v3.22.4

Fair value of financial instruments (Tables)

6 Months Ended

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

X

- Definition

Derivative Financial Instruments In The Unaudited Condensed Consolidated Balance Sheets

+ References

No definition available.

+ Details

Name:	fn_DerivativeFinancialInstrumentsInTheUnauditedCondensedConsolidatedBalanceSheetsTableTextBlock
Namespace Prefix:	fn_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration