100,000 | |||||||||||
Capitalized Contract Cost, Amortization | 2,300,000 | |||||||||||
Product | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 1,470,826,000 | $ 1,432,736,000 | 1,510,770,000 | |||||||||
Product | U.S. | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 647,321,000 | 708,566,000 | 729,930,000 | |||||||||
Product | Europe and Africa | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 512,196,000 | 398,721,000 | 432,899,000 | |||||||||
Product | Asia Pacific | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 208,597,000 | 221,912,000 | 245,499,000 | |||||||||
Product | Americas, excluding U.S. | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 102,712,000 | 103,537,000 | 102,442,000 | |||||||||
Product | Total international net revenues [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 823,505,000 | 724,170,000 | 780,840,000 | |||||||||
Enterprise Headset [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 823,451,000 | 773,186,000 | 910,699,000 | |||||||||
Voice | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 221,131,000 | 375,505,000 | 344,586,000 | |||||||||
Video | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 426,244,000 | 284,045,000 | 255,485,000 | |||||||||
Service | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 256,781,000 | 264,254,000 | 163,765,000 | |||||||||
Service | U.S. | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 96,548,000 | 102,103,000 | 59,615,000 | |||||||||
Service | Europe and Africa | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 64,660,000 | 66,900,000 | 43,991,000 | |||||||||
Service | Asia Pacific | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 77,158,000 | 73,424,000 | 43,382,000 | |||||||||
Service | Americas, excluding U.S. | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | 18,415,000 | 21,827,000 | 16,777,000 | |||||||||
Service | Total international net revenues [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Net revenues | $ 160,233,000 | $ 162,151,000 | $ 104,150,000 | |||||||||
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 | 19.30% | 17.30% | 11.40% | |||||||||
Net Revenues [Member] | Customer concentration risk | ScanSource [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Concentration risk percentage | 19.00% | 19.80% | 16.00% | |||||||||
Accounts receivable | Customer concentration risk | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 3 | 3 | ||||||||||
Accounts receivable | Customer concentration risk | Ingram Micro [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Concentration risk percentage | 24.70% | 22.20% | 22.20% | |||||||||
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 | 3 | |||||||||||
Accounts receivable | Customer concentration risk | ScanSource [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Concentration risk percentage | 24.90% | 17.30% | 17.30% | |||||||||
Accounts receivable | Customer concentration risk | Synnex Corp. [Member] | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Concentration risk percentage | 15.60% | 15.60% | ||||||||||
Minimum | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue From Contracts With Customers, Credit Term | 30 years | |||||||||||
Maximum | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue From Contracts With Customers, Credit Term | 90 years |
COMPUTATION OF EARNINGS PER C_3
COMPUTATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ 10,977 | $ 20,113 | $ (13,405) | $ (75,015) | $ (677,918) | $ (78,483) | $ (25,910) | $ (44,871) | $ (57,331) | $ (827,182) | $ (135,561) |
Earnings Per Share, Basic and Diluted | |||||||||||
Weighted average common shares-basic | 41,044 | 39,658 | 37,569 | ||||||||
Weighted average common shares-diluted | 41,044 | 39,658 | 37,569 | ||||||||
Basic (in dollars per share) | $ 0.26 | $ 0.49 | $ (0.33) | $ (1.85) | $ (16.94) | $ (1.97) | $ (0.65) | $ (1.14) | $ (1.40) | $ (20.86) | $ (3.61) |
Diluted (in dollars per share) | $ 0.25 | $ 0.48 | $ (0.33) | $ (1.85) | $ (16.94) | $ (1.97) | $ (0.65) | $ (1.14) | $ (1.40) | $ (20.86) | $ (3.61) |
Potentially dilutive securities excluded from diluted loss per share because their effect is anti-dilutive | 1,262 | 1,740 | 616 |
SEGMENT REPORTING AND GEOGRAP_3
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Narrative (Details) | 12 Months Ended |
Apr. 03, 2021segment | |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Total segment gross profit, as reviewed by CODM | $ 212,816 | $ 226,657 | $ 180,746 | $ 156,332 | $ (10,328) | $ 143,846 | $ 206,071 | $ 212,646 | $ 776,551 | $ 552,235 | $ 694,139 |
Operating Segments | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Total segment revenues, as reviewed by CODM | 1,742,012 | 1,730,943 | 1,759,359 | ||||||||
Total segment gross profit, as reviewed by CODM | 862,006 | 898,594 | 928,952 | ||||||||
Operating Segments | Products Reportable Segment | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Total segment revenues, as reviewed by CODM | 1,471,963 | 1,434,635 | 1,518,687 | ||||||||
Total segment gross profit, as reviewed by CODM | 679,484 | 697,212 | 766,068 | ||||||||
Operating Segments | Services Reportable Segment | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Total segment revenues, as reviewed by CODM | 270,049 | 296,308 | 240,672 | ||||||||
Total segment gross profit, as reviewed by CODM | $ 182,522 | $ 201,382 | $ 162,884 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Depreciation, as reviewed by CODM | $ 14,400 | $ 15,200 | $ 11,000 | ||||||||
Net revenues | $ 476,233 | $ 484,685 | $ 410,969 | $ 355,720 | $ 403,043 | $ 384,471 | $ 461,709 | $ 447,767 | 1,727,607 | 1,696,990 | 1,674,535 |
Gross profit | $ 212,816 | $ 226,657 | $ 180,746 | $ 156,332 | $ (10,328) | $ 143,846 | $ 206,071 | $ 212,646 | 776,551 | 552,235 | 694,139 |
Consumer optimization | (13,527) | (24,115) | (7,386) | ||||||||
Operating Segments | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Total segment revenues as reviewed by CODM | 1,742,012 | 1,730,943 | 1,759,359 | ||||||||
Gross profit | 862,006 | 898,594 | 928,952 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Deferred revenue purchase accounting | (14,405) | (33,953) | (84,824) | ||||||||
Asset impairment | 0 | (174,235) | 0 | ||||||||
Purchase accounting amortization | (68,111) | (122,553) | (114,361) | ||||||||
Inventory valuation adjustment | 0 | 0 | (30,395) | ||||||||
Consumer optimization | 0 | (10,415) | 0 | ||||||||
Integration and rebranding costs | 0 | (1,211) | (1,057) | ||||||||
Stock-based compensation | $ (2,939) | $ (3,992) | $ (4,176) |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 476,233 | $ 484,685 | $ 410,969 | $ 355,720 | $ 403,043 | $ 384,471 | $ 461,709 | $ 447,767 | $ 1,727,607 | $ 1,696,990 | $ 1,674,535 |
Voice | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 221,131 | 375,505 | 344,586 | ||||||||
Video | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 426,244 | 284,045 | 255,485 | ||||||||
Service | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 256,781 | $ 264,254 | $ 163,765 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 476,233 | $ 484,685 | $ 410,969 | $ 355,720 | $ 403,043 | $ 384,471 | $ 461,709 | $ 447,767 | $ 1,727,607 | $ 1,696,990 | $ 1,674,535 |
SEGMENT REPORTING AND GEOGRAP_8
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 181,052 | $ 210,084 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 75,998 | 95,521 |
Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 16,299 | 17,670 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 39,575 | 39,210 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 3,928 | 3,962 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 16,871 | 20,476 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 28,381 | $ 33,245 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | May 15, 2021 | Apr. 03, 2021 |
Subsequent Event [Line Items] | ||
Extinguishment of debt | $ 130 | |
Subsequent Event | 2023 Notes | ||
Subsequent Event [Line Items] | ||
Extinguishment of debt | $ 493.9 |
SUPPLEMENTARY QUARTERLY FINAN_3
SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Duration of fiscal year | 371 days | 364 days | 364 days | ||||||||
Net revenues | $ 476,233 | $ 484,685 | $ 410,969 | $ 355,720 | $ 403,043 | $ 384,471 | $ 461,709 | $ 447,767 | $ 1,727,607 | $ 1,696,990 | $ 1,674,535 |
Gross profit | 212,816 | 226,657 | 180,746 | 156,332 | (10,328) | 143,846 | 206,071 | 212,646 | 776,551 | 552,235 | 694,139 |
Net loss | $ 10,977 | $ 20,113 | $ (13,405) | $ (75,015) | $ (677,918) | $ (78,483) | $ (25,910) | $ (44,871) | $ (57,331) | $ (827,182) | $ (135,561) |
Basic (in dollars per share) | $ 0.26 | $ 0.49 | $ (0.33) | $ (1.85) | $ (16.94) | $ (1.97) | $ (0.65) | $ (1.14) | $ (1.40) | $ (20.86) | $ (3.61) |
Diluted (in dollars per share) | 0.25 | 0.48 | (0.33) | (1.85) | (16.94) | (1.97) | (0.65) | (1.14) | $ (1.40) | $ (20.86) | $ (3.61) |
Cash dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.15 | $ 0.15 | $ 0.15 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Provision for doubtful accounts and sales allowances: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 2,141 | $ 4,956 | $ 873 |
Other | 0 | 0 | 3,927 |
Charged to Expenses or Other Accounts | 577 | (2,297) | 4,332 |
Deductions | (389) | (518) | (4,176) |
Balance at End of Year | 2,329 | 2,141 | 4,956 |
Provision for returns: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 0 | 0 | 10,225 |
Other | 0 | 0 | (10,225) |
Charged to Expenses or Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 0 | 0 | 0 |
Provision for promotions and rebates: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 111,374 | 123,053 | 38,284 |
Other | 4,619 | (224) | 44,136 |
Charged to Expenses or Other Accounts | 378,777 | 441,250 | 417,422 |
Deductions | (397,592) | (452,705) | (376,789) |
Balance at End of Year | 97,178 | 111,374 | 123,053 |
Valuation allowance for deferred tax assets: | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 81,436 | 15,787 | 2,514 |
Other | 0 | 0 | 8,068 |
Charged to Expenses or Other Accounts | 21,087 | 71,561 | 7,469 |
Deductions | (783) | (5,912) | (2,264) |
Balance at End of Year | $ 101,740 | $ 81,436 | $ 15,787 |