0001408710-21-000034 | 10-K | XBRL Viewer

Print Document View Excel Document

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 25, 2021	Aug. 06, 2021	Dec. 25, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 25, 2021
Current Fiscal Year End Date	--06-25
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
Entity Address, Address Line Two	One Nexus Way, Camana Bay
Entity Address, City or Town	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.8
Entity Common Stock, Shares Outstanding		36,799,959
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2021 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001408710

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Current assets
Cash and cash equivalents	$ 302,969	$ 225,430
Short-term restricted cash	0	7,402
Short-term investments	244,963	262,693
Trade accounts receivable, net of allowance for doubtful accounts of $100 and $336, respectively	336,547	272,665
Contract assets	11,878	13,256
Inventories	422,133	309,786
Other receivable	0	24,310
Prepaid expenses	11,398	5,399
Other current assets	22,619	14,508
Total current assets	1,352,507	1,135,449
Non-current assets
Long-term restricted cash	154	0
Property, plant and equipment, net	241,129	228,274
Intangibles, net	4,371	4,312
Operating right-of-use assets	6,699	8,068
Deferred tax assets	9,428	5,675
Other non-current assets	1,834	202
Total non-current assets	263,615	246,531
Total Assets	1,616,122	1,381,980
Current liabilities
Long-term borrowings, current portion, net	12,156	12,156
Trade accounts payable	346,555	251,603
Fixed assets payable	19,206	15,127
Contract liabilities	1,680	1,556
Operating lease liabilities, current portion	2,593	1,979
Income tax payable	3,612	2,242
Accrued payroll, bonus and related expenses	20,464	19,265
Accrued expenses	17,134	8,979
Other payables	20,958	21,514
Total current liabilities	444,358	334,421
Non-current liabilities
Long-term borrowings,non-current portion, net	27,358	39,514
Deferred tax liability	5,107	4,729
Operating lease liabilities,non-current portion	3,850	5,873
Severance liabilities	19,485	17,379
Other non-current liabilities	3,444	5,655
Total non-current liabilities	59,244	73,150
Total Liabilities	503,602	407,571
Commitments and contingencies (Note 21)
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of June 25, 2021 and June 26, 2020)	0	0
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,749,045 shares and 38,471,967 shares issued as of June 25, 2021 and June 26, 2020, respectively; and 36,765,456 shares and 36,727,864 shares outstanding as of June 25, 2021 and June 26, 2020, respectively)	388	385
Additional paid-in capital	189,445	175,610
Less: Treasury shares (1,983,589 shares and 1,744,103 shares as of June 25, 2021 and June 26, 2020, respectively)	(87,343)	(68,501)
Accumulated other comprehensive loss	(6,266)	(1,147)
Retained earnings	1,016,296	868,062
Total Shareholders’ Equity	1,112,520	974,409
Total Liabilities and Shareholders’ Equity	$ 1,616,122	$ 1,381,980

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Allowance for doubtful accounts	$ (100)	$ (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)	38,749,045	38,471,967
Ordinary shares, shares outstanding (in shares)	36,765,456	36,727,864
Treasury stocks, shares (in shares)	1,983,589	1,744,103

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Income Statement [Abstract]
Revenues	$ 1,879,350	$ 1,641,836	$ 1,584,335
Cost of revenues	(1,657,987)	(1,455,731)	(1,405,111)
Gross profit	221,363	186,105	179,224
Selling, general and administrative expenses	(70,567)	(68,374)	(55,067)
Expenses related to reduction in workforce	(43)	(329)	(1,516)
Operating income	150,753	117,402	122,641
Interest income	3,783	7,592	6,699
Interest expense	(1,100)	(3,044)	(5,381)
Foreign exchange gain (loss), net	508	(3,797)	1,406
Other income (expense), net	(3,460)	1,089	868
Income before income taxes	150,484	119,242	126,233
Income tax expense	(2,143)	(5,763)	(5,278)
Net income	148,341	113,479	120,955
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale securities	(1,182)	538	2,043
Change in net unrealized gain (loss) on derivative instruments	(5,106)	570	(1)
Change in retirement benefit plan – prior service cost	584	528	(2,537)
Change in foreign currency translation adjustment	585	(397)	(634)
Total other comprehensive income (loss), net of tax	(5,119)	1,239	(1,129)
Net comprehensive income (loss)	$ 143,222	$ 114,718	$ 119,826
Earnings per share
Basic earnings per share (in USD per share)	$ 4.02	$ 3.07	$ 3.29
Diluted earnings per share (in USD per share)	$ 3.95	$ 3.01	$ 3.23
Weighted average number of ordinary shares outstanding (thousands of shares)
Weighted average number of ordinary shares outstanding, basic (in shares)	36,872	36,908	36,798
Weighted average number of ordinary shares outstanding, diluted (in shares)	37,555	37,665	37,415

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Jun. 29, 2018			37,723,733
Beginning balance at Jun. 29, 2018	$ 740,939	$ 1,205	$ 377	$ 151,797	$ (42,401)	$ (1,257)	$ 632,423	$ 1,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	120,955						120,955
Other comprehensive income (loss)	(1,129)					(1,129)
Share-based compensation	17,157			17,157
Issuance of ordinary shares (in shares)			507,020
Issuance of ordinary shares	(1)		$ 5	(6)
Repurchase of shares held as treasury shares	(5,378)				(5,378)
Tax withholdings related to net share settlement of restricted share units	(10,649)			(10,649)
Ending Balance (in shares) at Jun. 28, 2019			38,230,753
Ending balance at Jun. 28, 2019	863,099		$ 382	158,299	(47,779)	(2,386)	754,583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,479						113,479
Other comprehensive income (loss)	1,239					1,239
Share-based compensation	22,203			22,203
Issuance of ordinary shares (in shares)			241,214
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	(4,889)			(4,889)
Ending Balance (in shares) at Jun. 26, 2020			38,471,967
Ending balance at Jun. 26, 2020	$ 974,409	$ (107)	$ 385	175,610	(68,501)	(1,147)	868,062	$ (107)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201905Member
Net income	$ 148,341						148,341
Other comprehensive income (loss)	(5,119)					(5,119)
Share-based compensation	25,462			25,462
Issuance of ordinary shares (in shares)			277,078
Issuance of ordinary shares			$ 3	(3)
Repurchase of shares held as treasury shares	(18,842)				(18,842)
Tax withholdings related to net share settlement of restricted share units	(11,624)			(11,624)
Ending Balance (in shares) at Jun. 25, 2021			38,749,045
Ending balance at Jun. 25, 2021	$ 1,112,520		$ 388	$ 189,445	$ (87,343)	$ (6,266)	$ 1,016,296

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Statement of Stockholders' Equity [Abstract]
Treasury shares (in shares)	239,486	355,000	100,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Cash flows from operating activities
Net income	$ 148,341	$ 113,479	$ 120,955
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	36,252	30,875	29,944
(Gain) loss on disposal and impairment of property, plant and equipment	13	329	(4)
(Gain) loss on disposal of intangibles	0	0	149
Loss on impairment of goodwill	0	3,514	0
(Gain) loss from sales and maturities of available-for-sale securities	(187)	(96)	135
Accretion of premiums on short-term investments	2,093	(508)	(592)
Amortization of deferred debt issuance costs	32	26	0
Allowance for doubtful accounts (reversal)	(343)	240	36
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts	(859)	1,963	(6,980)
Unrealized loss on fair value of interest rate swaps	0	1,672	2,591
Amortization of fair value at hedge inception of interest rate swaps	(1,299)	(1,220)	0
Share-based compensation	25,462	22,203	17,157
Deferred income tax	(3,473)	1,262	879
Other non-cash expenses	(450)	(619)	(450)
Changes in operating assets and liabilities
Trade accounts receivable	(63,810)	(12,260)	(13,494)
Contract assets	1,378	(809)	(2,570)
Inventories	(112,349)	(16,174)	(44,598)
Other current assets and non-current assets	(15,190)	(775)	(2,777)
Trade accounts payable	96,312	(5,990)	38,807
Contract liabilities	124	(683)	2,239
Income tax payable	1,353	442	1,092
Severance liabilities	3,180	2,802	3,343
Other current liabilities and non-current liabilities	2,085	10,987	1,532
Net cash provided by operating activities	118,665	150,660	147,394
Cash flows from investing activities
Purchase of short-term investments	(244,329)	(196,373)	(233,080)
Proceeds from sales of short-term investments	79,439	48,808	99,142
Proceeds from maturities of short-term investments	179,532	142,508	54,215
Funds repayment from (provided to) customer to support transfer of manufacturing operations (Note 10)	24,310	(24,310)	0
Purchase of property, plant and equipment	(42,532)	(42,327)	(18,661)
Purchase of intangibles	(1,952)	(1,180)	(282)
Proceeds from disposal of property, plant and equipment	90	1,626	599
Net cash used in investing activities	(5,442)	(71,248)	(98,067)
Cash flows from financing activities
Payment of debt issuance costs	0	(153)	0
Proceeds from long-term borrowings	0	60,938	0
Repayment of long-term borrowings	(12,188)	(70,079)	(3,250)
Repayment of finance lease liabilities	(100)	(400)	(468)
Repurchase of ordinary shares	(18,842)	(20,722)	(5,378)
Release of restricted cash held in connection with business acquisition	0	0	(3,478)
Withholding tax related to net share settlement of restricted share units	(11,624)	(4,889)	(10,649)
Net cash used in financing activities	(42,754)	(35,305)	(23,223)
Net increase in cash, cash equivalents and restricted cash	70,469	44,107	26,104
Movement in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period	232,832	188,241	161,433
Increase in cash, cash equivalents and restricted cash	70,469	44,107	26,104
Effect of exchange rate on cash, cash equivalents and restricted cash	(178)	484	704
Cash, cash equivalents and restricted cash at end of period	303,123	232,832	188,241
Cash paid for
Interest	2,438	1,688	2,605
Taxes	7,945	8,466	7,637
Cash received for interest	4,445	9,676	5,811
Non-cash investing and financing activities
Construction, software and equipment related payables	$ 19,206	$ 15,127	$ 7,317

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 302,969	$ 225,430	$ 180,839
Restricted cash	154	7,402	7,402
Cash, cash equivalents and restricted cash	$ 303,123	$ 232,832	$ 188,241

Business and organization	12 Months Ended
Business and organization	Jun. 25, 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”).

Summary of significant accounting policies

12 Months Ended

Jun. 25, 2021

Accounting Policies [Abstract]

Summary of significant accounting policies

Principles of consolidation

The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. Fiscal year 2021 ended on June 25, 2021 and consisted of 52 weeks. Fiscal year 2020 ended on June 26, 2020 and consisted of 52 weeks. Fiscal year 2019 ended on June 28, 2019 and consisted of 52 weeks.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include Fabrinet and its subsidiaries. All inter-company accounts and transactions have been eliminated.

Use of estimates

The preparation of the Company’s 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, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisitions, 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 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 COVID-19 that could result in material impacts to our consolidated financial statements in future reporting periods.

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 June 25, 2021, the derivative assets and liabilities were measured at fair value, but the gross fair value amount is presented in the 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 and the consolidated statement of cash flows for the year ended June 26, 2020 as 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

Consolidated Statement of Cash Flows
Changes in operating assets and liabilities
Other current assets and non-current assets	$	(182)	$	(593)	$	(775)
Other current liabilities and non-current liabilities	$	10,394	$	593	$	10,987

These reclassifications do not affect the Company’s net income or shareholders’ equity.

Changes in accounting policies

Except for the adoption of the Accounting Standards Codification (“ASC”) 326, “Financial Instruments—Credit Losses”, ASC 820, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” and ASC 848, “Reference Rate Reform,” described within the sub-heading “New Accounting Pronouncements – adopted by the Company,” the Company has consistently applied its accounting policies to all periods presented in these consolidated financial statements.

Foreign currency transactions and translation

The consolidated financial statements are presented in United States dollars (“$” or “USD”). The functional currency of Fabrinet and most of its subsidiaries is the USD.

With respect to subsidiaries that use USD as their functional currency, transactions denominated in a currency other than USD are translated into USD at the rates of exchange in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the consolidated balance sheet dates. Transaction gains and losses are included in foreign exchange gain (loss) in the accompanying consolidated statements of operations and comprehensive income.

Fabrinet translates the assets and liabilities of its subsidiaries that do not use USD as their functional currency into USD using exchange rates in effect at the end of each period. Revenue and expenses for such subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in foreign currency translation adjustment included in accumulated other comprehensive income (loss) (“AOCI”) in the Company’s consolidated balance sheets.

Cash and cash equivalents

All highly liquid investments with original maturities of three months or less from the date of purchase are classified as cash equivalents. Cash and cash equivalents consist of cash deposited in checking accounts, time deposits with maturities of less than three months, money market accounts, and short-term investments with maturities of three months or less at the date of purchase.

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 maturities of the Company’s short-term investments generally range from three months to three years.

The short-term investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale with any unrealized gains and losses included in AOCI in the consolidated

balance sheets. The Company determines realized gains or losses on sale of available-for-sale debt securities on a specific identification method and records such gains or losses as interest income in the consolidated statements of operations and comprehensive income.

Held-to-maturity debt securities are required to use the current expected credit losses (“CECL”) impairment model to assess the expected credit loss. According to the CECL model, the Company requires the immediate recognition of estimated expected credit losses over the life of the financial instrument through the allowance for credit losses account. The allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset. In determining expected credit losses, the Company considers relevant qualitative factors including, but not limited to, term and structure of the instrument, credit rating by rating agencies and historic credit losses adjusted for current conditions and reasonable and supportable forecasts.

Available-for-sale 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 when (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 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 consolidated statements of operations and comprehensive income.

If an impairment is considered 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 consolidated statements of operations and comprehensive income, and any remaining unrealized losses are included in AOCI in the consolidated balance sheets.

Trade accounts receivable

Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates 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 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 consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. The Company estimates 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 the Company's consolidated statements of operations and comprehensive income.

Contract 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.

Inventory

Inventory is stated at the lower of cost or market value. Cost is estimated using the standard costing method, computed on a first-in, first-out basis, with adjustments for variances to reflect actual costs not in excess of net realizable market value. Market value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. The Company assesses the valuation of inventory on a quarterly basis and writes down the value for estimated excess and obsolete inventory based upon estimates of future demand.

Leases

Operating leases

The Company determines if an arrangement contains a lease at inception. The Company applies the guidance in ASC 842 to determine whether a contract is, or contains, a lease. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Operating leases are included in operating lease right of use (“ROU”) assets and operating lease liabilities within the Company’s consolidated balance sheets. The Company rents certain real estate under agreements that are classified as operating leases.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU assets also include any lease payments made and exclude lease incentives and initial direct costs incurred. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs).

Finance leases

Finance leases are accounted for in a manner similar to financed purchases. The right-of-use asset is amortized to amortization expense. Interest expense is recorded in connection with the lease liability.

Property, plant and equipment

Land is stated at historical cost. Other property, plant and equipment, except for construction in process and machinery under installation, are stated at historical cost less accumulated depreciation. Repair and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method to write-off the cost of each asset to its residual value over its estimated useful life as follows:


Land improvements		10 years
Building and building improvements		5-30 years
Leasehold improvements	Shorter of useful life or lease term
Manufacturing equipment		3-7 years
Office equipment		3-7 years
Motor vehicles		3-5 years
Computer hardware		3-5 years

Construction in process and machinery under installation is stated at historic cost and depreciation begins after it is constructed and fully installed and is ready for its intended use in the operations of the Company.

Gains and losses on disposal are determined by comparing proceeds with carrying amounts and are included in other income in the consolidated statements of operations and comprehensive income.

The Company reviews long-lived assets or asset groups for recoverability on a quarterly basis for any events or changes in circumstances that indicate that their carrying amount may not be recoverable. Recoverability of long-lived assets or asset groups is measured by comparing their carrying amount to the projected undiscounted cash flows that the long-lived assets or asset groups are expected to generate. If such assets are considered to be impaired, the impairment loss recognized, if any, is the amount by which the carrying amount of the long-lived assets exceeds its fair value.

Intangibles

Intangibles are stated at historical cost less amortization. Amortization of customer relationships is calculated using the accelerated method as to reflect the pattern in which the economic benefits of the intangible assets are consumed. Amortization of other intangibles is calculated using the straight-line method.

Intangible assets are reviewed for impairment quarterly or more frequently whenever changes or circumstances indicate the carrying amount of related assets may not be recoverable.

Goodwill

Goodwill arising from acquisition is primarily attributable to the ability to expand future products and services and the assembled workforce. Goodwill is reviewed annually for impairment or more frequently whenever circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. The impairment charge is based on that difference and is limited to the amount of goodwill allocated to that unit. The Company conducts impairment testing for goodwill at the reporting unit level. Reporting units may be operating segments as a whole, or an operation one level below an operating segment, referred to as a component. The Company has determined that its reporting unit is Fabrinet UK.

The Company may initiate goodwill impairment testing by considering qualitative factors to determine whether it is more likely than not that a reportable segment’s carrying value is greater than its fair value. If the Company’s qualitative assessment indicates it is more likely than not that the fair value of a reporting unit exceeds its carrying value, no further analysis is required and goodwill is not impaired. Otherwise, the Company performs a quantitative goodwill impairment test to determine if goodwill is impaired. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reportable segment exceeds the carrying value of the net assets associated with the segment, goodwill is not considered impaired. If the carrying value of the net assets associated with the reportable segment exceeds the fair value of the segment, the Company recognizes an impairment loss in an amount equal to the excess, not to exceed the carrying value of the reportable segment’s goodwill. The reporting unit’s carrying value used in an impairment test represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt.

Goodwill is not deductible for tax purposes. Accordingly, if goodwill is impaired for financial reporting purposes, there is no impact on deferred taxes.

Treasury shares

Treasury share purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury shares. Gains and losses in excess of par value on the subsequent reissuance of shares are credited or charged to additional paid-in capital in the consolidated balance sheets using the average-cost method.

Borrowing costs

Borrowing costs are accounted for on an accrual basis and are charged to the consolidated statements of operations and comprehensive income in the year incurred, except for interest costs on general and specific borrowings attributable to finance certain qualifying assets. Such costs to finance qualifying assets are capitalized during the period of time that is required to complete and prepare the assets for their intended use, as part of the cost of the assets. All other borrowing costs are expensed as incurred.

Where funds are not borrowed for a specific acquisition, construction or production of assets, the capitalization rate used to determine the amount of interest to be capitalized is the weighted average interest rate applicable to the Company’s outstanding borrowings during the year. Where funds are borrowed specifically for the acquisition, construction or production of assets, the amount of borrowing costs eligible for capitalization on the respective assets is determined as the actual borrowing costs are incurred on that borrowing during the respective periods.

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 for similar assets and liabilities in active markets other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 inputs that are significant to the fair value measurement and unobservable (i.e. supported by little or no market activity), 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 carrying amounts of certain financial instruments, which include cash and cash equivalents, trade accounts receivable, contract assets, trade accounts payable, and contract liabilities, approximate their fair values due to their short maturities. The carrying amounts of borrowings approximate their fair values as the applicable interest rate is based on market interest rates. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

Derivatives

The derivative assets and liabilities are measured at fair value and recognized on the consolidated balance sheets by offsetting the fair value amounts under master netting arrangements. For presentation in consolidated balance sheets, the Company may choose not to separate a derivative into its current and non-current portion as follows:

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

•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 liability, it should be presented as current liability.

For presentation in consolidated statements of cash flows are classified in the same line item as the underlying item.

The Company applies hedge accounting to arrangements that qualify and are designated for cash flow or fair value hedge accounting treatment. Hedge accounting is discontinued prospectively if the hedging relationship ceases to be effective or the hedging or hedged items cease to exist as a result of maturity, sale, termination or cancellation.

Derivatives designated and qualifying as hedges of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges which include foreign currency forward contracts and interest rate swap. In a cash flow hedging relationship, the change in the fair value of the hedging derivative is initially recorded in AOCI in the consolidated balance sheets, gain or loss on the derivative instrument is 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.

In accordance with the fair value measurement guidance, the Company’s accounting policy is to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company executes derivative instruments with financial institutions that are credit-worthy, which the Company defines as institutions that hold an investment grade credit rating.

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.

Revenue recognition

The Company derives revenues primarily from the assembly of products under supply agreements with its customers and the fabrication of customized optics and glass. The Company recognizes revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the Company expects to be entitled in exchange for such goods or services. In order to meet this requirement, the Company applies the following five steps: (1) identify the contract with a customer, (2) identify the performance obligations under

the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations under the contract, and (5) recognize revenue when a performance obligation is satisfied. Revenue is recognized net of any taxes collected from customers, which is subsequently remitted to governmental authorities.

A performance obligation is a contractual promise to transfer a distinct good or service to the customer. In contracts with multiple performance obligations, the Company identifies each performance obligation and evaluates whether the performance obligation is distinct within the context of the contract at contract inception. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises under the contracts and, therefore, is not distinct.

Sales of finished goods

The Company manufactures products that are customized to customers’ specifications; however, control of the products is typically transferred to the customer at the point in time the product is either shipped or delivered, depending on the terms of the arrangement, as the criteria for over time recognition are not met. On evaluation of the contracts, the Company identified that there were no contractual rights to bill profit for work in progress in the event of a contract termination, which is expected to be infrequent. Further, in limited circumstances, contracts provide for substantive acceptance by the customer, which results in the deferral of revenue until formal notice of acceptance is received from the customer. Judgment may be required in determining if an acceptance clause provides for substantive acceptance.

Certain customers may request the Company to store finished products at the Company’s warehouse where customers bear risks of loss themselves. In these instances, the Company receives a written request from the customer asking the Company to hold the inventory at the Company’s warehouse and refrain from using the ordered goods to fulfill other customer orders. In these situations, revenue is only recognized when the completed goods are ready for shipment and transferred to the Company’s warehouse.

Customers generally are obligated to purchase finished goods that the Company has manufactured according to their demand requirements. Materials that are not consumed by customers within a specified period of time, or are no longer required due to a product’s cancellation or end-of-life, are typically designated as excess or obsolete inventory under the Company’s contracts. Once materials are designated as either excess or obsolete inventory, customers are typically required to purchase such inventory from the Company even if the customer has chosen to cancel production of the related products. The excess or obsolete inventory is shipped to the customer and revenue is recognized upon shipment.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In determining the net consideration to which the Company expects to be entitled, the Company evaluates whether the price is subject to refund or adjustment. The Company generally does not grant return privileges, except for in the case of defective products during the warranty period. The Company generally provides a warranty of between one to five years on any given product. These standard warranties are assurance-type warranties, and the Company does not offer any services in addition to the assurance that the product will continue to work as specified.

The Company recognized revenue net of rebates and other similar allowances. Revenues are recognized only if these estimates can be reasonably and reliably determined. The Company estimates expected rebates and other similar allowances based on historical results taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The Company considers such estimated rebates and other similar allowances as variable consideration when allocating the transaction price to the extent it is probable that there will not be a significant reversal of cumulative revenue recognized. The estimate is primarily based on the most likely level of consideration to be paid to the customer under the specific terms of each arrangement.

Services

The Company provides services for customers that are related to the Company’s manufacturing activities. In many cases, although the nature of work performed is that of a service, revenue is only recognized upon shipment of the product because the customer has specific requirements as to how many items can be shipped at any given point in time, i.e. at point-in-time. The related costs are expensed as incurred.

Service revenues of $108.5 million, $90.5 million and $106.1 million were recognized in the consolidated statements of operations and comprehensive income for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively.

Contract Costs

The incremental costs of obtaining a contract with a customer are recognized as an asset (not expensed as incurred) if such costs are expected to be recovered. Incremental costs of obtaining a contract are costs that the Company would not

have incurred if the contract had not been obtained (e.g., sales commissions or similar incentive payments linked directly to new or modified customer contracts). Costs that would have been incurred regardless of whether a customer contract was obtained (e.g., costs of pursuing the contract, legal advice, etc.) are expensed as incurred, unless such costs are explicitly chargeable to the customer. During the years ended June 25, 2021 and June 26, 2020, the Company did not have any incremental costs of obtaining a contract.

Shipping and Handling

Shipping costs billed to customers are recorded as revenue. Shipping and handling expense related to costs incurred to deliver product are recognized within cost of goods sold. The Company accounts for shipping and handling activities that occur after control has transferred as a fulfillment cost, as opposed to a separate performance obligation, and the costs of shipping and handling are recognized concurrently with the related revenue.

Warranty provision

Provisions for estimated expenses relating to product warranties are made at the time the products are sold using historical experience. Generally, this warranty is limited to workmanship and the Company’s liability is capped at the price of the product. The provisions will be adjusted when experience indicates an expected settlement will differ from initial estimates.

Warranty cost allowances of $0.09 million, $0.02 million and $0.07 million were recognized in the consolidated statements of operations and comprehensive income for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively.

Share-based compensation

Share-based compensation is recognized in the consolidated financial statements based on grant-date fair value. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. For restricted share units and performance share units, the fair values are based on the market value of our ordinary shares on the date of grant.

Employee contribution plan

The Company operates a defined contribution plan, known as a provident fund, in its subsidiaries in Thailand and the United Kingdom. The assets of these plans are in separate trustee-administered funds. The provident fund is funded by matching payments from employees and by the subsidiaries on a monthly basis. Current contributions to the provident fund are accrued and paid to the fund manager on a monthly basis. The Company sponsors the Fabrinet U.S. 401(k) Retirement Plan, a Defined Contribution Plan under ERISA, at its subsidiaries in the United States, which provides retirement benefits for its eligible employees through tax deferred salary deductions.

Severance liabilities

Under labor protection laws applicable in Thailand and the Company’s subsidiary in Thailand’s employment policy, all employees of such subsidiary with more than 120 days of service are entitled to severance pay on forced termination or retrenchment or in the event that the employee reaches the retirement age of 55. The entitlement to severance pay is determined according to an employee’s individual employment tenure with the Company and is subject to a maximum benefit of 400 days of salary unless otherwise agreed upon in an employee’s employment contract. For employees of other subsidiaries who have a specific termination date, the entitlement to severance pay is determined according to their employment tenure, until their designated termination date.

The Company accounts for these severance liabilities based on an actuarial valuation using the Projected Unit Credit Method, which apply the long-term Thai government bond yield as a discount rate. There are no separate plan assets held in respect to these liabilities.

The Company’s subsidiary in the U.K. operates a defined benefit pension plan that defines the pension benefit an employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. The defined benefit obligation is calculated using the projected unit credit method. Annually the Company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (discount rate). The plan assets are held separately from those of the Company in independently administered funds and are measured at fair value.

Severance liabilities are recognized in the Company’s consolidated balance sheet under non-current liabilities. The related expenses, if incurred during the period, are recognized in the Company’s consolidated statements of operations and comprehensive income as selling, general and administrative expenses. Prior service cost is initially recognized to other comprehensive income (loss) at the date of plan amendment. Such prior service cost is amortized as expenses as a component of net periodic pension cost using the weighted average remaining years of service to full eligibility date for active employees.

Annual leave

Employee entitlements to annual leave are recognized when earned by the employee. On termination of employment, accrued employee entitlement to annual leave is paid in cash.

Income taxes

The Company uses the asset and liability method of accounting for income taxes, whereby deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Fabrinet’s subsidiaries are subject to income tax audits by the respective tax authorities in all of the jurisdictions in which they operate. The determination of tax liabilities in each of these jurisdictions requires the interpretation and application of complex and sometimes uncertain tax laws and regulations. The Company recognizes liabilities based on its estimate of whether, and the extent to which, additional tax liabilities are more-likely-than-not. If the Company ultimately determines that the payment of such a liability is not probable, then it reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer probable. The recognition and measurement of current taxes payable or refundable and deferred tax assets and liabilities requires that the Company makes certain estimates and judgments. Changes to these estimates or a change in judgment may have a material impact on the Company’s tax provision in a future period.

The authoritative guidance provides for recognition of deferred tax assets if the realization of such deferred tax assets is more likely than not to occur based on an evaluation of both positive and negative evidence and the relative weight of the evidence. A company shall reduce its deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is “more likely than not” (i.e., a likelihood of greater than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance shall be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The valuation allowance shall be monitored and considered from all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is not needed.

The accounting standard clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return.

The Company recognizes a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” to be sustained upon examination by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The accounting interpretation also provides guidance on measurement methodology, derecognition thresholds, financial statement classification and disclosures, recognition of interest and penalties, and accounting for the cumulative-effect adjustment at the date of adoption.

New Accounting Pronouncements—adopted by the Company

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 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 on 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 AFS debt security impairment model for AFS debt securities and discontinued using the concept of “other than temporary” impairment on these AFS debt securities. The Current Expected Credit Losses (“CECL”) on the AFS debt securities are recognized in interest income and other income (expense), net on the Company’s consolidated statements of operations and comprehensive income, and any remaining unrealized losses are included in AOCI in the Company's 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 Company's 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 seeks to improve the effectiveness of disclosures in the notes to the financial statements and includes (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 the Company's consolidated financial statements.

On January 7, 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 the Company's consolidated financial statements.

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 assessed the preliminary impact from the adoption of this update and expected no impact on the Company's consolidated financial statements.

Revenues from contracts with customers

12 Months Ended

Jun. 25, 2021

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues prior to an invoice for payment. Contract assets are classified separately on the consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. No impairment for contract assets was recorded for the years ended June 25, 2021 and June 26, 2020.

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 years ended June 25, 2021 and June 26, 2020:


(amount in thousands)	Contract Assets
Beginning balance, June 27, 2020	$	13,256
Revenue recognized	65,182
Amounts collected or invoiced	(66,560)
Ending balance, June 25, 2021	$	11,878


(amount in thousands)	Contract Assets
Beginning balance, June 29, 2019	$	12,447
Revenue recognized	73,476
Amounts collected or invoiced	(72,667)
Ending balance, June 26, 2020	$	13,256


(amount in thousands)	Contract Liabilities
Beginning balance, June 27, 2020	$	1,556
Advance payment received during the year	18,360
Revenue recognized	(18,236)
Ending balance, June 25, 2021	$	1,680


(amount in thousands)	Contract Liabilities
Beginning balance, June 29, 2019	$	2,239
Advance payment received during the year	9,278
Revenue recognized	(9,961)
Ending balance, June 26, 2020	$	1,556

Revenue by Geographic Area and End Market

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

The following table presents total revenues by geographic regions:


(amount in thousands, except percentages)	Year ended June 25, 2021		As a % of Total Revenues		Year ended June 26, 2020		As a % of Total Revenues		Year ended June 28, 2019		As a % of Total Revenues
North America	$	887,536	47.2	%	$	830,888	50.6	%	$	756,278	47.7	%
Asia-Pacific	668,597		35.6		552,923		33.7		608,386		38.4
Europe	323,217		17.2		258,025		15.7		219,671		13.9
	$	1,879,350	100.0	%	$	1,641,836	100.0	%	$	1,584,335	100.0	%

The following table sets forth revenues by end market.


(amount in thousands, except percentages)	Year ended June 25, 2021		As a % of Total Revenues		Year ended June 26, 2020		As a % of Total Revenues		Year ended June 28, 2019		As a % of Total Revenues
Optical communications	$	1,441,338	76.7	%	$	1,248,174	76.0	%	$	1,184,936	74.8	%
Lasers, sensors and other	438,012		23.3		393,662		24.0		399,399		25.2
	$	1,879,350	100.0	%	$	1,641,836	100.0	%	$	1,584,335	100.0	%

- 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

Income taxes

12 Months Ended

Jun. 25, 2021

Income Tax Disclosure [Abstract]

Income taxes

Cayman Islands

Fabrinet is domiciled in the Cayman Islands. Under the current laws of the Cayman Islands, Fabrinet is not subject to tax in the Cayman Islands on income or capital gains until March 6, 2039.

Income of the Company exempted from corporate income tax in the Cayman Islands amounted to $115.8 million, $101.9 million and $104.6 million for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively.

Thailand

Fabrinet Thailand is where the majority of the Company’s operations and production takes place. The Company was not subject to tax from July 2012 through June 2020 on income generated from the manufacture of products at Pinehurst Building 6, and is not subject to tax from July 2018 through June 2026 on income generated from the manufacture of products at its Chonburi campus. After June 2020, 50% of our income generated from products manufactured at our Pinehurst campus Building 6 will be exempted from tax through June 2025. Such preferential tax treatment is contingent on various factors, including the export of our customers’ products out of Thailand and our agreement not to move our manufacturing facilities out of our current province in Thailand for at least 15 years from the date on which preferential tax treatment was granted. Currently, the corporate income tax rate for our Thai subsidiary is 20%.

People’s Republic of China

The corporate income tax rate for Casix is 25%.

The United States

The Tax Cuts and Jobs Act enacted on December 22, 2017 provided for significant changes to U.S. tax law, including a reduction in the U.S. corporate income tax rate to 21% effective January 1, 2018. Accordingly, the Company’s U.S. subsidiaries were subject to a Federal statutory tax rate of 21% for fiscal year 2021 and fiscal year 2020.

The United Kingdom

The corporate income tax rate for U.K. subsidiaries is 19%.

Israel

The corporate income tax rate for Israel subsidiaries is 23%.

The Company’s income tax expense consisted of the following:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Current	$	6,355	$	6,274	$	4,384
Deferred	(4,212)		(511)		894
Total income tax expense	$	2,143	$	5,763	$	5,278

The reconciliation between the Company’s taxes that would arise by applying the statutory tax rate of the country of the Company’s principal operations, Thailand, to the Company’s effective tax charge is shown below:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Income before income taxes(1)	$	150,484	$	119,242	$	126,233
Tax expense calculated at a statutory corporate income tax rate of 20%	30,097		23,848		25,247
Effect of income taxes from locations with tax rates different from Thailand	198		577		977
Income not subject to tax(2)	(23,645)		(20,797)		(21,161)
Income tax on unremitted earnings	1,395		1,221		1,260
Effect of foreign exchange rate adjustment	(2,855)		382		603
Tax rebate from research and development application	(728)		(1,228)		(649)
Provision for uncertain income tax position	(831)		(641)		(229)
Utilization of loss carryforward	(610)		—		—
Valuation allowance (reversal of)	(1,822)		2,446		—
Others	944		(45)		(770)
Corporate income tax expense	$	2,143	$	5,763	$	5,278

(1)Income before income taxes was mostly generated from domestic income in the Cayman Islands.

(2)Income not subject to tax relates to income earned in the Cayman Islands and income subject to an investment promotion privilege for Pinehurst Building 6 and the Company’s Chonburi campus. Income not subject to tax per ordinary share on a diluted basis was $0.63, $0.55, and $0.57 for the years ended June 25, 2021, June 26, 2020, and June 28, 2019, respectively.

The Company’s deferred tax assets and deferred tax liabilities, net of valuation allowance, at each balance sheet date are as follows:


	As of
(amount in thousands)	June 25, 2021		June 26, 2020
Deferred tax assets:
Depreciation	$	1,565	$	1,219
Severance liability	3,491		2,958
Reserves and allowance	1,751		1,405
Net operating loss carryforwards	1,585		—
Others	1,036		321
Total	$	9,428	$	5,903

Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	$	(1,202)	$	(336)
Deferred tax from unremitted earnings	(5,072)		(4,620)
Others	1,167		—
Total	(5,107)		(4,956)
Net	$	4,321	$	947

The changes in the valuation allowances of deferred tax assets were as follows:


(amount in thousands)	Valuation allowances of deferred tax assets
Balance as of June 29, 2018	$	1,165
Additional	126
Balance as of June 28, 2019	1,291
Additional	2,437
Balance as of June 26, 2020	3,728
Additional	479
Reduction	(2,146)
Balance as of June 25, 2021	$	2,061

During fiscal year 2021, one of the Company’s subsidiaries in the U.S. generated taxable income sufficient for the utilization of loss carryforwards due to better operating performance and effective control of operating expenses. Management determined that it was more likely than not that future taxable income would be sufficient to allow utilization of the deferred tax assets. Thus, a full valuation allowance of $1.5 million for the deferred tax assets was released as of June 25, 2021.

During fiscal year 2021, one of the Company’s subsidiaries in the U.K. also generated net operating loss and management expected that such subsidiary would continue to have net operating losses in the foreseeable future. Therefore, management believes it is more likely than not that all of the deferred tax assets of such subsidiary will not be utilized. Thus, a full valuation allowance of $2.1 million for the deferred tax assets was set up as of June 25, 2021.

Income tax liabilities have not been established for withholding tax and other taxes that would be payable on the unremitted earnings of Fabrinet Thailand. Such amounts of Fabrinet Thailand are permanently reinvested. Unremitted earnings for Fabrinet Thailand totaled $126.8 million and $112.3 million as of June 25, 2021 and June 26, 2020, respectively. Unrecognized deferred tax liabilities for such unremitted earnings were $7.4 million and $7.0 million as of June 25, 2021 and June 26, 2020, respectively.

Deferred tax liabilities of $1.3 million and $1.1 million have been established for withholding tax on the unremitted earnings of Casix for the years ended June 25, 2021 and June 26, 2020, respectively, which are included in non-current deferred tax liability in the consolidated balance sheets.

Uncertain income tax positions

Interest and penalties related to uncertain income tax positions are recognized in income tax expense. The Company had approximately $0.1 million and $0.5 million of accrued interest and penalties related to uncertain income tax positions on the consolidated balance sheets as of June 25, 2021 and June 26, 2020, respectively. The Company recorded (reversed) interest and penalties of $0.4 million, $0.1 million and $(0.1) million for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively, in the consolidated statements of operations and comprehensive income. With regard to the Thailand jurisdiction, tax years 2015 through 2020 remain open to examination by the local authorities.

The following table indicates the changes to the Company’s uncertain income tax positions for the years ended June 25, 2021, June 26, 2020 and June 28, 2019 included in other non-current liabilities.


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Beginning balance	$	970	$	1,323	$	1,445
Additions during the year	389		157		235
Release of tax positions of prior years	(552)		(510)		(357)
Ending balance	$	807	$	970	$	1,323

- 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

Earnings per ordinary share

12 Months Ended

Jun. 25, 2021

Earnings Per Share [Abstract]

Earnings per ordinary share

Earnings per ordinary shareBasic 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 year using the treasury stock method. Dilutive ordinary

equivalent shares consist of share options, restricted share units and performance share units. The earnings per ordinary share was calculated as follows:


	Years Ended
(amount in thousands except per share amounts)	June 25, 2021		June 26, 2020		June 28, 2019
Net income attributable to shareholders	$	148,341	$	113,479	$	120,955
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,872		36,908		36,798
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units (thousands of shares)	683		757		617
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,555		37,665		37,415
Basic earnings per ordinary share	$	4.02	$	3.07	$	3.29
Diluted earnings per ordinary share	$	3.95	$	3.01	$	3.23
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	53		99		401

(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

12 Months Ended

Jun. 25, 2021

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and short-term investments

The Company’s cash, cash equivalents, and short-term investments by category is as follows:


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of June 25, 2021
Cash	$	222,664	$	—	$	222,664	$	—	$	—
Cash equivalents	80,305		—		80,305		—		—
Liquidity funds	30,000		1,226		—		—		31,226
Certificates of deposit	10,500		—		—		—		10,500
Corporate debt securities	171,626		164		—		171,790		—
U.S. agency and U.S. Treasury securities	31,301		146		—		31,447		—
Total	$	546,396	$	1,536	$	302,969	$	203,237	$	41,726
As of June 26, 2020
Cash	$	218,117	$	—	$	218,117	$	—	$	—
Cash equivalents	7,313		—		7,313		—		—
Liquidity funds	40,000		1,051		—		—		41,051
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	$	485,580	$	2,543	$	225,430	$	209,842	$	52,851

The cash equivalents include short-term bank deposits, investments in money market funds, and marketable securities with maturities of three months or less at the date of purchase. The effective interest rate on short term bank deposits was 0.7% and 1.8% per annum for the years ended June 25, 2021 and June 26, 2020, respectively.

As of June 25, 2021, the Company had $10.5 million of investments in certificate of deposit classified as held-to-maturity debt securities. As of June 26, 2020, the Company had $11.8 million of investments in time deposit classified as

held-to-maturity debt securities. All investments mature within one year. Held-to-maturity debt securities are recorded at amortized cost, which approximates fair value. No unrecognized gains and losses were recorded during the years ended June 25, 2021 and June 26, 2020.

As of June 25, 2021 and June 26, 2020, 65% and 63%, respectively, of our cash and cash equivalents were held by the Parent Company.

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 June 25, 2021:


	June 25, 2021				June 26, 2020
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	30,000	$	31,226	$	116,127	$	117,247
Due between one to five years	202,927		203,237		132,223		133,646
Total	$	232,927	$	234,463	$	248,350	$	250,893

The following table summarizes the carrying cost of short-term investments classified as held-to-maturity securities based on stated effective maturities as of June 25, 2021:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Due within one year	$	10,500	$	11,800
Due between one to five years	—		—
Total	$	10,500	$	11,800

During the year ended June 25, 2021, the Company recognized a realized gain of $0.4 million from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income. During the year ended June 26, 2020, the Company recognized a realized gain of $0.1 million from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income.

As of June 25, 2021, the Company considered the decline in market value of its available-for-sale debt securities by using the AFS debt security impairment model. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. The Company assessed impairment at the individual security level according to accounting standard by comparing its fair value/market value with its amortized cost. The Company considered factors such as the failure of the issuer of the security to make scheduled interest and principal payments and any changes to the credit rating of the security by a rating agency. The credit rating of the Company's invested securities are still in compliance with the Company's investment policy. No impairment losses on available-for-sale debt securities were recorded for the year ended June 25, 2021.

As of June 25, 2021, the Company evaluated the expected credit loss for held-to-maturity debt securities at the individual security level within scope of CECL model by considering the historical information, current and future economic conditions and events. Additionally, the Company considered the qualitative factors such as term and structure of the instrument and credit rating by rating agencies in determining if a zero-credit loss expectation is supportable. The credit rating of the Company's invested securities are still in compliance with the Company's investment policy. No impairment losses on held-to-maturity debt securities were recorded for the year ended June 25, 2021.

As of June 26, 2020, the Company considered the decline in market value of its available-for-sale and held-to-maturity debt securities to be temporary in nature and did not consider any of its securities other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. No impairment losses were recorded for the year ended June 26, 2020.

Fair value of financial instruments

12 Months Ended

Jun. 25, 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 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 June 25, 2021
Assets
Cash equivalents	$	—	$	80,305		$	—	$	80,305
Liquidity funds	—		31,226			—		31,226
Corporate debt securities	—		171,790			—		171,790
U.S. agency and U.S. Treasury securities	—		31,447			—		31,447
Derivative assets - current portion	—		1		(1)	—		1
Total	$	—	$	314,769		$	—	$	314,769
Liabilities
Derivative liabilities - current portion	$	—	$	5,654		$	—	$	5,654
Derivative liabilities - non-current portion	$	—	$	1,977		$	—	$	1,977
Total	$	—	$	7,631	(2)	$	—	$	7,631


	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
Corporate debt securities	—		160,168			—		160,168
U.S. agency and U.S. Treasury securities	—		49,674			—		49,674
Derivative assets - current	—		2,823		(3)			2,823
Total	$	—	$	261,029		$	—	$	261,029
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 an aggregate notional amount of $2.0 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $128.0 million and Canadian dollars of 0.4 million and two interest rate swap agreements with an aggregate notional amount of $125.1 million.

(3)Foreign currency forward contracts with an aggregate 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 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 consolidated statements of operations and comprehensive income.

As of June 25, 2021, the Company had 130 outstanding U.S. dollar foreign currency forward contracts against Thai baht with an aggregate notional amount of $130.0 million and with maturity dates ranging from July 2021 through January 2022, and two foreign currency contracts with an aggregate notional amount of Canadian dollars of 0.4 million and with maturity dates in September 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 a notional amount of $1.0 million with maturity dates ranging from July 2020 through January 2021.

As of June 25, 2021, the hedging relationship over foreign currency forward contracts which were designated for hedge accounting had been tested to be highly effective based on the performance of retrospective and prospective regression testing. As of June 25, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months as gain was $2.7 million.

During the year ended June 25, 2021 and June 26, 2020, the Company included an unrealized loss of $1.5 million and $1.2 million, respectively, from changes in fair value of foreign currency forward and option contracts which were not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the 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 June 25, 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 credit facility agreement with 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 15). 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 15) and on September 10, 2019, the Company repaid in full the outstanding term loan under the Bank of America Credit Facility (see Note 15). 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 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 June 25, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months as loss is $0.8 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 year ended June 26, 2020, the Company recorded unrealized loss of $1.7 million, from changes in the fair value of these interest rate swaps as interest expense in the 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 consolidated statements of operations and other comprehensive income:


		Year Ended
(amount in thousands)	Financial statements line item	June 25, 2021		June 26, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(6,194)	$	1,081
Interest rate swaps	Other comprehensive income	1,624		(910)
Total derivatives loss (gain) recognized in other comprehensive income		$	(4,570)	$	171
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts	Cost of revenues	$	(966)	$	2,512
Foreign currency forward contracts	Selling, general and administrative expenses	(40)		105
Foreign currency forward contracts	Foreign exchange gain (loss), net	1,769		(998)
Interest rate swaps	Interest expense	(1,299)		(1,220)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings		$	(536)	$	399
Change in net unrealized gain (loss) on derivative instruments		$	(5,106)	$	570

Fair value of derivatives

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


	June 25, 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	$	—	$	(1,379)	$	9	$	(611)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	1		(2,703)		2,814		(83)
Interest rate swaps	—		(3,549)		—		(5,172)
Derivatives, gross balances	1		(7,631)		2,823		(5,866)

The Company presents its derivatives at gross fair values in the consolidated balance sheets.

The Company recorded the fair value of derivative financial instruments in the 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

Trade accounts receivable, net

12 Months Ended

Jun. 25, 2021

Receivables [Abstract]

Trade accounts receivable, net


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Trade accounts receivable	$	336,647	$	273,001
Less: Allowance for doubtful account	(100)		(336)
Trade accounts receivable, net	$	336,547	$	272,665

Inventories

12 Months Ended

Jun. 25, 2021

Inventory Disclosure [Abstract]

Inventories


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Raw materials	$	196,345	$	141,522
Work in progress	174,654		136,344
Finished goods	15,471		17,950
Goods in transit	35,663		13,970
Inventories	$	422,133	$	309,786

Other receivable	12 Months Ended
Other receivable	Jun. 25, 2021
Receivables [Abstract]
Other receivable	Other receivable On 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 were repaid on April 1, 2021.

Restricted cash	12 Months Ended
Restricted cash	Jun. 25, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cash As of June 25, 2021, the Company had long-term restricted cash of Chinese Renminbi ("RMB") 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 with the 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

12 Months Ended

Jun. 25, 2021

Leases [Abstract]

Leases

The 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, China, 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 may exclude 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 which is a lease of office and manufacturing space between Fabritek and Fabrinet West.

As of June 25, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)
2022	$	2,775
2023	2,676
2024	1,242
2025	41
Total undiscounted lease payments	6,734
Less imputed interest	(291)
Total present value of lease liabilities	$	6,443	(1)

(1)Includes current portion of operating lease liabilities of $2.6 million.

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 years ended June 25, 2021, June 26, 2020 and June 28, 2019 was $2.6 million, $2.1 million and $1.9 million, respectively. Rental expense for short-term leases for the years ended June 25, 2021, June 26, 2020 and June 28, 2019 was $0.3 million, $0.2 million and de minimis amount, respectively.

Finance leases

In connection with the acquisition of Fabrinet UK, the Company assumed the finance lease commitments for certain equipment, with various expiration dates through September 2020. The equipment can be purchased at pre-determined prices upon expiration of such contracts.

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


	As of June 25, 2021
Weighted-average remaining lease term (in years)
Operating leases	2.7
Weighted-average discount rate
Operating leases	3.5	%

The following information represents supplemental disclosure for the statement of cash flows related to operating leases:


(amount in thousands)	Year Ended June 25, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,603
Financing cash flows from finance leases	$	100
ROU assets obtained in exchange for lease liabilities	$	959

Property, plant and equipment, net

12 Months Ended

Jun. 25, 2021

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

The components of property, plant and equipment, net were as follows:


(amount in thousands)	Land and Land Improvements		Building and Building Improvements		Manufacturing Equipment		Office Equipment		Motor Vehicles		Computers		Construction and Machinery Under Installation		Total
As of June 25, 2021
Cost	$	45,125	$	163,375	$	213,981	$	9,243	$	627	$	29,621	$	9,377	$	471,349
Less: Accumulated depreciation	(26)		(58,791)		(141,997)		(6,376)		(509)		(21,715)		—		(229,414)
Less: Impairment reserve	—		—		(804)		—		—		(2)		—		(806)
Net book value	$	45,099	$	104,584	$	71,180	$	2,867	$	118	$	7,904	$	9,377	$	241,129
As of June 26, 2020
Cost	$	45,099	$	145,912	$	198,036	$	5,600	$	939	$	16,766	$	12,657	$	425,009
Less: Accumulated depreciation	(17)		(51,393)		(127,397)		(4,135)		(678)		(12,273)		—		(195,893)
Less: Impairment reserve	—		—		(840)		—		—		(2)		—		(842)
Net book value	$	45,082	$	94,519	$	69,799	$	1,465	$	261	$	4,491	$	12,657	$	228,274

Leased assets included in manufacturing equipment comprise certain machine and equipment from finance lease agreements assumed from the acquisition of Fabrinet UK.


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Cost—Finance leases	$	1,747	$	1,992
Less: Accumulated depreciation	(1,747)		(1,199)
Net book value	$	—	$	793

Depreciation expense amounted to $34.7 million, $29.7 million and $28.7 million for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively, and has been allocated between cost of revenues and selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

The cost of fully depreciated property, plant and equipment written-off during the years ended June 25, 2021, June 26, 2020 and June 28, 2019 amounted to $16.3 million, $2.9 million and $2.0 million, respectively.

During the years ended June 25, 2021, June 26, 2020 and June 28, 2019, the Company recognized impairment reserves for property, plant and equipment of $0.8 million, $0.8 million and $0.9 million, respectively.

During the years ended June 25, 2021, June 26, 2020 and June 28, 2019, the Company had no borrowing costs capitalized.

Intangibles

12 Months Ended

Jun. 25, 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 June 25, 2021
Software	$	9,767	$	(6,632)	$	—	$	3,135
Customer relationships	4,373		(3,195)		58		1,236
Backlog	119		(119)		—		—
Total intangibles	$	14,259	$	(9,946)	$	58	$	4,371


(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

In connection with the acquisition of Fabrinet UK, the Company recorded $4.4 million of customer relationships and $0.1 million of backlog in the consolidated balance sheets. As of June 25, 2021 and June 26, 2020, the weighted-average remaining life of customer relationships was 3.9 years and 4.6 years, respectively.

The Company recorded amortization expense relating to intangibles of $1.5 million, $1.3 million and $1.2 million for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively.

Based on the carrying amount of intangibles as of June 25, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(amount in thousand)
2022	$	1,614
2023	1,159
2024	821
2025	545
Thereafter	232
Total	$	4,371

Borrowings

12 Months Ended

Jun. 25, 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 June 25, 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	39,609		51,797
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs—non-current portion			(63)		(95)
Long-term borrowings, non-current portion, net			$	27,358	$	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 7.

The movements of long-term borrowings were as follows for the years ended June 25, 2021 and June 26, 2020:


	Years ended
(amount in thousands)	June 25, 2021		June 26, 2020
Opening balance	$	51,797	$	60,938
Borrowings during the period	—		60,938
Repayments during the period	(12,188)		(70,079)
Closing balance	$	39,609	$	51,797

As of June 25, 2021, the future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousand)
2022	$	12,187
2023	12,188
2024	12,187
2025	3,047
Total	$	39,609

Credit facilities 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 BofA 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 re-borrowed. During the year ended June 25, 2021, the Company recorded $0.7 million 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 June 25, 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 June 25, 2021, there was $39.6 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 “BofA Facility Agreement”). The BofA 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 BofA Facility Agreement, before repaying all outstanding amounts under the agreement and terminating such agreement on September 10, 2019.

During the year ended June 26, 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.

Severance liabilities

12 Months Ended

Jun. 25, 2021

Retirement Benefits [Abstract]

Severance liabilities

The following table provides information regarding severance liabilities:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020
Changes in severance liabilities
Balance, beginning of the fiscal year	$	17,673	$	15,473
Current service cost	$	1,627	$	1,907
Interest cost	515		462
Benefit paid	(1,198)		(48)
Actuarial(gain)loss on obligation	1,129		(117)
Foreign currency translation	36		(4)
Balance, end of the fiscal year	$	19,782	$	17,673
Changes in plan assets
Balance, beginning of the fiscal year	$	294	$	317
Actual return on plan assets	$	19	$	(34)
Employer contributions	43		18
Benefit paid	(34)		—
Foreign currency translation	34		(7)
Balance, end of the fiscal year	$	356	$	294
Underfunded status	$	(19,426)	$	(17,379)

The amount recognized in the consolidated balance sheets under non-current liabilities and non-current assets were determined as follows:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Non-current assets	$	59	$	—
Non-current liabilities	$	19,485	$	17,379

The following table provides information regarding accumulated benefit obligations:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Accumulated benefit obligations	$	13,581	$	11,864

The following table sets forth the plan assets at fair value as of June 25, 2021 and June 26, 2020.


(amount in thousands)			Fair value measurement as of June 25, 2021
	Total		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Other(1)	$	356	$	211	$	145
Total Assets	$	356	$	211	$	145


(amount in thousands)			Fair value measurement as of June 26, 2020
	Total		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Other(1)	$	294	$	160	$	134
Total Assets	$	294	$	160	$	134

(1)The “Other” category represents the bid value of the trustees’ insurance policy held with Old Mutual Wealth and the value of assets held with Royal London.

The Trustees have chosen to invest in the following funds:


	% of Total
Fund	As of June 25, 2021		As of June 26, 2020
Old Mutual Wealth Invesco Perpetual High Income	—	%	38	%
Old Mutual Wealth Creation Balanced Portfolio	59	%	17	%
Royal London Deposit Administration	41	%	45	%

The Old Mutual Wealth assets are administered on unit-linked principles and allow access to a range of funds; these have been treated as Level 2 fair value measurement.

The Royal London assets are administered on a deposit administration basis. This is similar to a with profits fund but with a lower exposure to the stock market. The policy is invested in a mix of assets, mainly UK Government bonds and Corporate bonds, the returns of which are smoothed over time. These assets are considered as unobservable inputs and have been treated as Level 3 fair value measurement because the fair value of which is based on the previous year end observable value and other unobservable inputs such as declared rates of bonus plus an enhancement on the policy for this scheme.

The principal actuarial assumptions used were as follows:

Weighted average actuarial assumptions used to determine severance liabilities


	Years Ended
	June 25, 2021	June 26, 2020	June 28, 2019
Discount rate	0.2% - 2.9%	0.4% - 3.1%	2.3% - 3.2%
Future salary increases	3.5% - 10.0%	3.5% - 10.0%	3.5% - 10.0%

Weighted average actuarial assumptions used to determine benefit costs


	Years Ended
	June 25, 2021	June 26, 2020	June 28, 2019
Discount rate	0.4% - 3.1%	2.3% - 3.2%	2.5% - 3.7%
Expected long-term rate of return on assets	2.3%	2.1%	1.6%

Share-based compensation

12 Months Ended

Jun. 25, 2021

Share-based Payment Arrangement [Abstract]

Share-based compensation

In determining the grant date fair value of share option awards, the Company is required to make estimates of expected dividends to be issued, expected volatility of Fabrinet’s ordinary shares, expected forfeitures of the awards, risk free interest rates for the expected term of the awards and expected terms of the awards. Forfeitures are estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures differ from those estimates. The grant date fair value of restricted share units and performance share units is based on the market value of our ordinary shares on the date of grant.

The effect of recording share-based compensation expense for the years ended June 25, 2021, June 26, 2020 and June 28, 2019 was as follows:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Share-based compensation expense by type of award:
Restricted share units	$	16,725	$	16,555	$	14,691
Performance share units	8,737		5,648		2,466
Total share-based compensation expense	25,462		22,203		17,157
Tax effect on share-based compensation expense	—		—		—
Net effect on share-based compensation expense	$	25,462	$	22,203	$	17,157

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


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Cost of revenue	$	6,185	$	6,098	$	5,656
Selling, general and administrative expense	19,277		16,105		11,501
Total share-based compensation expense	$	25,462	$	22,203	$	17,157

The Company did not capitalize any share-based compensation expense as part of any asset costs during the years ended June 25, 2021, June 26, 2020 and June 28, 2019.

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 June 25, 2021, there were 238,302 restricted share units outstanding, 188,554 performance share units outstanding and 2,508,074 ordinary shares available for future grant under the 2020 Plan.

As of June 25, 2021, there were 391,409 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 June 25, 2021, there were an aggregate of 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-U.S. GAAP gross

margin or 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 29, 2018	1,073,580	$	35.19
Granted	391,328	$	50.02
Issued	(515,482)	$	34.18
Forfeited	(148,675)	$	38.42
Balance as of June 28, 2019	800,751	$	42.48
Granted	367,088	$	50.87
Issued	(335,355)	$	40.98
Forfeited	(34,727)	$	44.59
Balance as of June 26, 2020	797,757	$	46.88
Granted	230,759	$	70.53
Issued	(358,508)	$	45.39
Forfeited	(28,133)	$	57.86
Balance as of June 25, 2021	641,875	$	55.74
Expected to vest as of June 25, 2021	524,218	$	55.98

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 29, 2018	605,892	$	38.41
Granted	201,994	$	48.02
Issued	(227,268)	40.48
Forfeited	(32,118)	40.47
Balance as of June 28, 2019	548,500	$	40.97
Granted	242,310	$	48.65
Issued	—	$	—
Forfeited	(350,670)	$	36.99
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 June 25, 2021	427,028	$	57.82
Expected to vest as of June 25, 2021	388,864	$	58.72

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

The total fair value of restricted share units and performance share units vested during the years ended June 25, 2021, June 26, 2020 and June 28, 2019 was $22.1 million, $13.7 million and $26.8 million, respectively. The aggregate intrinsic value of restricted share units and performance share units outstanding as of June 25, 2021 was $101.9 million.

As of June 25, 2021, there was $10.2 million and $7.3 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 2.3 years and 1.1 years, respectively.

For the years ended June 25, 2021 and June 26, 2020, the Company withheld an aggregate of 163,615 shares and 94,141 shares, respectively, upon the vesting of restricted share units, based upon the closing share price on the vesting date to settle the employees’ minimum statutory obligation for the applicable income and other employment taxes. For the years ended June 25, 2021 and June 26, 2020, the Company then remitted cash of $11.6 million and $4.9 million, respectively, to the appropriate taxing authorities, and presented it as a financing activity within the consolidated statements of cash flows. The payment had the effect of reducing the number of shares that the Company would have issued on the vesting date and was recorded as a reduction of additional paid-in capital.

Employee benefit plans	12 Months Ended
Employee benefit plans	Jun. 25, 2021
Retirement Benefits [Abstract]
Employee benefit plans	Employee benefit plans Employee contribution plan The Company operates a defined contribution plan, known as a provident fund, in its subsidiaries in Thailand and the United Kingdom. The assets of these plans are in separate trustee-administered funds. The provident fund is funded by matching payments from employees and by the subsidiaries on a monthly basis. Current contributions to the provident fund are accrued and paid to the fund manager on a monthly basis. The Company’s contributions to the provident fund amounted to $6.0 million, $5.5 million and $4.8 million during the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively. The Company sponsors the Fabrinet U.S. 401(k) Retirement Plan (“401(k) Plan”), a Defined Contribution Plan under ERISA, at its subsidiaries in the United States which provides retirement benefits for eligible employees through tax deferred salary deductions. The 401(k) Plan allows employees to contribute up to 80% of their annual compensation, subject to annual contributions limits established by the Internal Revenue Service. The Company provides for a 100% match of employees’ contributions to the 401(k) Plan up to the first 6% of annual compensation. All matching contributions are made in cash and vest immediately. The Company’s matching contributions to the 401(k) Plan were $0.8 million, $0.7 million and $0.8 million during the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively. Executive incentive plan and employee performance bonuses For the years ended June 25, 2021 and June 26, 2020, the Company maintained an executive incentive plan with quantitative objectives, based on achieving certain revenue and non-U.S. GAAP operating margin or gross margin targets. During the years ended June 25, 2021, June 26, 2020 and June 28, 2019, discretionary merit-based bonus awards were also available to Fabrinet’s non-executive employees. Bonus distributions to employees were $8.9 million, $8.7 million and $7.6 million for the years ended June 25, 2021, June 26, 2020 and June 28, 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Shareholders' equity	12 Months Ended
Shareholders' equity	Jun. 25, 2021
Equity [Abstract]
Shareholders' equity	Shareholders’ equity 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 year ended June 25, 2021, Fabrinet issued 277,078 ordinary shares upon the vesting of restricted share units and performance share units, net of shares withheld. For the year ended June 26, 2020, Fabrinet issued 241,214 ordinary shares upon the vesting of restricted share units and performance share units, net of shares withheld. For the year ended June 28, 2019, Fabrinet issued 507,020 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 year ended June 25, 2021, the Company repurchased 239,486 shares under the program at an average price per share (excluding other direct costs) of $78.66, totaling $18.8 million. As of June 25, 2021, the Company had a remaining authorization to repurchase up to $81.2 million 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) ("AOCI")

12 Months Ended

Jun. 25, 2021

Equity [Abstract]

Accumulated other comprehensive income (loss) ("AOCI")

Accumulated other comprehensive income (loss) (“AOCI”)

The changes in AOCI for the years ended June 25, 2021 and June 26, 2020 were as follows:


(amount in thousands)	Unrealized Gains (Losses) on Available-for-sale Securities		Unrealized Gains (Losses) 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	634		171		—		(397)		408
Amounts reclassified from AOCI	(96)		399		528		—		831
Tax effects	—		—		—		—		—
Other comprehensive income	538		570		528		(397)		1,239
Balance as of June 26, 2020	1,490		602		(2,009)		(1,230)		(1,147)
Other comprehensive income before reclassification	(1,003)		(4,570)		—		585		(4,988)
Amounts reclassified from AOCI	(179)		(536)		584		—		(131)
Tax effects	—		—		—		—		—
Other comprehensive income	(1,182)		(5,106)		584		585		(5,119)
Balance as of June 25, 2021	$	308	$	(4,504)	$	(1,425)	$	(645)	$	(6,266)

The following table presents the pre-tax amounts reclassified from AOCI into the consolidated statements of operations and comprehensive income for the years ended June 25, 2021 and June 26, 2020, respectively.


(amount in thousands)		Years ended
AOCI components	Financial statements line item	June 25, 2021		June 26, 2020
Unrealized gains (losses) on available-for-sale securities	Interest income	$	(179)	$	(96)
Unrealized gains(losses)on derivative instruments	Cost of revenues	(966)		2,512
Unrealized gains(losses)on derivative instruments	Selling, general and administrative expenses	(40)		105
Unrealized gains(losses)on derivative instruments	Foreign exchange loss, net	1,769		(998)
Unrealized gains(losses)on derivative instruments	Interest expense	(1,299)		(1,220)
Retirement benefit plan – Prior service cost	Selling, general and administrative expenses	584		528
Total amounts reclassified from AOCI		$	(131)	$	831

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Jun. 25, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Letter of credit and bank guarantees As of June 25, 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 June 25, 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 $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 June 25, 2021, the Company had an outstanding bank guarantee of its subsidiary in the PRC to support the subsidiary's operations totaling RMB 1.0 million. The bank guarantee was backed by cash collateral of $0.2 million. The bank guarantee given on behalf of our subsidiary in the U.K. was not material. As of June 26, 2020, these bank guarantees were not material. 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 June 25, 2021, the Company had purchase obligations and other commitments to third parties of $918.7 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. In June 2021, the Company entered into an agreement to purchase a parcel of land in Pathumthani, Thailand to expand the Company's Pinehurst campus. The aggregate purchase price was approximately $13.2 million or Thai Baht 418.8 million, of which the Company paid a 10% deposit on May 14, 2021 and fully paid the remainder on June 29, 2021. As of June 25, 2021 and prior to paying the remaining 90% of the Pathumthani land purchase price, the Company had total outstanding capital expenditure commitments to third parties of $66.6 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

12 Months Ended

Jun. 25, 2021

Segment Reporting [Abstract]

Business segments and geographic information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is Fabrinet’s Chief Executive Officer. As of June 25, 2021, June 26, 2020 and June 28, 2019, 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.

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

The following table presents total revenues by geographic regions:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
North America
U.S.	884,862		829,567		753,901
Others (1)	2,674		1,321		2,377
Total revenue in North America	887,536		830,888		756,278
Asia-Pacific and others
Malaysia	157,213		190,574		192,048
India	152,249		91		38
Israel	107,584		315		361
Hong Kong	87,235		92,655		110,732
Japan	69,779		101,588		122,226
China	51,597		48,192		62,262
Thailand	27,081		98,330		92,970
Others	15,859		21,178		27,749
Total revenue in Asia-Pacific and others	668,597		552,923		608,386
Europe
Ireland	193,103		110,747		109,890
U.K.	60,516		67,589		31,164
Germany	28,163		45,628		37,431
Others	41,435		34,061		41,186
Total revenue in Europe	$	323,217	$	258,025	$	219,671
Total revenue	$	1,879,350	$	1,641,836	$	1,584,335

(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.

The following table presents revenues by end market:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Optical communications	$	1,441,338	$	1,248,174	$	1,184,936
Lasers, sensors, and other	438,012		393,662		399,399
Total	$	1,879,350	$	1,641,836	$	1,584,335

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


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Long-Lived Assets:
Thailand	$	190,843	$	175,738	$	160,273
U.S.	27,403		29,507		31,323
China	14,977		14,476		15,014
Israel	5,271		5,224		2
U.K.	2,223		2,956		3,721
Cayman Islands	412		373		353
	241,129		228,274		210,686

Significant customers

Total revenues, by percentage, from individual customers representing 10% or more of total revenues in the respective periods were as follows:


	Years Ended
	June 25, 2021		June 26, 2020		June 28, 2019
Cisco Systems Inc. (1)	13.9	%	*		*
Lumentum Operations LLC	13.6	%	19.0	%	20.0	%
Infinera Corporation	11.6	%	10.0	%	*
Acacia Communications Inc.	*		10.2	%	*

*Represents less than 10% of total revenues.

(1)Inclusive of revenue from Acacia Communications, Inc. from March 1, 2021

Accounts receivable from individual customers representing 10% or more of accounts receivable as of June 25, 2021 and June 26, 2020, respectively, were as follows:


	As of June 25, 2021		As of June 26, 2020
Infinera Corporation	18.6	%	*
Lumentum Operations LLC	11.6	%	20.0	%
Cisco Systems Inc. (1)	15.0	%	*
Acacia Communications, Inc.	*		13.4	%

*Represents less than 10% of accounts receivable.

(1)Includes of Acacia Communications Inc. as of June 25, 2021

- 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)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Financial instruments

12 Months Ended

Jun. 25, 2021

Investments, All Other Investments [Abstract]

Financial instruments

Objectives and significant terms and conditions

The principal financial risks faced by the Company are foreign currency risk and interest rate risk. The Company borrows at floating rates of interest to finance its operations. A minority of sales and purchases and a majority of labor and overhead costs are entered into in foreign currencies. In order to manage the risks arising from fluctuations in currency exchange rates, the Company uses derivative instruments. Trading for speculative purposes is prohibited under Company policies.

The Company enters into short-term foreign currency forward and option contracts to manage foreign currency exposures associated with certain assets, liabilities and other forecasted foreign currency transactions and may designate these instruments as hedging instruments. The foreign currency forward and option contracts generally have maturities of

up to twelve months. All foreign currency exchange contracts are recognized on the consolidated balance sheets at fair value. Gain or loss on the Company’s derivative instruments generally offset the assets, liabilities under master netting arrangement and transactions economically hedged.

Foreign currency risk

The Company operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Thai baht, RMB and Pound Sterling ("GBP").

As of June 25, 2021 and June 26, 2020, the Company had outstanding foreign currency assets and liabilities as follows:


	As of June 25, 2021			As of June 26, 2020
(amount in thousands)	Currency	$		Currency	$
Assets
Thai baht	1,472,249	$	46,312	667,955	$	21,617
RMB	98,056	15,145		158,060	22,402
GBP	5,111	7,119		6,220	7,726
Total		$	68,576		$	51,745
Liabilities
Thai baht	2,250,514	$	70,793	2,102,392	$	68,039
RMB	40,112	6,195		42,586	6,036
GBP	2,656	3,699		1,545	1,919
Total		$	80,687		$	75,994

The Thai baht assets represent cash and cash equivalents, trade accounts receivable, deposits and other current assets. The Thai baht liabilities represent trade accounts payable, accrued expenses, income tax payable and other payables. The Company manages its exposure to fluctuations in foreign exchange rates by the use of foreign currency contracts and offsetting assets and liabilities denominated in the same currency in accordance with management’s policy. As of June 25, 2021 there were $130.0 million of foreign currency forward contracts outstanding on the Thai baht payables. As of June 26, 2020, there were $125.0 million of foreign currency forward contracts and $1.0 million of foreign currency option contracts outstanding on the Thai baht payables.

The RMB assets represent cash and cash equivalents, trade accounts receivable and other current assets. The RMB liabilities represent trade accounts payable, accrued expenses and other payables. As of June 25, 2021 and June 26, 2020, there were no derivative contracts denominated in RMB.

The GBP assets represent cash, trade accounts receivable, inventory and property, plant and equipment. The GBP liabilities represent trade accounts payable. As of June 25, 2021 and June 26, 2020, there were no derivative contracts denominated in GBP.

For fiscal year 2021, fiscal year 2020, and fiscal year 2019, the Company recorded unrealized loss of $1.5 million, unrealized loss of $1.2 million, and unrealized gain of $4.8 million, respectively, related to derivatives that are not designated as hedging instruments in its consolidated statements of operations and comprehensive income.

Interest Rate Risk

The Company’s principal interest bearing assets are time deposits and short-term investments with maturities of three years or less held with high quality financial institutions. The Company’s principal interest bearing liabilities are bank loans which bear interest at floating rates.

The Company entered into interest rate swap agreements (the “Swap Agreements”) to manage this risk and increase the profile of the Company’s debt obligation. The terms of the Swap Agreements allow the Company to effectively convert the floating interest rate to a fixed interest rate. This locks the variable in interest expenses associated with our floating rate borrowings and results in fixed interest expenses, which is unsusceptible to market rate increase. The Company designated the Swap Agreements as a cash flow hedge, and they qualify for hedge accounting because the hedges are highly effective. While the Company intend 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 our earnings. From September 27, 2019, any gains or losses related to these outstanding interest rate swaps will be recorded in accumulated other comprehensive income in the consolidated balance sheets, with subsequent reclassification to interest expense when settled.

Summary of significant accounting policies (Policies)

12 Months Ended

Jun. 25, 2021

Accounting Policies [Abstract]

Principles of consolidation

Use of Estimates

Use of estimates

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 and the consolidated statement of cash flows for the year ended June 26, 2020 as 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

Consolidated Statement of Cash Flows
Changes in operating assets and liabilities
Other current assets and non-current assets	$	(182)	$	(593)	$	(775)
Other current liabilities and non-current liabilities	$	10,394	$	593	$	10,987

These reclassifications do not affect the Company’s net income or shareholders’ equity.

Changes in accounting policies

Foreign currency transactions and translation

The consolidated financial statements are presented in United States dollars (“$” or “USD”). The functional currency of Fabrinet and most of its subsidiaries is the USD.

Cash and cash equivalents

Cash and cash equivalentsAll highly liquid investments with original maturities of three months or less from the date of purchase are classified as cash equivalents. Cash and cash equivalents consist of cash deposited in checking accounts, time deposits with maturities of less than three months, money market accounts, and short-term investments with maturities of three months or less at the date of purchase.

Short-term investments

Available-for-sale 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

Contract 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.

Inventory

Leases

Operating leases

Finance leases

Property, plant and equipment


Land improvements		10 years
Building and building improvements		5-30 years
Leasehold improvements	Shorter of useful life or lease term
Manufacturing equipment		3-7 years
Office equipment		3-7 years
Motor vehicles		3-5 years
Computer hardware		3-5 years

Gains and losses on disposal are determined by comparing proceeds with carrying amounts and are included in other income in the consolidated statements of operations and comprehensive income.

Intangibles

Intangible assets are reviewed for impairment quarterly or more frequently whenever changes or circumstances indicate the carrying amount of related assets may not be recoverable.

Goodwill

Goodwill is not deductible for tax purposes. Accordingly, if goodwill is impaired for financial reporting purposes, there is no impact on deferred taxes.

Treasury shares

Borrowing costs

Fair value of financial instruments

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

Derivatives

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

For presentation in consolidated statements of cash flows are classified in the same line item as the underlying item.

Concentration of credit risk

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

Revenue recognition and Sales of finished goods

Revenue recognition

Sales of finished goods

Services

Contract Costs

Shipping and Handling

Shipping and HandlingShipping costs billed to customers are recorded as revenue. Shipping and handling expense related to costs incurred to deliver product are recognized within cost of goods sold. The Company accounts for shipping and handling activities that occur after control has transferred as a fulfillment cost, as opposed to a separate performance obligation, and the costs of shipping and handling are recognized concurrently with the related revenue.

Warranty provision

Share-based compensation

Employee contribution plan

Severance liabilities

Annual leave

Employee entitlements to annual leave are recognized when earned by the employee. On termination of employment, accrued employee entitlement to annual leave is paid in cash.

Income taxes

New Accounting Pronouncements-adopted and not yet adopted by the Company

New Accounting Pronouncements—adopted by the Company

result in more timely recognition of credit losses. The new standard also expands the required quantitative and qualitative disclosures surrounding expected credit losses.

New Accounting Pronouncements—not yet adopted by the Company

Summary of significant accounting policies (Tables)

12 Months Ended

Jun. 25, 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 and the consolidated statement of cash flows for the year ended June 26, 2020 as 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

Consolidated Statement of Cash Flows
Changes in operating assets and liabilities
Other current assets and non-current assets	$	(182)	$	(593)	$	(775)
Other current liabilities and non-current liabilities	$	10,394	$	593	$	10,987

These reclassifications do not affect the Company’s net income or shareholders’ equity.

Property Plant and Equipment Estimated Useful Life

Depreciation is calculated using the straight-line method to write-off the cost of each asset to its residual value over its estimated useful life as follows:


Land improvements		10 years
Building and building improvements		5-30 years
Leasehold improvements	Shorter of useful life or lease term
Manufacturing equipment		3-7 years
Office equipment		3-7 years
Motor vehicles		3-5 years
Computer hardware		3-5 years

Revenues from contracts with customers (Tables)

12 Months Ended

Jun. 25, 2021

Revenue from Contract with Customer [Abstract]

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 years ended June 25, 2021 and June 26, 2020:


(amount in thousands)	Contract Assets
Beginning balance, June 27, 2020	$	13,256
Revenue recognized	65,182
Amounts collected or invoiced	(66,560)
Ending balance, June 25, 2021	$	11,878


(amount in thousands)	Contract Assets
Beginning balance, June 29, 2019	$	12,447
Revenue recognized	73,476
Amounts collected or invoiced	(72,667)
Ending balance, June 26, 2020	$	13,256


(amount in thousands)	Contract Liabilities
Beginning balance, June 27, 2020	$	1,556
Advance payment received during the year	18,360
Revenue recognized	(18,236)
Ending balance, June 25, 2021	$	1,680


(amount in thousands)	Contract Liabilities
Beginning balance, June 29, 2019	$	2,239
Advance payment received during the year	9,278
Revenue recognized	(9,961)
Ending balance, June 26, 2020	$	1,556

Disaggregation of Revenue by Geographical Regions

The following table presents total revenues by geographic regions:


(amount in thousands, except percentages)	Year ended June 25, 2021		As a % of Total Revenues		Year ended June 26, 2020		As a % of Total Revenues		Year ended June 28, 2019		As a % of Total Revenues
North America	$	887,536	47.2	%	$	830,888	50.6	%	$	756,278	47.7	%
Asia-Pacific	668,597		35.6		552,923		33.7		608,386		38.4
Europe	323,217		17.2		258,025		15.7		219,671		13.9
	$	1,879,350	100.0	%	$	1,641,836	100.0	%	$	1,584,335	100.0	%

Revenues by End Market

The following table sets forth revenues by end market.


(amount in thousands, except percentages)	Year ended June 25, 2021		As a % of Total Revenues		Year ended June 26, 2020		As a % of Total Revenues		Year ended June 28, 2019		As a % of Total Revenues
Optical communications	$	1,441,338	76.7	%	$	1,248,174	76.0	%	$	1,184,936	74.8	%
Lasers, sensors and other	438,012		23.3		393,662		24.0		399,399		25.2
	$	1,879,350	100.0	%	$	1,641,836	100.0	%	$	1,584,335	100.0	%

The following table presents revenues by end market:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Optical communications	$	1,441,338	$	1,248,174	$	1,184,936
Lasers, sensors, and other	438,012		393,662		399,399
Total	$	1,879,350	$	1,641,836	$	1,584,335

Income taxes (Tables)

12 Months Ended

Jun. 25, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

The Company’s income tax expense consisted of the following:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Current	$	6,355	$	6,274	$	4,384
Deferred	(4,212)		(511)		894
Total income tax expense	$	2,143	$	5,763	$	5,278

Reconciliation between Taxes that Would Arise by Applying Statutory Tax Rate of Country of Principal Operations to Effective Tax Charge


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Income before income taxes(1)	$	150,484	$	119,242	$	126,233
Tax expense calculated at a statutory corporate income tax rate of 20%	30,097		23,848		25,247
Effect of income taxes from locations with tax rates different from Thailand	198		577		977
Income not subject to tax(2)	(23,645)		(20,797)		(21,161)
Income tax on unremitted earnings	1,395		1,221		1,260
Effect of foreign exchange rate adjustment	(2,855)		382		603
Tax rebate from research and development application	(728)		(1,228)		(649)
Provision for uncertain income tax position	(831)		(641)		(229)
Utilization of loss carryforward	(610)		—		—
Valuation allowance (reversal of)	(1,822)		2,446		—
Others	944		(45)		(770)
Corporate income tax expense	$	2,143	$	5,763	$	5,278

(1)Income before income taxes was mostly generated from domestic income in the Cayman Islands.

Deferred Tax Assets and Deferred Tax Liabilities, Net of Valuation Allowance

The Company’s deferred tax assets and deferred tax liabilities, net of valuation allowance, at each balance sheet date are as follows:


	As of
(amount in thousands)	June 25, 2021		June 26, 2020
Deferred tax assets:
Depreciation	$	1,565	$	1,219
Severance liability	3,491		2,958
Reserves and allowance	1,751		1,405
Net operating loss carryforwards	1,585		—
Others	1,036		321
Total	$	9,428	$	5,903

Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	$	(1,202)	$	(336)
Deferred tax from unremitted earnings	(5,072)		(4,620)
Others	1,167		—
Total	(5,107)		(4,956)
Net	$	4,321	$	947

Summary of Change in Valuation Allowances of Deferred Tax Assets

The changes in the valuation allowances of deferred tax assets were as follows:


(amount in thousands)	Valuation allowances of deferred tax assets
Balance as of June 29, 2018	$	1,165
Additional	126
Balance as of June 28, 2019	1,291
Additional	2,437
Balance as of June 26, 2020	3,728
Additional	479
Reduction	(2,146)
Balance as of June 25, 2021	$	2,061

Changes to Unrecognized Tax Benefits


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Beginning balance	$	970	$	1,323	$	1,445
Additions during the year	389		157		235
Release of tax positions of prior years	(552)		(510)		(357)
Ending balance	$	807	$	970	$	1,323

Earnings per ordinary share (Tables)

12 Months Ended

Jun. 25, 2021

Earnings Per Share [Abstract]

Earnings Per Ordinary Share

The earnings per ordinary share was calculated as follows:


	Years Ended
(amount in thousands except per share amounts)	June 25, 2021		June 26, 2020		June 28, 2019
Net income attributable to shareholders	$	148,341	$	113,479	$	120,955
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,872		36,908		36,798
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units (thousands of shares)	683		757		617
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,555		37,665		37,415
Basic earnings per ordinary share	$	4.02	$	3.07	$	3.29
Diluted earnings per ordinary share	$	3.95	$	3.01	$	3.23
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	53		99		401

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

12 Months Ended

Jun. 25, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-Term Investments

The Company’s cash, cash equivalents, and short-term investments by category is as follows:


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of June 25, 2021
Cash	$	222,664	$	—	$	222,664	$	—	$	—
Cash equivalents	80,305		—		80,305		—		—
Liquidity funds	30,000		1,226		—		—		31,226
Certificates of deposit	10,500		—		—		—		10,500
Corporate debt securities	171,626		164		—		171,790		—
U.S. agency and U.S. Treasury securities	31,301		146		—		31,447		—
Total	$	546,396	$	1,536	$	302,969	$	203,237	$	41,726
As of June 26, 2020
Cash	$	218,117	$	—	$	218,117	$	—	$	—
Cash equivalents	7,313		—		7,313		—		—
Liquidity funds	40,000		1,051		—		—		41,051
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	$	485,580	$	2,543	$	225,430	$	209,842	$	52,851

Summary of Cost and Estimated Fair Value of Short-term Investments Classified as Available-for-sale Securities

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 June 25, 2021:


	June 25, 2021				June 26, 2020
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	30,000	$	31,226	$	116,127	$	117,247
Due between one to five years	202,927		203,237		132,223		133,646
Total	$	232,927	$	234,463	$	248,350	$	250,893

Summary of Carrying Cost of Short-term Investments Classified as Held-to-maturity Securities

The following table summarizes the carrying cost of short-term investments classified as held-to-maturity securities based on stated effective maturities as of June 25, 2021:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Due within one year	$	10,500	$	11,800
Due between one to five years	—		—
Total	$	10,500	$	11,800

Fair value of financial instruments (Tables)

12 Months Ended

Jun. 25, 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 June 25, 2021
Assets
Cash equivalents	$	—	$	80,305		$	—	$	80,305
Liquidity funds	—		31,226			—		31,226
Corporate debt securities	—		171,790			—		171,790
U.S. agency and U.S. Treasury securities	—		31,447			—		31,447
Derivative assets - current portion	—		1		(1)	—		1
Total	$	—	$	314,769		$	—	$	314,769
Liabilities
Derivative liabilities - current portion	$	—	$	5,654		$	—	$	5,654
Derivative liabilities - non-current portion	$	—	$	1,977		$	—	$	1,977
Total	$	—	$	7,631	(2)	$	—	$	7,631


	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
Corporate debt securities	—		160,168			—		160,168
U.S. agency and U.S. Treasury securities	—		49,674			—		49,674
Derivative assets - current	—		2,823		(3)			2,823
Total	$	—	$	261,029		$	—	$	261,029
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 an aggregate notional amount of $2.0 million.

(3)Foreign currency forward contracts with an aggregate 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


		Year Ended
(amount in thousands)	Financial statements line item	June 25, 2021		June 26, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(6,194)	$	1,081
Interest rate swaps	Other comprehensive income	1,624		(910)
Total derivatives loss (gain) recognized in other comprehensive income		$	(4,570)	$	171
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts	Cost of revenues	$	(966)	$	2,512
Foreign currency forward contracts	Selling, general and administrative expenses	(40)		105
Foreign currency forward contracts	Foreign exchange gain (loss), net	1,769		(998)
Interest rate swaps	Interest expense	(1,299)		(1,220)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings		$	(536)	$	399
Change in net unrealized gain (loss) on derivative instruments		$	(5,106)	$	570

Schedule of Derivative Financial Instruments

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


	June 25, 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	$	—	$	(1,379)	$	9	$	(611)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	1		(2,703)		2,814		(83)
Interest rate swaps	—		(3,549)		—		(5,172)
Derivatives, gross balances	1		(7,631)		2,823		(5,866)

Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

The Company presents its derivatives at gross fair values in the consolidated balance sheets.

The Company recorded the fair value of derivative financial instruments in the 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Trade accounts receivable, net (Tables)

12 Months Ended

Jun. 25, 2021

Receivables [Abstract]

Trade Accounts Receivable, Net


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Trade accounts receivable	$	336,647	$	273,001
Less: Allowance for doubtful account	(100)		(336)
Trade accounts receivable, net	$	336,547	$	272,665

Inventories (Tables)

12 Months Ended

Jun. 25, 2021

Inventory Disclosure [Abstract]

Inventories


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Raw materials	$	196,345	$	141,522
Work in progress	174,654		136,344
Finished goods	15,471		17,950
Goods in transit	35,663		13,970
Inventories	$	422,133	$	309,786

Leases (Tables)

12 Months Ended

Jun. 25, 2021

Leases [Abstract]

Schedule of operating lease liabilities

As of June 25, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)
2022	$	2,775
2023	2,676
2024	1,242
2025	41
Total undiscounted lease payments	6,734
Less imputed interest	(291)
Total present value of lease liabilities	$	6,443	(1)

(1)Includes current portion of operating lease liabilities of $2.6 million.

Summary of additional information related to operating and finance lease

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


	As of June 25, 2021
Weighted-average remaining lease term (in years)
Operating leases	2.7
Weighted-average discount rate
Operating leases	3.5	%

Schedule of supplemental cash flow information related to operating lease

The following information represents supplemental disclosure for the statement of cash flows related to operating leases:


(amount in thousands)	Year Ended June 25, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,603
Financing cash flows from finance leases	$	100
ROU assets obtained in exchange for lease liabilities	$	959

Property, plant and equipment, net (Tables)

12 Months Ended

Jun. 25, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Net

The components of property, plant and equipment, net were as follows:


(amount in thousands)	Land and Land Improvements		Building and Building Improvements		Manufacturing Equipment		Office Equipment		Motor Vehicles		Computers		Construction and Machinery Under Installation		Total
As of June 25, 2021
Cost	$	45,125	$	163,375	$	213,981	$	9,243	$	627	$	29,621	$	9,377	$	471,349
Less: Accumulated depreciation	(26)		(58,791)		(141,997)		(6,376)		(509)		(21,715)		—		(229,414)
Less: Impairment reserve	—		—		(804)		—		—		(2)		—		(806)
Net book value	$	45,099	$	104,584	$	71,180	$	2,867	$	118	$	7,904	$	9,377	$	241,129
As of June 26, 2020
Cost	$	45,099	$	145,912	$	198,036	$	5,600	$	939	$	16,766	$	12,657	$	425,009
Less: Accumulated depreciation	(17)		(51,393)		(127,397)		(4,135)		(678)		(12,273)		—		(195,893)
Less: Impairment reserve	—		—		(840)		—		—		(2)		—		(842)
Net book value	$	45,082	$	94,519	$	69,799	$	1,465	$	261	$	4,491	$	12,657	$	228,274

Leased Assets Under Finance Lease Agreements

Leased assets included in manufacturing equipment comprise certain machine and equipment from finance lease agreements assumed from the acquisition of Fabrinet UK.


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Cost—Finance leases	$	1,747	$	1,992
Less: Accumulated depreciation	(1,747)		(1,199)
Net book value	$	—	$	793

Intangibles (Tables)

12 Months Ended

Jun. 25, 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 June 25, 2021
Software	$	9,767	$	(6,632)	$	—	$	3,135
Customer relationships	4,373		(3,195)		58		1,236
Backlog	119		(119)		—		—
Total intangibles	$	14,259	$	(9,946)	$	58	$	4,371


(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

Estimated Future Amortization of intangibles

Based on the carrying amount of intangibles as of June 25, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(amount in thousand)
2022	$	1,614
2023	1,159
2024	821
2025	545
Thereafter	232
Total	$	4,371

Borrowings (Tables)

12 Months Ended

Jun. 25, 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 June 25, 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	39,609		51,797
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs—non-current portion			(63)		(95)
Long-term borrowings, non-current portion, net			$	27,358	$	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 7.

Movements of Long-Term Loans

The movements of long-term borrowings were as follows for the years ended June 25, 2021 and June 26, 2020:


	Years ended
(amount in thousands)	June 25, 2021		June 26, 2020
Opening balance	$	51,797	$	60,938
Borrowings during the period	—		60,938
Repayments during the period	(12,188)		(70,079)
Closing balance	$	39,609	$	51,797

Future Maturities of Long-Term Debt

As of June 25, 2021, the future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousand)
2022	$	12,187
2023	12,188
2024	12,187
2025	3,047
Total	$	39,609

- 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
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Severance liabilities (Tables)

12 Months Ended

Jun. 25, 2021

Retirement Benefits [Abstract]

Severance Liabilities

The following table provides information regarding severance liabilities:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020
Changes in severance liabilities
Balance, beginning of the fiscal year	$	17,673	$	15,473
Current service cost	$	1,627	$	1,907
Interest cost	515		462
Benefit paid	(1,198)		(48)
Actuarial(gain)loss on obligation	1,129		(117)
Foreign currency translation	36		(4)
Balance, end of the fiscal year	$	19,782	$	17,673
Changes in plan assets
Balance, beginning of the fiscal year	$	294	$	317
Actual return on plan assets	$	19	$	(34)
Employer contributions	43		18
Benefit paid	(34)		—
Foreign currency translation	34		(7)
Balance, end of the fiscal year	$	356	$	294
Underfunded status	$	(19,426)	$	(17,379)

Severance Liabilities Recognized in Balance Sheet

The amount recognized in the consolidated balance sheets under non-current liabilities and non-current assets were determined as follows:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Non-current assets	$	59	$	—
Non-current liabilities	$	19,485	$	17,379

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table provides information regarding accumulated benefit obligations:


(amount in thousands)	As of June 25, 2021		As of June 26, 2020
Accumulated benefit obligations	$	13,581	$	11,864

Schedule of Changes in Fair Value of Plan Assets

The following table sets forth the plan assets at fair value as of June 25, 2021 and June 26, 2020.


(amount in thousands)			Fair value measurement as of June 25, 2021
	Total		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Other(1)	$	356	$	211	$	145
Total Assets	$	356	$	211	$	145


(amount in thousands)			Fair value measurement as of June 26, 2020
	Total		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Other(1)	$	294	$	160	$	134
Total Assets	$	294	$	160	$	134

(1)The “Other” category represents the bid value of the trustees’ insurance policy held with Old Mutual Wealth and the value of assets held with Royal London.

Schedule of Allocation of Plan Assets

The Trustees have chosen to invest in the following funds:


	% of Total
Fund	As of June 25, 2021		As of June 26, 2020
Old Mutual Wealth Invesco Perpetual High Income	—	%	38	%
Old Mutual Wealth Creation Balanced Portfolio	59	%	17	%
Royal London Deposit Administration	41	%	45	%

Principal Actuarial Assumptions Used

Weighted average actuarial assumptions used to determine severance liabilities


	Years Ended
	June 25, 2021	June 26, 2020	June 28, 2019
Discount rate	0.2% - 2.9%	0.4% - 3.1%	2.3% - 3.2%
Future salary increases	3.5% - 10.0%	3.5% - 10.0%	3.5% - 10.0%

Weighted average actuarial assumptions used to determine benefit costs


	Years Ended
	June 25, 2021	June 26, 2020	June 28, 2019
Discount rate	0.4% - 3.1%	2.3% - 3.2%	2.5% - 3.7%
Expected long-term rate of return on assets	2.3%	2.1%	1.6%

Share-based compensation (Tables)

12 Months Ended

Jun. 25, 2021

Share-based Payment Arrangement [Abstract]

Effect of Recording Share-Based Compensation Expense

The effect of recording share-based compensation expense for the years ended June 25, 2021, June 26, 2020 and June 28, 2019 was as follows:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Share-based compensation expense by type of award:
Restricted share units	$	16,725	$	16,555	$	14,691
Performance share units	8,737		5,648		2,466
Total share-based compensation expense	25,462		22,203		17,157
Tax effect on share-based compensation expense	—		—		—
Net effect on share-based compensation expense	$	25,462	$	22,203	$	17,157

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

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


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Cost of revenue	$	6,185	$	6,098	$	5,656
Selling, general and administrative expense	19,277		16,105		11,501
Total share-based compensation expense	$	25,462	$	22,203	$	17,157

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 29, 2018	1,073,580	$	35.19
Granted	391,328	$	50.02
Issued	(515,482)	$	34.18
Forfeited	(148,675)	$	38.42
Balance as of June 28, 2019	800,751	$	42.48
Granted	367,088	$	50.87
Issued	(335,355)	$	40.98
Forfeited	(34,727)	$	44.59
Balance as of June 26, 2020	797,757	$	46.88
Granted	230,759	$	70.53
Issued	(358,508)	$	45.39
Forfeited	(28,133)	$	57.86
Balance as of June 25, 2021	641,875	$	55.74
Expected to vest as of June 25, 2021	524,218	$	55.98

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 29, 2018	605,892	$	38.41
Granted	201,994	$	48.02
Issued	(227,268)	40.48
Forfeited	(32,118)	40.47
Balance as of June 28, 2019	548,500	$	40.97
Granted	242,310	$	48.65
Issued	—	$	—
Forfeited	(350,670)	$	36.99
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 June 25, 2021	427,028	$	57.82
Expected to vest as of June 25, 2021	388,864	$	58.72

Accumulated other comprehensive income (loss) ("AOCI") (Tables)

12 Months Ended

Jun. 25, 2021

Equity [Abstract]

Changes in AOCI, Net of Tax

The changes in AOCI for the years ended June 25, 2021 and June 26, 2020 were as follows:


(amount in thousands)	Unrealized Gains (Losses) on Available-for-sale Securities		Unrealized Gains (Losses) 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	634		171		—		(397)		408
Amounts reclassified from AOCI	(96)		399		528		—		831
Tax effects	—		—		—		—		—
Other comprehensive income	538		570		528		(397)		1,239
Balance as of June 26, 2020	1,490		602		(2,009)		(1,230)		(1,147)
Other comprehensive income before reclassification	(1,003)		(4,570)		—		585		(4,988)
Amounts reclassified from AOCI	(179)		(536)		584		—		(131)
Tax effects	—		—		—		—		—
Other comprehensive income	(1,182)		(5,106)		584		585		(5,119)
Balance as of June 25, 2021	$	308	$	(4,504)	$	(1,425)	$	(645)	$	(6,266)

Pre-tax Amounts Reclassified from AOCI into Condensed Consolidated Statements of Operations and Comprehensive Income


(amount in thousands)		Years ended
AOCI components	Financial statements line item	June 25, 2021		June 26, 2020
Unrealized gains (losses) on available-for-sale securities	Interest income	$	(179)	$	(96)
Unrealized gains(losses)on derivative instruments	Cost of revenues	(966)		2,512
Unrealized gains(losses)on derivative instruments	Selling, general and administrative expenses	(40)		105
Unrealized gains(losses)on derivative instruments	Foreign exchange loss, net	1,769		(998)
Unrealized gains(losses)on derivative instruments	Interest expense	(1,299)		(1,220)
Retirement benefit plan – Prior service cost	Selling, general and administrative expenses	584		528
Total amounts reclassified from AOCI		$	(131)	$	831

Business segments and geographic information (Tables)

12 Months Ended

Jun. 25, 2021

Segment Reporting [Abstract]

Total Revenues by Geographic Regions

The following table presents total revenues by geographic regions:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
North America
U.S.	884,862		829,567		753,901
Others (1)	2,674		1,321		2,377
Total revenue in North America	887,536		830,888		756,278
Asia-Pacific and others
Malaysia	157,213		190,574		192,048
India	152,249		91		38
Israel	107,584		315		361
Hong Kong	87,235		92,655		110,732
Japan	69,779		101,588		122,226
China	51,597		48,192		62,262
Thailand	27,081		98,330		92,970
Others	15,859		21,178		27,749
Total revenue in Asia-Pacific and others	668,597		552,923		608,386
Europe
Ireland	193,103		110,747		109,890
U.K.	60,516		67,589		31,164
Germany	28,163		45,628		37,431
Others	41,435		34,061		41,186
Total revenue in Europe	$	323,217	$	258,025	$	219,671
Total revenue	$	1,879,350	$	1,641,836	$	1,584,335

(1)Others includes revenues from external customers based in our country of domicile, the Cayman Islands, which for each year presented is $0.

Revenues by End Market

The following table sets forth revenues by end market.


(amount in thousands, except percentages)	Year ended June 25, 2021		As a % of Total Revenues		Year ended June 26, 2020		As a % of Total Revenues		Year ended June 28, 2019		As a % of Total Revenues
Optical communications	$	1,441,338	76.7	%	$	1,248,174	76.0	%	$	1,184,936	74.8	%
Lasers, sensors and other	438,012		23.3		393,662		24.0		399,399		25.2
	$	1,879,350	100.0	%	$	1,641,836	100.0	%	$	1,584,335	100.0	%

The following table presents revenues by end market:


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Optical communications	$	1,441,338	$	1,248,174	$	1,184,936
Lasers, sensors, and other	438,012		393,662		399,399
Total	$	1,879,350	$	1,641,836	$	1,584,335

Long-lived Assets by Geographic Areas

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


	Years Ended
(amount in thousands)	June 25, 2021		June 26, 2020		June 28, 2019
Long-Lived Assets:
Thailand	$	190,843	$	175,738	$	160,273
U.S.	27,403		29,507		31,323
China	14,977		14,476		15,014
Israel	5,271		5,224		2
U.K.	2,223		2,956		3,721
Cayman Islands	412		373		353
	241,129		228,274		210,686

Total Revenues by Percentage from Individual Customers Representing Ten Percent or More of Total Revenues

Total revenues, by percentage, from individual customers representing 10% or more of total revenues in the respective periods were as follows:


	Years Ended
	June 25, 2021		June 26, 2020		June 28, 2019
Cisco Systems Inc. (1)	13.9	%	*		*
Lumentum Operations LLC	13.6	%	19.0	%	20.0	%
Infinera Corporation	11.6	%	10.0	%	*
Acacia Communications Inc.	*		10.2	%	*

*Represents less than 10% of total revenues.

(1)Inclusive of revenue from Acacia Communications, Inc. from March 1, 2021

Accounts Receivable from Individual Customers Representing Ten Percent or More of Accounts Receivable

Accounts receivable from individual customers representing 10% or more of accounts receivable as of June 25, 2021 and June 26, 2020, respectively, were as follows:


	As of June 25, 2021		As of June 26, 2020
Infinera Corporation	18.6	%	*
Lumentum Operations LLC	11.6	%	20.0	%
Cisco Systems Inc. (1)	15.0	%	*
Acacia Communications, Inc.	*		13.4	%

*Represents less than 10% of accounts receivable.

(1)Includes of Acacia Communications Inc. as of June 25, 2021

Financial instruments (Tables)

12 Months Ended

Jun. 25, 2021

Investments, All Other Investments [Abstract]

Outstanding Foreign Currency Assets and Liabilities

As of June 25, 2021 and June 26, 2020, the Company had outstanding foreign currency assets and liabilities as follows:


	As of June 25, 2021			As of June 26, 2020
(amount in thousands)	Currency	$		Currency	$
Assets
Thai baht	1,472,249	$	46,312	667,955	$	21,617
RMB	98,056	15,145		158,060	22,402
GBP	5,111	7,119		6,220	7,726
Total		$	68,576		$	51,745
Liabilities
Thai baht	2,250,514	$	70,793	2,102,392	$	68,039
RMB	40,112	6,195		42,586	6,036
GBP	2,656	3,699		1,545	1,919
Total		$	80,687		$	75,994

Summary of significant accounting policies - Summary of Reclassifications of Consolidated Balance Sheet and Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Current assets
Other current assets	$ 22,619	$ 14,508
Current liabilities
Accrued expenses	17,134	8,979
Non-current liabilities
Other non-current liabilities	3,444	5,655
Changes in operating assets and liabilities
Other current assets and non-current assets	(15,190)	(775)	$ (2,777)
Other current liabilities and non-current liabilities	$ 2,085	10,987	$ 1,532
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
Changes in operating assets and liabilities
Other current assets and non-current assets		(182)
Other current liabilities and non-current liabilities		10,394
Reclassification
Current assets
Other current assets		593
Current liabilities
Accrued expenses		(3,125)
Non-current liabilities
Other non-current liabilities		3,718
Changes in operating assets and liabilities
Other current assets and non-current assets		(593)
Other current liabilities and non-current liabilities		$ 593

Summary of significant accounting policies - Property Plant and Equipment Estimated Useful Life (Detail)	12 Months Ended
	Jun. 25, 2021
Land improvements
Estimated useful life	10 years
Building and building improvements \| Maximum
Estimated useful life	30 years
Building and building improvements \| Minimum
Estimated useful life	5 years
Manufacturing equipment \| Maximum
Estimated useful life	7 years
Manufacturing equipment \| Minimum
Estimated useful life	3 years
Office equipment \| Maximum
Estimated useful life	7 years
Office equipment \| Minimum
Estimated useful life	3 years
Motor vehicles \| Maximum
Estimated useful life	5 years
Motor vehicles \| Minimum
Estimated useful life	3 years
Computer hardware \| Maximum
Estimated useful life	5 years
Computer hardware \| Minimum
Estimated useful life	3 years

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019	Jun. 27, 2020	Jun. 29, 2018
Accounting Policies [Line Items]
Services revenues	$ 108,500	$ 90,500	$ 106,100
Warranty cost allowances	90	20	70
Cumulative adjustment from CECL	1,112,520	974,409	863,099		$ 740,939
Retained Earnings
Accounting Policies [Line Items]
Cumulative adjustment from CECL	$ 1,016,296	868,062	$ 754,583		632,423
Cumulative Effect, Period of Adoption, Adjustment
Accounting Policies [Line Items]
Cumulative adjustment from CECL		(107)			1,205
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Accounting Policies [Line Items]
Cumulative adjustment from CECL		$ (107)		$ 100	$ 1,205
Minimum
Accounting Policies [Line Items]
Product warranty term	1 year
Maximum
Accounting Policies [Line Items]
Product warranty term	5 years

- 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 - Narrative (Details) - USD ($)	Jun. 25, 2021	Jun. 26, 2020
Revenue from Contract with Customer [Abstract]
Impairment for contract assets	$ 0	$ 0

Revenues from contracts with customers - Schedule of Activity in the Company's Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Contract Assets
Beginning balance	$ 13,256	$ 12,447
Revenue recognized	65,182	73,476
Amounts collected or invoiced	(66,560)	(72,667)
Ending balance	11,878	13,256
Contract Liabilities
Beginning balance	1,556	2,239
Advance payment received during the year	18,360	9,278
Revenue recognized	(18,236)	(9,961)
Ending balance	$ 1,680	$ 1,556

Revenues from contracts with customers - Disaggregation of Revenue by Geographical Regions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Revenues	$ 1,879,350	$ 1,641,836	$ 1,584,335
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	100.00%	100.00%	100.00%
North America
Revenues	$ 887,536	$ 830,888	$ 756,278
North America \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	47.20%	50.60%	47.70%
Asia-Pacific
Revenues	$ 668,597	$ 552,923	$ 608,386
Asia-Pacific \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	35.60%	33.70%	38.40%
Europe
Revenues	$ 323,217	$ 258,025	$ 219,671
Europe \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	17.20%	15.70%	13.90%

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues from contracts with customers - Revenues by end market (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,879,350	$ 1,641,836	$ 1,584,335
Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 1,441,338	$ 1,248,174	$ 1,184,936
Optical communications \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	76.70%	76.00%	74.80%
Lasers, sensors and other
Disaggregation of Revenue [Line Items]
Revenues	$ 438,012	$ 393,662	$ 399,399
Lasers, sensors and other \| Revenue from Contract with Customer Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	23.30%	24.00%	25.20%

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-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 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019	Jun. 29, 2018
Income Taxes [Line Items]
Exempted income from corporate income tax	$ 23,645	$ 20,797	$ 21,161
Valuation allowance	2,061	3,728	1,291	$ 1,165
Deferred tax liabilities	5,072	4,620
Accrued interest and penalties related to uncertain tax positions	100	500
Recorded (reversed) interest and penalties	400	100	(100)
Cayman Islands
Income Taxes [Line Items]
Exempted income from corporate income tax	$ 115,800	101,900	$ 104,600
Thailand
Income Taxes [Line Items]
Tax exempt income	50.00%
income tax exemption period	15 years
Reduced corporate Income Tax rate	20.00%
Unremitted earnings	$ 126,800	112,300
Unrecognized deferred tax liabilities	7,400	7,000
Deferred tax liabilities	$ 1,300	$ 1,100
China
Income Taxes [Line Items]
Corporate income tax rate	25.00%
U.S.
Income Taxes [Line Items]
Valuation allowance	$ 1,500
U.S. \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
U.K.
Income Taxes [Line Items]
Valuation allowance	$ 2,100
U.K. \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	19.00%
Israel \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	23.00%

Income taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Income Tax Disclosure [Abstract]
Current	$ 6,355	$ 6,274	$ 4,384
Deferred	(4,212)	(511)	894
Total income tax expense	$ 2,143	$ 5,763	$ 5,278

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income taxes - Reconciliation between Taxes that Would Arise by Applying Statutory Tax Rate of Country of Principal Operations to Effective Tax Charge (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income before income taxes	$ 150,484	$ 119,242	$ 126,233
Tax expense calculated at a statutory corporate income tax rate of 20%	30,097	23,848	25,247
Effect of income taxes from locations with tax rates different from Thailand	198	577	977
Income not subject to tax	(23,645)	(20,797)	(21,161)
Income tax on unremitted earnings	1,395	1,221	1,260
Effect of foreign exchange rate adjustment	(2,855)	382	603
Tax rebate from research and development application	(728)	(1,228)	(649)
Provision for uncertain income tax position	(831)	(641)	(229)
Utilization of loss carryforward	(610)	0	0
Valuation allowance (reversal of)	(1,822)	2,446	0
Others	944	(45)	(770)
Total income tax expense	$ 2,143	$ 5,763	$ 5,278
Income not subject to tax per ordinary shaare on a diluted basis (in USD per share)	$ 0.63	$ 0.55	$ 0.57

Income taxes - Deferred Tax Assets and Deferred Tax Liabilities, Net of Valuation Allowance (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Deferred tax assets:
Depreciation	$ 1,565	$ 1,219
Severance liability	3,491	2,958
Reserves and allowance	1,751	1,405
Net operating loss carryforwards	1,585	0
Others	1,036	321
Total	9,428	5,903
Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	(1,202)	(336)
Deferred tax from unremitted earnings	(5,072)	(4,620)
Others	1,167	0
Total	(5,107)	(4,956)
Net	$ 4,321	$ 947

income taxes - Summary of Change in Valuation Allowances of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Reconciliation Of Nol Deferred Tax Assets Valuation Allowance [Roll Forward]
Beginning Balance	$ 3,728	$ 1,291	$ 1,165
Additional	479	2,437	126
Reduction	(2,146)
Ending Balance	$ 2,061	$ 3,728	$ 1,291

Income taxes - Changes to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Changes To Uncertain Income Tax Positions [Roll Forward]
Beginning balance	$ 970	$ 1,323	$ 1,445
Additions during the year	389	157	235
Release of tax positions of prior years	(552)	(510)	(357)
Ending balance	$ 807	$ 970	$ 1,323

Earnings Per Ordinary Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 148,341	$ 113,479	$ 120,955
Weighted-average number of ordinary shares outstanding (in shares)	36,872	36,908	36,798
Incremental shares arising from the assumed vesting of restricted share units and performance share units (in shares)	683	757	617
Weighted-average number of ordinary shares for diluted earnings per ordinary share (in shares)	37,555	37,665	37,415
Basic earnings per ordinary share (in USD per share)	$ 4.02	$ 3.07	$ 3.29
Diluted earnings per ordinary share (in USD per share)	$ 3.95	$ 3.01	$ 3.23
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (in shares)	53	99	401

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-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 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Cash, cash equivalents and short-term investments - Cash, cash equivalents and short-term investments by category (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Cash, cash equivalents and marketable securities [Line Items]
Cash and cash equivalents and marketable securities, carrying cost	$ 546,396	$ 485,580
Unrealized Gain/ (Loss)	1,536	2,543
Cash and cash equivalents	302,969	225,430	$ 180,839
Marketable Securities	203,237	209,842
Other Investments	41,726	52,851
Certificates of deposit
Cash, cash equivalents and marketable securities [Line Items]
Marketable securities, carrying cost	10,500	11,800
Other Investments	10,500	11,800
Cash
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost	222,664	218,117
Cash and cash equivalents	222,664	218,117
Cash equivalents
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost	80,305	7,313
Cash and cash equivalents	80,305	7,313
Liquidity funds
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost	30,000	40,000
Unrealized Gain/ (Loss)	1,226	1,051
Other Investments	31,226	41,051
Corporate debt securities
Cash, cash equivalents and marketable securities [Line Items]
Marketable securities, carrying cost	171,626	159,220
Unrealized Gain/ (Loss)	164	948
Marketable Securities	171,790	160,168
U.S. agency and U.S. Treasury securities
Cash, cash equivalents and marketable securities [Line Items]
Marketable securities, carrying cost	31,301	49,130
Unrealized Gain/ (Loss)	146	544
Marketable Securities	$ 31,447	$ 49,674

Cash, cash equivalents and short-term investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities (or less)	3 months
Effective interest rate on short term bank deposits	0.70%	1.80%
Unrecognized gains or losses	$ 0	$ 0
Percentage of cash and cash equivalents held by parent company	65.00%	63.00%
Gain from sales and maturities of available-for-sale securities	$ 400,000	$ 100,000
Impairment losses	0	0
Certificates of Deposit
Cash, cash equivalents and marketable securities [Line Items]
Investments in held-to-maturity debt securities	$ 10,500,000
Bank Time Deposits
Cash, cash equivalents and marketable securities [Line Items]
Investments in held-to-maturity debt securities		$ 11,800,000

Cash, cash equivalents and short-term investments - Available-for-Sale Securities Based on Stated Effective Maturities (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, total	$ 203,237	$ 209,842
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	30,000	116,127
Carrying cost, due between one to five years	202,927	132,223
Carrying cost, total	232,927	248,350
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	31,226	117,247
Fair value, due between one to five years	203,237	133,646
Fair value, total	$ 234,463	$ 250,893

Cash, cash equivalents and short-term investments - Summary of the Carrying Cost of Short-term Investments Classified as Held-to-maturity Securities (Details) - Carrying Cost - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Cash, cash equivalents and marketable securities [Line Items]
Due within one year	$ 10,500	$ 11,800
Due between one to five years	0	0
Total	$ 10,500	$ 11,800

Fair value of financial instruments - Fair Value on Recurring Basis (Detail) $ in Thousands, $ in Millions	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CAD ($)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 CAD ($)
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount			$ 125,000	$ 0.6
Derivative liabilities, notional amount	$ 128,000	$ 0.4
Foreign currency option contracts
Liabilities
Derivative assets, notional amount			1,000
Fair Value, Measurements, Recurring
Assets
Derivative assets	1		2,823
Total	314,769		261,029
Liabilities
Derivative liabilities - current portion	5,654		2,148
Derivative liabilities - non-current portion	1,977		3,718
Total	7,631		5,866
Fair Value, Measurements, Recurring \| Interest rate swaps
Liabilities
Derivative liabilities, notional amount	125,100		125,100
Fair Value, Measurements, Recurring \| Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	2,000
Fair Value, Measurements, Recurring \| Cash equivalents
Assets
Marketable securities	80,305		7,313
Fair Value, Measurements, Recurring \| Liquidity funds
Assets
Marketable securities	31,226		41,051
Fair Value, Measurements, Recurring \| Corporate debt securities
Assets
Marketable securities	171,790		160,168
Fair Value, Measurements, Recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	31,447		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 \| 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	1		2,823
Total	314,769		261,029
Liabilities
Derivative liabilities - current portion	5,654		2,148
Derivative liabilities - non-current portion	1,977		3,718
Total	7,631		5,866
Level 2 \| Fair Value, Measurements, Recurring \| Cash equivalents
Assets
Marketable securities	80,305		7,313
Level 2 \| Fair Value, Measurements, Recurring \| Liquidity funds
Assets
Marketable securities	31,226		41,051
Level 2 \| Fair Value, Measurements, Recurring \| Corporate debt securities
Assets
Marketable securities	171,790		160,168
Level 2 \| Fair Value, Measurements, Recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	31,447		49,674
Level 3 \| Fair Value, Measurements, Recurring
Assets
Derivative assets	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 \| 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 Thousands, $ in Millions	12 Months Ended
	Jun. 25, 2021 USD ($) Contract	Jun. 26, 2020 USD ($) Contract	Jun. 25, 2021 CAD ($) Contract	Jun. 26, 2020 CAD ($) Contract	Sep. 03, 2019	Jul. 25, 2018
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (536)	$ 399
Derivative fixed interest rate						2.86%
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount		$ 125,000
Gain on sale of derivatives	$ 2,700
Foreign currency forward contracts \| Designated as Hedging Instrument \| Thailand, Baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| Contract	130	125	130	125
Foreign currency forward contracts \| Designated as Hedging Instrument \| Canada, Dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount			$ 0.4	$ 0.6
Foreign currency forward contracts \| Non designated
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ (1,500)	$ (1,200)
Foreign currency option contracts \| Designated as Hedging Instrument
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount		$ 1,000
Interest rate swaps
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| Contract	2	2	2	2
Derivative notional amount	$ 125,100	$ 125,100
Gains or losses from accumulated other comprehensive income expected to be reclassified	$ 800
Interest rate swaps \| Bank of ayudhya public company \| Bank of america credit facility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Debt fixed interest percentage					4.36%
Interest rate swaps \| Non designated
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives		$ 1,700

Fair value - Schedule Impacts of Derivative Gain (Loss) of Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Derivatives gain (loss) recognized in other comprehensive income (loss):
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	$ (4,570)	$ 171
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(536)	399
Change in net unrealized gain (loss) on derivative instruments	(5,106)	570	$ (1)
Foreign currency forward contracts \| Cost of revenues
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(966)	2,512
Foreign currency forward contracts \| Selling, general and administrative expenses
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(40)	105
Foreign currency forward contracts \| Foreign exchange gain (loss), net
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	1,769	(998)
Foreign currency forward contracts \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	(6,194)	1,081
Interest rate swaps \| Interest expense
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(1,299)	(1,220)
Interest rate swaps \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	$ 1,624	$ (910)

Fair Value - Schedule of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Derivatives designated as hedging instruments
Derivative assets, gross balances	$ 1	$ 2,823
Derivative liabilities, gross balances	(7,631)	(5,866)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	0	9
Derivative Liabilities	(1,379)	(611)
Interest rate swaps
Derivatives not designated as hedging instruments
Derivative Assets	0	0
Derivative Liabilities	0	0
Derivatives designated as hedging instruments
Derivative Assets	0	0
Derivative Liabilities	(3,549)	(5,172)
Foreign currency forward contracts
Derivatives designated as hedging instruments
Derivative Assets	1	2,814
Derivative Liabilities	$ (2,703)	$ (83)

Trade Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Receivables [Abstract]
Trade accounts receivable	$ 336,647	$ 273,001
Less: Allowance for doubtful account	(100)	(336)
Trade accounts receivable, net	$ 336,547	$ 272,665

Inventories (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 196,345	$ 141,522
Work in progress	174,654	136,344
Finished goods	15,471	17,950
Goods in transit	35,663	13,970
Inventories	$ 422,133	$ 309,786

Other receivable - Additional Information (Detail) $ in Millions	Oct. 01, 2019 USD ($)
Receivables [Abstract]
Other receivable provided to customer	$ 24.3

Restricted cash - Additional Information (Detail) € in Millions, ¥ in Millions	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CNY (¥)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 EUR (€)
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 154,000		$ 0
Amount of cash collateral			7,400,000
Outstanding letter of credit amount	0			€ 6.0
Bank Guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Amount of cash collateral	$ 200,000
Standby Letters of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Amount of cash collateral			$ 7,400,000
China
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash \| ¥		¥ 1.0

Leases - Additional Information (Detail)	12 Months Ended
Leases - Additional Information (Detail)	Jun. 25, 2021
Operating lease expiration year	2025
Maximum
Lessee operating lease option to extend term	5 years
Minimum
Lessee operating lease option to extend term	1 year

Leases - Schedule Of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Leases [Abstract]
2022	$ 2,775
2023	2,676
2024	1,242
2025	41
Total undiscounted lease payments	6,734
Less imputed interest	(291)
Total present value of lease liabilities	6,443
Operating lease liabilities, current portion	2,593	$ 1,979
Rental expense for long-term leases	2,600	2,100	$ 1,900
Rental expense short-term leases	$ 300	$ 200	$ 0

Leases - Summary Of Additional Information Related To Operating And Finance Lease (Detail)	Jun. 25, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	2 years 8 months 12 days
Weighted-average discount rate	3.50%

Leases - Schedule Of Supplemental Cash Flow Information Related To Operating Lease (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,603
Financing cash flows from finance leases	100	$ 400	$ 468
ROU assets obtained in exchange for lease liabilities	$ 959

Property, plant and equipment, net - Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Property, Plant and Equipment [Line Items]
Cost	$ 471,349	$ 425,009
Less: Accumulated depreciation	(229,414)	(195,893)
Less: Impairment reserve	(806)	(842)
Net book value	241,129	228,274
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Cost	45,125	45,099
Less: Accumulated depreciation	(26)	(17)
Less: Impairment reserve	0	0
Net book value	45,099	45,082
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Cost	163,375	145,912
Less: Accumulated depreciation	(58,791)	(51,393)
Less: Impairment reserve	0	0
Net book value	104,584	94,519
Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Cost	213,981	198,036
Less: Accumulated depreciation	(141,997)	(127,397)
Less: Impairment reserve	(804)	(840)
Net book value	71,180	69,799
Office Equipment
Property, Plant and Equipment [Line Items]
Cost	9,243	5,600
Less: Accumulated depreciation	(6,376)	(4,135)
Less: Impairment reserve	0	0
Net book value	2,867	1,465
Motor Vehicles
Property, Plant and Equipment [Line Items]
Cost	627	939
Less: Accumulated depreciation	(509)	(678)
Less: Impairment reserve	0	0
Net book value	118	261
Computers
Property, Plant and Equipment [Line Items]
Cost	29,621	16,766
Less: Accumulated depreciation	(21,715)	(12,273)
Less: Impairment reserve	(2)	(2)
Net book value	7,904	4,491
Construction and Machinery Under Installation
Property, Plant and Equipment [Line Items]
Cost	9,377	12,657
Less: Accumulated depreciation	0	0
Less: Impairment reserve	0	0
Net book value	$ 9,377	$ 12,657

Property, plant and equipment, net - Leased Assets Under Capital Lease Agreements (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Property, Plant and Equipment [Abstract]
Cost—Finance leases	$ 1,747	$ 1,992
Less: Accumulated depreciation	(1,747)	(1,199)
Net book value	$ 0	$ 793

Property Plant and Equipment, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 34,700,000	$ 29,700,000	$ 28,700,000
Property, plant and equipment written-off, fully depreciated cost	16,300,000	2,900,000	2,000,000.0
Impairment reserves for property, plant and equipment	806,000	842,000
Capitalized interest expense related to long-term loan	0	0	0
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Impairment reserves for property, plant and equipment	$ 800,000	$ 800,000	$ 900,000

Intangibles (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,259	$ 12,809
Accumulated Amortization	(9,946)	(8,387)
Foreign Currency Translation Adjustment	58	(110)
Total	4,371	4,312
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,767	8,317
Accumulated Amortization	(6,632)	(5,577)
Total	3,135	2,740
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,373	4,373
Accumulated Amortization	(3,195)	(2,691)
Foreign Currency Translation Adjustment	58	(110)
Total	1,236	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	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangibles	$ 1.5	$ 1.3	$ 1.2
Global CEM Solutions, Ltd. \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 4.4
Weighted average remaining life of acquired intangible assets	3 years 10 months 24 days	4 years 7 months 6 days
Global CEM Solutions, Ltd. \| Backlog
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.1

Intangibles - Estimated Future Amortization of Intangibles (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 1,614
2023	1,159
2024	821
2025	545
Thereafter	232
Total	$ 4,371	$ 4,312

Borrowings - Total Borrowings, Including Current Portion and Non-Current Portion of Long-Term Borrowings (Detail) - USD ($) $ in Thousands	Jun. 25, 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	(63)	(95)
Long-term borrowings, non-current portion, net	27,358	39,514
Loan Payable Due June 2024
Debt Instrument [Line Items]
Long-term debt	$ 39,609	$ 51,797

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Borrowings - Movements of Long-Term Loans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Movements of Long-term Borrowings [Roll Forward]
Opening balance	$ 51,797	$ 60,938
Borrowings during the period	0	60,938
Repayments during the period	(12,188)	(70,079)
Closing balance	$ 39,609	$ 51,797

Borrowings - Future Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Debt Disclosure [Abstract]
2022	$ 12,187
2023	12,188
2024	12,187
2025	3,047
Total	$ 39,609	$ 51,797	$ 60,938

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Sep. 10, 2019	Jun. 25, 2021	Jun. 26, 2020	Sep. 27, 2019	Sep. 03, 2019	Aug. 20, 2019	May 22, 2014
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity						$ 160,900	$ 200,000
Line of credit facility, expiration date		Sep. 10, 2019
Repayments of long term debt		$ 12,188	$ 70,079
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity							150,000
Term Loan Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity							$ 50,000
Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt fixed interest percentage		1.35%
Periodic payment amount		$ 3,000
Term loan maturity date		Jun. 30, 2024
Interest expense		$ 700
Description of variable rate basis		3-month LIBOR plus 1.35%
Bank of Ayudhya Public Company Limited \| Term Loan Agreement
Line of Credit Facility [Line Items]
Loan to value ratio minimum		0.65
Debt service coverage ratio		1.25
Debt service coverage ratio at payment of a dividend		1.50
Bank of America \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Repayments of long term debt	$ 61,000
Credit Facility Agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity				$ 3,600		$ 110,000
Term Loan Agreement
Line of Credit Facility [Line Items]
Long term debt outstanding		$ 39,600
Term Loan Agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Original principal amount					$ 60,900
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 June 26, 2020, 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			$ 500

Severance Liabilities - Information regarding severance liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Changes in severance liabilities
Balance, beginning of the fiscal year	$ 17,673	$ 15,473
Current service cost	1,627	1,907
Interest cost	515	462
Benefit paid	(1,198)	(48)
Actuarial(gain)loss on obligation	1,129	(117)
Foreign currency translation	36	(4)
Balance, end of the fiscal year	19,782	17,673
Changes in plan assets
Balance, beginning of the fiscal year	294	317
Actual return on plan assets	19	(34)
Employer contributions	43	18
Benefit paid	(34)	0
Foreign currency translation	34	(7)
Balance, end of the fiscal year	356	294
Underfunded status	$ (19,426)	$ (17,379)

Severance Liabilities - Recognized Non - Current Liabilities And Non - Current Assets in Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Retirement Benefits [Abstract]
Non-current assets	$ 59	$ 0
Non-current liabilities	$ 19,485	$ 17,379

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Severance Liabilities - Accumulated Benefit Obligations (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020
Retirement Benefits [Abstract]
Accumulated benefit obligations	$ 13,581	$ 11,864

Severance liabilities - Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Total Assets	$ 356	$ 294	$ 317
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Assets	211	160
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Assets	145	134
Defined Benefit Plan Other
Defined Benefit Plan Disclosure [Line Items]
Total Assets	356	294
Defined Benefit Plan Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Assets	211	160
Defined Benefit Plan Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Assets	$ 145	$ 134

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Severance liabilities - Schedule Of Allocation Of Plan Assets (Detail)	Jun. 25, 2021	Jun. 26, 2020
Old Mutual Wealth Invesco Perpetual High Income
Percentage of Total	0.00%	38.00%
Old Mutual Wealth Creation Balanced Portfolio
Percentage of Total	59.00%	17.00%
Royal London Deposit Administration
Percentage of Total	41.00%	45.00%

Severance liabilities - Assumptions Of Weighted Average Actuarial Of Severance Liabilities (Detail)	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Minimum
Discount rate	0.20%	0.40%	2.30%
Future salary increases	3.50%	3.50%	3.50%
Maximum
Discount rate	2.90%	3.10%	3.20%
Future salary increases	10.00%	10.00%	10.00%

Severance liabilities - Assumptions Of Weighted Average Actuarial Of Benefit Costs (Detail)	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on assets	2.30%	2.10%	1.60%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	0.40%	2.30%	2.50%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%	3.20%	3.70%

Share-based compensation - Effect of Recording Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Share-based compensation expense by type of award:
Restricted share units	$ 16,725	$ 16,555	$ 14,691
Performance share units	8,737	5,648	2,466
Total share-based compensation expense	25,462	22,203	17,157
Tax effect on share-based compensation expense	0	0	0
Net effect on share-based compensation expense	$ 25,462	$ 22,203	$ 17,157

Share-based compensation - Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 25,462	$ 22,203	$ 17,157
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	6,185	6,098	5,656
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 19,277	$ 16,105	$ 11,501

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019	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)	163,615	94,141
Tax withholdings related to net share settlement of restricted share units	$ 11,624	$ 4,889	$ 10,649
Performance Share Units \| Vest at the end of the performance period \| Executive of the Company \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	0.00%
Performance Share Units \| Vest at the end of the performance period \| Executive of the Company \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
Restricted Share Units and Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted share units vested	$ 22,100	$ 13,700	$ 26,800
Aggregate intrinsic value of restricted share units outstanding	$ 101,900
Restricted Share Units \| Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	1 year
Restricted Share Units \| Vesting Option One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	3 years
Restricted Share Units \| Vesting Option Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	4 years
Restricted Share Units \| Vest on the first of January \| Non Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
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 2020 plan \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	238,302
Stock Plan 2020 \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	188,554
Stock Plan 2020 \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	2,508,074
Stock Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for grant (in shares)	0
Stock Plan 2010 \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	238,474
Stock Plan 2010 \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	391,409
Stock Plan 2017
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
Stock Plan 2017 \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	12,164
Equity Incentive Plans \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 10,200
Unrecognized compensation expense, weighted-average period for recognition	2 years 3 months 18 days
Equity Incentive Plans \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 7,300
Unrecognized compensation expense, weighted-average period for recognition	1 year 1 month 6 days

Share-based compensation - Restricted Share Unit Activity (Detail) - Stock Plan 2010 and 2017 - Restricted Share Units - $ / shares	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Number of Shares
Beginning balance (in shares)	797,757	800,751	1,073,580
Granted (in shares)	230,759	367,088	391,328
Issued (in shares)	(358,508)	(335,355)	(515,482)
Forfeited (in shares)	(28,133)	(34,727)	(148,675)
Ending balance (in shares)	641,875	797,757	800,751
Expected to vest (in shares)	524,218
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 46.88	$ 42.48	$ 35.19
Granted (in USD per share)	70.53	50.87	50.02
Issued (in USD per share)	45.39	40.98	34.18
Forfeited (in USD per share)	57.86	44.59	38.42
Ending balance (in USD per share)	55.74	$ 46.88	$ 42.48
Expected to vest (in USD per share)	$ 55.98

Share-based compensation - Performance Share Unit Activity (Detail) - Stock Plan 2010 and 2017 - Performance Share Units - $ / shares	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Number of Shares
Beginning balance (in shares)	440,140	548,500	605,892
Granted (in shares)	184,718	242,310	201,994
Issued (in shares)	(82,185)	0	(227,268)
Forfeited (in shares)	(115,645)	(350,670)	(32,118)
Ending balance (in shares)	427,028	440,140	548,500
Expected to vest (in shares)	388,864
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 48.37	$ 40.97	$ 38.41
Granted (in USD per share)	69.85	48.65	48.02
Issued (in USD per share)	48.02	0	40.48
Forfeited (in USD per share)	48.02	36.99	40.47
Ending balance (in USD per share)	57.82	$ 48.37	$ 40.97
Expected to vest (in USD per share)	$ 58.72

Employee Benefit Plans -Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Defined Contribution and Defined Benefit Plans [Line Items]
Bonus distributions to employees	$ 8.9	$ 8.7	$ 7.6
Provident Fund
Defined Contribution and Defined Benefit Plans [Line Items]
Defined contribution plan, employer annual contribution	6.0	5.5	4.8
Defined Contribution Plan 401k
Defined Contribution and Defined Benefit Plans [Line Items]
Defined contribution plan, employer annual contribution	$ 0.8	$ 0.7	$ 0.8
Employees maximum contribution to 401 (K) Plan	80.00%
Percentage of employees' contribution, eligible for employer match	100.00%
Percentage of employees' annual contribution, eligible for employers match	6.00%

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Shareholders Equity [Line Items]
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	5,000,000	5,000,000
Share repurchase program, approved amount							$ 30,000
Share repurchase program, increase in shares authorized for repurchase				$ 58,500	$ 50,000	$ 30,000
Treasury stock, carrying basis	$ 81,200	$ 168,500
Repurchased shares (in shares)	239,486	355,000	100,000
Treasury stock shares repurchased average price (in USD per share)	$ 78.66
Tresury stock shares repurchased value	$ 18,842	$ 20,722	$ 5,378
1999 and 2010 Stock Plan
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	277,078	241,214	507,020

Accumulated other comprehensive income (loss) ("AOCI") - Changes in AOCI, Net of Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 974,409	$ 863,099	$ 740,939
Other comprehensive income before reclassification	(4,988)	408
Amounts reclassified from AOCI	(131)	831
Total other comprehensive income (loss), net of tax	(5,119)	1,239	(1,129)
Ending balance	1,112,520	974,409	863,099
Unrealized Gains (Losses) on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,490	952
Other comprehensive income before reclassification	(1,003)	634
Amounts reclassified from AOCI	(179)	(96)
Total other comprehensive income (loss), net of tax	(1,182)	538
Ending balance	308	1,490	952
Unrealized Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	602	32
Other comprehensive income before reclassification	(4,570)	171
Amounts reclassified from AOCI	(536)	399
Total other comprehensive income (loss), net of tax	(5,106)	570
Ending balance	(4,504)	602	32
Retirement benefit plan - Prior service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,009)	(2,537)
Amounts reclassified from AOCI	584	(528)
Total other comprehensive income (loss), net of tax	584	528
Ending balance	(1,425)	(2,009)	(2,537)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,230)	(833)
Other comprehensive income before reclassification	585	(397)
Total other comprehensive income (loss), net of tax	585	(397)
Ending balance	(645)	(1,230)	(833)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,147)	(2,386)
Ending balance	$ (6,266)	$ (1,147)	$ (2,386)

Pre-tax Amounts Reclassified from AOCI into Condensed Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amounts reclassified from AOCI	$ (131)	$ 831
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amounts reclassified from AOCI	(131)	831
Reclassification out of Accumulated Other Comprehensive Income \| Interest income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on available-for-sale securities	(179)	(96)
Reclassification out of Accumulated Other Comprehensive Income \| Cost of revenues
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains(losses)on derivative instruments	(966)	2,512
Reclassification out of Accumulated Other Comprehensive Income \| Selling, general and administrative expenses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains(losses)on derivative instruments	(40)	105
Retirement benefit plan – Prior service cost	584	528
Reclassification out of Accumulated Other Comprehensive Income \| Foreign exchange loss, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains(losses)on derivative instruments	1,769	(998)
Reclassification out of Accumulated Other Comprehensive Income \| Interest expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains(losses)on derivative instruments	$ (1,299)	$ (1,220)

Commitments and Contingencies - Additional Information (Detail) € in Millions, ฿ in Millions, ¥ in Millions	1 Months Ended
	Jun. 25, 2021 USD ($)	Jun. 25, 2021 THB (฿)	Jun. 25, 2021 CNY (¥)	Jun. 25, 2021 THB (฿)	May 14, 2021	Dec. 25, 2020 USD ($)	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
Amount of cash collateral							$ 7,400,000
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	154,000						$ 0
Contract price						$ 50,300,000
Aggregate purchase price	13,200,000	฿ 418.8
Deposit paid in percent					0.10
Bank Guarantees
Commitments and Contingencies Disclosure [Line Items]
Amount of cash collateral	200,000
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	918,700,000
China
Commitments and Contingencies Disclosure [Line Items]
Long-term restricted cash \| ¥			¥ 1.0
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties	$ 66,600,000
Percentage of land purchase price paid	90.00%		90.00%	90.00%

Business Segments and Geographic Information - Additional Information (Detail)	12 Months Ended
	Jun. 25, 2021 region Segment	Jun. 26, 2020 Segment	Jun. 28, 2019 Segment
Segment Reporting [Abstract]
Number of operating segment \| Segment	1	1	1
Number of geographic regions \| region	3

Business segments and geographic information - Total Revenues by Geographic Regions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	$ 1,879,350	$ 1,641,836	$ 1,584,335
North America
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	887,536	830,888	756,278
U.S.
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	884,862	829,567	753,901
Others
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	2,674	1,321	2,377
Cayman Islands
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	0	0	0
Asia-Pacific
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	668,597	552,923	608,386
Malaysia
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	157,213	190,574	192,048
India
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	152,249	91	38
Israel
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	107,584	315	361
Hong Kong
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	87,235	92,655	110,732
Japan
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	69,779	101,588	122,226
China
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	51,597	48,192	62,262
Thailand
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	27,081	98,330	92,970
Others
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	15,859	21,178	27,749
Europe
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	323,217	258,025	219,671
Ireland
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	193,103	110,747	109,890
U.K.
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	60,516	67,589	31,164
Germany
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	28,163	45,628	37,431
Others
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Individual Foreign And Domestic Countries [Line Items]
Revenues	$ 41,435	$ 34,061	$ 41,186

Business segments and geographic information - Revenues by End Market (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Revenue from External Customer [Line Items]
Revenues	$ 1,879,350	$ 1,641,836	$ 1,584,335
Optical communications
Revenue from External Customer [Line Items]
Revenues	1,441,338	1,248,174	1,184,936
Lasers, sensors, and other
Revenue from External Customer [Line Items]
Revenues	$ 438,012	$ 393,662	$ 399,399

- Definition

+ References

+ Details

Business segments and geographic information - Long-lived assets by the country in which they are based (Details) - USD ($) $ in Thousands	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Segment Reporting Information [Line Items]
Long-lived assets	$ 241,129	$ 228,274	$ 210,686
Thailand
Segment Reporting Information [Line Items]
Long-lived assets	190,843	175,738	160,273
U.S.
Segment Reporting Information [Line Items]
Long-lived assets	27,403	29,507	31,323
China
Segment Reporting Information [Line Items]
Long-lived assets	14,977	14,476	15,014
Israel
Segment Reporting Information [Line Items]
Long-lived assets	5,271	5,224	2
U.K.
Segment Reporting Information [Line Items]
Long-lived assets	2,223	2,956	3,721
Cayman Islands
Segment Reporting Information [Line Items]
Long-lived assets	$ 412	$ 373	$ 353

Business segments and geographic information - Total Revenues by Percentage from Individual Customers Representing Ten Percent or More of Total Revenues (Detail) - Revenue - Customer Concentration Risk	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Cisco Systems Inc.
Revenue, Major Customer [Line Items]
Concentration of risk percentage	13.90%
Lumentum Operations LLC
Revenue, Major Customer [Line Items]
Concentration of risk percentage	13.60%	19.00%	20.00%
Infinera Corporation
Revenue, Major Customer [Line Items]
Concentration of risk percentage	11.60%	10.00%
Acacia Communications Inc.
Revenue, Major Customer [Line Items]
Concentration of risk percentage		10.20%

Business segments and geographic information - Accounts Receivable from Individual Customers Representing Ten Percent or More of Accounts Receivable (Detail) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020
Infinera Corporation
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	18.60%
Lumentum Operations LLC
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	11.60%	20.00%
Cisco Systems Inc.
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	15.00%
Acacia Communications Inc.
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage		13.40%

Financial instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 25, 2021	Jun. 26, 2020	Jun. 28, 2019
Financial Instrument [Line Items]
Amount of unrealized loss recognized in net income on derivatives	$ 1,500,000	$ 1,200,000
Amount of unrealized gain recognized in net income on derivatives			$ 4,800,000
China, Yuan Renminbi
Financial Instrument [Line Items]
Derivative liabilities, notional amount	0	0
United Kingdom, Pounds
Financial Instrument [Line Items]
Derivative notional amount	0	0
Foreign currency forward contracts \| Thailand, Baht
Financial Instrument [Line Items]
Derivative liabilities, notional amount	$ 130,000,000.0	125,000,000.0
Foreign currency option contracts \| Thailand, Baht
Financial Instrument [Line Items]
Derivative liabilities, notional amount		$ 1,000,000.0
Maximum \| Foreign currency forward contracts
Financial Instrument [Line Items]
Derivative term of contract	12 months

Financial instruments - Outstanding Foreign Currency Assets and Liabilities (Detail) ฿ in Thousands, ¥ in Thousands, £ in Thousands, $ in Thousands	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CNY (¥)	Jun. 25, 2021 THB (฿)	Jun. 25, 2021 GBP (£)	Jun. 26, 2020 USD ($)	Jun. 26, 2020 CNY (¥)	Jun. 26, 2020 THB (฿)	Jun. 26, 2020 GBP (£)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency assets	$ 68,576				$ 51,745
Foreign currency liabilities	80,687				75,994
Thai baht
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency assets	46,312		฿ 1,472,249		21,617		฿ 667,955
Foreign currency liabilities	70,793		฿ 2,250,514		68,039		฿ 2,102,392
RMB
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency assets	15,145	¥ 98,056			22,402	¥ 158,060
Foreign currency liabilities	6,195	¥ 40,112			6,036	¥ 42,586
GBP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency assets	7,119			£ 5,111	7,726			£ 6,220
Foreign currency liabilities	$ 3,699			£ 2,656	$ 1,919			£ 1,545

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201409Member

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 24: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details