| Financial Instruments Measured at Fair Value on Recurring Basis |
The following table provides details of the financial instruments measured at fair value on a recurring basis, including: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | (amount in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | As of March 26, 2021 | | | | | | | | | | Assets | | | | | | | | | | Cash equivalents | $ | — | | | $ | 7,915 | | | | $ | — | | | $ | 7,915 | | | Liquidity funds | — | | | 51,344 | | | | — | | | 51,344 | | | Certificates of deposit and time deposits | — | | | 20,500 | | | | — | | | 20,500 | | | Corporate debt securities | — | | | 158,350 | | | | — | | | 158,350 | | | U.S. agency and U.S. treasury securities | — | | | 31,542 | | | | — | | | 31,542 | | | Derivative assets – current portion | — | | | 167 | | (1) | | — | | | 167 | | | Total | $ | — | | | $ | 269,818 | | | | $ | — | | | $ | 269,818 | | | Liabilities | | | | | | | | | | Derivative liabilities – current portion | $ | — | | | $ | 4,889 | | | | $ | — | | | $ | 4,889 | | | Derivative liabilities – non-current portion | — | | | 2,423 | | | | — | | | 2,423 | | | Total | $ | — | | | $ | 7,312 | | (2) | | $ | — | | | $ | 7,312 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | (amount in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | As of June 26, 2020 | | | | | | | | | | Assets | | | | | | | | | | Cash equivalents | $ | — | | | $ | 7,313 | | | | $ | — | | | $ | 7,313 | | | Liquidity funds | — | | | 41,051 | | | | — | | | 41,051 | | | Certificates of deposit and time deposits | — | | | 11,800 | | | | — | | | 11,800 | | | Corporate debt securities | — | | | 160,168 | | | | — | | | 160,168 | | | U.S. agency and U.S. treasury securities | — | | | 49,674 | | | | — | | | 49,674 | | | Derivative assets | — | | | 2,823 | | (3) | | — | | | 2,823 | | | Total | $ | — | | | $ | 272,829 | | | | $ | — | | | $ | 272,829 | | | Liabilities | | | | | | | | | Derivative liabilities – current portion | $ | — | | | $ | 2,148 | | | | $ | — | | | $ | 2,148 | | | Derivative liabilities – non-current portion | — | | | 3,718 | | | | — | | | 3,718 | | | Total | $ | — | | | $ | 5,866 | | (4) | | $ | — | | | $ | 5,866 | |
(1)Foreign currency forward contracts with a notional amount of $22.0 million. (2)Foreign currency forward contracts with a notional amount of $113.0 million and Canadian dollars of 0.8 million and two interest rate swap agreements with a notional amount of $125.1 million. (3)Foreign currency forward contracts with a notional amount of $125.0 million and Canadian dollars of 0.6 million, and option contract with a notional amount of $1.0 million. (4)Two interest rate swap agreements with an aggregate notional amount of $125.1 million.
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| Schedule Impacts of Derivative Gain (Loss) of Cash Flow Hedges |
The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the unaudited condensed consolidated statements of operations and other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (amount in thousands) | Financial
statements
line item | | March 26,
2021 | | March 27,
2020 | | March 26,
2021 | | March 27,
2020 | Derivatives gain (loss)
recognized in other
comprehensive income (loss): | | | | | | | | | | | Foreign currency forward contracts | Other
comprehensive
income | | $ | (6,098) | | | $ | (6,609) | | | $ | (5,289) | | | $ | (6,609) | | | Interest rate swaps | Other
comprehensive
income | | 453 | | | (1,239) | | | 1,196 | | | (956) | | | Total derivatives gain (loss) recognized in other comprehensive income (loss) | | | $ | (5,645) | | | $ | (7,848) | | | $ | (4,093) | | | $ | (7,565) | | Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings: | | | | | | | | | | | Foreign currency forward contracts | Cost of revenues | | $ | (1,470) | | | $ | 14 | | | $ | (3,190) | | | $ | 14 | | | Foreign currency forward contracts | SG&A | | (62) | | | 1 | | | (135) | | | 1 | | | Foreign currency forward contracts | Foreign exchange loss, net | | 2,491 | | | 1,669 | | | 2,604 | | | 1,669 | | | Interest rate swaps | Interest expense | | (314) | | | (405) | | | (1,009) | | | (838) | | | Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings | | | $ | 645 | | | $ | 1,279 | | | $ | (1,730) | | | $ | 846 | | Change in net unrealized gain (loss) on derivatives instruments | | | $ | (5,000) | | | $ | (6,569) | | | $ | (5,823) | | | $ | (6,719) | |
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| Schedule of Derivative Financial Instruments |
The following table provides the fair values of the Company’s derivative financial instruments for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | March 26,
2021 | | June 26,
2020 | | (amount in thousands) | Derivative
Assets | | Derivative
Liabilities | | Derivative
Assets | | Derivative
Liabilities | | Derivatives not designated as hedging instruments | | | | | | | | | Foreign currency forward and option contracts | $ | 166 | | | $ | (90) | | | $ | 9 | | | $ | (611) | | | Interest rate swaps | — | | | — | | | — | | | — | | | Derivatives designated as hedging instruments | | | | | | | | | Foreign currency forward contracts | 1 | | | (3,246) | | | 2,814 | | | (83) | | | Interest rate swaps | — | | | (3,976) | | | — | | | (5,172) | | | Derivatives, gross balances | $ | 167 | | | $ | (7,312) | | | $ | 2,823 | | | $ | (5,866) | |
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