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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of July 3, 2021, the aggregate notional amount of the Company’s outstanding foreign currency contracts 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
October 2, 2021 |  | $ | 146,373 |  |  | $ | 5,502 |  |  | $ | 1,874 |
January 1, 2022 |  | $ | 137,973 |  |  | $ | 5,129 |  |  | $ | 1,740 |
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 July 3, 2021 and June 27, 2020 (in thousands):
|  |  |  | July 3, 2021 |  | June 27, 2020
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  | Fair Value
Foreign currency forward contracts & swaps |  | Other current assets |  | $ | 3,614 |  |  | $ | — |
Foreign currency forward contracts & swaps |  | Other long-term assets |  | $ | — |  |  | $ | 1,097 |
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 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 2021 (in thousands):
Derivatives Designated as Hedging Instruments | Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | AOCI Balance as of June 27, 2020 |  | Effective Portion Recorded In AOCI |  | Effective Portion Reclassified From AOCI Into Income |  | AOCI Balance as of July 3, 2021
Forward contracts | Cost of sales |  | $ | (759) |  |  | $ | 4,621 |  |  | $ | (1,141) |  |  | $ | 2,721 |
Interest rate swap | Interest expense |  | (741) |  |  | (223) |  |  | 315 |  |  | (649) |
Total |  |  | $ | (1,500) |  |  | $ | 4,398 |  |  | $ | (826) |  |  | $ | 2,072 |
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 | 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 |

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- 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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5624171-113959 Reference 9: 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=121590274&loc=SL5579240-113959 + Details
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