Fair value of financial instruments (Tables)

9 Months Ended

Mar. 27, 2020

Financial Instruments Measured at Fair Value on Recurring Basis

The following table provides details of the financial instruments measured at fair value on a recurring basis, including:

	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of March 27, 2020
Assets
Cash equivalents	$	—	$	21,528		$	—	$	21,528
Liquidity funds		—		20,954			—		20,954
Certificates of deposit and time deposits		—		20,000			—		20,000
Corporate debt securities		—		131,438			—		131,438
U.S. agency and U.S. Treasury securities		—		61,230			—		61,230
Derivative assets		—		—			—		—
Total	$	—	$	255,150		$	—	$	255,150
Liabilities
Derivative liabilities	$	—	$	11,977	(1)	$	—	$	11,977
Total	$	—	$	11,977		$	—	$	11,977

	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of June 28, 2019
Assets
Cash equivalents	$	—	$	2,820		$	—	$	2,820
Liquidity funds		—		20,552			—		20,552
Certificates of deposit and time deposits		—		35,028			—		35,028
Corporate debt securities		—		131,256			—		131,256
U.S. agency and U.S. Treasury securities		—		69,657			—		69,657
Derivative assets		—		2,201	(2)		—		2,201
Total	$	—	$	261,514		$	—	$	261,514
Liabilities
Derivative liabilities	$	—	$	2,591	(3)	$	—	$	2,591
Total	$	—	$	2,591		$	—	$	2,591

(1) Foreign currency forward and option contracts with a notional amount of $126.0 million and Canadian dollars of $0.7 million, and two interest rate swap agreements with an aggregate notional amount of $125.1 million.

(2) Foreign currency forward contracts with notional amount of $72.0 million and Canadian dollars of $0.6 million.

(3) Interest rate swap agreement with a notional amount of $64.2 million.

Schedule Impacts of Derivative Gain (Loss) of Cash Flow Hedges

			Three Months Ended					Nine Months Ended
(amount in thousands)	Financial statements line item		March 27, 2020			March 29, 2019		March 27, 2020			March 29, 2019
Derivatives gain (loss) recognized in other comprehensive income:
Foreign currency forward contracts		Other comprehensive income	$	(6,609	)	$	—	$	(6,609	)	$	—
Interest rate swaps		Other comprehensive income		(1,239	)		—		(956	)		—
Total derivatives loss recognized in other comprehensive income			$	(7,848	)	$	—	$	(7,565	)	$	—
Derivatives gain (loss) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts		Cost of revenues	$	14		$	—	$	14		$	—
Foreign currency forward contracts		SG&A		1			—		1			—
Foreign currency forward contracts		Foreign exchange loss, net		1,669			—		1,669			—
Interest rate swaps		Interest expense		(405	)		—		(838	)		—
Total derivatives gain reclassified from accumulated other comprehensive income into earnings			$	1,279		$	—	$	846		$	—
Change in net unrealized loss on derivatives instruments			$	(6,569	)	$	—	$	(6,719	)	$	—

Schedule of Derivative Financial Instruments

The following table provides the fair values of the Company’s derivative financial instruments for the periods presented: 

(amount in thousands)	March 27, 2020						June 28, 2019
	Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—		$	(1,833	)	$	2,201	$	—
Interest rate swaps		—			—			—		(2,591	)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	31		$	(4,956	)	$	—	$	—
Interest rate swaps		83			(5,302	)		—		—
Derivatives, gross balances	$	114		$	(12,091	)	$	2,201	$	(2,591	)
Derivatives, gross balances offset in the balance sheet		(114	)		114			—		—
Derivatives, net balances	$	—		$	(11,977	)	$	2,201	$	(2,591	)