DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of June 27, 2020, the aggregate notional amount of the Company’s outstanding foreign currency contracts and swaps along with their unrealized gains (losses) are expected to mature as summarized below (in thousands):

Quarter Ending	Notional Contracts and Swaps in MXN		Notional Contracts and Swaps in USD		Estimated Fair Value
September 26, 2020	$	141,173	$	6,729	$	(623)
December 26, 2020	$	132,773	$	6,241	$	(561)
April 3, 2021	$	148,253	$	6,682	$	(425)
July 3, 2021	$	144,725	$	6,446	$	(367)
October 2, 2021	$	146,373	$	5,502	$	564
January 1, 2022	$	137,973	$	5,129	$	532

Summerized Fair Value of Derivative Instruments in Consolidated Balance Sheets

The following table summarizes the fair value of derivative instruments in the Consolidated Balance Sheets as of June 27, 2020 and June 29, 2019 (in thousands):

		June 27, 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	$	1,097	$	320
Foreign currency forward contracts & swaps	Other current liabilities	$	(1,960)	$	—
Foreign currency forward contracts & swaps	Other long-term liabilities	$	(17)	$	—
Interest rate swaps	Other current assets	$	—	$	2
Interest rate swaps	Other current liabilities	$	(347)	$	—
Interest rate swaps	Other long-term liabilities	$	(610)	$	—

Gain (Loss) of Derivative Instruments in Statement of Operations

The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2020 (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 June 27, 2020
Forward contracts & swaps	Cost of sales	$	2,424	$	(865)	$	(2,318)	$	(759)
Interest rate swap	Interest expense	2		(782)		39		(741)
Total		$	2,426	$	(1,647)	$	(2,279)	$	(1,500)

The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2019 (in thousands):

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 June 29, 2019
Forward contracts & swaps	Cost of sales	$	(988)	$	3,332	$	80	$	2,424
Interest rate swap	Interest expense	19		2		(19)		2
Total		$	(969)	$	3,334	$	61	$	2,426

The following table summarizes the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Income for the fiscal year 2018 (in thousands):

Derivatives Designated as Hedging Instruments	Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	AOCI Balance as of July 1, 2017		Effective Portion Recorded In AOCI		Tax Rate Effect Reclassification		Effective Portion Reclassified From AOCI Into Income		AOCI Balance as of June 30, 2018
Forward contracts & swaps	Cost of sales	$	(2,707)	$	(1,942)	$	(583)	$	4,244	$	(988)
Interest rate swap	Interest expense	(68)		20		(3)		70		19
Total		$	(2,775)	$	(1,922)	$	(586)	$	4,314	$	(969)