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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 26, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 26, 2020, 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
April 3, 2021						$	148,253					$	6,682					$	750
July 3, 2021						$	144,725					$	6,446					$	671
October 2, 2021						$	146,373					$	5,502					$	1,650
January 1, 2022						$	137,973					$	5,129					$	1,542

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 December 26, 2020 and June 27, 2020 (in thousands):

									December 26, 2020						June 27, 2020
Derivatives Designated as Hedging Instruments			Balance Sheet Location						Fair Value						Fair Value
Foreign currency forward contracts			Other current assets						$	4,613					$	—
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 December 26, 2020 and December 28, 2019, respectively (in thousands):

Derivatives Designated as Hedging Instruments			Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						AOCI Balance as of September 26, 2020						Effective Portion Recorded In AOCI						Effective Portion Reclassified From AOCI Into Income						AOCI Balance as of December 26, 2020
Forward contracts			Cost of sales						$	643					$	2,958					$	(108)					$	3,493
Interest rate swap			Interest expense						(875)						—						76						(799)
Total									$	(232)					$	2,958					$	(32)					$	2,694
Derivatives Designated as Hedging Instruments			Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						AOCI Balance as of September 28, 2019						Effective Portion Recorded In AOCI						Effective Portion Reclassified From AOCI Into Income						AOCI Balance as of December 28, 2019
Forward contracts			Cost of sales						$	1,479					$	1,533					$	(683)					$	2,329
Interest rate swap			Interest expense						—						(71)						(1)						(72)
Total									$	1,479					$	1,462					$	(684)					$	2,257

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the six months ended December 26, 2020 and December 28, 2019, respectively (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 December 26, 2020
Forward contracts			Cost of sales						$	(759)					$	4,001					$	251					$	3,493
Interest rate swap			Interest expense						(741)						(223)						165						(799)
Total									$	(1,500)					$	3,778					$	416					$	2,694
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 December 28, 2019
Forward contracts			Cost of sales						$	2,424					$	1,492					$	(1,587)					$	2,329
Interest rate swap			Interest expense						2						(71)						(3)						(72)
Total									$	2,426					$	1,421					$	(1,590)					$	2,257

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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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