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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of June 27, 2020, 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 26, 2020 |  | $ | 141,173 |  |  | $ | 6,729 |  |  | $ | (623) |
December 26, 2020 |  | $ | 132,773 |  |  | $ | 6,241 |  |  | $ | (561) |
April 3, 2021 |  | $ | 148,253 |  |  | $ | 6,682 |  |  | $ | (425) |
July 3, 2021 |  | $ | 144,725 |  |  | $ | 6,446 |  |  | $ | (367) |
October 2, 2021 |  | $ | 146,373 |  |  | $ | 5,502 |  |  | $ | 564 |
January 1, 2022 |  | $ | 137,973 |  |  | $ | 5,129 |  |  | $ | 532 |
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 27, 2020 and June 29, 2019 (in thousands):
|  |  |  | June 27, 2020 |  | June 29, 2019
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  | Fair Value
Foreign currency forward contracts & swaps |  | Other current assets |  | $ | — |  |  | $ | 2,912 |
Foreign currency forward contracts & swaps |  | Other long-term assets |  | $ | 1,097 |  |  | $ | 320 |
Foreign currency forward contracts & swaps |  | Other current liabilities |  | $ | (1,960) |  |  | $ | — |
Foreign currency forward contracts & swaps |  | Other long-term liabilities |  | $ | (17) |  |  | $ | — |
Interest rate swaps |  | Other current assets |  | $ | — |  |  | $ | 2 |
Interest rate swaps |  | Other current liabilities |  | $ | (347) |  |  | $ | — |
Interest rate swaps |  | Other long-term liabilities |  | $ | (610) |  |  | $ | — |
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 2020 (in thousands):
Derivatives Designated as Hedging Instruments | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | AOCI Balance as of June 29, 2019 |  | Effective Portion Recorded In AOCI |  | Effective Portion Reclassified From AOCI Into Income |  | AOCI Balance as of June 27, 2020
Forward contracts & swaps | Cost of sales |  | $ | 2,424 |  |  | $ | (865) |  |  | $ | (2,318) |  |  | $ | (759) |
Interest rate swap | Interest expense |  | 2 |  |  | (782) |  |  | 39 |  |  | (741) |
Total |  |  | $ | 2,426 |  |  | $ | (1,647) |  |  | $ | (2,279) |  |  | $ | (1,500) |
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) |

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