Fair value of financial instruments (Tables)

3 Months Ended

Sep. 27, 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 September 27, 2024
Assets
Cash equivalents	$	—	$	448		$	—	$	448
Certificates of deposit and time deposits	—		145,720			—		145,720
Corporate debt securities	—		147,123			—		147,123
U.S. agency and U.S. treasury securities	—		215,350			—		215,350
Derivative assets – current portion	—		11,023		(1)	—		11,023
Total	$	—	$	519,664		$	—	$	519,664
Liabilities
Derivative liabilities – current portion	$	—	$	(1)		$	—	$	(1)
Total	$	—	$	(1)	(2)	$	—	$	(1)

	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		(3)	—		15
Total	$	—	$	448,680		$	—	$	448,680
Liabilities
Derivative liabilities – current portion	$	—	$	(2,244)		$	—	$	(2,244)
Total	$	—	$	(2,244)	(4)	$	—	$	(2,244)

(1)Foreign currency forward contracts with an aggregate notional amount of $129.0 million and 0.4 million Canadian dollars.

(2)Foreign currency forward contract with a notional amount of $1.0 million.

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

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

Schedule of 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 unaudited condensed consolidated statements of operations and other comprehensive income:

		Three Months Ended
(in thousands)	Financial statements line item	September 27, 2024		September 29, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	13,246	$	(1,565)
Interest rate swaps	Other comprehensive income	—		(78)
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	13,246	$	(1,643)
Derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	1,419	$	3,672
Foreign currency forward contracts	SG&A	106		155
Foreign currency forward contracts	Foreign exchange loss, net	(5,909)		(3,215)
Interest rate swaps	Interest expense	—		(89)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	(4,384)	$	523
Change in net unrealized gain (loss) on derivatives instruments		$	8,862	$	(1,120)

Schedule of Derivative Financial Instruments

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

	September 27, 2024				June 28, 2024
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	3,318	$	—	$	—	$	(1,088)
Derivatives designated as hedging instruments
Foreign currency forward contracts	7,705		(1)		15		(1,156)
Derivatives, gross balances	$	11,023	$	(1)	$	15	$	(2,244)

Schedule of Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

The Company recorded the fair value of derivative financial instruments in the unaudited condensed 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