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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Jul. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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 2, 2022 and July 3, 2021 (in thousands):
|  |  |  | July 2, 2022 |  | July 3, 2021
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value |  | Fair Value
Foreign currency forward contracts & swaps |  | Other current assets |  | $ | — |  |  | $ | 3,614 |
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 2022 (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 July 2, 2022
Forward contracts | Cost of sales |  | $ | 2,721 |  |  | $ | 950 |  |  | $ | (3,750) |  |  | $ | (79) |
Interest rate swap | Interest expense |  | (649) |  |  | — |  |  | 303 |  |  | (346) |
Total |  |  | $ | 2,072 |  |  | $ | 950 |  |  | $ | (3,447) |  |  | $ | (425) |
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 & swaps | 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) |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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