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REVENUE (Tables) | 12 Months Ended
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Jul. 03, 2021
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Contract Balances A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheet and transferred to receivables when the right to payment becomes unconditional. The following table summarizes the activity in the Company’s contract assets during the twelve months ended July 3, 2021 (in thousands):
| Contract Assets
Beginning balance, June 27, 2020 | $ | 23,753 |
Revenue recognized | 509,621 |
Amounts collected or invoiced | (508,593) |
Ending balance, July 3, 2021 | $ | 24,781 |
The following table summarizes the activity in the Company’s contract assets during the twelve months ended June 27, 2020 (in thousands):
| Contract Assets
Beginning balance, June 29, 2019 | 22,161 |
Revenue recognized | 441,405 |
Amounts collected or invoiced | (439,813) |
Ending balance, June 27, 2020 | $ | 23,753 |
The Company’s cumulative effect adjustment at July 1, 2018 was $11.9 million. Revenue recognized in FY2019 was $448.0 million with $437.7 million collected or invoiced, resulting in an ending balance of $22.2 million as of June 29, 2019.
Disaggregation of Revenue | The following table presents the Company’s revenue disaggregated for the twelve months ended July 3, 2021 and the twelve months ended June 27, 2020 (in thousands):
|  | Revenue
Recognition |  | July 3, 2021 |  | June 27, 2020 |  | June 29, 2019
Over-Time |  | $ | 509,621 |  |  | $ | 441,405 |  |  | $ | 458,256 |
Point-in-Time |  | 9,077 |  |  | 8,075 |  |  | 5,788 |
Total |  | $ | 518,698 |  |  | $ | 449,480 |  |  | $ | 464,044 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
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