XML 93 R35.htm IDEA: XBRL DOCUMENT
v3.19.2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Jun. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of June 29, 2019, the aggregate notional amount of the Company’s outstanding foreign currency contracts and swaps along with their unrealized gains (losses) are expected to mature as summarized below (in thousands):
Quarter Ending |  | Notional Contracts and Swaps in MXN |  | Notional Contracts and Swaps in USD |  | Estimated Fair Value
September 28, 2019 |  | $ | 148,468 |  |  | $ | 6,740 |  |  | $ | 942 |
December 28, 2019 |  | $ | 152,613 |  |  | $ | 7,187 |  |  | $ | 590 |
March 28, 2020 |  | $ | 146,613 |  |  | $ | 6,553 |  |  | $ | 803 |
June 27, 2020 |  | $ | 138,213 |  |  | $ | 6,257 |  |  | $ | 577 |
September 26, 2020 |  | $ | 141,173 |  |  | $ | 6,729 |  |  | $ | 163 |
December 26, 2020 |  | $ | 132,773 |  |  | $ | 6,241 |  |  | $ | 157 |
Summerized Fair Value of Derivative Instruments in Consolidated Balance Sheets | The following table summarizes the fair value of derivative instruments in the Consolidated Balance Sheets as of June 29, 2019 and June 30, 2018 (in thousands):
|  |  |  | June 29, 2019 |  | June 30, 2018
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  | Fair Value
Foreign currency forward contracts & swaps |  | Other current assets |  | $ | 2,912 |  |  | $ | 23 |
Foreign currency forward contracts & swaps |  | Other long-term assets |  | $ | 320 |  |  | $ | 477 |
Foreign currency forward contracts & swaps |  | Other current liabilities |  | $ | — |  |  | $ | (1,618 | )
Foreign currency forward contracts & swaps |  | Other long-term liabilities |  | $ | — |  |  | $ | (58 | )
Interest rate swaps |  | Other current assets |  | $ | 2 |  |  | $ | 20 |
Interest rate swaps |  | Other long-term assets |  | $ | — |  |  | $ | 4 |
Gain (Loss) of Derivative Instruments in Statement of Operations | The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2019 (in thousands):
Derivatives Designated as Hedging Instruments | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | AOCI Balance as of June 30, 2018 |  | Effective Portion Recorded In AOCI |  | Effective Portion Reclassified From AOCI Into Income |  | AOCI Balance as of June 29, 2019
Forward contracts & swaps | Cost of sales |  | $ | (988 | ) |  | $ | 3,332 |  |  | $ | 80 |  |  | $ | 2,424 |
Interest rate swap | Interest expense |  | 19 |  |  | 2 |  |  | (19 | ) |  | 2 |
Total |  |  | $ | (969 | ) |  | $ | 3,334 |  |  | $ | 61 |  |  | $ | 2,426 |
The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2018 (in thousands):
Derivatives Designated as Hedging Instruments | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | AOCI Balance as of July 1, 2017 |  | Effective Portion Recorded In AOCI |  | Tax Rate Effect Reclassification |  | Effective Portion Reclassified From AOCI Into Income |  | AOCI Balance as of June 30, 2018
Forward contracts & swaps | Cost of sales |  | $ | (2,707 | ) |  | $ | (1,942 | ) |  | $ | (583 | ) |  | $ | 4,244 |  |  | $ | (988 | )
Interest rate swap | Interest expense |  | (68 | ) |  | 20 |  |  | (3 | ) |  | 70 |  |  | 19 |
Total |  |  | $ | (2,775 | ) |  | $ | (1,922 | ) |  | $ | (586 | ) |  | $ | 4,314 |  |  | $ | (969 | )
The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2017 (in thousands):
Derivatives Designated as Hedging Instruments | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | AOCI Balance as of July 2, 2016 |  | Effective Portion Recorded In AOCI |  | Effective Portion Reclassified From AOCI Into Income |  | AOCI Balance as of July 1, 2017
Forward contracts & swaps | Cost of sales |  | $ | (7,245 | ) |  | $ | (600 | ) |  | $ | 5,138 |  |  | $ | (2,707 | )
Interest rate swap | Interest expense |  | (328 | ) |  | 14 |  |  | 246 |  |  | (68 | )
Total |  |  | $ | (7,573 | ) |  | $ | (586 | ) |  | $ | 5,384 |  |  | $ | (2,775 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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 http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&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 http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration