v3.22.4

Fair value of financial instruments (Tables) | 6 Months Ended
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Dec. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of 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
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
As of December 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents | $ | — |  |  | $ | 14,325 |  |  |  | $ | — |  |  | $ | 14,325 |
Liquidity funds | — |  |  | 30,127 |  |  |  | — |  |  | 30,127 |
Corporate debt securities | — |  |  | 236,911 |  |  |  | — |  |  | 236,911 |
U.S. agency and U.S. treasury securities | — |  |  | 9,740 |  |  |  | — |  |  | 9,740 |
Derivative assets – current portion | — |  |  | 5,835 |  | (1) |  | — |  |  | 5,835 |
Derivative assets – non-current portion | — |  |  | 37 |  | (2) |  | — |  |  | 37 |
Total | $ | — |  |  | $ | 296,975 |  |  |  | $ | — |  |  | $ | 296,975 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities – current portion | $ | — |  |  | $ | (764) |  |  |  | $ | — |  |  | $ | (764) |
Total | $ | — |  |  | $ | (764) |  | (3) |  | $ | — |  |  | $ | (764) |
| Fair Value Measurements at Reporting Date Using
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
As of June 24, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents | $ | — |  |  | $ | 10,366 |  |  |  | $ | — |  |  | $ | 10,366 |
Liquidity funds | — |  |  | 31,477 |  |  |  | — |  |  | 31,477 |
Corporate debt securities | — |  |  | 229,018 |  |  |  | — |  |  | 229,018 |
U.S. agency and U.S. treasury securities | — |  |  | 19,662 |  |  |  | — |  |  | 19,662 |
Derivative assets – current portion | — |  |  | 110 |  | (4) |  | — |  |  | 110 |
Total | $ | — |  |  | $ | 290,633 |  |  |  | $ | — |  |  | $ | 290,633 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities – current portion | $ | — |  |  | $ | (7,345) |  |  |  | $ | — |  |  | $ | (7,345) |
Derivative liabilities – non-current portion | — |  |  | (234) |  |  |  | — |  |  | (234) |
Total | $ | — |  |  | $ | (7,579) |  | (5) |  | $ | — |  |  | $ | (7,579) |
(1)Foreign currency forward contracts with an aggregate notional amount of $126.0 million and an interest rate swap agreement with a notional amount of $64.2 million. (2)Interest rate swap agreement with notional amount of $60.9 million. (3)Foreign currency forward contracts with an aggregate notional amount of $4.0 million and 0.8 million Canadian dollars and an interest rate swap agreement with a notional amount of $60.9 million. (4)Interest rate swap agreement with a notional amount of $64.2 million. (5)Foreign currency forward contracts with an aggregate notional amount of $135.0 million and 0.5 million Canadian dollars and an interest rate swap agreement with a notional amount of $60.9 million.
Schedule of 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 |  | Six Months Ended
(in thousands) | Financial statements line item |  | December 30, 2022 |  | December 24, 2021 |  | December 30, 2022 |  | December 24, 2021
Derivatives gain (loss) recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other comprehensive income |  | $ | 14,754 |  |  | $ | 3,685 |  |  | $ | 11,762 |  |  | $ | 1,549 |
Interest rate swaps | Other comprehensive income |  | 310 |  |  | 595 |  |  | 826 |  |  | 1,003 |
Total derivatives gain (loss) recognized in other comprehensive income (loss) |  |  | $ | 15,064 |  |  | $ | 4,280 |  |  | $ | 12,588 |  |  | $ | 2,552 |
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Cost of revenues |  | $ | 5,534 |  |  | $ | 2,984 |  |  | $ | 9,328 |  |  | $ | 5,099 |
Foreign currency forward contracts | SG&A |  | 230 |  |  | 124 |  |  | 390 |  |  | 212 |
Foreign currency forward contracts | Foreign exchange loss, net |  | (9,485) |  |  | (3,849) |  |  | (11,990) |  |  | (5,273) |
Interest rate swaps | Interest expense |  | (155) |  |  | (245) |  |  | (346) |  |  | (513) |
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings |  |  | $ | (3,876) |  |  | $ | (986) |  |  | $ | (2,618) |  |  | $ | (475) |
Change in net unrealized gain (loss) on derivatives instruments |  |  | $ | 11,188 |  |  | $ | 3,294 |  |  | $ | 9,970 |  |  | $ | 2,077 |
Schedule of Derivative Financial Instruments | The following table provides the fair values of the Company’s derivative financial instruments for the periods presented:
| December 30, 2022 |  | June 24, 2022
(in thousands) | Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Foreign currency forward and option contracts | $ | 683 |  |  | $ | (39) |  |  | $ | — |  |  | $ | (1,561) |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Foreign currency forward contracts | 4,725 |  |  | — |  |  | — |  |  | (4,821) |
Interest rate swaps | 464 |  |  | (725) |  |  | 110 |  |  | (1,197) |
Derivatives, gross balances | $ | 5,872 |  |  | $ | (764) |  |  | $ | 110 |  |  | $ | (7,579) |
Schedule of Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets | The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows:
Derivative Financial Instruments | Balance Sheet line item
Fair Value of Derivative Assets | Other current assets, Other non-current assets
Fair Value of Derivative Liabilities | Accrued expenses, Other non-current liabilities

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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