XML 61 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Dec. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Contracts
As of December 29, 2019 and June 30, 2019, the Company had the following outstanding derivative contracts (in thousands):
Contract
 
Notional Amount
 
 
 
 
December 29,
2019
 
June 30,
2019
Interest Rate:
 
 
 
 
 
 
LIBOR Interest Rate (U.S. Dollars)
 
Fixed
 
230,000

 
230,000

Foreign Currency:
 
 
 
 
 
 
Australian Dollar
 
Sell
 
14,243

 
17,611

Brazilian Real
 
Sell
 
26,897

 
13,436

Canadian Dollar
 
Sell
 
20,615

 
14,610

Chinese Renminbi
 
Buy
 
100,050

 
70,555

Euro
 
Sell
 
10,090

 
2,750

Commodity:
 
 
 
 
 
 
Natural Gas (Therms)
 
Buy
 
4,074

 
7,627
Schedule of Derivative Instruments in Consolidated Condensed Balance Sheets, Fair Value
The location and fair value of derivative instruments reported in the Condensed Consolidated Balance Sheets are as follows (in thousands):
Balance Sheet Location
 
Asset (Liability) Fair Value
 
 
December 29,
2019
 
June 30,
2019
Interest rate contracts
 
 
 
 
Other Long-Term Assets
 
511

 
876

Other Long-Term Liabilities
 
(12,728
)
 
(11,634
)
Foreign currency contracts
 
 
 
 
Other Current Assets
 
193

 
672

Other Long-Term Assets
 
38

 
16

Accrued Liabilities
 
(474
)
 
(179
)
Other Long-Term Liabilities
 
(13
)
 
(11
)
Commodity contracts
 
 
 
 
Other Current Assets
 
2

 
—

Accrued Liabilities
 
(197
)
 
(176
)
Other Long-Term Liabilities
 
—

 
(15
)
 
 
$
(12,668
)
 
$
(10,451
)
Schedule of Derivative Instruments, Gain (Loss) in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The effect of derivative instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows (in thousands):
 
 
Three Months Ended December 29, 2019
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
 
Classification of
Gain (Loss)
 
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
 
Recognized in
Earnings
(Ineffective Portion)
Interest rate contracts
 
$
203

 
Net Sales
 
$
(136
)
 
$
—

Foreign currency contracts - sell
 
(657
)
 
Net Sales
 
345

 
—

Foreign currency contracts - buy
 
151

 
Cost of Goods Sold
 
(54
)
 
—

Commodity contracts
 
(27
)
 
Cost of Goods Sold
 
(64
)
 
—

Interest rate contracts
 
1,780

 
Interest Expense
 
—

 
—

 
 
$
1,450

 
 
 
$
91

 
$
—


 
 
Three Months Ended December 30, 2018
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
 
Classification of
Gain (Loss)
 
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
 
Recognized in
Earnings
(Ineffective Portion)
Interest rate contracts
 
$
(58
)
 
Net Sales
 
$
216

 
$
—

Foreign currency contracts - sell
 
(1,509
)
 
Net Sales
 
1,520

 
—

Foreign currency contracts - buy
 
(2,211
)
 
Cost of Goods Sold
 
237

 
—

Commodity contracts
 
(2
)
 
Cost of Goods Sold
 
4

 
—

 
 
$
(3,780
)
 
 
 
$
1,977

 
$
—



 
 
Six Months Ended December 29, 2019
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
 
Classification of
Gain (Loss)
 
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
 
Recognized in
Earnings
(Ineffective Portion)
Interest rate contracts
 
$
(309
)
 
Net Sales
 
$
(384
)
 
$
—

Foreign currency contracts - sell
 
(228
)
 
Net Sales
 
980

 
—

Foreign currency contracts - buy
 
(25
)
 
Cost of Goods Sold
 
(119
)
 
—

Commodity contracts
 
(2
)
 
Cost of Goods Sold
 
(145
)
 
—

Interest rate contracts
 
$
(824
)
 
Interest Expense
 
$
—

 
$
—

 
 
$
(1,388
)
 
 
 
$
332

 
$
—


 
 
Six Months Ended December 30, 2018
 
 
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
 
Classification of
Gain (Loss)
 
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
 
Recognized in
Earnings
(Ineffective Portion)
Interest rate contracts
 
$
48

 
Net Sales
 
$
216

 
$
—

Foreign currency contracts - sell
 
(1,840
)
 
Net Sales
 
2,636

 
—

Foreign currency contracts - buy
 
(2,668
)
 
Cost of Goods Sold
 
72

 
—

Commodity contracts
 
(18
)
 
Cost of Goods Sold
 
4

 
—

 
 
$
(4,478
)
 
 
 
$
2,928

 
$
—