0001408710-21-000022 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Mar. 26, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 26, 2021
Document Transition Report	false
Entity File Number	001-34775
Entity Registrant Name	FABRINET
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1228572
Entity Address, Address Line One	c/o Intertrust Corporate Services (Cayman) Limited
Entity Address, Address Line Two	190 Elgin Avenue
Entity Address, City or Town	George Town
Entity Address, Region	Grand Cayman
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-9005
City Area Code	66 2
Local Phone Number	524-9600
Title of 12(b) Security	Ordinary Shares, $0.01 par value
Trading Symbol	FN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,883,573
Current Fiscal Year End Date	--06-25
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001408710

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Current assets
Cash and cash equivalents	$ 247,011	$ 225,430
Short-term restricted cash	0	7,402
Short-term investments	261,736	262,693
Trade accounts receivable, net of allowance for doubtful accounts of $126 and $336, respectively	309,079	272,665
Contract assets	17,130	13,256
Inventories	353,283	309,786
Other receivable	24,310	24,310
Prepaid expenses	10,653	5,399
Other current assets	31,967	14,508
Total current assets	1,255,169	1,135,449
Non-current assets
Long-term restricted cash	153	0
Property, plant and equipment, net	228,767	228,274
Intangibles, net	4,576	4,312
Operating right-of-use assets	6,744	8,068
Deferred tax assets	6,195	5,675
Other non-current assets	226	202
Total non-current assets	246,661	246,531
Total Assets	1,501,830	1,381,980
Current liabilities
Long-term borrowings, current portion, net	12,156	12,156
Trade accounts payable	275,705	251,603
Fixed assets payable	11,060	15,127
Contract liabilities	1,409	1,556
Operating lease liabilities, current portion	2,390	1,979
Income tax payable	2,882	2,242
Accrued payroll, bonus and related expenses	21,639	19,265
Accrued expenses	12,651	8,979
Other payables	26,348	21,514
Total current liabilities	366,240	334,421
Non-current liabilities
Long-term borrowings, non-current portion, net	30,397	39,514
Deferred tax liability	4,855	4,729
Operating lease liability, non-current portion	4,098	5,873
Severance liabilities	19,006	17,379
Other non-current liabilities	3,728	5,655
Total non-current liabilities	62,084	73,150
Total Liabilities	428,324	407,571
Commitments and contingencies (Note 17)
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of March 26, 2021 and June 26, 2020)	0	0
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,741,166 shares and 38,471,967 shares issued at March 26, 2021 and June 26, 2020, respectively; and 36,880,160 shares and 36,727,864 shares outstanding at March 26, 2021 and June 26, 2020, respectively)	388	385
Additional paid-in capital	182,987	175,610
Less: Treasury shares (1,861,006 shares and 1,744,103 shares as of March 26, 2021 and June 26, 2020 respectively)	(76,813)	(68,501)
Accumulated other comprehensive income (loss)	(6,939)	(1,147)
Retained earnings	973,883	868,062
Total Shareholders’ Equity	1,073,506	974,409
Total Liabilities and Shareholders’ Equity	$ 1,501,830	$ 1,381,980

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 126	$ 336
Preferred shares, shares authorized (in shares)	5,000,000	5,000,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares issued (in shares)	0	0
Preferred shares, shares outstanding (in shares)	0	0
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01	$ 0.01
Ordinary shares, shares issued (in shares)	38,741,166	38,471,967
Ordinary shares, shares outstanding (in shares)	36,880,160	36,727,864
Treasury stocks, shares (in shares)	1,861,006	1,744,103

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Income Statement [Abstract]
Revenues	$ 479,317	$ 411,210	$ 1,369,783	$ 1,236,723
Cost of revenues	(422,539)	(366,874)	(1,209,504)	(1,097,242)
Gross profit	56,778	44,336	160,279	139,481
Selling, general and administrative expenses	(19,059)	(17,111)	(53,078)	(50,189)
Expenses related to reduction in workforce	(43)	0	(43)	(16)
Operating income	37,676	27,225	107,158	89,276
Interest income	941	2,042	3,156	6,080
Interest expense	(282)	(238)	(798)	(2,812)
Foreign exchange gain (loss), net	629	(8)	224	(2,949)
Other income (expense), net	124	203	403	977
Income before income taxes	39,088	29,224	110,143	90,572
Income tax expense	(1,595)	(957)	(4,215)	(5,117)
Net income	37,493	28,267	105,928	85,455
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale securities	(570)	(1,356)	(937)	(1,403)
Change in net unrealized gain (loss) on derivative instruments	(5,000)	(6,569)	(5,823)	(6,719)
Change in net retirement benefits plan – prior service cost	198	294	421	478
Change in foreign currency translation adjustment	90	(600)	547	(353)
Total other comprehensive income (loss), net of tax	(5,282)	(8,231)	(5,792)	(7,997)
Net comprehensive income (loss)	$ 32,211	$ 20,036	$ 100,136	$ 77,458
Earnings per share
Basic earnings per share (in USD per share)	$ 1.02	$ 0.76	$ 2.87	$ 2.31
Diluted earnings per share (in USD per share)	$ 1.00	$ 0.75	$ 2.82	$ 2.27
Weighted-average number of ordinary shares outstanding (thousands of shares)
Basic (in shares)	36,875	36,987	36,876	36,970
Diluted (in shares)	37,609	37,797	37,514	37,696

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Cumulative effect adjustment from adoption of ASC 326	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative effect adjustment from adoption of ASC 326
Beginning balance at Jun. 28, 2019	$ 863,099		$ 382	$ 158,299	$ (47,779)	$ (2,386)	$ 754,583
Beginning balance (in shares) at Jun. 28, 2019			38,230,753
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	85,455						85,455
Other comprehensive income (loss)	(7,997)					(7,997)
Share-based compensation	18,301			18,301
Issuance of ordinary shares (in shares)			230,178
Issuance of ordinary shares	0		$ 3	(3)
Repurchase of shares held as treasury shares	(20,722)				(20,722)
Tax withholdings related to net share settlement of restricted share units	(4,727)			(4,727)
Ending balance at Mar. 27, 2020	933,409		$ 385	171,870	(68,501)	(10,383)	840,038
Ending balance (in shares) at Mar. 27, 2020			38,460,931
Beginning balance at Dec. 27, 2019	928,327		$ 384	166,103	(47,779)	(2,152)	811,771
Beginning balance (in shares) at Dec. 27, 2019			38,408,890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,267						28,267
Other comprehensive income (loss)	(8,231)					(8,231)
Share-based compensation	6,118			6,118
Issuance of ordinary shares (in shares)			52,041
Issuance of ordinary shares	0		$ 1	(1)
Repurchase of shares held as treasury shares	(20,722)				(20,722)
Tax withholdings related to net share settlement of restricted share units	(350)			(350)
Ending balance at Mar. 27, 2020	933,409		$ 385	171,870	(68,501)	(10,383)	840,038
Ending balance (in shares) at Mar. 27, 2020			38,460,931
Beginning balance at Jun. 26, 2020	974,409	$ (107)	$ 385	175,610	(68,501)	(1,147)	868,062	$ (107)
Beginning balance (in shares) at Jun. 26, 2020			38,471,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	105,928						105,928
Other comprehensive income (loss)	(5,792)					(5,792)
Share-based compensation	18,742			18,742
Issuance of ordinary shares (in shares)			269,199
Issuance of ordinary shares			$ 3	(3)
Repurchase of shares held as treasury shares	(8,312)				(8,312)
Tax withholdings related to net share settlement of restricted share units	(11,362)			(11,362)
Ending balance at Mar. 26, 2021	$ 1,073,506		$ 388	182,987	(76,813)	(6,939)	973,883
Ending balance (in shares) at Mar. 26, 2021			38,741,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Dec. 25, 2020	$ 1,036,670		$ 387	177,125	(75,575)	(1,657)	936,390
Beginning balance (in shares) at Dec. 25, 2020			38,698,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,493						37,493
Other comprehensive income (loss)	(5,282)					(5,282)
Share-based compensation	6,864			6,864
Issuance of ordinary shares (in shares)			43,098
Issuance of ordinary shares			$ 1	(1)
Repurchase of shares held as treasury shares	(1,238)				(1,238)
Tax withholdings related to net share settlement of restricted share units	(1,001)			(1,001)
Ending balance at Mar. 26, 2021	$ 1,073,506		$ 388	$ 182,987	$ (76,813)	$ (6,939)	$ 973,883
Ending balance (in shares) at Mar. 26, 2021			38,741,166

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Statement of Stockholders' Equity [Abstract]
Treasury stock acquired (in shares)	15,354	355,000	116,903	355,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Cash flows from operating activities
Net income	$ 105,928	$ 85,455
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	26,781	23,115
(Gain) loss on disposal of property, plant and equipment	(24)	444
(Gain) loss from sales and maturities of available-for-sale securities	(187)	(93)
Amortization of investment discount	1,479	(624)
Amortization of deferred debt issuance costs	24	18
(Reversal of) allowance for doubtful accounts	(317)	(17)
Unrealized (gain) loss on exchange rate and fair value of foreign currency forward contracts	(825)	942
Unrealized loss (gain) on fair value of interest rate swaps	0	1,672
Amortization of fair value at hedge inception of interest rate swaps	(1,009)	(838)
Share-based compensation	18,742	18,301
Deferred income tax	(382)	1,335
Other non-cash expenses	(614)	(559)
Changes in operating assets and liabilities
Trade accounts receivable	(36,437)	(23,136)
Contract assets	(3,874)	(3,966)
Inventories	(43,497)	3,404
Other current assets and non-current assets	(22,919)	5,830
Trade accounts payable	25,589	(15,571)
Contract liabilities	(147)	(298)
Income tax payable	911	1,056
Severance liabilities	2,204	2,266
Other current liabilities and non-current liabilities	3,731	5,712
Net cash provided by operating activities	75,157	104,448
Cash flows from investing activities
Purchase of short-term investments	(183,041)	(123,980)
Proceeds from sales of short-term investments	84,049	48,808
Proceeds from maturities of short-term investments	97,721	97,358
Funds provided to customer to support transfer of manufacturing operations (Note 8)	0	(24,310)
Purchase of property, plant and equipment	(29,061)	(27,482)
Purchase of intangibles	(1,961)	(797)
Proceeds from disposal of property, plant and equipment	38	1,482
Net cash used in investing activities	(32,255)	(28,921)
Cash flows from financing activities
Payment of debt issuance costs	0	(153)
Proceeds from long-term borrowings	0	60,938
Repayment of long-term borrowings	(9,141)	(67,032)
Repayment of finance lease liability	(100)	(304)
Repurchase of ordinary shares	(8,312)	(20,722)
Withholding tax related to net share settlement of restricted share units	(11,362)	(4,727)
Net cash used in financing activities	(28,915)	(32,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	13,987	43,527
Movement in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the beginning of period	232,832	188,241
Increase (decrease) in cash, cash equivalents and restricted cash	13,987	43,527
Effect of exchange rate on cash, cash equivalents and restricted cash	345	(228)
Cash, cash equivalents and restricted cash at the end of period	247,164	231,540
Non-cash investing and financing activities
Construction, software and equipment-related payables	$ 11,060	$ 11,906

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2021	Mar. 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 247,011	$ 224,138
Restricted cash	153	7,402
Cash, cash equivalents and restricted cash	$ 247,164	$ 231,540

Business and organization	9 Months Ended
Business and organization	Mar. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and organization	Business and organization General Fabrinet (“Fabrinet” or the “Parent Company”) was incorporated on August 12, 1999, and commenced operations on January 1, 2000. The Parent Company is an exempted company incorporated in the Cayman Islands, British West Indies. The “Company” refers to Fabrinet and its subsidiaries as a group. The Company provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (“OEMs”) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. The Company offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. The Company focuses primarily on the production of low-volume, high-mix products. The principal subsidiaries of Fabrinet include Fabrinet Co., Ltd. (“Fabrinet Thailand”), Casix, Inc. (“Casix”), Fabrinet West, Inc. (“Fabrinet West”) and Fabrinet UK Limited (“Fabrinet UK”).

Accounting policies

9 Months Ended

Mar. 26, 2021

Accounting Policies [Abstract]

Accounting policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements for Fabrinet as of March 26, 2021 and for the three and nine months ended March 26, 2021 and March 27, 2020 includes normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 26, 2020.

The balance sheet as of June 26, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

The results for the three and nine months ended March 26, 2021 may not be indicative of results for the year ending June 25, 2021 or any future periods.

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for doubtful accounts, allowance for expected credit losses, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisition, among others. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information. Additionally, the extent to which the evolving COVID-19 pandemic impacts the Company’s unaudited condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. These estimates may change, as new events occur and additional information is obtained, as well as other factors related to the COVID-19 pandemic that could result in material impacts to the Company's unaudited condensed consolidated financial statements in future reporting periods.

Fiscal years

The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended March 26, 2021 and March 27, 2020 each consisted of 13 weeks. The nine months ended March 26, 2021 and March 27, 2020 each consisted of 39 weeks. Fiscal year 2021 will be comprised of 52 weeks and will end on June 25, 2021.

Reclassifications

For presentation purposes, certain prior period amounts have been reclassified to conform to the current period presentation.

As of June 26, 2020, the derivative assets and liabilities were measured at fair value and recognized by offsetting the fair value amounts under master netting arrangements. Also, the Company chose not to separate a derivative into current and non-current portions as follows:

(i)A derivative for which the fair value is a net liability is classified in total as current.

(ii)A derivative for which the fair value is a net asset and the current portion is an asset is classified in total as non-current. If the current portion is a liability, it is presented as a current liability.

As of March 26, 2021, the derivative assets and liabilities were measured at fair value, but the gross fair value amount is presented in the unaudited condensed consolidated balance sheets. Additionally, a classification of current and non-current portion is determined by the maturity date of that derivative (e.g., a derivative that matures within one year is classified as current).

The reclassifications have been made to the consolidated balance sheet as of June 26, 2020 as shown in the following table:


	June 26, 2020
(amount in thousands)	As previously reported		Reclassification		After reclassification
Consolidated Balance Sheet
Current assets
Other current assets	$	13,915	$	593	$	14,508
Current liabilities
Accrued expenses	$	12,104	$	(3,125)	$	8,979
Non-current liabilities
Other non-current liabilities	$	1,937	$	3,718	$	5,655

Adoption of New Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The new standard also expands the required quantitative and qualitative disclosures surrounding expected credit losses.

On June 27, 2020, the Company adopted Accounting Standards Codification (“ASC”) 326 using the modified retrospective transition approach. The modified retrospective method requires the Company to recognize the cumulative effect of the adoption of ASC 326, to the opening accumulated retained earnings. Accordingly, the Company’s comparative financial statements as of June 26, 2020 have not been adjusted. The Company implemented internal controls to enable the preparation of financial information upon adoption.

Management estimates the expected credit losses of financial assets using relevant available information from internal and external sources relating to historical credit loss experience, current conditions and reasonable forecasts over a financial asset’s contractual term. Adjustments to historical loss information are made from qualitative and quantitative factors if economic conditions on the reporting date reflect stronger or weaker economic performance than the historical data implies based on management’s expectations of economic conditions on certain indicators of the Company, industry and economy. The Company reviews factors such as past collection experience, age of the accounts receivable and contract assets balance, significant trends in current balances, internal operations and macroeconomic conditions. In addition, the Company modified its impairment model to the Current Expected Credit Losses (“CECL”) model for available-for-sale (“AFS”) debt securities and discontinued using the concept of “other than temporary” impairment on these AFS debt

securities. CECL on the AFS debt securities are recognized in interest income and other income (expense), net on the Company’s unaudited condensed consolidated statements of operations and comprehensive income, and any remaining unrealized losses, are included in accumulated other comprehensive income (loss) (“AOCI”) in the unaudited condensed consolidated balance sheet.

As of June 27, 2020, the Company recorded a cumulative adjustment from CECL in the amount of $0.1 million, net of tax impact, to accumulated retained earnings in the unaudited condensed consolidated balance sheet.

On June 27, 2020, the Company also adopted ASC 820, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This standard is intended to improve the effectiveness of disclosures in the notes to the financial statements, including (1) the development of a framework that promotes consistent decisions by the FASB about disclosure requirements and (2) the appropriate exercise of discretion by reporting entities. The amendment modifies the disclosure requirements on transferring between level 1 and level 2 and valuation processes of level 3 fair value measurements. The Company adopted this standard with no impact on its unaudited condensed consolidated financial statements.

On January 1, 2021, FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848).” This standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company immediately adopted this standard with no impact on its unaudited condensed consolidated financial statements.

Changes in Accounting Policies

Except for the adoption of ASC 326, ASC 820 and ASC 848, the Company has consistently applied the accounting policies to all periods presented in these unaudited condensed consolidated financial statements.

Short-term investments

Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The Company may sell certain of the Company’s short-term investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s short-term investments generally range from three months to three years. The Company’s short-term investments, which consist of investments in U.S. Treasury, fixed income securities, liquidity funds that invest in short-term debt securities and certificates of deposit and time deposits, have been classified and accounted for as AFS. The AFS investments are carried at estimated fair value with any unrealized gains and losses, included in AOCI in the Company’s unaudited condensed consolidated balance sheet. The Company determines realized gains or losses on sale of marketable securities on a specific identification method and records such gains or losses as interest income and other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive income.

AFS debt securities are required to be individually evaluated for impairment. A security is considered impaired if the fair value of the security is less than its amortized cost basis.

An impairment is considered other than temporary if (i) the Company has the intent to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security.

If an impairment is considered other than temporary based on condition (i) or (ii), the entire difference between the amortized cost and the fair value of the debt security is recognized as interest income and other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive income.

If an impairment is considered other than temporary based on condition (iii), the amount representing credit losses (defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the debt security) is recognized in interest and other income (expense), net in the unaudited condensed consolidated statements of operations and comprehensive income, and any remaining unrealized losses are included in AOCI in the unaudited condensed consolidated balance sheet.

Trade accounts receivable

Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company makes estimates of expected credit losses for the allowance for doubtful accounts based upon its assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic

conditions, and other factors that may affect the Company’s ability to collect from customers. The estimated credit loss allowance is recorded as selling, general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive income.

Contract assets

A contract asset is recognized when the Company has recognized revenues prior to generating an invoice for payment. Contract assets are classified separately within the unaudited condensed consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. The Company makes estimates of expected credit losses for the allowance for contract assets based upon its assessment of various factors, including historical experience, the age of the contract assets balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. The estimated credit loss allowance is recorded as selling, general and administrative expenses in its unaudited condensed consolidated statements of operations and comprehensive income.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, short-term investments, derivatives, accounts receivable and contract assets.

Cash, cash equivalents and short-term investments are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple counterparties and monitoring the risk profiles of these counterparties. The Company limits its short-term investments in marketable securities to securities with a maturity not in excess of three years and securities that are rated A1, P-1, F1, or better.

The Company enters into derivative contracts with financial institutions with reputable credit and monitors the credit profiles of these counterparties.

The Company performs ongoing credit evaluations for credit worthiness of its customers and usually does not require collateral from its customers. Management has implemented a program to closely monitor near term cash collection and credit exposures to mitigate any material losses.

New Accounting Pronouncements – not yet adopted by the Company

In December 2019, the FASB issued ASU2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. This ASU will be effective for the Company in the first quarter of fiscal year 2022. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this update on its unaudited condensed consolidated financial statements.

Revenues from contracts with customers

9 Months Ended

Mar. 26, 2021

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Revenue by Geographic Area and End Market

Revenues are attributed to a particular geographic area based on the bill-to-location of the Company’s customers. The Company operates in three geographic regions: North America, Asia-Pacific and others and Europe.

The following table presents total revenues by geographic region:


(amount in thousands, except percentages)	Three Months Ended March 26, 2021		As a % of Total Revenues		Nine Months Ended March 26, 2021		As a % of Total Revenues
North America
U.S.	230,177				661,410
Others	618				1,459
Total revenue in North America	230,795		48.2	%	662,869		48.4	%
Asia-Pacific and others
Malaysia	22,910				107,700
India	56,719				85,535
Israel	25,796				82,915
Hong Kong	21,524				63,397
Japan	18,582				56,223
Others	21,770				71,477
Total revenue in Asia-Pacific and others	167,301		34.9	%	467,247		34.1	%
Europe
Ireland	47,096				149,696
U.K.	15,298				40,742
Germany	7,543				19,596
Others	11,284				29,633
Total revenue in Europe	$	81,221	16.9	%	$	239,667	17.5	%
Total revenue	$	479,317	100.0	%	$	1,369,783	100.0	%


(amount in thousands, except percentages)	Three Months Ended March 27, 2020		As a % of Total Revenues		Nine Months Ended March 27, 2020		As a % of Total Revenues
North America
U.S.	206,329				630,023
Others	422				1,073
Total revenue in North America	206,751		50.3	%	631,096		51.0	%
Asia-Pacific and others
Malaysia	52,414				136,698
Japan	24,985				78,362
Hong Kong	20,710				70,410
Israel	25,530				69,310
China	8,126				34,882
Others	9,874				11,547
Total revenue in Asia-Pacific and others	141,639		34.4	%	401,209		32.5	%
Europe
Ireland	26,716				84,034
U.K.	22,297				52,941
Germany	5,600				41,207
Others	8,207				26,236
Total revenue in Europe	$	62,820	15.3	%	$	204,418	16.5	%
Total revenue	$	411,210	100.0	%	$	1,236,723	100.0	%

The following table presents revenues by end market.


(amount in thousands, except percentages)	Three Months Ended March 26, 2021		As a % of Total Revenues		Nine Months Ended March 26, 2021		As a % of Total Revenues
Optical communications	$	361,739	75.5	%	$	1,053,496	76.9	%
Lasers, sensors and other	117,578		24.5	%	316,287		23.1	%
Total	$	479,317	100.0	%	$	1,369,783	100.0	%


(amount in thousands, except percentages)	Three Months Ended March 27, 2020		As a % of Total Revenues		Nine Months Ended March 27, 2020		As a % of Total Revenues
Optical communications	$	308,566	75.0	%	$	933,013	75.4	%
Lasers, sensors and other	102,644		25.0	%	303,710		24.6	%
Total	$	411,210	100.0	%	$	1,236,723	100.0	%

Contract Assets and Liabilities

A contract liability is recognized when the Company has advance payment arrangements with customers. The contract liabilities balance is normally recognized as revenue within six months.

The following tables summarize the activity in the Company’s contract assets and contract liabilities during the nine months ended March 26, 2021:


(amount in thousands)	Contract Assets
Beginning balance, June 26, 2020	$	13,256
Revenue recognized	50,841
Amounts collected or invoiced	(46,967)
Ending balance, March 26, 2021	$	17,130


(amount in thousands)	Contract Liabilities
Beginning balance, June 26, 2020	$	1,556
Advance payment received during the period	16,414
Revenue recognized	(16,561)
Ending balance, March 26, 2021	$	1,409

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Earnings per ordinary share

9 Months Ended

Mar. 26, 2021

Earnings Per Share [Abstract]

Earnings per ordinary share

Basic earnings per ordinary share is computed by dividing reported net income by the weighted-average number of ordinary shares outstanding during each period. Diluted earnings per ordinary share is computed by calculating the effect of potential dilutive ordinary shares outstanding during the period using the treasury stock method. Dilutive ordinary equivalent shares consist of restricted share units and performance share units.

Earnings per ordinary share was calculated as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands except per share amounts)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Net income attributable to shareholders	$	37,493	$	28,267	$	105,928	$	85,455
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,875		36,987		36,876		36,970
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares)	734		810		638		726
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,609		37,797		37,514		37,696
Basic earnings per ordinary share	$	1.02	$	0.76	$	2.87	$	2.31
Diluted earnings per ordinary share	$	1.00	$	0.75	$	2.82	$	2.27
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	76		50		76		50

(1)These performance share units were not included in the computation of diluted earnings per ordinary share because they are not expected to vest based on the Company’s current assessment of the related performance obligations.

Cash, cash equivalents and short-term investments

9 Months Ended

Mar. 26, 2021

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and short-term investments

The Company’s cash, cash equivalents, and short-term investments are as follows:


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of March 26, 2021
Cash	$	239,096	$	—	$	239,096	$	—	$	—
Cash equivalents	7,915		—		7,915		—		—
Liquidity funds	51,344		—		—		—		51,344
Certificates of deposit and time deposits	20,500		—		—		—		20,500
Corporate debt securities	158,048		302		—		158,350		—
U.S. agency and U.S. treasury securities	31,289		253		—		31,542		—
Total	$	508,192	$	555	$	247,011	$	189,892	$	71,844
As of June 26, 2020
Cash	$	218,117	$	—	$	218,117	$	—	$	—
Cash equivalents	7,313		—		7,313		—		—
Liquidity funds	41,051		—		—		—		41,051
Certificates of deposit and time deposits	11,800		—		—		—		11,800
Corporate debt securities	159,220		948		—		160,168		—
U.S. agency and U.S. treasury securities	49,130		544		—		49,674		—
Total	$	486,631	$	1,492	$	225,430	$	209,842	$	52,851

All highly liquid investments with original maturities of three months or less at the date of purchase are classified as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations at each balance sheet date. The Company may sell certain of its short-term investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s short-term investments generally range from three months to three years.

The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of March 26, 2021 and June 26, 2020:


	March 26, 2021				June 26, 2020
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	62,641	$	62,638	$	76,127	$	76,196
Due between one to five years	126,696		127,254		132,223		133,646
Total	$	189,337	$	189,892	$	208,350	$	209,842

Fair value of financial instruments

9 Months Ended

Mar. 26, 2021

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy is established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs for the valuation of an asset or liability as of the measurement date. The three levels of inputs that may be used to measure fair value are defined as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly or indirectly. If the assets or liabilities have a specified (contractual) term, Level 2 inputs must be observable for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs for assets or liabilities, which require the reporting entity to develop its own valuation techniques and assumptions.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The following table provides details of the financial instruments measured at fair value on a recurring basis, including:


	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of March 26, 2021
Assets
Cash equivalents	$	—	$	7,915		$	—	$	7,915
Liquidity funds	—		51,344			—		51,344
Certificates of deposit and time deposits	—		20,500			—		20,500
Corporate debt securities	—		158,350			—		158,350
U.S. agency and U.S. treasury securities	—		31,542			—		31,542
Derivative assets – current portion	—		167		(1)	—		167
Total	$	—	$	269,818		$	—	$	269,818
Liabilities
Derivative liabilities – current portion	$	—	$	4,889		$	—	$	4,889
Derivative liabilities – non-current portion	—		2,423			—		2,423
Total	$	—	$	7,312	(2)	$	—	$	7,312


	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of June 26, 2020
Assets
Cash equivalents	$	—	$	7,313		$	—	$	7,313
Liquidity funds	—		41,051			—		41,051
Certificates of deposit and time deposits	—		11,800			—		11,800
Corporate debt securities	—		160,168			—		160,168
U.S. agency and U.S. treasury securities	—		49,674			—		49,674
Derivative assets	—		2,823		(3)	—		2,823
Total	$	—	$	272,829		$	—	$	272,829
Liabilities
Derivative liabilities – current portion	$	—	$	2,148		$	—	$	2,148
Derivative liabilities – non-current portion	—		3,718			—		3,718
Total	$	—	$	5,866	(4)	$	—	$	5,866

(1)Foreign currency forward contracts with a notional amount of $22.0 million.

(2)Foreign currency forward contracts with a notional amount of $113.0 million and Canadian dollars of 0.8 million and two interest rate swap agreements with a notional amount of $125.1 million.

(3)Foreign currency forward contracts with a notional amount of $125.0 million and Canadian dollars of 0.6 million, and option contract with a notional amount of $1.0 million.

(4)Two interest rate swap agreements with an aggregate notional amount of $125.1 million.

Derivative Financial Instruments

The Company utilizes derivative financial instruments to hedge (i) foreign exchange risk associated with certain foreign currency denominated assets and liabilities and other foreign currency transactions, and (ii) interest rate risk associated with its long-term debt.

The Company minimizes the credit risk associated with its derivative instruments by limiting the exposure to any single counterparty and by entering into derivative instruments only with counterparties that meet the Company’s minimum credit quality standard.

Foreign currency forward and option contracts

As a result of foreign currency rate fluctuations, the U.S. dollar equivalent values of the Company’s foreign currency denominated assets and liabilities fluctuate. The Company uses foreign currency forward and option contracts to manage the foreign exchange risk associated with a portion of its foreign currency denominated assets and liabilities and other foreign currency transactions. The Company enters into foreign currency forward and option contracts to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht and Canadian dollars with counterparties that meet the Company’s minimum credit quality standard.

The Company may enter into foreign currency forward contracts with maturities of up to 12 months to hedge fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht, including inventory purchases, payroll and other operating expenses. The Company considers these forward contracts as dual-purpose hedges, that hedge both the foreign exchange fluctuation (i) from inception through the forecasted expenditure, and (ii) any subsequent revaluation of the account payable or accrual. The Company may designate the forward contracts that hedge the foreign exchange fluctuation from inception through the forecasted expenditure as cash flow hedges. The gain or loss on a derivative instrument designated and qualified as a cash flow hedging instrument is recorded as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The reclassified amounts are presented in the same income statement line item as the earnings effect of the hedged item. Once the forecasted transactions are recorded, the Company will discontinue the hedging relationship by de-designating the derivative instrument and recording subsequent changes in fair value through contract maturity to foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income as a natural hedge against the Thai baht denominated assets and liabilities.

The Company may also enter into non-designated foreign currency forward and option contracts to provide an offset to the re-measurement of foreign currency denominated assets and liabilities and to hedge certain forecasted exposures.

Changes in the fair value of these non-designated derivatives are recorded through foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

As of March 26, 2021, the Company had 135 outstanding U.S. dollar foreign currency forward contracts against Thai baht, with an aggregate notional amount of $135.0 million and maturity dates ranging from April 2021 through October 2021 and two outstanding Canadian dollar foreign currency forward contracts with an aggregate notional amount of 0.8 million Canadian dollars and a maturity date in June 2021.

As of June 26, 2020, the Company had 125 outstanding U.S. dollar foreign currency forward contracts against Thai baht with an aggregate notional amount of $125.0 million, one foreign currency contract with a notional amount of 0.6 million Canadian dollars and one foreign currency option contract with notional amount of $1.0 million with maturity dates ranging from July 2020 through January 2021.

As of March 26, 2021, the hedging relationship over foreign currency forward contracts that were designated for hedge accounting was determined to be highly effective based on the performance of retrospective and prospective regression testing. As of March 26, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months was a loss of $3.3 million.

During the three and nine months ended March 26, 2021, the Company recorded an unrealized loss of $2.0 million and $1.7 million, respectively, from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

During the three and nine months ended March 27, 2020, the Company recorded an unrealized loss of $2.1 million and $4.0 million, respectively, from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

Interest Rate Swap Agreements

The Company entered into interest rate swap agreements to mitigate interest rate risk and improve the interest rate profile of the Company’s debt obligations. As of March 26, 2021 and June 26, 2020, the Company had two outstanding interest rate swap agreements with an aggregate notional amount of $125.1 million.

On July 25, 2018, Fabrinet Thailand entered into an interest rate swap agreement to effectively convert the floating interest rate of its term loan under the Bank of America Credit Facility Agreement to a fixed interest rate of 2.86% per annum through the scheduled maturity of the term loan in June 2023 (see Note 12). The Company did not designate this interest rate swap for hedge accounting.

On September 3, 2019, the Company entered into a new term loan agreement under a Credit Facility Agreement with the Bank of Ayudhya Public Company Limited (the “Bank”) (see Note 12) and on September 10, 2019, repaid in full the outstanding term loan under the Bank of America Credit Facility (see Note 12). In conjunction with the funding of the new term loan, the Company entered into a second interest rate swap agreement. The combination of both of these interest rate swaps effectively converts the floating interest rate of the Company’s new term loan with the Bank to a fixed interest rate of 4.36% per annum through the maturity of the term loan in June 2024.

On September 27, 2019, the Company designated these two interest rate swaps as a cash flow hedge for the Company’s term loan under the Credit Facility Agreement with the Bank. The combination of these two interest rate swaps qualified for hedge accounting because the hedges are highly effective, and the Company has designated and documented contemporaneously the hedging relationships involving these interest rate swaps. While the Company intends to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective, the changes in the fair value of the derivatives used as hedges would be reflected in earnings. From September 27, 2019, any gains or losses related to these interest rate swaps will be recorded in AOCI in the unaudited condensed consolidated balance sheets. The Company will reclassify a portion of the gains or losses from AOCI into earnings at each reporting period based on either the accrued interest amount or the interest payment.

As of March 26, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months is a loss of $0.7 million.

Prior to September 27, 2019, these interest rate swaps were not designated as cash flow hedges and all changes in the fair value of these interest rate swaps were reflected in earnings. During the three and nine months ended March 27, 2020, the Company recorded unrealized loss of nil and $1.7 million, respectively, from changes in the fair value of these interest rate swaps as interest expense in the unaudited condensed consolidated statements of operations and comprehensive income.

The following table provides a summary of the impact of derivative gain (loss) of the Company’s foreign currency forward contracts and interest rate swaps which were designated as cash flow hedges on the unaudited condensed consolidated statements of operations and other comprehensive income:


		Three Months Ended				Nine Months Ended
(amount in thousands)	Financial statements line item	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(6,098)	$	(6,609)	$	(5,289)	$	(6,609)
Interest rate swaps	Other comprehensive income	453		(1,239)		1,196		(956)
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(5,645)	$	(7,848)	$	(4,093)	$	(7,565)
Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	(1,470)	$	14	$	(3,190)	$	14
Foreign currency forward contracts	SG&A	(62)		1		(135)		1
Foreign currency forward contracts	Foreign exchange loss, net	2,491		1,669		2,604		1,669
Interest rate swaps	Interest expense	(314)		(405)		(1,009)		(838)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	645	$	1,279	$	(1,730)	$	846
Change in net unrealized gain (loss) on derivatives instruments		$	(5,000)	$	(6,569)	$	(5,823)	$	(6,719)

Fair Value of derivatives

The following table provides the fair values of the Company’s derivative financial instruments for the periods presented:


	March 26, 2021				June 26, 2020
(amount in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	166	$	(90)	$	9	$	(611)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	1		(3,246)		2,814		(83)
Interest rate swaps	—		(3,976)		—		(5,172)
Derivatives, gross balances	$	167	$	(7,312)	$	2,823	$	(5,866)

The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows:


Derivative Financial Instruments			Balance Sheet line item

Fair Value of Derivative Assets			Other current assets
Fair Value of Derivative Liabilities			Accrued expenses
Fair Value of Derivative Liabilities			Other non-current liabilities

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

9 Months Ended

Mar. 26, 2021

Inventory Disclosure [Abstract]

Inventories


(amount in thousands)	As of March 26, 2021		As of June 26, 2020
Raw materials	$	129,570	$	141,522
Work in progress	178,964		136,344
Finished goods	24,034		17,950
Goods in transit	20,715		13,970
Inventories	$	353,283	$	309,786

Other receivable	9 Months Ended
Other receivable	Mar. 26, 2021
Receivables [Abstract]
Other receivable	Other receivableOn October 1, 2019, the Company provided funds in the amount of $24.3 million to a customer to support the customer’s transfer of certain manufacturing operations from Berlin, Germany to the Company’s facilities in Thailand. On October 1, 2020, the Company extended the payment terms of the funds and the accrued interest from September 30, 2020 to April 1, 2021, and reduced the interest rate effective from October 1, 2020. The extension was granted in connection with the customer’s agreement to transfer additional manufacturing operations to the Company’s facilities in Thailand beginning in November 2020. These funds will be offset by the amount due to this customer for the purchases of certain inventories. As of March 26, 2021, the Company recorded the $24.3 million funds as other receivable in the unaudited condensed consolidated balance sheet. The funds were repaid on April 1, 2021.

Restricted cash	9 Months Ended
Restricted cash	Mar. 26, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cashAs of March 26, 2021, the Company had long-term restricted cash of Renminbi 1.0 million related to bank guarantees of its subsidiary in the PRC to support the subsidiary's operations. The bank guarantee was backed by cash collateral of $0.2 million.As of June 26, 2020, the Company had one outstanding standby letter of credit of 6.0 million Euros, related to the Company’s support of a customer’s transfer of certain manufacturing operations from Berlin, Germany to the Company’s facilities in Thailand. The standby letter of credit was backed by cash collateral of $7.4 million. This standby letter of credit expired on December 31, 2020 and the corresponding cash collateral was released in January 2021.

Leases

9 Months Ended

Mar. 26, 2021

Leases [Abstract]

Leases

LeasesThe Company leases facilities under non-cancelable operating lease agreements. The Company leases a portion of its capital equipment and vehicles, certain land and buildings for its facilities in Thailand, the Cayman Islands, the PRC, the U.S., the U.K. and Israel under operating lease arrangements that expire at various dates through 2025. Certain of these lease arrangements provide the Company the ability to extend the lease from one to five years following the expiration of the current term. However, the Company has excluded all lease extension options from its ROU assets and lease liabilities as the Company is not reasonably assured that it will exercise these options. None of the lease agreements contain residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space between Fabritek and Fabrinet West.

Operating leases

As of March 26, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)	As of March 26, 2021
2021 (remaining three months)	$	650
2022	2,585
2023	2,468
2024	1,092
2025	41
Total undiscounted lease payments	6,836
Less imputed interest	(348)
Total present value of lease liabilities	$	6,488	(1)

(1)Included current portion of operating lease liabilities for the period ended March 26, 2021.

Rental expense related to the Company’s operating leases is recognized on a straight-line basis over the lease term. Rental expense for long-term leases for the three and nine months ended March 26, 2021 was $0.7 million and $1.9 million, respectively, and for the three and nine months ended March 27, 2020 was $0.5 million and $1.5 million, respectively. Rental expense for short-term leases for the three and nine months ended March 26, 2021 was $0.1 million and $0.3 million, respectively, and for the three and nine months ended March 27, 2020 was immaterial.

The following summarizes additional information related to the Company’s operating leases:


	As of March 26, 2021		As of June 26, 2020
Weighted-average remaining lease term (in years)	2.9		3.3
Weighted-average discount rate	3.7	%	3.7	%

The following table presents supplemental disclosure for the unaudited condensed consolidated statement of cash flows related to operating and finance leases for the three and nine months ended March 26, 2021 and March 27, 2020:


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	628	$	770	$	1,889	$	1,794
Financing cash flows from finance leases	$	—	$	115	$	100	$	304
ROU assets obtained in exchange for lease liabilities	$	60	$	55	$	1,916	$	7,175

Intangibles

9 Months Ended

Mar. 26, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

The following tables present details of the Company’s intangibles:


(amount in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
As of March 26, 2021
Software	$	9,611	$	(6,376)	$	—	$	3,235
Customer relationships	4,373		(3,077)		45		1,341
Backlog	119		(119)		—		—
Total intangibles	$	14,103	$	(9,572)	$	45	$	4,576


(amount in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
As of June 26, 2020
Software	$	8,317	$	(5,577)	$	—	$	2,740
Customer relationships	4,373		(2,691)		(110)		1,572
Backlog	119		(119)		—		—
Total intangibles	$	12,809	$	(8,387)	$	(110)	$	4,312

The Company recorded amortization expense relating to intangibles of $0.5 million and $0.3 million for the three months ended March 26, 2021 and March 27, 2020, respectively, and $1.2 million and $0.9 million for the nine months ended March 26, 2021 and March 27, 2020, respectively.

The weighted-average remaining life of customer relationships was:


(years)	As of March 26, 2021	As of June 26, 2020
Customer relationships	4.1	4.6

Based on the carrying amount of intangibles as of March 26, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(amount in thousands)
2021 (remaining three months)	$	409
2022	1,437
2023	1,148
2024	818
2025	543
Thereafter	221
Total	$	4,576

Borrowings

9 Months Ended

Mar. 26, 2021

Debt Disclosure [Abstract]

Borrowings

The Company’s total borrowings, including current and non-current portions of long-term borrowings, consisted of the following:


(amount in thousands)
Rate	Conditions	Maturity	As of March 26, 2021		As of June 26, 2020
Long-term borrowings, current portion, net:
Long-term borrowings, current portion			$	12,188	$	12,188
Less: Unamortized debt issuance costs – current portion			(32)		(32)
Long-term borrowings, current portion, net			$	12,156	$	12,156
Long-term borrowings, non-current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum (1)	Repayable in quarterly installments	June 2024	$	42,656	$	51,797
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs – non-current portion			(71)		(95)
Long-term borrowings, non-current portion, net			$	30,397	$	39,514

(1)We have entered into interest rate swaps that effectively fix a series of our future interest payments on our term loans. Refer to Note 6.

The movements of long-term borrowings for the nine months ended March 26, 2021 and March 27, 2020 were as follows:


	Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020
Opening balance	$	51,797	$	60,938
Borrowings during the period	—		60,938
Repayments during the period	(9,141)		(67,032)
Closing balance	$	42,656	$	54,844

As of March 26, 2021, future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousands)
2021 (remaining three months)	$	6,094
2022	12,187
2023	12,187
2024	12,188
Total	$	42,656

Credit facility agreements:

Bank of Ayudhya Public Company Limited

On August 20, 2019, Fabrinet Thailand (the “Borrower”) and Bank of Ayudhya Public Company Limited (the “Bank”) entered into a Credit Facility Agreement (the “Credit Facility Agreement”). The Credit Facility Agreement provides for a facility of 110.0 million Thai baht (approximately $3.6 million based on the applicable exchange rate as of September 27,
2019) and $160.9 million which may be used for, among other things, an overdraft facility, short-term loans against promissory notes, a letter of guarantee facility, a term loan facility and foreign exchange facilities. The Bank may approve any request for extension of credit under the Credit Facility Agreement and may increase or decrease any facility amount in its sole discretion.

Under the Credit Facility Agreement, on August 20, 2019, the Borrower and the Bank entered into a Term Loan Agreement pursuant to which the Borrower drew down on September 3, 2019 a term loan in the original principal amount of $60.9 million. The proceeds from the term loan, together with cash on hand, were used to repay outstanding obligations under the Company’s previous syndicated senior credit facility agreement.

The term loan accrues interest at 3-month LIBOR plus 1.35% and is repayable in quarterly installments of $3.0 million, commencing on September 30, 2019. The term loan will mature on June 30, 2024. The Borrower may prepay the term loan in whole or in part at any time without premium or penalty. Any portion of the term loan repaid or prepaid may not be borrowed again. During the three and nine months ended March 26, 2021, the Company recorded $0.2 million and $0.6 million, respectively, of interest expense in connection with this term loan.

Any borrowings under the Credit Facility Agreement, including those borrowings under the Term Loan Agreement, are guaranteed by Fabrinet and secured by land and buildings owned by the Borrower in the Pathumthani and Chonburi Provinces in Thailand.

The Term Loan Agreement contains affirmative and negative covenants applicable to the Borrower, including delivery of financial statements and other information, compliance with laws, maintenance of insurance, restrictions on granting security interests or liens on its assets, disposing of its assets, incurring indebtedness and making acquisitions. While the term loan is outstanding, the Borrower is required to maintain a loan to value of the mortgaged real property ratio of not greater than 65%. If the loan to value ratio is not maintained, the Borrower will be required to provide additional security or prepay a portion of the term loan in order to restore the required ratio. The Company is also required to maintain a debt service coverage ratio of at least 1.25 times and a debt-to-equity ratio less than or equal to 1.0 times. In the case of any payment of a dividend by the Company, its debt service coverage ratio must be at least 1.50 times. As of March 26, 2021, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.

The events of default in the Term Loan Agreement include failure to pay amounts due under the Term Loan Agreement or the related finance documents when due, failure to comply with the covenants under the Term Loan Agreement or the related finance documents, cross default with other indebtedness of the Borrower, events of bankruptcy or insolvency in respect of the Borrower, and the occurrence of any event or series of events that in the opinion of the Bank has or is reasonably likely to have a material adverse effect.

As of March 26, 2021, there was $42.7 million outstanding under the term loan.

Bank of America, N.A.

On May 22, 2014, the Company and a consortium of banks, entered into a syndicated senior credit facility agreement led by Bank of America (the “Bank of America Facility Agreement”). The Bank of America Facility Agreement provided for a $200.0 million credit line, comprised of a $150.0 million revolving loan facility and a $50.0 million delayed draw term loan facility.

From time to time, the Company amended the Bank of America Facility Agreement, before repaying all outstanding amounts under the agreement and terminating such agreement on September 10, 2019.

The most recent amendment on June 4, 2018 (i) reduced the revolving commitments thereunder from $150.0 million to $25.0 million, (ii) refinanced the outstanding amounts under the revolving loan and term loan facilities into a $65.0 million term loan which was to be repaid in quarterly installments through the maturity date of June 04, 2023; and (iii) reduced the interest rate margins and commitment fees. The term loan bore interest, at the Company’s option, at a rate per annum equal to a LIBOR rate plus a spread of 1.50% to 2.25%, or a base rate plus a spread of 0.50% to 1.25%. During the three months ended March 27, 2020, the Company had no interest expense related to this term loan. During the nine months ended March 27, 2020, the Company recorded $0.5 million of interest expense in connection with this term loan.

On September 10, 2019, the Company fully repaid $61.0 million in principal, accrued interest and other fees under the agreement. The early termination of this agreement did not trigger any early termination fees.

Income taxes	9 Months Ended
Income taxes	Mar. 26, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As of March 26, 2021 and June 26, 2020, the liability for uncertain tax positions including accrued interest and penalties was $0.8 million and $1.5 million, respectively. The Company expects the estimated amount of liability associated with its uncertain tax positions to increase within the next 12 months due to interest on these positions. The Company files income tax returns in the United States and foreign tax jurisdictions. The tax years from 2015 to 2020 remain open to examination by U.S. federal and state, and foreign tax authorities. The Company’s income tax is recognized based on the best estimate of the expected annual effective tax rate for the full financial year of each entity in the Company, adjusted for discrete items arising in that quarter. If the Company’s estimated annual effective tax rate changes, the Company makes a cumulative adjustment in that quarter. The effective tax rate for the Company for the three months ended March 26, 2021 and March 27, 2020 was 4.0% and 2.4%, respectively, of net income. The increase was primarily due to the fact that the Company had higher income subject to tax during the third quarter of fiscal year 2021 as compared to the same period in fiscal year 2020. The effective tax rate for the Company for the nine months ended March 26, 2021 and March 27, 2020 was 3.8% and 4.2%, respectively, of net income. The decrease was primarily due to the fact that the Company had lower income subject to tax during the first nine months of fiscal year 2021 as compared to the same period in fiscal year 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Share-based compensation

9 Months Ended

Mar. 26, 2021

Share-based Payment Arrangement [Abstract]

Share-based compensation

The grant date fair value of restricted share units and performance share units is based on the market value of Fabrinet's ordinary shares on the date of grant.

The effect of recording share-based compensation expense for the three and nine months ended March 26, 2021 and March 27, 2020 was as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Share-based compensation expense by type of award:
Restricted share units	$	3,953	$	4,094	$	13,377	$	12,678
Performance share units	2,911		2,024		5,365		5,623
Total share-based compensation expense	6,864		6,118		18,742		18,301
Tax effect on share-based compensation expense	—		—		—		—
Net effect on share-based compensation expense	$	6,864	$	6,118	$	18,742	$	18,301

Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Cost of revenue	$	1,388	$	1,489	$	4,805	$	4,800
Selling, general and administrative expense	5,476		4,629		13,937		13,501
Total share-based compensation expense	$	6,864	$	6,118	$	18,742	$	18,301

The Company did not capitalize any share-based compensation expense as part of any asset costs during the three and nine months ended March 26, 2021 and March 27, 2020.

Share-based award activity

On December 12, 2019, the Company’s shareholders approved Fabrinet’s 2020 Equity Incentive Plan (the “2020 Plan”). Upon the approval of the 2020 Plan, Fabrinet’s Amended and Restated 2010 Performance Incentive Plan (the “2010 Plan”) was simultaneously terminated. The 2020 Plan provides for the grant of equity awards thereunder with respect to (i) 1,700,000 ordinary shares, plus (ii) up to 1,300,000 ordinary shares that, as of immediately prior to the termination of the 2010 Plan, had been reserved but not issued pursuant to any awards granted under the 2010 Plan and are not subject to any awards thereunder. Upon termination of the 2010 Plan, 1,281,619 ordinary shares were reserved for issuance under the 2020 Plan pursuant to clause (ii) of the preceding sentence.

As of March 26, 2021, there were 234,734 restricted share units outstanding, 188,554 performance share units outstanding and 2,515,947 ordinary shares available for future grant under the 2020 Plan.

As of March 26, 2021, there were 402,651 restricted share units outstanding and 238,474 performance share units outstanding under the 2010 Plan. No ordinary shares are available for future grant under the 2010 Plan.

On November 2, 2017, the Company adopted the 2017 Inducement Equity Incentive Plan (the “2017 Inducement Plan”) with a reserve of 160,000 ordinary shares authorized for future issuance solely for the granting of inducement share options and equity awards to new employees. The 2017 Inducement Plan was adopted without shareholder approval in reliance on the “employment inducement exemption” provided under the New York Stock Exchange Listed Company Manual. As of March 26, 2021, there were 12,164 restricted share units outstanding and 111,347 ordinary shares available for future grant under the 2017 Inducement Plan.

The 2020 Plan, 2010 Plan and 2017 Inducement Plan are collectively referred to as the “Equity Incentive Plans.”

Restricted share units and performance share units

Restricted share units and performance share units have been granted under the Equity Incentive Plans.

Restricted share units granted to employees generally vest in equal installments over three or four years on each anniversary of the vesting commencement date. Restricted share units granted to non-employee directors generally cliff vest 100% on the first of January, approximately one year from the grant date, provided the director continues to serve through such date.

Performance share units granted to executives will vest, if at all, at the end of a two-year performance period based on the Company’s achievement of pre-defined performance criteria, which consist of revenue and non-GAAP operating margin targets. The actual number of performance share units that may vest at the end of the performance period ranges from 0% to 100% of the award grant.

The following table summarizes restricted share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	797,757	$	46.88
Granted	222,886	$	69.97
Issued	(347,662)	$	45.18
Forfeited	(23,432)	$	57.71
Balance as of March 26, 2021	649,549	$	55.33


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 28, 2019	800,751	$	42.48
Granted	343,792	$	50.32
Issued	(321,659)	$	40.82
Forfeited	(28,457)	$	42.80
Balance as of March 27, 2020	794,427	$	46.54

The following table summarizes performance share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	440,140	$	48.37
Granted	184,718	$	69.85
Issued	(82,185)	$	48.02
Forfeited	(115,645)	$	48.02
Balance as of March 26, 2021	427,028	$	57.82


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 28, 2019	548,500	$	40.97
Granted	242,310	$	48.65
Issued	—	—
Forfeited	(350,670)	$	36.99
Balance as of March 27, 2020	440,140	$	48.37

The fair value of restricted share units and performance share units is based on the market value of Fabrinet's ordinary shares on the date of grant.

As of March 26, 2021, there was $13.2 million and $9.8 million of unrecognized share-based compensation expense related to restricted share units and performance share units, respectively, under the Equity Incentive Plans that is expected to be recorded over a weighted-average period of 2.4 years and 1.2 years, respectively.

For the nine months ended March 26, 2021 and March 27, 2020, the Company withheld an aggregate of 160,648 shares and 91,481 shares, respectively, upon the vesting of restricted share units, based upon the closing share price on the vesting date to settle employee obligations for the applicable income and other employment taxes. For the nine months ended March 26, 2021 and March 27, 2020, the Company then remitted cash of $11.4 million and $4.7 million, respectively, to the appropriate taxing authorities, and presented it as a financing activity within the unaudited condensed consolidated statements of cash flows. The payment was recorded as a reduction of additional paid-in capital.

Shareholders' equity	9 Months Ended
Shareholders' equity	Mar. 26, 2021
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Share capital Fabrinet’s authorized share capital is 500,000,000 ordinary shares, par value of $0.01 per ordinary share, and 5,000,000 preferred shares, par value of $0.01 per preferred share. For the three and nine months ended March 26, 2021, Fabrinet issued 43,098 and 269,199 ordinary shares upon the vesting of restricted share units, net of shares withheld. For the three and nine months ended March 27, 2020, Fabrinet issued 52,041 and 230,178 ordinary shares upon the vesting of restricted share units, net of shares withheld. All such issued shares are fully paid. Treasury shares In August 2017, the Company’s board of directors approved a share repurchase program to permit the Company to repurchase up to $30.0 million worth of its issued and outstanding ordinary shares in the open market in accordance with applicable rules and regulations. In February 2018, May 2019 and August 2020, the Company’s board of directors approved an increase of $30.0 million, $50.0 million and $58.5 million, respectively, to the original share repurchase authorization, bringing the aggregate authorization to $168.5 million. During the three months ended March 26, 2021, the Company repurchased 15,354 shares under the program at an average price per share of $80.64, totaling $1.2 million. During the nine months ended March 26, 2021, the Company repurchased 116,903 shares under the program at an average price per share of $71.09, totaling $8.3 million. As of March 26, 2021, the Company had a remaining authorization to purchase up to an additional $91.7 million worth of its ordinary shares under the share repurchase program. Shares repurchased under the share repurchase program are held as treasury shares.

Accumulated other comprehensive income (loss)

9 Months Ended

Mar. 26, 2021

Equity [Abstract]

Accumulated other comprehensive income (loss)

The changes in AOCI for the nine months ended March 26, 2021 and March 27, 2020 were as follows:


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 26, 2020	$	1,490	$	602	$	(2,009)	$	(1,230)	$	(1,147)
Other comprehensive income before reclassification adjustment	(1,116)		(4,093)		—		547		(4,662)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	179		(1,730)		421		—		(1,130)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(937)	$	(5,823)	$	421	$	547	$	(5,792)
Balance as of March 26, 2021	$	553	$	(5,221)	$	(1,588)	$	(683)	$	(6,939)


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 28, 2019	$	952	$	32	$	(2,537)	$	(833)	$	(2,386)
Other comprehensive income before reclassification adjustment	(1,310)		(7,565)		478		(353)		(8,750)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	(93)		846		—		—		753
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(1,403)	$	(6,719)	$	478	$	(353)	$	(7,997)
Balance as of March 27, 2020	$	(451)	$	(6,687)	$	(2,059)	$	(1,186)	$	(10,383)

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Mar. 26, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Letter of credit and Bank guarantees As of March 26, 2021, the Company had no outstanding standby letter of credit. As of June 26, 2020, the Company had one outstanding standby letter of credit of 6.0 million Euros related to the Company’s support of a customer’s transfer of certain manufacturing operations from Berlin, Germany to the Company’s facilities in Thailand. The standby letter of credit was backed by cash collateral of $7.4 million. This standby letter of credit expired on December 31, 2020 and the corresponding cash collateral was released in January 2021. As of March 26, 2021 and June 26, 2020, there were outstanding bank guarantees given by a bank on behalf of our subsidiary in Thailand for electricity usage and other normal business expenses totaling to $1.6 million or Thai Baht 50.2 million and there were other bank guarantees given by a bank on behalf of our subsidiaries in the PRC and the U.K. to support their operations. As of March 26, 2021, the Company had an outstanding bank guarantee of its subsidiary in the PRC to support the subsidiary's operations totaling Renminbi 1.0 million. The bank guarantee was backed by cash collateral of $0.2 million. The bank guarantee given on behalf of our subsidiaries in the U.K. was not material. As of June 26, 2020, these bank guarantees were immaterial. Purchase obligations Purchase obligations represent legally binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. Although open purchase orders are considered enforceable and legally binding, their terms generally give the Company the option to cancel, reschedule and/or adjust its requirements based on its business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. As of March 26, 2021, the Company had a purchase obligation and other commitments to third parties of $661.2 million. Capital expenditure In December 2020, the Company entered into a construction contract with a local contractor for construction of a new manufacturing building at the Company’s Chonburi campus. The contract price is approximately $50.3 million. As of March 26, 2021, the Company had a purchase obligation and other commitments to third parties of $62.1 million. Indemnification of directors and officers Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Fabrinet’s amended and restated memorandum and articles of association provide for indemnification of directors and officers for actions, costs, charges, losses, damages and expenses incurred in their capacities as such, except that such indemnification does not extend to any matter in respect of any fraud or dishonesty that may attach to any of them. In accordance with Fabrinet’s form of indemnification agreement for its directors and officers, Fabrinet has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims by reason of their being such a director or officer. Fabrinet maintains a director and officer liability insurance policy that may enable it to recover a portion of any future amounts paid under the indemnification agreements.

Business segments and geographic information

9 Months Ended

Mar. 26, 2021

Segment Reporting [Abstract]

Business segments and geographic information

Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is Fabrinet’s Chief Executive Officer. As of March 26, 2021, the Company operated and internally managed a single operating segment. Accordingly, the Company does not accumulate discrete information with respect to separate product lines and does not have separate reportable segments.

For the Company’s revenues by geographic region, see “Revenue by Geographic Area and End Market” in Note 3.

The following table presents long-lived assets by the country in which they are based:


(amount in thousands)	March 26, 2021		June 26, 2020
Long-Lived Assets:
Thailand	$	178,191	$	175,738
U.S.	28,017		29,507
China	14,426		14,476
Israel	5,314		5,224
U.K.	2,417		2,956
Cayman Islands	402		373
	$	228,767	$	228,274

Significant customers

The Company had three customers that each contributed to 10% or more of the Company's total trade accounts receivable as of March 26, 2021 and June 26, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
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+ Details

Accounting policies (Policies)

9 Months Ended

Mar. 26, 2021

Accounting Policies [Abstract]

Basis of presentation

The results for the three and nine months ended March 26, 2021 may not be indicative of results for the year ending June 25, 2021 or any future periods.

Use of Estimates

Fiscal years

Reclassifications

For presentation purposes, certain prior period amounts have been reclassified to conform to the current period presentation.

(i)A derivative for which the fair value is a net liability is classified in total as current.

The reclassifications have been made to the consolidated balance sheet as of June 26, 2020 as shown in the following table:


	June 26, 2020
(amount in thousands)	As previously reported		Reclassification		After reclassification
Consolidated Balance Sheet
Current assets
Other current assets	$	13,915	$	593	$	14,508
Current liabilities
Accrued expenses	$	12,104	$	(3,125)	$	8,979
Non-current liabilities
Other non-current liabilities	$	1,937	$	3,718	$	5,655

Adoption of New Accounting Standards

Changes in Accounting Policies

Short-term investments

AFS debt securities are required to be individually evaluated for impairment. A security is considered impaired if the fair value of the security is less than its amortized cost basis.

Trade accounts receivable

Contract assets

Concentration of credit risk

The Company enters into derivative contracts with financial institutions with reputable credit and monitors the credit profiles of these counterparties.

New Accounting Pronouncements – not yet adopted by the Company

Accounting policies (Tables)

9 Months Ended

Mar. 26, 2021

Accounting Policies [Abstract]

Summary of Reclassifications of Consolidated Balance Sheet and Consolidated Statement of Cash Flows

The reclassifications have been made to the consolidated balance sheet as of June 26, 2020 as shown in the following table:


	June 26, 2020
(amount in thousands)	As previously reported		Reclassification		After reclassification
Consolidated Balance Sheet
Current assets
Other current assets	$	13,915	$	593	$	14,508
Current liabilities
Accrued expenses	$	12,104	$	(3,125)	$	8,979
Non-current liabilities
Other non-current liabilities	$	1,937	$	3,718	$	5,655

Revenues from contracts with customers (Tables)

9 Months Ended

Mar. 26, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Geographical Regions

The following table presents total revenues by geographic region:


(amount in thousands, except percentages)	Three Months Ended March 26, 2021		As a % of Total Revenues		Nine Months Ended March 26, 2021		As a % of Total Revenues
North America
U.S.	230,177				661,410
Others	618				1,459
Total revenue in North America	230,795		48.2	%	662,869		48.4	%
Asia-Pacific and others
Malaysia	22,910				107,700
India	56,719				85,535
Israel	25,796				82,915
Hong Kong	21,524				63,397
Japan	18,582				56,223
Others	21,770				71,477
Total revenue in Asia-Pacific and others	167,301		34.9	%	467,247		34.1	%
Europe
Ireland	47,096				149,696
U.K.	15,298				40,742
Germany	7,543				19,596
Others	11,284				29,633
Total revenue in Europe	$	81,221	16.9	%	$	239,667	17.5	%
Total revenue	$	479,317	100.0	%	$	1,369,783	100.0	%


(amount in thousands, except percentages)	Three Months Ended March 27, 2020		As a % of Total Revenues		Nine Months Ended March 27, 2020		As a % of Total Revenues
North America
U.S.	206,329				630,023
Others	422				1,073
Total revenue in North America	206,751		50.3	%	631,096		51.0	%
Asia-Pacific and others
Malaysia	52,414				136,698
Japan	24,985				78,362
Hong Kong	20,710				70,410
Israel	25,530				69,310
China	8,126				34,882
Others	9,874				11,547
Total revenue in Asia-Pacific and others	141,639		34.4	%	401,209		32.5	%
Europe
Ireland	26,716				84,034
U.K.	22,297				52,941
Germany	5,600				41,207
Others	8,207				26,236
Total revenue in Europe	$	62,820	15.3	%	$	204,418	16.5	%
Total revenue	$	411,210	100.0	%	$	1,236,723	100.0	%

Revenues by End Market

The following table presents revenues by end market.


(amount in thousands, except percentages)	Three Months Ended March 26, 2021		As a % of Total Revenues		Nine Months Ended March 26, 2021		As a % of Total Revenues
Optical communications	$	361,739	75.5	%	$	1,053,496	76.9	%
Lasers, sensors and other	117,578		24.5	%	316,287		23.1	%
Total	$	479,317	100.0	%	$	1,369,783	100.0	%


(amount in thousands, except percentages)	Three Months Ended March 27, 2020		As a % of Total Revenues		Nine Months Ended March 27, 2020		As a % of Total Revenues
Optical communications	$	308,566	75.0	%	$	933,013	75.4	%
Lasers, sensors and other	102,644		25.0	%	303,710		24.6	%
Total	$	411,210	100.0	%	$	1,236,723	100.0	%

Schedule of Activity in the Company's Contract Assets

The following tables summarize the activity in the Company’s contract assets and contract liabilities during the nine months ended March 26, 2021:


(amount in thousands)	Contract Assets
Beginning balance, June 26, 2020	$	13,256
Revenue recognized	50,841
Amounts collected or invoiced	(46,967)
Ending balance, March 26, 2021	$	17,130


(amount in thousands)	Contract Liabilities
Beginning balance, June 26, 2020	$	1,556
Advance payment received during the period	16,414
Revenue recognized	(16,561)
Ending balance, March 26, 2021	$	1,409

Earnings per ordinary share (Tables)

9 Months Ended

Mar. 26, 2021

Earnings Per Share [Abstract]

Earnings Per Ordinary Share

Earnings per ordinary share was calculated as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands except per share amounts)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Net income attributable to shareholders	$	37,493	$	28,267	$	105,928	$	85,455
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,875		36,987		36,876		36,970
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares)	734		810		638		726
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,609		37,797		37,514		37,696
Basic earnings per ordinary share	$	1.02	$	0.76	$	2.87	$	2.31
Diluted earnings per ordinary share	$	1.00	$	0.75	$	2.82	$	2.27
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	76		50		76		50

Cash, cash equivalents and short-term investments (Tables)

9 Months Ended

Mar. 26, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-Term Investments

The Company’s cash, cash equivalents, and short-term investments are as follows:


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of March 26, 2021
Cash	$	239,096	$	—	$	239,096	$	—	$	—
Cash equivalents	7,915		—		7,915		—		—
Liquidity funds	51,344		—		—		—		51,344
Certificates of deposit and time deposits	20,500		—		—		—		20,500
Corporate debt securities	158,048		302		—		158,350		—
U.S. agency and U.S. treasury securities	31,289		253		—		31,542		—
Total	$	508,192	$	555	$	247,011	$	189,892	$	71,844
As of June 26, 2020
Cash	$	218,117	$	—	$	218,117	$	—	$	—
Cash equivalents	7,313		—		7,313		—		—
Liquidity funds	41,051		—		—		—		41,051
Certificates of deposit and time deposits	11,800		—		—		—		11,800
Corporate debt securities	159,220		948		—		160,168		—
U.S. agency and U.S. treasury securities	49,130		544		—		49,674		—
Total	$	486,631	$	1,492	$	225,430	$	209,842	$	52,851

Available-for-Sale Securities Based on Stated Effective Maturities


	March 26, 2021				June 26, 2020
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	62,641	$	62,638	$	76,127	$	76,196
Due between one to five years	126,696		127,254		132,223		133,646
Total	$	189,337	$	189,892	$	208,350	$	209,842

Fair value of financial instruments (Tables)

9 Months Ended

Mar. 26, 2021

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on Recurring Basis

The following table provides details of the financial instruments measured at fair value on a recurring basis, including:


	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of March 26, 2021
Assets
Cash equivalents	$	—	$	7,915		$	—	$	7,915
Liquidity funds	—		51,344			—		51,344
Certificates of deposit and time deposits	—		20,500			—		20,500
Corporate debt securities	—		158,350			—		158,350
U.S. agency and U.S. treasury securities	—		31,542			—		31,542
Derivative assets – current portion	—		167		(1)	—		167
Total	$	—	$	269,818		$	—	$	269,818
Liabilities
Derivative liabilities – current portion	$	—	$	4,889		$	—	$	4,889
Derivative liabilities – non-current portion	—		2,423			—		2,423
Total	$	—	$	7,312	(2)	$	—	$	7,312


	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of June 26, 2020
Assets
Cash equivalents	$	—	$	7,313		$	—	$	7,313
Liquidity funds	—		41,051			—		41,051
Certificates of deposit and time deposits	—		11,800			—		11,800
Corporate debt securities	—		160,168			—		160,168
U.S. agency and U.S. treasury securities	—		49,674			—		49,674
Derivative assets	—		2,823		(3)	—		2,823
Total	$	—	$	272,829		$	—	$	272,829
Liabilities
Derivative liabilities – current portion	$	—	$	2,148		$	—	$	2,148
Derivative liabilities – non-current portion	—		3,718			—		3,718
Total	$	—	$	5,866	(4)	$	—	$	5,866

(1)Foreign currency forward contracts with a notional amount of $22.0 million.

(2)Foreign currency forward contracts with a notional amount of $113.0 million and Canadian dollars of 0.8 million and two interest rate swap agreements with a notional amount of $125.1 million.

(3)Foreign currency forward contracts with a notional amount of $125.0 million and Canadian dollars of 0.6 million, and option contract with a notional amount of $1.0 million.

(4)Two interest rate swap agreements with an aggregate notional amount of $125.1 million.

Schedule Impacts of Derivative Gain (Loss) of Cash Flow Hedges


		Three Months Ended				Nine Months Ended
(amount in thousands)	Financial statements line item	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(6,098)	$	(6,609)	$	(5,289)	$	(6,609)
Interest rate swaps	Other comprehensive income	453		(1,239)		1,196		(956)
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(5,645)	$	(7,848)	$	(4,093)	$	(7,565)
Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	(1,470)	$	14	$	(3,190)	$	14
Foreign currency forward contracts	SG&A	(62)		1		(135)		1
Foreign currency forward contracts	Foreign exchange loss, net	2,491		1,669		2,604		1,669
Interest rate swaps	Interest expense	(314)		(405)		(1,009)		(838)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	645	$	1,279	$	(1,730)	$	846
Change in net unrealized gain (loss) on derivatives instruments		$	(5,000)	$	(6,569)	$	(5,823)	$	(6,719)

Schedule of Derivative Financial Instruments

The following table provides the fair values of the Company’s derivative financial instruments for the periods presented:


	March 26, 2021				June 26, 2020
(amount in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	166	$	(90)	$	9	$	(611)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	1		(3,246)		2,814		(83)
Interest rate swaps	—		(3,976)		—		(5,172)
Derivatives, gross balances	$	167	$	(7,312)	$	2,823	$	(5,866)

Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

The Company recorded the fair value of derivative financial instruments in the unaudited condensed consolidated balance sheets as follows:


Derivative Financial Instruments			Balance Sheet line item

Fair Value of Derivative Assets			Other current assets
Fair Value of Derivative Liabilities			Accrued expenses
Fair Value of Derivative Liabilities			Other non-current liabilities

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Inventories (Tables)

9 Months Ended

Mar. 26, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory


(amount in thousands)	As of March 26, 2021		As of June 26, 2020
Raw materials	$	129,570	$	141,522
Work in progress	178,964		136,344
Finished goods	24,034		17,950
Goods in transit	20,715		13,970
Inventories	$	353,283	$	309,786

Leases (Tables)

9 Months Ended

Mar. 26, 2021

Leases [Abstract]

Schedule of Operating Lease Liabilities

As of March 26, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)	As of March 26, 2021
2021 (remaining three months)	$	650
2022	2,585
2023	2,468
2024	1,092
2025	41
Total undiscounted lease payments	6,836
Less imputed interest	(348)
Total present value of lease liabilities	$	6,488	(1)

(1)Included current portion of operating lease liabilities for the period ended March 26, 2021.

Summary of Additional Information Related to Operating and Finance Lease

The following summarizes additional information related to the Company’s operating leases:


	As of March 26, 2021		As of June 26, 2020
Weighted-average remaining lease term (in years)	2.9		3.3
Weighted-average discount rate	3.7	%	3.7	%

Schedule of Supplemental Cash Flow and Other Information Related to Leases


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	628	$	770	$	1,889	$	1,794
Financing cash flows from finance leases	$	—	$	115	$	100	$	304
ROU assets obtained in exchange for lease liabilities	$	60	$	55	$	1,916	$	7,175

Intangibles (Tables)

9 Months Ended

Mar. 26, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

The following tables present details of the Company’s intangibles:


(amount in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
As of March 26, 2021
Software	$	9,611	$	(6,376)	$	—	$	3,235
Customer relationships	4,373		(3,077)		45		1,341
Backlog	119		(119)		—		—
Total intangibles	$	14,103	$	(9,572)	$	45	$	4,576


(amount in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation Adjustment		Net
As of June 26, 2020
Software	$	8,317	$	(5,577)	$	—	$	2,740
Customer relationships	4,373		(2,691)		(110)		1,572
Backlog	119		(119)		—		—
Total intangibles	$	12,809	$	(8,387)	$	(110)	$	4,312

Weighted-Average Remaining Life of Intangible Assets

The weighted-average remaining life of customer relationships was:


(years)	As of March 26, 2021	As of June 26, 2020
Customer relationships	4.1	4.6

Estimated Future Amortization of intangibles

Based on the carrying amount of intangibles as of March 26, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(amount in thousands)
2021 (remaining three months)	$	409
2022	1,437
2023	1,148
2024	818
2025	543
Thereafter	221
Total	$	4,576

Borrowings (Tables)

9 Months Ended

Mar. 26, 2021

Debt Disclosure [Abstract]

Total Borrowings, Including Revolving and Long-Term Borrowings

The Company’s total borrowings, including current and non-current portions of long-term borrowings, consisted of the following:


(amount in thousands)
Rate	Conditions	Maturity	As of March 26, 2021		As of June 26, 2020
Long-term borrowings, current portion, net:
Long-term borrowings, current portion			$	12,188	$	12,188
Less: Unamortized debt issuance costs – current portion			(32)		(32)
Long-term borrowings, current portion, net			$	12,156	$	12,156
Long-term borrowings, non-current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum (1)	Repayable in quarterly installments	June 2024	$	42,656	$	51,797
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs – non-current portion			(71)		(95)
Long-term borrowings, non-current portion, net			$	30,397	$	39,514

(1)We have entered into interest rate swaps that effectively fix a series of our future interest payments on our term loans. Refer to Note 6.

Movements of Long-Term Loans

The movements of long-term borrowings for the nine months ended March 26, 2021 and March 27, 2020 were as follows:


	Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020
Opening balance	$	51,797	$	60,938
Borrowings during the period	—		60,938
Repayments during the period	(9,141)		(67,032)
Closing balance	$	42,656	$	54,844

Future Maturities of Long-Term Debt

As of March 26, 2021, future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousands)
2021 (remaining three months)	$	6,094
2022	12,187
2023	12,187
2024	12,188
Total	$	42,656

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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+ Details

Share-based compensation (Tables)

9 Months Ended

Mar. 26, 2021

Share-based Payment Arrangement [Abstract]

Effect of Recording Share-Based Compensation Expense

The effect of recording share-based compensation expense for the three and nine months ended March 26, 2021 and March 27, 2020 was as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Share-based compensation expense by type of award:
Restricted share units	$	3,953	$	4,094	$	13,377	$	12,678
Performance share units	2,911		2,024		5,365		5,623
Total share-based compensation expense	6,864		6,118		18,742		18,301
Tax effect on share-based compensation expense	—		—		—		—
Net effect on share-based compensation expense	$	6,864	$	6,118	$	18,742	$	18,301

Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income

Share-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income as follows:


	Three Months Ended				Nine Months Ended
(amount in thousands)	March 26, 2021		March 27, 2020		March 26, 2021		March 27, 2020
Cost of revenue	$	1,388	$	1,489	$	4,805	$	4,800
Selling, general and administrative expense	5,476		4,629		13,937		13,501
Total share-based compensation expense	$	6,864	$	6,118	$	18,742	$	18,301

Restricted Share Unit Activity

The following table summarizes restricted share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	797,757	$	46.88
Granted	222,886	$	69.97
Issued	(347,662)	$	45.18
Forfeited	(23,432)	$	57.71
Balance as of March 26, 2021	649,549	$	55.33


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 28, 2019	800,751	$	42.48
Granted	343,792	$	50.32
Issued	(321,659)	$	40.82
Forfeited	(28,457)	$	42.80
Balance as of March 27, 2020	794,427	$	46.54

Performance Share Unit Activity

The following table summarizes performance share unit activity under the Equity Incentive Plans:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	440,140	$	48.37
Granted	184,718	$	69.85
Issued	(82,185)	$	48.02
Forfeited	(115,645)	$	48.02
Balance as of March 26, 2021	427,028	$	57.82


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 28, 2019	548,500	$	40.97
Granted	242,310	$	48.65
Issued	—	—
Forfeited	(350,670)	$	36.99
Balance as of March 27, 2020	440,140	$	48.37

Accumulated other comprehensive income (loss) (Tables)

9 Months Ended

Mar. 26, 2021

Equity [Abstract]

Changes in AOCI, Net of Tax

The changes in AOCI for the nine months ended March 26, 2021 and March 27, 2020 were as follows:


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 26, 2020	$	1,490	$	602	$	(2,009)	$	(1,230)	$	(1,147)
Other comprehensive income before reclassification adjustment	(1,116)		(4,093)		—		547		(4,662)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	179		(1,730)		421		—		(1,130)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(937)	$	(5,823)	$	421	$	547	$	(5,792)
Balance as of March 26, 2021	$	553	$	(5,221)	$	(1,588)	$	(683)	$	(6,939)


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 28, 2019	$	952	$	32	$	(2,537)	$	(833)	$	(2,386)
Other comprehensive income before reclassification adjustment	(1,310)		(7,565)		478		(353)		(8,750)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	(93)		846		—		—		753
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(1,403)	$	(6,719)	$	478	$	(353)	$	(7,997)
Balance as of March 27, 2020	$	(451)	$	(6,687)	$	(2,059)	$	(1,186)	$	(10,383)

Business segments and geographic information (Tables)

9 Months Ended

Mar. 26, 2021

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

The following table presents long-lived assets by the country in which they are based:


(amount in thousands)	March 26, 2021		June 26, 2020
Long-Lived Assets:
Thailand	$	178,191	$	175,738
U.S.	28,017		29,507
China	14,426		14,476
Israel	5,314		5,224
U.K.	2,417		2,956
Cayman Islands	402		373
	$	228,767	$	228,274

Accounting policies - Summary of Reclassifications of Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Current assets
Other current assets	$ 31,967	$ 14,508
Current liabilities
Accrued expenses	12,651	8,979
Non-current liabilities
Other non-current liabilities	$ 3,728	5,655
As previously reported
Current assets
Other current assets		13,915
Current liabilities
Accrued expenses		12,104
Non-current liabilities
Other non-current liabilities		1,937
Reclassification
Current assets
Other current assets		593
Current liabilities
Accrued expenses		(3,125)
Non-current liabilities
Other non-current liabilities		$ 3,718

Accounting policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Dec. 25, 2020	Jun. 27, 2020	Jun. 26, 2020	Mar. 27, 2020	Dec. 27, 2019	Jun. 28, 2019
Accounting Policies [Line Items]
Cumulative adjustment on retained earnings	$ 1,073,506	$ 1,036,670		$ 974,409	$ 933,409	$ 928,327	$ 863,099
Retained Earnings
Accounting Policies [Line Items]
Cumulative adjustment on retained earnings	$ 973,883	$ 936,390		868,062	$ 840,038	$ 811,771	$ 754,583
Cumulative effect adjustment from adoption of ASC 326
Accounting Policies [Line Items]
Cumulative adjustment on retained earnings				(107)
Cumulative effect adjustment from adoption of ASC 326 \| Retained Earnings
Accounting Policies [Line Items]
Cumulative adjustment on retained earnings			$ 100	$ (107)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Revenues from contracts with customers - Disaggregation of revenue by geographical regions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 479,317	$ 411,210	$ 1,369,783	$ 1,236,723
Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 230,795	$ 206,751	$ 662,869	$ 631,096
North America \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	48.20%	50.30%	48.40%	51.00%
U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 230,177	$ 206,329	$ 661,410	$ 630,023
Others
Disaggregation of Revenue [Line Items]
Revenues	618	422	1,459	1,073
Asia-Pacific and others
Disaggregation of Revenue [Line Items]
Revenues	$ 167,301	$ 141,639	$ 467,247	$ 401,209
Asia-Pacific and others \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	34.90%	34.40%	34.10%	32.50%
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	$ 22,910	$ 52,414	$ 107,700	$ 136,698
India
Disaggregation of Revenue [Line Items]
Revenues	56,719		85,535
Israel
Disaggregation of Revenue [Line Items]
Revenues	25,796	25,530	82,915	69,310
Hong Kong
Disaggregation of Revenue [Line Items]
Revenues	21,524	20,710	63,397	70,410
Japan
Disaggregation of Revenue [Line Items]
Revenues	18,582	24,985	56,223	78,362
China
Disaggregation of Revenue [Line Items]
Revenues		8,126		34,882
Others
Disaggregation of Revenue [Line Items]
Revenues	21,770	9,874	71,477	11,547
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 81,221	$ 62,820	$ 239,667	$ 204,418
Europe \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	16.90%	15.30%	17.50%	16.50%
Ireland
Disaggregation of Revenue [Line Items]
Revenues	$ 47,096	$ 26,716	$ 149,696	$ 84,034
U.K.
Disaggregation of Revenue [Line Items]
Revenues	15,298	22,297	40,742	52,941
Germany
Disaggregation of Revenue [Line Items]
Revenues	7,543	5,600	19,596	41,207
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 11,284	$ 8,207	$ 29,633	$ 26,236

Revenues from contracts with customers - Revenues by end market (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 479,317	$ 411,210	$ 1,369,783	$ 1,236,723
Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 361,739	$ 308,566	$ 1,053,496	$ 933,013
Optical communications \| Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	75.50%	75.00%	76.90%	75.40%
Lasers, sensors and other
Disaggregation of Revenue [Line Items]
Revenues	$ 117,578	$ 102,644	$ 316,287	$ 303,710
Lasers, sensors and other \| Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	24.50%	25.00%	23.10%	24.60%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenues from contracts with customers - Schedule of activity in the company's contract assets and contract liabilities (Detail) $ in Thousands	9 Months Ended
	Mar. 26, 2021 USD ($)
Contract Assets
Beginning balance, June 26, 2020	$ 13,256
Revenue recognized	50,841
Amounts collected or invoiced	(46,967)
Ending balance, March 26, 2021	17,130
Contract Liabilities
Beginning balance, June 26, 2020	1,556
Advance payment received during the period	16,414
Revenue recognized	16,561
Ending balance, March 26, 2021	$ 1,409

Earnings per ordinary share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 37,493	$ 28,267	$ 105,928	$ 85,455
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,875	36,987	36,876	36,970
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares)	734	810	638	726
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,609	37,797	37,514	37,696
Basic earnings per share (in USD per share)	$ 1.02	$ 0.76	$ 2.87	$ 2.31
Diluted earnings per share (in USD per share)	$ 1.00	$ 0.75	$ 2.82	$ 2.27
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)	76	50	76	50

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Cash, cash equivalents and short-term investments (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020	Mar. 27, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents and marketable securities, carrying cost	$ 508,192	$ 486,631
Unrealized Gain/ (Loss)	555	1,492
Cash and cash equivalents	247,011	225,430	$ 224,138
Marketable Securities	189,892	209,842
Other Investments	71,844	52,851
Certificates of deposit and time deposits
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost	20,500	11,800
Other Investments	20,500	11,800
Cash
Cash and Cash Equivalents [Line Items]
Carrying Cost	239,096	218,117
Cash and cash equivalents	239,096	218,117
Cash equivalents
Cash and Cash Equivalents [Line Items]
Carrying Cost	7,915	7,313
Cash and cash equivalents	7,915	7,313
Liquidity funds
Cash and Cash Equivalents [Line Items]
Carrying Cost	51,344	41,051
Other Investments	51,344	41,051
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost	158,048	159,220
Unrealized Gain/ (Loss)	302	948
Marketable Securities	158,350	160,168
U.S. agency and U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost	31,289	49,130
Unrealized Gain/ (Loss)	253	544
Marketable Securities	$ 31,542	$ 49,674

Cash, cash equivalents and short-term investments - Additional Information (Detail)	9 Months Ended
	Mar. 26, 2021
Minimum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 months
Maximum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 years

Cash, cash equivalents and short-term investments - Available-for-sale securities based on stated effective maturities (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, total	$ 189,892	$ 209,842
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	62,641	76,127
Carrying cost, due between one to five years	126,696	132,223
Carrying cost, total	189,337	208,350
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	62,638	76,196
Fair value, due between one to five years	127,254	133,646
Fair value, total	$ 189,892	$ 209,842

Fair value of financial instruments - Fair value on recurring basis (Detail) $ in Thousands, $ in Millions	Mar. 26, 2021 USD ($)	Mar. 26, 2021 CAD ($)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 CAD ($)
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	$ 113,000	$ 0.8	$ 125,000	$ 0.6
Foreign currency option contracts
Liabilities
Derivative assets, notional amount			1,000
Fair value, measurements, recurring
Assets
Derivative assets	167		2,823
Total	269,818		272,829
Liabilities
Derivative liabilities – current portion	4,889		2,148
Derivative liabilities – non-current portion	2,423		3,718
Total	7,312		5,866
Fair value, measurements, recurring \| Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	22,000
Fair value, measurements, recurring \| Interest rate swaps
Liabilities
Derivative liabilities, notional amount			(125,100)
Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	20,500		11,800
Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	7,915		7,313
Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	51,344		41,051
Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	158,350		160,168
Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	31,542		49,674
Level 1 \| Fair value, measurements, recurring
Assets
Derivative assets	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Derivative liabilities – non-current portion	0		0
Total	0		0
Level 1 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	0		0
Level 2 \| Fair value, measurements, recurring
Assets
Derivative assets	167		2,823
Total	269,818		272,829
Liabilities
Derivative liabilities – current portion	4,889		2,148
Derivative liabilities – non-current portion	2,423		3,718
Total	7,312		5,866
Level 2 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	20,500		11,800
Level 2 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	7,915		7,313
Level 2 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	51,344		41,051
Level 2 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	158,350		160,168
Level 2 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	31,542		49,674
Level 3 \| Fair value, measurements, recurring
Assets
Derivative assets	0		0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Derivative liabilities – non-current portion	0		0
Total	0		0
Level 3 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| U.S. agency and U.S. treasury securities
Assets
Marketable securities	$ 0		$ 0

Fair Value - Additional Information (Detail) $ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2021 USD ($) contract	Mar. 27, 2020 USD ($)	Mar. 26, 2021 USD ($) contract	Mar. 27, 2020 USD ($)	Mar. 26, 2021 CAD ($) contract	Jun. 26, 2020 USD ($) contract	Jun. 26, 2020 CAD ($) contract	Sep. 03, 2019	Jul. 25, 2018
Foreign Currency Fair Value Hedge Derivative [Line Items]
Fixed interest rate									2.86%
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative assets, notional amount	$ 113.0		$ 113.0		$ 0.8	$ 125.0	$ 0.6
Gains or losses from accumulated other comprehensive income expected to be reclassified			3.3
Unrealized gain (loss) on derivatives	$ (2.0)	$ (2.1)	$ (1.7)	$ (4.0)
Foreign currency forward contracts \| Designated as hedging instrument \| Thailand, baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	135		135		135	125,000	125,000
Derivative notional amount	$ 135.0		$ 135.0
Foreign currency forward contracts \| Designated as hedging instrument \| Canada, dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount					$ 0.8		$ 0.6
Foreign currency option contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative assets, notional amount						$ 1.0
Interest rate swaps
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	2		2		2	2	2
Derivative notional amount	$ 125.1		$ 125.1			$ 125.1
Gains or losses from accumulated other comprehensive income expected to be reclassified			$ 0.7
Interest rate swaps \| Bank of Ayudhya Public Company \| Bank of America Credit Facility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Debt instrument stated interest percentage								4.36%
Interest rate swaps \| Non designated
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives		$ 0.0		$ 1.7

Fair Value - Schedule impacts of derivative gain (loss) of cash flow hedges (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ (5,645)	$ (7,848)	$ (4,093)	$ (7,565)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	645	1,279	(1,730)	846
Change in net unrealized gain (loss) on derivatives instruments	(5,000)	(6,569)	(5,823)	(6,719)
Foreign currency forward contracts \| Cost of revenues
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(1,470)	14	(3,190)	14
Foreign currency forward contracts \| SG&A
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(62)	1	(135)	1
Foreign currency forward contracts \| Foreign exchange loss, net
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	2,491	1,669	2,604	1,669
Foreign currency forward contracts \| Other comprehensive income (loss)
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	(6,098)	(6,609)	(5,289)	(6,609)
Interest rate swaps \| Interest expense
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(314)	(405)	(1,009)	(838)
Interest rate swaps \| Other comprehensive income (loss)
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ 453	$ (1,239)	$ 1,196	$ (956)

Fair Value - Schedule of derivative financial instruments (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Derivatives designates as hedging instruments:
Derivative assets, gross balances	$ 167	$ 2,823
Derivative liabilities, gross balances	(7,312)	(5,866)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	166	9
Derivative Liabilities	(90)	(611)
Interest rate swaps
Derivatives not designated as hedging instruments
Derivative Assets	0	0
Derivative Liabilities	0	0
Derivatives designates as hedging instruments:
Derivative Assets	0	0
Derivative Liabilities	(3,976)	(5,172)
Foreign currency forward contracts
Derivatives designates as hedging instruments:
Derivative Assets	1	2,814
Derivative Liabilities	$ (3,246)	$ (83)

Inventories (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 129,570	$ 141,522
Work in progress	178,964	136,344
Finished goods	24,034	17,950
Goods in transit	20,715	13,970
Inventories	$ 353,283	$ 309,786

Other receivable - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2021	Jun. 26, 2020	Oct. 01, 2019
Receivables [Abstract]
Other receivable	$ 24,310	$ 24,310	$ 24,300
Other receivable provided to customer	$ 24,300

Restricted cash - Additional Information (Detail) € in Millions, ¥ in Millions	Mar. 26, 2021 USD ($)	Mar. 26, 2021 CNY (¥)	Mar. 26, 2021 EUR (€)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 EUR (€)
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 153,000			$ 0
Outstanding letter of credit amount	0		€ 6.0		€ 6.0
China
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash \| ¥		¥ 1.0
Standby letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Amount of cash collateral	7,400,000			$ 7,400,000
Bank guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Amount of cash collateral	$ 200,000

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Operating lease rental expense	$ 0.7	$ 0.5	$ 1.9	$ 1.5
Operating lease rental expense short term	$ 0.1		$ 0.3
Minimum
Lessee operating lease option to extend term	1 year
Maximum
Lessee operating lease option to extend term	5 years

Leases - Schedule of operating lease liabilities (Detail) $ in Thousands	Mar. 26, 2021 USD ($)
Leases [Abstract]
2021 (remaining three months)	$ 650
2022	2,585
2023	2,468
2024	1,092
2025	41
Total undiscounted lease payments	6,836
Less imputed interest	(348)
Total present value of lease liabilities	$ 6,488

Leases - Summary of additional information related to operating and finance lease (Detail)	Mar. 26, 2021	Jun. 26, 2020
Leases [Abstract]
Weighted-average remaining lease term (in years)	2 years 10 months 24 days	3 years 3 months 18 days
Weighted-average discount rate	3.70%	3.70%

Leases - Schedule of supplemental cash flow information related to operating lease (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 628	$ 770	$ 1,889	$ 1,794
Financing cash flows from finance leases	0	115	100	304
ROU assets obtained in exchange for lease liabilities	$ 60	$ 55	$ 1,916	$ 7,175

Intangibles (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Intangibles (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,103	$ 12,809
Accumulated Amortization	(9,572)	(8,387)
Foreign Currency Translation Adjustment	45	(110)
Net	4,576	4,312
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,611	8,317
Accumulated Amortization	(6,376)	(5,577)
Net	3,235	2,740
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,373	4,373
Accumulated Amortization	(3,077)	(2,691)
Foreign Currency Translation Adjustment	45	(110)
Net	1,341	1,572
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	119	119
Accumulated Amortization	$ (119)	$ (119)

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangibles	$ 0.5	$ 0.3	$ 1.2	$ 0.9

Intangibles - Weighted-average remaining life of intangible assets (Detail)	9 Months Ended	12 Months Ended
	Mar. 26, 2021	Jun. 26, 2020
Global CEM Solutions, Ltd. \| Customer relationships
Finite-Lived Intangible Liabilities [Line Items]
Weighted average remaining life of acquired intangible assets	4 years 1 month 6 days	4 years 7 months 6 days

Intangibles - Estimated future amortization of intangibles (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining three months)	$ 409
2022	1,437
2023	1,148
2024	818
2025	543
Thereafter	221
Total	$ 4,576	$ 4,312

Borrowings - Total borrowings, including current portion and non-current portion of long-term borrowings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Jun. 26, 2020
Debt Instrument [Line Items]
Long-term borrowings, current portion	$ 12,188	$ 12,188
Less: Unamortized debt issuance costs – current portion	(32)	(32)
Long-term borrowings, current portion, net	12,156	12,156
Less: Current portion	(12,188)	(12,188)
Less: Unamortized debt issuance costs – non-current portion	(71)	(95)
Long-term borrowings, non-current portion, net	$ 30,397	39,514
Loan payable due June 2024
Debt Instrument [Line Items]
Rate	3-month LIBOR +1.35% per annum
Long-term debt	$ 42,656	$ 51,797
Loan payable due June 2024 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.35%

Borrowings - Movements of long-term loans (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Debt Disclosure [Abstract]
Opening balance	$ 51,797	$ 60,938
Borrowings during the period	0	60,938
Repayments during the period	(9,141)	(67,032)
Closing balance	$ 42,656	$ 54,844

Borrowings - Future maturities of long-term debt (Detail) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 26, 2020	Mar. 27, 2020	Jun. 28, 2019
Debt Disclosure [Abstract]
2021 (remaining three months)	$ 6,094
2022	12,187
2023	12,187
2024	12,188
Total	$ 42,656	$ 51,797	$ 54,844	$ 60,938

Borrowings - Additional Information (Detail)		3 Months Ended		9 Months Ended
Borrowings - Additional Information (Detail)	Sep. 10, 2019 USD ($)	Mar. 26, 2021 USD ($)	Mar. 27, 2020 USD ($)	Mar. 26, 2021 USD ($)	Mar. 27, 2020 USD ($)	Sep. 27, 2019 USD ($)	Sep. 03, 2019 USD ($)	Aug. 20, 2019 USD ($)	Jun. 04, 2018 USD ($)	May 22, 2014 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity								$ 160,900,000		$ 200,000,000.0
Line of credit facility termination date				Sep. 10, 2019
Repayments of long term debt				$ 9,141,000	$ 67,032,000
Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt description of variable rate basis				3-month LIBOR plus 1.35%
Debt instrument periodic payment				$ 3,000,000.0
Debt instrument maturity date				Jun. 30, 2024
Interest expense on debt		$ 200,000		$ 600,000
Bank of Ayudhya Public Company Limited \| Term loan agreement
Line of Credit Facility [Line Items]
Minimum service coverage ratio		1.25		1.25
Service coverage ratio, minimum at payment of a dividend		1.50		1.50
Loan to value ratio		0.65		0.65
Credit Facility Agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity						$ 3,600,000		$ 110,000,000.0
Term loan agreement
Line of Credit Facility [Line Items]
Long term debt outstanding		$ 42,700,000		$ 42,700,000
Term loan agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt principal amount							$ 60,900,000
Line of credit covenant terms		The Term Loan Agreement contains affirmative and negative covenants applicable to the Borrower, including delivery of financial statements and other information, compliance with laws, maintenance of insurance, restrictions on granting security interests or liens on its assets, disposing of its assets, incurring indebtedness and making acquisitions. While the term loan is outstanding, the Borrower is required to maintain a loan to value of the mortgaged real property ratio of not greater than 65%. If the loan to value ratio is not maintained, the Borrower will be required to provide additional security or prepay a portion of the term loan in order to restore the required ratio. The Company is also required to maintain a debt service coverage ratio of at least 1.25 times and a debt-to-equity ratio less than or equal to 1.0 times. In the case of any payment of a dividend by the Company, its debt service coverage ratio must be at least 1.50 times. As of March 26, 2021, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.
Term loan agreement \| Bank of America
Line of Credit Facility [Line Items]
Interest expense on debt			$ 0		$ 500,000
LIBOR \| After fifth amendment
Line of Credit Facility [Line Items]
Credit line interest rate				LIBOR rate plus a spread of 1.50% to 2.25%
LIBOR \| After fifth amendment \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.50%
LIBOR \| After fifth amendment \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.25%
Base rate \| After fifth amendment
Line of Credit Facility [Line Items]
Credit line interest rate				base rate plus a spread of 0.50% to 1.25%
Base rate \| After fifth amendment \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				0.50%
Base rate \| After fifth amendment \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.25%
Revolving credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity		$ 150,000,000.0		$ 150,000,000.0					$ 25,000,000.0	150,000,000.0
Line of credit facility extended termination date				Jun. 04, 2023
Revolving credit facility \| Bank of America
Line of Credit Facility [Line Items]
Repayments of long term debt	$ 61,000,000.0
Term loan credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity										$ 50,000,000.0
Line of credit facility amount outstanding									$ 65,000,000.0

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020	Jun. 26, 2020
Income Tax Disclosure [Abstract]
Liability for uncertain tax positions including accrued interest and penalties	$ 0.8		$ 0.8		$ 1.5
Corporate effective income tax rate	4.00%	2.40%	3.80%	4.20%

Share-based compensation - Effect of recording share-based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Share-based compensation expense by type of award:
Restricted share units	$ 3,953	$ 4,094	$ 13,377	$ 12,678
Performance share units	2,911	2,024	5,365	5,623
Total share-based compensation expense	6,864	6,118	18,742	18,301
Tax effect on share-based compensation expense	0	0	0	0
Net effect on share-based compensation expense	$ 6,864	$ 6,118	$ 18,742	$ 18,301

Share-based compensation - Share-based compensation expense recorded in condensed consolidated statements of operations and comprehensive income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 6,864	$ 6,118	$ 18,742	$ 18,301
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,388	1,489	4,805	4,800
SG&A
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5,476	$ 4,629	$ 13,937	$ 13,501

Share-based compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Dec. 12, 2019	Nov. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)			1,281,619
Shares withheld to settle employee minimum statutory obligation for applicable income and other employment taxes (in shares)	160,648	91,481
Tax withholdings related to net share settlement of restricted share units	$ 11,362	$ 4,727
Stock Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for grant (in shares)	0
Equity Incentive 2020 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for grant (in shares)			1,700,000
Shares reserved for future issuance (in shares)			1,300,000
Equity Incentive 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)				160,000
Share units outstanding (in shares)	111,347
Restricted share units \| Stock Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	402,651
Restricted share units \| Stock Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	2,515,947
Restricted share units \| Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 13,200
Unrecognized compensation expense, weighted-average period for recognition	2 years 4 months 24 days
Restricted share units \| Equity Incentive 2020 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	234,734
Restricted share units \| Equity Incentive 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	12,164
Restricted share units \| Vesting option one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	3 years
Restricted share units \| Vesting option two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	4 years
Restricted share units \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	1 year
Restricted share units \| Non-employee director \| Vest on the first of January
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
Performance share units \| Stock Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	188,554
Performance share units \| Executive of the Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	2 years
Performance share units \| Executive of the Company \| Vest at the end of the performance period \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	0.00%
Performance share units \| Executive of the Company \| Vest at the end of the performance period \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
Performance share units \| Stock Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	238,474
Performance share units \| Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 9,800
Unrecognized compensation expense, weighted-average period for recognition	1 year 2 months 12 days

Share-based compensation - Restricted share unit activity (Detail) - Stock Plan 2010 and 2017 - Restricted share units - $ / shares	9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Number of restricted share units
Number of share units, beginning balance (in shares)	797,757	800,751
Number of share units, granted (in shares)	222,886	343,792
Number of share units, issued (in shares)	(347,662)	(321,659)
Number of share units, forfeited (in shares)	(23,432)	(28,457)
Number of share units, ending balance (in shares)	649,549	794,427
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 46.88	$ 42.48
Weighted-average grant date fair value per share, granted (in USD per share)	69.97	50.32
Weighted-average grant date fair value per share, issued (in USD per share)	45.18	40.82
Weighted-average grant date fair value per share, forfeited (in USD per share)	57.71	42.80
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 55.33	$ 46.54

Share-based compensation - Performance share unit activity (Detail) - Stock Plan 2010 and 2017 - Performance share units - $ / shares	9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Number of performance share units
Number of share units, beginning balance (in shares)	440,140	548,500
Number of share units, granted (in shares)	184,718	242,310
Number of share units, issued (in shares)	(82,185)	0
Number of share units, forfeited (in shares)	(115,645)	(350,670)
Number of share units, ending balance (in shares)	427,028	440,140
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 48.37	$ 40.97
Weighted-average grant date fair value per share, granted (in USD per share)	69.85	48.65
Weighted-average grant date fair value per share, issued (in USD per share)	48.02	0
Weighted-average grant date fair value per share, forfeited (in USD per share)	48.02	36.99
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 57.82	$ 48.37

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020	Aug. 31, 2020	Jun. 26, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Shareholders Equity [Line Items]
Ordinary shares, authorized share capital	500,000,000		500,000,000			500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Preferred shares, shares authorized (in shares)	5,000,000		5,000,000			5,000,000
Preferred shares, par value (in USD per share)	$ 0.01		$ 0.01			$ 0.01
Share repurchase program, approved amount									$ 30,000,000.0
Share repurchase program, increase in shares authorized for repurchase					$ 58,500,000		$ 50,000,000.0	$ 30,000,000.0
Treasury stock, carrying basis	$ 91,700,000		$ 91,700,000			$ 168,500,000
Treasury stock acquired (in shares)	15,354	355,000	116,903	355,000
Treasury stock acquired, average cost (in USD per share)	$ 80.64		$ 71.09
Treasury stock, value, acquired, cost method	$ 1,238,000	$ 20,722,000	$ 8,312,000	$ 20,722,000
1999 and 2010 Stock Plan
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	43,098	52,041	269,199	230,178

Accumulated other comprehensive income (loss) - Changes in AOCI, net of tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Mar. 26, 2021	Mar. 27, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,036,670	$ 928,327	$ 974,409	$ 863,099
Other comprehensive income before reclassification adjustment			(4,662)	(8,750)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(1,130)	753
Total other comprehensive income (loss), net of tax	(5,282)	(8,231)	(5,792)	(7,997)
Ending balance	1,073,506	933,409	1,073,506	933,409
Unrealized net (Losses)/Gains on Available-for-sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			1,490	952
Other comprehensive income before reclassification adjustment			(1,116)	(1,310)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			179	(93)
Total other comprehensive income (loss), net of tax			(937)	(1,403)
Ending balance	553	(451)	553	(451)
Unrealized net (Losses)/Gains on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			602	32
Other comprehensive income before reclassification adjustment			(4,093)	(7,565)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			(1,730)	846
Total other comprehensive income (loss), net of tax			(5,823)	(6,719)
Ending balance	(5,221)	(6,687)	(5,221)	(6,687)
Retirement benefit plan - Prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(2,009)	(2,537)
Other comprehensive income before reclassification adjustment				478
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income			421
Total other comprehensive income (loss), net of tax			421	478
Ending balance	(1,588)	(2,059)	(1,588)	(2,059)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(1,230)	(833)
Other comprehensive income before reclassification adjustment			547	(353)
Total other comprehensive income (loss), net of tax			547	(353)
Ending balance	(683)	(1,186)	(683)	(1,186)
AOCI Attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,657)	(2,152)	(1,147)	(2,386)
Total other comprehensive income (loss), net of tax	(5,282)	(8,231)	(5,792)	(7,997)
Ending balance	$ (6,939)	$ (10,383)	$ (6,939)	$ (10,383)

Commitments and Contingencies - Additional Information (Detail) € in Millions, ฿ in Millions, ¥ in Millions	Mar. 26, 2021 USD ($)	Mar. 26, 2021 CNY (¥)	Mar. 26, 2021 EUR (€)	Mar. 26, 2021 THB (฿)	Dec. 25, 2020 USD ($)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 EUR (€)	Jun. 26, 2020 THB (฿)
Commitments and Contingencies Disclosure [Line Items]
Outstanding letter of credit amount	$ 0		€ 6.0				€ 6.0
Outstanding bank guarantees given by banks on behalf of the company	1,600,000			฿ 50.2		$ 1,600,000		฿ 50.2
Long-term restricted cash	153,000					0
Contractual obligation					$ 50,300,000
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	661,200,000
Standby letters of credit
Commitments and Contingencies Disclosure [Line Items]
Amount of cash collateral	7,400,000					$ 7,400,000
Bank guarantees
Commitments and Contingencies Disclosure [Line Items]
Amount of cash collateral	200,000
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	$ 62,100,000
China
Commitments and Contingencies Disclosure [Line Items]
Long-term restricted cash \| ¥		¥ 1.0

Business Segments and Geographic Information - Additional Information (Detail) $ in Thousands	Mar. 26, 2021 USD ($) customer	Jun. 26, 2020 USD ($) customer
Segment Reporting Information [Line Items]
Long-lived assets	$ 228,767	$ 228,274
Number of customers that contributed to more than 10% of trade accounts receivable \| customer	3	3
Thailand
Segment Reporting Information [Line Items]
Long-lived assets	$ 178,191	$ 175,738
U.S.
Segment Reporting Information [Line Items]
Long-lived assets	28,017	29,507
China
Segment Reporting Information [Line Items]
Long-lived assets	14,426	14,476
Israel
Segment Reporting Information [Line Items]
Long-lived assets	5,314	5,224
U.K.
Segment Reporting Information [Line Items]
Long-lived assets	2,417	2,956
Cayman Islands
Segment Reporting Information [Line Items]
Long-lived assets	$ 402	$ 373