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Derivative Financial Instruments
 9 Months Ended
Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
As of March 30, 2024, the Company did not have any outstanding foreign currency forward contracts. For the three months ended March 30, 2024, the Company did not enter into foreign currency forward contracts and settled $3.4 million of contracts. During the same period of the previous year, the Company did not enter or settle any foreign currency forward contracts.
For the nine months ended March 30, 2024, the Company entered into $6.5 million of foreign currency forward contracts and settled $6.5 million of contracts. During the same period of the previous year, the Company did not enter into or settle any foreign currency forward contracts.
On November 6, 2019, the Company entered into an interest rate swap contract with an effective date of November 6, 2019 and a termination date of September 30, 2022, related to the borrowings outstanding under the term loan with Wells Fargo Bank. This interest rate swap contract was terminated on August 14, 2020 when the Company entered into the Loan Agreement with Bank of America. On the date of termination this interest rate swap was in a liability position of $148,400, which has been amortized to interest expense over the original term of the swap.
On November 6, 2019, the Company entered into an interest rate swap contract with an effective date of November 6, 2019 and a termination date of November 1, 2023, related to the borrowings outstanding under the line of credit with Wells Fargo Bank. This interest rate swap contract was terminated on August 14, 2020 when the Company entered into the Loan Agreement with Bank of America. On the date of termination this interest rate swap was in a liability position of $776,500, which has been amortized to interest expense over the original term of the swap.
The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the three months ended March 30, 2024 and April 1, 2023, respectively (in thousands):
Derivatives Designated as Hedging InstrumentsClassification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)AOCI Balance
as of
December 31, 2023		Effective
Portion
Recorded In
AOCI		Effective Portion
Reclassified From
AOCI Into
Income		AOCI Balance
as of
March 30, 2024
Forward contractsCost of sales$191 $(191)$— $— 
Interest rate swapInterest expense— — — — 
Total$191 $(191)$— $— 
Derivatives Designated as Hedging InstrumentsClassification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)AOCI Balance
as of
January 1, 2023		Effective
Portion
Recorded In
AOCI		Effective Portion
Reclassified From
AOCI Into
Income		AOCI Balance
as of
April 1, 2023
Forward contractsCost of sales$— $— $— $— 
Interest rate swapInterest expense(213)— 58 (155)
Total$(213)$— $58 $(155)

The following tables summarize the gain (loss) on derivative instruments, net of tax, on the Consolidated Statements of Operations for the nine months ended March 30, 2024 and April 1, 2023, respectively (in thousands):
Derivatives Designated as Hedging InstrumentsClassification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)AOCI Balance
as of
July 1, 2023		Effective
Portion
Recorded In
AOCI		Effective Portion
Reclassified From
AOCI Into
Income		AOCI Balance
as of
March 30, 2024
Forward contractsCost of sales$— $72 $(72)$— 
Interest rate swapInterest expense(97)— 97 — 
Total$(97)$72 $25 $— 
Derivatives Designated as Hedging InstrumentsClassification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)AOCI Balance
as of
July 2, 2022		Effective
Portion
Recorded In
AOCI		Effective Portion
Reclassified From
AOCI Into
Income		AOCI Balance
as of
April 1, 2023
Forward contractsCost of sales$(79)$— $79 $— 
Interest rate swapInterest expense(346)— 191 (155)
Total$(425)$— $270 $(155)
As of March 30, 2024, the Company does not have any foreign exchange contracts with credit-risk-related contingent features. The Company is subject to the risk of fluctuating interest rates from our line of credit and foreign currency risk resulting from our China operations. The Company does not currently manage these risk exposures by using derivative instruments.