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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Apr. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of April 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 in MXN						Notional Contracts in USD						Estimated Fair Value
July 3, 2021						$	138,213					$	6,154					$	616
October 2, 2021						$	146,373					$	5,502					$	1,595
January 1, 2022						$	137,973					$	5,129					$	1,488

Summerized Fair Value of Derivative Instruments in Consolidated Balance Sheets

The following table summarizes the fair value of derivative instruments in the Consolidated Balance Sheet as of April 3, 2021 and June 27, 2020 (in thousands):

									April 3, 2021						June 27, 2020
Derivatives Designated as Hedging Instruments			Balance Sheet Location						Fair Value						Fair Value
Foreign currency forward contracts			Other current assets						$	3,699					$	—
Foreign currency forward contracts			Other long-term assets						$	—					$	1,097
Foreign currency forward contracts			Other current liabilities						$	—					$	(1,960)
Foreign currency forward contracts			Other long-term liabilities						$	—					$	(17)
Interest rate swap			Other current liabilities						$	—					$	(347)
Interest rate swap			Other long-term liabilities						$	—					$	(610)

Gain (Loss) of Derivative Instruments in Statement of Operations

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the three months ended April 3, 2021 and March 28, 2020, respectively (in thousands):

Derivatives Designated as Hedging Instruments			Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						AOCI Balance as of December 26, 2020						Effective Portion Recorded In AOCI						Effective Portion Reclassified From AOCI Into Income						AOCI Balance as of April 3, 2021
Forward contracts			Cost of sales						$	3,493					$	(63)					$	(644)					$	2,786
Interest rate swap			Interest expense						(799)						—						75						(724)
Total									$	2,694					$	(63)					$	(569)					$	2,062
Derivatives Designated as Hedging Instruments			Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						AOCI Balance as of December 28, 2019						Effective Portion Recorded In AOCI						Effective Portion Reclassified From AOCI Into Income						AOCI Balance as of March 28, 2020
Forward contracts			Cost of sales						$	2,329					$	(3,163)					$	(1,077)					$	(1,911)
Interest rate swap			Interest expense						(72)						(591)						(5)						(668)
Total									$	2,257					$	(3,754)					$	(1,082)					$	(2,579)

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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.

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