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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Mar. 28, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of March 28, 2020, the aggregate notional amount of the Company’s outstanding foreign currency contracts along with their unrealized gains (losses) are expected to mature as summarized below (in thousands):
Quarter Ending
 
Notional Contracts in MXN
 
Notional Contracts in USD
 
Estimated Fair Value
June 27, 2020
 
$
138,213

 
$
6,257

 
$
(365
)
September 26, 2020
 
$
141,173

 
$
6,729

 
$
(790
)
December 26, 2020
 
$
132,773

 
$
6,241

 
$
(725
)
April 3, 2021
 
$
148,253

 
$
6,682

 
$
(598
)
July 3, 2021
 
$
144,725

 
$
6,446

 
$
(576
)
October 2, 2021
 
$
146,373

 
$
5,502

 
$
360

January 1, 2022
 
$
137,973

 
$
5,129

 
$
328
Summerized Fair Value of Derivative Instruments in Consolidated Balance Sheets
The following table summarizes the fair value of derivative instruments in the Consolidated Balance Sheet as of March 28, 2020 and June 29, 2019 (in thousands):
 
 
 
March 28, 2020
 
June 29, 2019
Derivatives Designated as Hedging Instruments
Balance Sheet Location
 
Fair Value
 
Fair Value
Foreign currency forward contracts & swaps
Other current assets
 
$
—

 
$
2,912

Foreign currency forward contracts & swaps
Other long-term assets
 
$
687

 
$
320

Foreign currency forward contracts & swaps
Other current liabilities
 
$
(2,478
)
 
$
—

Foreign currency forward contracts & swaps
Other long-term liabilities
 
$
(576
)
 
$
—

Interest rate swap
Other current assets
 
$
3

 
$
2

Interest rate swap
Other current liabilities
 
$
(326
)
 
$
—

Interest rate swap
Other long-term liabilities
 
$
(541
)
 
$
—
Gain (Loss) of Derivative Instruments in Statement of Operations
The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the three months ended March 28, 2020 and March 30, 2019, respectively (in thousands):
Derivatives Designated as Hedging Instruments
Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
AOCI Balance
as of
December 28, 2019
 
Effective
Portion
Recorded In
AOCI
 
Effective Portion
Reclassified From
AOCI Into
Income
 
AOCI Balance
as of
March 28, 2020
Forward contracts & swaps
Cost of sales
 
$
2,329

 
$
(3,163
)
 
$
(1,077
)
 
$
(1,911
)
Interest rate swap
Interest expense
 
(72
)
 
(591
)
 
(5
)
 
(668
)
Total
 
 
$
2,257

 
$
(3,754
)
 
$
(1,082
)
 
$
(2,579
)
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Hedging Instruments
Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
AOCI Balance
as of
December 29, 2018
 
Effective
Portion
Recorded In
AOCI
 
Effective Portion
Reclassified From
AOCI Into
Income
 
AOCI Balance
as of
March 30, 2019
Forward contracts & swaps
Cost of sales
 
$
1,178

 
$
1,059

 
$
(194
)
 
$
2,043

Interest rate swap
Interest expense
 
13

 
1

 
(7
)
 
7

Total
 
 
$
1,191

 
$
1,060

 
$
(201
)
 
$
2,050



The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the nine months ended March 28, 2020 and March 30, 2019, respectively (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
March 28, 2020
Forward contracts & swaps
Cost of sales
 
$
2,424

 
$
(1,671
)
 
$
(2,664
)
 
$
(1,911
)
Interest rate swap
Interest expense
 
2

 
(662
)
 
(8
)
 
(668
)
Total
 
 
$
2,426

 
$
(2,333
)
 
$
(2,672
)
 
$
(2,579
)
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Hedging Instruments
Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
AOCI Balance
as of
June 30, 2018
 
Effective
Portion
Recorded In
AOCI
 
Effective Portion
Reclassified From
AOCI Into
Income
 
AOCI Balance
as of
March 30, 2019
Forward contracts & swaps
Cost of sales
 
$
(988
)
 
$
2,308

 
$
723

 
$
2,043

Interest rate swap
Interest expense
 
19

 
2

 
(14
)
 
7

Total
 
 
$
(969
)
 
$
2,310

 
$
709

 
$
2,050