Fair value of financial instruments (Tables)

12 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of 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
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 28, 2024
Assets
Cash equivalents	$	—	$	35		$	—	$	35
Certificates of deposit and time deposits	—		134,283			—		134,283
Corporate debt securities	—		136,763			—		136,763
U.S. agency and U.S. Treasury securities	—		177,584			—		177,584
Derivative assets - current portion	—		15		(1)	—		15
Total	$	—	$	448,680		$	—	$	448,680
Liabilities
Derivative liabilities - current portion	$	—	$	(2,244)		$	—	$	(2,244)
Total	$	—	$	(2,244)	(2)	$	—	$	(2,244)

	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 30, 2023
Assets
Cash equivalents	$	—	$	401		$	—	$	401
Liquidity funds	—		41,104			—		41,104
Certificates of deposit and time deposits	—		64,607			—		64,607
Corporate debt securities	—		158,078			—		158,078
U.S. agency and U.S. Treasury securities	—		55,311			—		55,311
Derivative assets - current portion	—		221		(3)	—		221
Total	$	—	$	319,722		$	—	$	319,722
Liabilities
Derivative liabilities - current portion	$	—	$	(5,236)		$	—	$	(5,236)
Total	$	—	$	(5,236)	(4)	$	—	$	(5,236)

(1)Foreign currency forward contracts with an aggregate notional amount of $8.0 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $127.0 million and 0.4 million Canadian dollars.

(3)Foreign currency forward contracts with an aggregate notional amount of $3.0 million and 0.2 million Canadian dollars and interest rate swap agreement with notional amount of $60.9 million.

(4)Foreign currency forward contracts with an aggregate notional amount of $140.0 million.

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

The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the consolidated statements of operations and other comprehensive income:

		Year Ended
(in thousands)	Financial statements line item	June 28, 2024		June 30, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	3,007	$	1,142
Interest rate swaps	Other comprehensive income	(215)		1,302
Total derivatives loss (gain) recognized in other comprehensive income		$	2,792	$	2,444
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts	Cost of revenues	$	8,563	$	7,995
Foreign currency forward contracts	Selling, general and administrative expenses	357		334
Foreign currency forward contracts	Foreign exchange gain (loss), net	(9,103)		(8,644)
Interest rate swaps	Interest expense	(220)		(588)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings		$	(403)	$	(903)
Change in net unrealized gain (loss) on derivative instruments		$	2,389	$	1,541

Schedule of Derivative Financial Instruments

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

	June 28, 2024				June 30, 2023
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(1,088)	$	2	$	(1,256)
Derivatives designated as hedging instruments
Foreign currency forward contracts	15		(1,156)		4		(3,980)
Interest rate swaps	—		—		215		—
Derivatives, gross balances	15		(2,244)		221		(5,236)

Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

The Company presents its derivatives at gross fair values in the consolidated balance sheets.

The Company recorded the fair value of derivative financial instruments in the consolidated balance sheets as follows:

Derivative Financial Instruments	Balance Sheet line item
Fair Value of Derivative Assets	Other current assets, Other non-current assets
Fair Value of Derivative Liabilities	Accrued expenses, Other non-current liabilities