DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jul. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of July 3, 2021, 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 and Swaps in MXN		Notional Contracts and Swaps in USD		Estimated Fair Value
October 2, 2021	$	146,373	$	5,502	$	1,874
January 1, 2022	$	137,973	$	5,129	$	1,740

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 July 3, 2021 and June 27, 2020 (in thousands):

		July 3, 2021		June 27, 2020
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Fair Value
Foreign currency forward contracts & swaps	Other current assets	$	3,614	$	—
Foreign currency forward contracts & swaps	Other long-term assets	$	—	$	1,097
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 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 2021 (in thousands):

Derivatives Designated as Hedging Instruments	Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	AOCI Balance as of June 27, 2020		Effective Portion Recorded In AOCI		Effective Portion Reclassified From AOCI Into Income		AOCI Balance as of July 3, 2021
Forward contracts	Cost of sales	$	(759)	$	4,621	$	(1,141)	$	2,721
Interest rate swap	Interest expense	(741)		(223)		315		(649)
Total		$	(1,500)	$	4,398	$	(826)	$	2,072

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	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