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Derivative financial instruments | 3 Months Ended
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Sep. 27, 2025
Derivative financial instruments |
Derivative financial instruments | 5. Derivative financial instruments Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, which subjects the Company to the risks associated with fluctuations in currency exchange rates. This foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar, and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asian foreign currencies. ​ The Company uses economic hedges to reduce this risk utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions using derivative financial instruments (primarily forward foreign currency exchange contracts typically with maturities of less than 60 days, but no longer than one year). The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The fair value of forward foreign currency exchange contracts is based on Level 2 criteria under the ASC 820 fair value hierarchy. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged. ​ The Company has a fixed-to-fixed rate cross currency swap (the “cross-currency swap”) with a notional amount of $500.0 million, or €472.6 million, that is set to mature in March 2028. The Company designated this derivative contract as a net investment hedge of its European operations and elected the spot method for measuring hedge effectiveness. Changes in fair value of the cross-currency swap is presented in “Accumulated other comprehensive loss” in the consolidated balance sheets. Amounts related to the cross-currency swap recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in “Interest and other financing expenses, net,” on the consolidated statements of operations. The fair value of the cross-currency swap is based on Level 2 criteria under the ASC 820 fair value hierarchy. ​ The Company uses these derivative financial instruments to manage risks associated with foreign currency exchange rates and interest rates. The Company does not enter derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. ​ The locations and fair values of the Company’s derivative financial instruments in the Company’s consolidated balance sheets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, |  | June 28,
​ | ​ | 2025 | ​ | 2025
​ | ​ | (Thousands)
Economic hedges | ​ | ​ | ​ | ​ | ​ | ​
Prepaid and other current assets | ​ | $ | 8,266 | ​ | $ | 43,750
Accrued expenses and other | ​ | $ | 6,709 | ​ | $ | 27,640
Cross-currency swap | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ | $ | 64,899 | ​ | $ | 69,143
​ The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | First Quarters Ended
​ | ​ | ​ | September 27, |  | September 28,
​ | ​ | ​ | 2025 | ​ | 2024
​ | ​ | ​ | (Thousands)
Economic hedges | Other expense, net | ​ | $ | (7,340) | ​ | $ | 24,037
Cross currency swap | Interest and other financing expense, net | ​ | $ | 547 | ​ | $ | 701
​

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