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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Oct. 02, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of October 2, 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
January 1, 2022						$	137,973					$	5,129					$	1,586
April 2, 2022						$	149,893					$	7,224					$	(23)
July 2, 2022						$	141,493					$	6,726					$	(23)

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 October 2, 2021 and July 3, 2021 (in thousands):

									October 2, 2021						July 3, 2021
Derivatives Designated as Hedging Instruments			Balance Sheet Location						Fair Value						Fair Value
Foreign currency forward contracts			Other current assets						$	1,586					$	3,614
Foreign currency forward contracts			Other current liabilities						$	(46)					$	—

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 October 2, 2021 and September 26, 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 July 3, 2021						Effective Portion Recorded In AOCI						Effective Portion Reclassified From AOCI Into Income						AOCI Balance as of October 2, 2021
Forward contracts			Cost of sales						$	2,721					$	224					$	(1,830)					$	1,115
Interest rate swap			Interest expense						(649)						—						75						(574)
Total									$	2,072					$	224					$	(1,755)					$	541
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 September 26, 2020
Forward contracts			Cost of sales						$	(759)					$	1,043					$	359					$	643
Interest rate swap			Interest expense						(741)						(223)						89						(875)
Total									$	(1,500)					$	820					$	448					$	(232)

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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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