| 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 March 31, 2023 | | | | | | | | | | Assets | | | | | | | | | | Cash equivalents | $ | — | | | $ | 19,310 | | | | $ | — | | | $ | 19,310 | | | Liquidity funds | — | | | 40,528 | | | | — | | | 40,528 | | | Certificates of deposit and time deposits | — | | | 44,384 | | | | — | | | 44,384 | | | Corporate debt securities | — | | | 211,168 | | | | — | | | 211,168 | | | U.S. agency and U.S. treasury securities | — | | | 11,900 | | | | — | | | 11,900 | | | Derivative assets – current portion | — | | | 2,078 | | (1) | | — | | | 2,078 | | | Derivative assets – non-current portion | — | | | 10 | | (2) | | — | | | 10 | | | Total | $ | — | | | $ | 329,378 | | | | $ | — | | | $ | 329,378 | | | Liabilities | | | | | | | | | | Derivative liabilities – current portion | $ | — | | | $ | (1,794) | | | | $ | — | | | $ | (1,794) | | | | | | | | | | | | Total | $ | — | | | $ | (1,794) | | (3) | | $ | — | | | $ | (1,794) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 $78.0 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 $52.0 million and 0.4 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.
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| 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 | | Nine Months Ended | | (in thousands) | Financial
statements
line item | | March 31,
2023 | | March 25,
2022 | | March 31,
2023 | | March 25,
2022 | | Derivatives gain (loss) recognized in other comprehensive income (loss): | | | | | | | | | | | Foreign currency forward contracts | Other
comprehensive
income | | $ | (5,068) | | | $ | 1,009 | | | $ | 6,694 | | | $ | 2,558 | | | Interest rate swaps | Other
comprehensive
income | | 242 | | | 882 | | | 1,068 | | | 1,885 | | | Total derivatives gain (loss) recognized in other comprehensive income (loss) | | | $ | (4,826) | | | $ | 1,891 | | | $ | 7,762 | | | $ | 4,443 | | | Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings: | | | | | | | | | | | Foreign currency forward contracts | Cost of revenues | | $ | (3,245) | | | $ | 1,117 | | | $ | 6,083 | | | $ | 6,216 | | | Foreign currency forward contracts | SG&A | | (140) | | | 46 | | | 250 | | | 258 | | | Foreign currency forward contracts | Foreign exchange loss, net | | 2,807 | | | (2,165) | | | (9,183) | | | (7,438) | | | Interest rate swaps | Interest expense | | (131) | | | (223) | | | (477) | | | (736) | | | Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings | | | $ | (709) | | | $ | (1,225) | | | $ | (3,327) | | | $ | (1,700) | | | Change in net unrealized gain (loss) on derivatives instruments | | | $ | (5,535) | | | $ | 666 | | | $ | 4,435 | | | $ | 2,743 | |
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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 31,
2023 | | 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 | $ | 1,378 | | | $ | (7) | | | $ | — | | | $ | (1,561) | | | | | | | | | | | Derivatives designated as hedging instruments | | | | | | | | | Foreign currency forward contracts | 511 | | | (1,569) | | | — | | | (4,821) | | | Interest rate swaps | 199 | | | (218) | | | 110 | | | (1,197) | | | Derivatives, gross balances | $ | 2,088 | | | $ | (1,794) | | | $ | 110 | | | $ | (7,579) | |
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