0001408710-21-000047 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Sep. 24, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 24, 2021
Document Transition Report	false
Entity File Number	001-34775
Entity Registrant Name	FABRINET
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1228572
Entity Address, Address Line One	c/o Intertrust Corporate Services
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,018,474
Current Fiscal Year End Date	--06-24
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001408710

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Current assets
Cash and cash equivalents	$ 269,911	$ 302,969
Short-term investments	258,501	244,963
Trade accounts receivable, net of allowance for doubtful accounts of $99 and $100, respectively	346,689	336,547
Contract assets	13,120	11,878
Inventories	465,251	422,133
Prepaid expenses	10,404	11,398
Other current assets	24,729	22,619
Total current assets	1,388,605	1,352,507
Non-current assets
Long-term restricted cash	155	154
Property, plant and equipment, net	271,659	241,129
Intangibles, net	4,107	4,371
Operating right-of-use assets	6,086	6,699
Deferred tax assets	9,491	9,428
Other non-current assets	518	1,834
Total non-current assets	292,016	263,615
Total Assets	1,680,621	1,616,122
Current liabilities
Long-term borrowings, current portion, net	12,156	12,156
Trade accounts payable	373,663	346,555
Fixed assets payable	24,174	19,206
Contract liabilities	1,755	1,680
Operating lease liabilities, current portion	2,613	2,593
Income tax payable	2,776	3,612
Accrued payroll, bonus and related expenses	19,336	20,464
Accrued expenses	20,147	17,134
Other payables	22,599	20,958
Total current liabilities	479,219	444,358
Non-current liabilities
Long-term borrowings, non-current portion, net	24,319	27,358
Deferred tax liability	5,425	5,107
Operating lease liability, non-current portion	3,220	3,850
Severance liabilities	19,157	19,485
Other non-current liabilities	3,279	3,444
Total non-current liabilities	55,400	59,244
Total Liabilities	534,619	503,602
Commitments and contingencies (Note 17)
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of September 24, 2021 and June 25, 2021)	0	0
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,000,843 shares and 38,749,045 shares issued at September 24, 2021 and June 25, 2021, respectively; and 37,017,254 shares and 36,765,456 shares outstanding at September 24, 2021 and June 25, 2021, respectively)	390	388
Additional paid-in capital	179,670	189,445
Less: Treasury shares (1,983,589 shares and 1,983,589 shares as of September 24, 2021 and June 25, 2021 respectively)	(87,343)	(87,343)
Accumulated other comprehensive income (loss)	(7,662)	(6,266)
Retained earnings	1,060,947	1,016,296
Total Shareholders’ Equity	1,146,002	1,112,520
Total Liabilities and Shareholders’ Equity	$ 1,680,621	$ 1,616,122

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 99	$ 100
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)	39,000,843	38,749,045
Ordinary shares, shares outstanding (in shares)	37,017,254	36,765,456
Treasury stocks, shares (in shares)	1,983,589	1,983,589

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Income Statement [Abstract]
Revenues	$ 543,322	$ 436,639
Cost of revenues	(479,725)	(386,159)
Gross profit	63,597	50,480
Selling, general and administrative expenses	(20,587)	(16,863)
Operating income	43,010	33,617
Interest income	761	1,104
Interest expense	(36)	(251)
Foreign exchange gain (loss), net	1,772	128
Other income (expense), net	(260)	121
Income before income taxes	45,247	34,719
Income tax expense	(596)	(1,668)
Net income	44,651	33,051
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on available-for-sale securities	(213)	(325)
Change in net unrealized gain (loss) on derivative instruments	(1,217)	(3,208)
Change in net retirement benefits plan – prior service cost	198	173
Change in foreign currency translation adjustment	(164)	603
Total other comprehensive income (loss), net of tax	(1,396)	(2,757)
Net comprehensive income (loss)	$ 43,255	$ 30,294
Earnings per share
Basic earnings per share (in USD per share)	$ 1.21	$ 0.90
Diluted earnings per share (in USD per share)	$ 1.20	$ 0.88
Weighted-average number of ordinary shares outstanding (thousands of shares)
Basic (in shares)	36,877	36,818
Diluted (in shares)	37,328	37,383

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Cumulative effect adjustment from adoption of ASC 326	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative effect adjustment from adoption of ASC 326
Beginning balance (in shares) at Jun. 26, 2020			38,471,967
Beginning 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]
Net income	33,051						33,051
Other comprehensive income (loss)	(2,757)					(2,757)
Share-based compensation	6,027			6,027
Issuance of ordinary shares (in shares)			208,692
Issuance of ordinary shares	0		$ 2	(2)
Tax withholdings related to net share settlement of restricted share units	(9,920)			(9,920)
Ending balance (in shares) at Sep. 25, 2020			38,680,659
Ending balance at Sep. 25, 2020	$ 1,000,703		$ 387	171,715	(68,501)	(3,904)	901,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201905Member
Beginning balance (in shares) at Jun. 25, 2021			38,749,045
Beginning balance at Jun. 25, 2021	$ 1,112,520		$ 388	189,445	(87,343)	(6,266)	1,016,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,651						44,651
Other comprehensive income (loss)	(1,396)					(1,396)
Share-based compensation	9,292			9,292
Issuance of ordinary shares (in shares)			251,798
Issuance of ordinary shares	0		$ 2	(2)
Tax withholdings related to net share settlement of restricted share units	(19,065)			(19,065)
Ending balance (in shares) at Sep. 24, 2021			39,000,843
Ending balance at Sep. 24, 2021	$ 1,146,002		$ 390	$ 179,670	$ (87,343)	$ (7,662)	$ 1,060,947

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Cash flows from operating activities
Net income	$ 44,651	$ 33,051
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	9,535	8,570
(Gain) loss on disposal of property, plant and equipment	(98)	(19)
(Gain) loss from sales and maturities of available-for-sale securities	(13)	0
Amortization of investment discount	1,109	481
Amortization of deferred debt issuance costs	8	8
(Reversal of) allowance for doubtful accounts	(1)	(257)
Unrealized (gain) loss on exchange rate and fair value of foreign currency forward contracts	(1,436)	(890)
Amortization of fair value at hedge inception of interest rate swaps	(268)	(359)
Share-based compensation	9,292	6,027
Deferred income tax	(104)	56
Other non-cash expenses	257	96
Changes in operating assets and liabilities
Trade accounts receivable	(10,160)	(16,497)
Contract assets	(1,242)	1,499
Inventories	(43,135)	(29,643)
Other current assets and non-current assets	(385)	7,812
Trade accounts payable	27,541	33,546
Contract liabilities	75	(590)
Income tax payable	(747)	871
Severance liabilities	893	745
Other current liabilities and non-current liabilities	3,243	(10,001)
Net cash provided by operating activities	39,015	34,506
Cash flows from investing activities
Purchase of short-term investments	(78,101)	(79,103)
Proceeds from sales of short-term investments	19,463	0
Proceeds from maturities of short-term investments	43,791	33,750
Purchase of property, plant and equipment	(34,616)	(12,572)
Purchase of intangibles	(321)	(530)
Proceeds from disposal of property, plant and equipment	145	21
Net cash used in investing activities	(49,639)	(58,434)
Cash flows from financing activities
Repayment of long-term borrowings	(3,047)	(3,047)
Repayment of finance lease liability	0	(100)
Withholding tax related to net share settlement of restricted share units	(19,065)	(9,920)
Net cash used in financing activities	(22,112)	(13,067)
Net increase (decrease) in cash, cash equivalents and restricted cash	(32,736)	(36,995)
Movement in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the beginning of period	303,123	232,832
Increase (decrease) in cash, cash equivalents and restricted cash	(32,736)	(36,995)
Effect of exchange rate on cash, cash equivalents and restricted cash	(321)	766
Cash, cash equivalents and restricted cash at the end of period	270,066	196,603
Non-cash investing and financing activities
Construction, software and equipment-related payables	$ 24,174	$ 9,616

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 24, 2021	Sep. 25, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 269,911	$ 189,201
Restricted cash	155	7,402
Cash, cash equivalents and restricted cash	$ 270,066	$ 196,603

Business and organization	3 Months Ended
Business and organization	Sep. 24, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and organization	Business and organization General Fabrinet (“Fabrinet” or the “Parent Company”) was incorporated on August 12, 1999, and commenced operations on January 1, 2000. The Parent Company is an exempted company incorporated in the Cayman Islands, British West Indies. The “Company” refers to Fabrinet and its subsidiaries as a group. The Company provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (“OEMs”) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. The Company offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. The Company focuses primarily on the production of low-volume, high-mix products. The principal subsidiaries of Fabrinet include Fabrinet Co., Ltd. (“Fabrinet Thailand”), Casix, Inc. (“Casix”), Fabrinet West, Inc. (“Fabrinet West”) and Fabrinet UK Limited (“Fabrinet UK”).

Accounting policies	3 Months Ended
Accounting policies	Sep. 24, 2021
Accounting Policies [Abstract]
Accounting policies	Accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of September 24, 2021 and for the three months ended September 24, 2021 and September 25, 2020 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 25, 2021. The balance sheet as of June 25, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three months ended September 24, 2021 may not be indicative of results for the year ending June 24, 2022 or any future periods. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for doubtful accounts, allowance for expected credit losses, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisition, among others. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information. Additionally, the extent to which the evolving COVID-19 pandemic impacts the Company’s unaudited condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. These estimates may change, as new events occur and additional information is obtained, as well as upon the occurrence of other factors related to the COVID-19 pandemic that could result in material impacts to the Company's unaudited condensed consolidated financial statements in future reporting periods. Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended September 24, 2021 and September 25, 2020 each consisted of 13 weeks. Fiscal year 2022 will be comprised of 52 weeks and will end on June 24, 2022. Adoption of New Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “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. The Company adopted this standard in the first quarter of fiscal year 2022 with no material impact on its unaudited condensed consolidated financial statements.

Revenues from contracts with customers

3 Months Ended

Sep. 24, 2021

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Revenue by Geographic Area and End Market

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

The following table presents total revenues by geographic region:


(amount in thousands, except percentages)	Three Months Ended September 24, 2021		As a % of Total Revenues		Three Months Ended September 25, 2020		As a % of Total Revenues
North America
U.S.	245,274				206,950
Others	1,316				452
Total revenue in North America	246,590		45.4	%	207,402		47.5	%
Asia-Pacific and others
India	64,932		(1)		19
Malaysia	51,749				43,911
Israel	27,634				30,115
Hong Kong	21,031				23,505
Japan	14,977				20,332
China	13,635				13,787
Others	12,225				13,977
Total revenue in Asia-Pacific and others	206,183		37.9	%	145,646		33.4	%
Europe
Ireland	49,484				53,611
U.K.	19,578				15,311
Germany	8,425				5,799
Others	13,062				8,870
Total revenue in Europe	$	90,549	16.7	%	$	83,591	19.1	%
Total revenue	$	543,322	100.0	%	$	436,639	100.0	%

(1)Due to change in bill-to-location for certain customer.

The following table presents revenues by end market.


(amount in thousands, except percentages)	Three Months Ended September 24, 2021		As a % of Total Revenues		Three Months Ended September 25, 2020		As a % of Total Revenues
Optical communications	$	427,301	78.6	%	$	343,917	78.8	%
Lasers, sensors and other	116,021		21.4	%	92,722		21.2	%
Total	$	543,322	100.0	%	$	436,639	100.0	%

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues prior to generating an invoice for payment. Contract assets are classified separately within the unaudited condensed consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional.

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 three months ended September 24, 2021:


(amount in thousands)	Contract Assets
Beginning balance, June 25, 2021	$	11,878
Revenue recognized	13,197
Amounts collected or invoiced	(11,955)
Ending balance, September 24, 2021	$	13,120


(amount in thousands)	Contract Liabilities
Beginning balance, June 25, 2021	$	1,680
Advance payment received during the period	1,941
Revenue recognized	(1,866)
Ending balance, September 24, 2021	$	1,755

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Earnings per ordinary share

3 Months Ended

Sep. 24, 2021

Earnings Per Share [Abstract]

Earnings per ordinary share

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

Earnings per ordinary share was calculated as follows:


	Three Months Ended
(amount in thousands, except per share amounts)	September 24, 2021		September 25, 2020
Net income attributable to shareholders	$	44,651	$	33,051
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,877		36,818
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares)	451		565
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,328		37,383
Basic earnings per ordinary share	$	1.21	$	0.90
Diluted earnings per ordinary share	$	1.20	$	0.88
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	—		61

(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

3 Months Ended

Sep. 24, 2021

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and short-term investments

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


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of September 24, 2021
Cash	$	223,409	$	—	$	223,409	$	—	$	—
Cash equivalents	46,502		—		46,502		—		—
Liquidity funds	31,278		—		—		—		31,278
Corporate debt securities	203,069		9		—		203,078		—
U.S. agency and U.S. Treasury securities	24,058		87		—		24,145		—
Total	$	528,316	$	96	$	269,911	$	227,223	$	31,278

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

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

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

The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of September 24, 2021 and June 25, 2021:


	September 24, 2021				June 25, 2021
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	69,219	$	69,211	$	30,000	$	31,226
Due between one to five years	189,186		189,290		202,927		203,237
Total	$	258,405	$	258,501	$	232,927	$	234,463

As of September 24, 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 assesses impairment at the individual security level according to applicable accounting standards by comparing fair value/market value with 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 ratings 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 three months ended September 24, 2021.

The following table summarizes the carrying cost of short-term investments classified as held-to-maturity securities based on stated effective maturities as of September 24, 2021 and June 25, 2021:


(amount in thousands)	As of September 24, 2021			As of June 25, 2021
Due within one year	$	—	(1)	$	10,500
Due between one to five years	—			—
Total	$	—		$	10,500

(1)Short-term investments classified as held-to-maturity securities as of June 25, 2021 matured in July 2021.

Fair value of financial instruments

3 Months Ended

Sep. 24, 2021

Fair Value Disclosures [Abstract]

Fair value of financial instruments

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

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

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

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

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

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


	Fair Value Measurements at Reporting Date Using
(amount in thousands)	Level 1		Level 2			Level 3		Total
As of September 24, 2021
Assets
Cash equivalents	$	—	$	46,502		$	—	$	46,502
Liquidity funds	—		31,278			—		31,278
Corporate debt securities	—		203,078			—		203,078
U.S. agency and U.S. treasury securities	—		24,145			—		24,145
Total	$	—	$	305,003		$	—	$	305,003
Liabilities
Derivative liabilities – current portion	$	—	$	7,798		$	—	$	7,798
Derivative liabilities – non-current portion	—		1,554			—		1,554
Total	$	—	$	9,352	(1)	$	—	$	9,352


	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		(2)	—		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	(3)	$	—	$	7,631

(1)Foreign currency forward contracts with a notional amount of $135.0 million and Canadian dollars 0.2 million and two interest rate swap agreements with an aggregate notional amount of $125.1 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $2.0 million.

(3)Foreign currency forward contracts with an aggregate notional amount of $128.0 million and Canadian dollars 0.4 million and 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 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 to foreign exchange gain (loss), net in the consolidated statements of operations and comprehensive income.

As of September 24, 2021, the Company had 135 outstanding U.S. dollar foreign currency forward contracts against Thai baht, with an aggregate notional amount of $135.0 million and maturity dates ranging from October 2021 through April 2022 and one outstanding Canadian dollar foreign currency forward contract with a notional amount of 0.2 million Canadian dollars and a maturity date in December 2021.

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 maturity dates ranging from July 2021 through January 2022, and two foreign currency contracts with an aggregate notional amount of 0.4 million Canadian dollars and maturity dates in September 2021.

As of September 24, 2021, the hedging relationship over foreign currency forward contracts that were designated for hedge accounting was determined to be highly effective based on the performance of retrospective and prospective regression testing. As of September 24, 2021, the amount in accumulated other comprehensive income ("AOCI") that is expected to be reclassified into earnings within 12 months was a loss of $4.1 million.

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

During the three months ended September 24, 2021, the Company recorded an unrealized loss of $0.6 million from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

During the three months ended September 25, 2020, the Company recorded an unrealized loss of $1.5 million from changes in the fair value of a foreign currency forward contract that was not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the unaudited condensed consolidated statements of operations and comprehensive income.

Interest Rate Swap Agreements

The Company entered into interest rate swap agreements to mitigate interest rate risk and improve the interest rate profile of the Company’s debt obligations. As of September 24, 2021 and June 25, 2021, 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 to a fixed interest rate of 2.86% per annum through the scheduled maturity of the term loan in June 2023 (see Note 12). The Company did not designate this interest rate swap for hedge accounting.

On September 3, 2019, the Company entered into a new term loan agreement under a credit facility agreement with the Bank of Ayudhya Public Company Limited (the “Bank”) (see Note 12) and on September 10, 2019, the Company repaid in full the outstanding term loan under the Bank of America credit facility agreement (see Note 12). In conjunction with the funding of the new term loan, the Company entered into a second interest rate swap agreement. The combination of both of

these interest rate swaps effectively converts the floating interest rate of the Company’s new term loan with the Bank to a fixed interest rate of 4.36% per annum through the maturity of the term loan in June 2024.

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

As of September 24, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months is a loss of $0.9 million.

As of June 25, 2021, the amount in AOCI that is expected to be reclassified into earnings within 12 months is a loss of $0.8 million.

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


		Three Months Ended
(amount in thousands)	Financial statements line item	September 24, 2021		September 25, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(2,136)	$	(2,340)
Interest rate swaps	Other comprehensive income	408		357
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(1,728)	$	(1,983)
Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	2,115	$	(2,057)
Foreign currency forward contracts	SG&A	88		(87)
Foreign currency forward contracts	Foreign exchange loss, net	(1,424)		1,278
Interest rate swaps	Interest expense	(268)		(359)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	511	$	(1,225)
Change in net unrealized gain (loss) on derivatives instruments		$	(1,217)	$	(3,208)

Fair Value of derivatives

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


	September 24, 2021				June 25, 2021
(amount in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(2,149)	$	—	$	(1,379)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	—		(4,063)		1		(2,703)
Interest rate swaps	—		(3,140)		—		(3,549)
Derivatives, gross balances	$	—	$	(9,352)	$	1	$	(7,631)

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


Derivative Financial Instruments			Balance Sheet line item

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

- Definition

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

+ References + Details

Inventories

3 Months Ended

Sep. 24, 2021

Inventory Disclosure [Abstract]

Inventories


(amount in thousands)	As of September 24, 2021		As of June 25, 2021
Raw materials	$	234,923	$	196,345
Work in progress	190,964		174,654
Finished goods	15,194		15,471
Goods in transit	24,170		35,663
Inventories	$	465,251	$	422,133

Restricted cash	3 Months Ended
Restricted cash	Sep. 24, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash	Restricted cashAs of September 24, 2021 and June 25, 2021, the Company had long-term restricted cash of Renminbi 1.0 million related to bank guarantees of its subsidiary in the PRC to support the subsidiary's operations. The bank guarantee was backed by cash collateral of $0.2 million.

Leases

3 Months Ended

Sep. 24, 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, the PRC, the U.S., the U.K., Israel and Singapore under operating lease arrangements that expire at various dates through 2025. Certain of these lease arrangements provide the Company the ability to extend the lease from one to five years following the expiration of the current term. However, the Company has excluded all lease extension options from its right of use ("ROU") assets and lease liabilities as the Company is not reasonably assured that it will exercise these options. None of the lease agreements contains residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space between Fabritek and Fabrinet West.

Operating leases

As of September 24, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)	As of September 24, 2021
2022 (remaining 9 months)	$	2,085
2023	2,686
2024	1,257
2025	43
Total undiscounted lease payments	6,071
Less imputed interest	(238)
Total present value of lease liabilities	$	5,833	(1)

(1)Included 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 three months ended September 24, 2021 and September 25, 2020 was $0.7 million and $0.6 million, respectively. Rental expense for short-term leases for the three months ended September 24, 2021 and September 25, 2020 was immaterial.

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


	As of September 24, 2021		As of June 25, 2021
Weighted-average remaining lease term (in years)	2.5		2.7
Weighted-average discount rate	3.5	%	3.5	%

The following table presents supplemental disclosure for the unaudited condensed consolidated statement of cash flows related to operating and finance leases for the three months ended September 24, 2021 and September 25, 2020:


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	689	$	594
Financing cash flows from finance leases	$	—	$	100
ROU assets obtained in exchange for lease liabilities	$	38	$	64

Intangibles

3 Months Ended

Sep. 24, 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 September 24, 2021
Software	$	9,915	$	(6,902)	$	—	$	3,013
Customer relationships	4,373		(3,307)		28		1,094
Backlog	119		(119)		—		—
Total intangibles	$	14,407	$	(10,328)	$	28	$	4,107


(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

The Company recorded amortization expense relating to intangibles of $0.4 million and $0.2 million for the three months ended September 24, 2021 and September 25, 2020, respectively.

The weighted-average remaining life of customer relationships was:


(years)	As of September 24, 2021	As of June 25, 2021
Customer relationships	3.7	3.9

Based on the carrying amount of intangibles as of September 24, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(amount in thousands)
2022 (remaining 9 months)	$	1,077
2023	1,196
2024	868
2025	586
Thereafter	380
Total	$	4,107

Borrowings

3 Months Ended

Sep. 24, 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 September 24, 2021		As of June 25, 2021
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	$	36,562	$	39,609
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs – non-current portion			(55)		(63)
Long-term borrowings, non-current portion, net			$	24,319	$	27,358

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

The movements of long-term borrowings for the three months ended September 24, 2021 and September 25, 2020 were as follows:


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Opening balance	$	39,609	$	51,797
Borrowings during the period	—		—
Repayments during the period	(3,047)		(3,047)
Closing balance	$	36,562	$	48,750

As of September 24, 2021, future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousands)
2022 (remaining 9 months)	$	9,141
2023	15,233
2024	9,141
2025	3,047
Total	$	36,562

Credit facility agreements:

Bank of Ayudhya Public Company Limited

On August 20, 2019, Fabrinet Thailand (the “Borrower”) and Bank of Ayudhya Public Company Limited (the “Bank”) entered into a credit facility agreement (the “Credit Facility Agreement”), which 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 that 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 (the "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 Bank of America credit facility agreement.

The term loan accrues interest at 3-month LIBOR plus 1.35% and is repayable in quarterly installments of $3.0 million, commencing on September 30, 2019. The term loan will mature on June 30, 2024. The Borrower may prepay the term loan in whole or in part at any time without premium or penalty. Any portion of the term loan repaid or prepaid may not be borrowed again. During the three months ended September 24, 2021 and September 25, 2020, the Company recorded $0.3 million and $0.2 million, respectively, of interest expense in connection with this term loan.

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

The Term Loan Agreement contains affirmative and negative covenants applicable to the Borrower, including delivery of financial statements and other information, compliance with laws, maintenance of insurance, and 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 of 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 1.5 times. As of September 24, 2021, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.

The events of default under 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 September 24, 2021, there was $36.6 million outstanding under the term loan.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income taxes	3 Months Ended
Income taxes	Sep. 24, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As of September 24, 2021 and June 25, 2021, the liability for uncertain tax positions including accrued interest and penalties was $1.1 million and $0.9 million, respectively. The Company expects the estimated amount of liability associated with its uncertain tax positions to increase within the next 12 months due to additional provisions on uncertain tax positions from one of the subsidiaries and interest on these positions. The Company files income tax returns in the United States and foreign tax jurisdictions. The tax years from 2015 to 2020 remain open to examination by U.S. federal and state, and foreign tax authorities. The Company’s income tax is recognized based on the best estimate of the expected annual effective tax rate for the full financial year of each entity in the Company, adjusted for discrete items arising in that quarter. If the Company’s estimated annual effective tax rate changes, the Company makes a cumulative adjustment in that quarter. The effective tax rate for the Company for the three months ended September 24, 2021 and September 25, 2020 was 1.3% and 4.8%, respectively, of net income. The decrease was primarily due to an increase in income not subject to tax during the first quarter of fiscal year 2022 as compared to the same period in fiscal year 2021.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based compensation

3 Months Ended

Sep. 24, 2021

Share-based Payment Arrangement [Abstract]

Share-based compensation

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

The effect of recording share-based compensation expense for the three months ended September 24, 2021 and September 25, 2020 was as follows:


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Share-based compensation expense by type of award:
Restricted share units	$	4,924	$	5,249
Performance share units	4,368		778
Total share-based compensation expense	9,292		6,027
Tax effect on share-based compensation expense	—		—
Net effect on share-based compensation expense	$	9,292	$	6,027

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


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Cost of revenue	$	1,975	$	1,825
Selling, general and administrative expense	7,317		4,202
Total share-based compensation expense	$	9,292	$	6,027

The Company did not capitalize any share-based compensation expense as part of any asset costs during the three months ended September 24, 2021 and September 25, 2020.

Share-based award activity

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

As of September 24, 2021, there were 315,203 restricted share units outstanding, 295,550 performance share units outstanding and 2,260,077 ordinary shares available for future grant under the 2020 Plan.

As of September 24, 2021, there were 183,056 restricted 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 September 24, 2021, there were 12,164 restricted share units outstanding and 111,347 ordinary shares available for future grant under the 2017 Inducement Plan.

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

Restricted share units and performance share units

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

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

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

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


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 25, 2021	641,875	$	55.74
Granted	137,165	$	101.05
Issued	(259,533)	$	50.76
Forfeited	(9,084)	$	67.97
Balance as of September 24, 2021	510,423	$	70.23


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	797,757	$	46.88
Granted	171,946	$	70.05
Issued	(268,728)	$	43.84
Forfeited	(7,199)	$	50.40
Balance as of September 25, 2020	693,776	$	53.76

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 25, 2021	427,028	$	57.82
Granted	110,832	$	101.05
Issued	(190,213)	$	48.65
Forfeited	(52,097)	$	48.65
Balance as of September 24, 2021	295,550	$	81.55


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	440,140	$	48.37
Granted	179,008	$	70.05
Issued	(82,185)	$	48.02
Forfeited	(115,645)	$	48.02
Balance as of September 25, 2020	421,318	$	57.74

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

As of September 24, 2021, there was $18.9 million and $15.7 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 2.7 years and 1.5 years, respectively.

For the three months ended September 24, 2021 and September 25, 2020, the Company withheld an aggregate of 197,948 shares and 142,221 shares, respectively, upon the vesting of restricted share units, based upon the closing share price on the vesting date to settle employee obligations for the applicable income and other employment taxes. For the three months ended September 24, 2021 and September 25, 2020, the Company then remitted cash of $19.1 million and $9.9 million, respectively, to the appropriate taxing authorities, and presented it as a financing activity within the unaudited condensed consolidated statements of cash flows. The payment was recorded as a reduction of additional paid-in capital.

Shareholders' equity	3 Months Ended
Shareholders' equity	Sep. 24, 2021
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Share capital Fabrinet’s authorized share capital is 500,000,000 ordinary shares, par value of $0.01 per ordinary share, and 5,000,000 preferred shares, par value of $0.01 per preferred share. For the three months ended September 24, 2021, Fabrinet issued 251,798 ordinary shares upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. For the three months ended September 25, 2020, Fabrinet issued 208,692 ordinary shares upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. All such issued shares are fully paid. Treasury shares In August 2017, the Company’s board of directors approved a share repurchase program to permit the Company to repurchase up to $30.0 million worth of its issued and outstanding ordinary shares in the open market in accordance with applicable rules and regulations. In February 2018, May 2019 and August 2020, the Company’s board of directors approved an increase of $30.0 million, $50.0 million and $58.5 million, respectively, to the original share repurchase authorization, bringing the aggregate authorization to $168.5 million. During the three months ended September 24, 2021, no shares were repurchased under the program. As of September 24, 2021, the Company had a remaining authorization to repurchase up to an additional $81.2 million worth of its ordinary shares under the share repurchase program. Shares repurchased under the share repurchase program are held as treasury shares.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Accumulated other comprehensive income (loss)

3 Months Ended

Sep. 24, 2021

Equity [Abstract]

Accumulated other comprehensive income (loss)

The changes in AOCI for the three months ended September 24, 2021 and September 25, 2020 were as follows:


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 25, 2021	$	308	$	(4,504)	$	(1,425)	$	(645)	$	(6,266)
Other comprehensive income before reclassification adjustment	(200)		(1,728)		—		(164)		(2,092)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	(13)		511		198		—		696
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(213)	$	(1,217)	$	198	$	(164)	$	(1,396)
Balance as of September 24, 2021	$	95	$	(5,721)	$	(1,227)	$	(809)	$	(7,662)


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 26, 2020	$	1,490	$	602	$	(2,009)	$	(1,230)	$	(1,147)
Other comprehensive income before reclassification adjustment	(325)		(1,983)		—		603		(1,705)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	—		(1,225)		173		—		(1,052)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(325)	$	(3,208)	$	173	$	603	$	(2,757)
Balance as of September 25, 2020	$	1,165	$	(2,606)	$	(1,836)	$	(627)	$	(3,904)

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Sep. 24, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Bank guarantees As of September 24, 2021 and June 25, 2021, there were outstanding bank guarantees on behalf of our subsidiary in Thailand for electricity usage and other normal business expenses totaling to $1.5 million and $1.6 million, respectively, or Thai Baht 50.2 million. As of September 24, 2021 and June 25, 2021, the Company had an outstanding bank guarantee of its subsidiary in the PRC to support the subsidiary's operations totaling Renminbi 1.0 million, which was backed by cash collateral of $0.2 million. In addition, there were other immaterial bank guarantees on behalf of our subsidiary in the U.K. to support its operations. 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 September 24, 2021, the Company had a purchase obligation and other commitments to third parties of $992.8 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, which was paid in two installments: (1) a 10% deposit on May 14, 2021; and (2) the remainder on June 29, 2021. As of September 24, 2021, the Company had total capital expenditure commitments to third parties of $31.0 million, comprised of the construction contract of new manufacturing building at Chonburi campus of $20.1 million and other commitments of $10.9 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

3 Months Ended

Sep. 24, 2021

Segment Reporting [Abstract]

Business segments and geographic information

Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is Fabrinet’s Chief Executive Officer. As of September 24, 2021, the Company operated and internally managed a single operating segment. Accordingly, the Company does not accumulate discrete information with respect to separate product lines and does not have separate reportable segments.

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

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


(amount in thousands)	September 24, 2021		June 25, 2021
Long-Lived Assets:
Thailand	$	221,512	$	190,843
U.S.	26,883		27,403
China	15,929		14,977
Israel	4,931		5,271
U.K.	1,889		2,223
Cayman Islands	515		412
	$	271,659	$	241,129

Significant customers

The Company had three customers that each contributed to 10% or more of the Company's total trade accounts receivable as of September 24, 2021 and 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

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+ Details

Accounting policies (Policies)	3 Months Ended
Accounting policies (Policies)	Sep. 24, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements for Fabrinet as of September 24, 2021 and for the three months ended September 24, 2021 and September 25, 2020 include normal recurring adjustments necessary for a fair statement of the financial statements set forth herein, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such information does not include all of the information and footnotes required by U.S. GAAP for annual financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in Fabrinet’s Annual Report on Form 10-K for the year ended June 25, 2021. The balance sheet as of June 25, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The results for the three months ended September 24, 2021 may not be indicative of results for the year ending June 24, 2022 or any future periods.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for doubtful accounts, allowance for expected credit losses, income taxes, inventory obsolescence, goodwill and valuation of intangible assets related to business acquisition, among others. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. In the event that the Company's estimates or assumptions prove to be different from actual results, adjustments will be made in subsequent periods to reflect more current information. Additionally, the extent to which the evolving COVID-19 pandemic impacts the Company’s unaudited condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. These estimates may change, as new events occur and additional information is obtained, as well as upon the occurrence of other factors related to the COVID-19 pandemic that could result in material impacts to the Company's unaudited condensed consolidated financial statements in future reporting periods.
Fiscal years	Fiscal years The Company utilizes a 52-53 week fiscal year ending on the Friday in June closest to June 30. The three months ended September 24, 2021 and September 25, 2020 each consisted of 13 weeks. Fiscal year 2022 will be comprised of 52 weeks and will end on June 24, 2022.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “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. The Company adopted this standard in the first quarter of fiscal year 2022 with no material impact on its unaudited condensed consolidated financial statements.

Revenues from contracts with customers (Tables)

3 Months Ended

Sep. 24, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Geographical Regions

The following table presents total revenues by geographic region:


(amount in thousands, except percentages)	Three Months Ended September 24, 2021		As a % of Total Revenues		Three Months Ended September 25, 2020		As a % of Total Revenues
North America
U.S.	245,274				206,950
Others	1,316				452
Total revenue in North America	246,590		45.4	%	207,402		47.5	%
Asia-Pacific and others
India	64,932		(1)		19
Malaysia	51,749				43,911
Israel	27,634				30,115
Hong Kong	21,031				23,505
Japan	14,977				20,332
China	13,635				13,787
Others	12,225				13,977
Total revenue in Asia-Pacific and others	206,183		37.9	%	145,646		33.4	%
Europe
Ireland	49,484				53,611
U.K.	19,578				15,311
Germany	8,425				5,799
Others	13,062				8,870
Total revenue in Europe	$	90,549	16.7	%	$	83,591	19.1	%
Total revenue	$	543,322	100.0	%	$	436,639	100.0	%

(1)Due to change in bill-to-location for certain customer.

Revenues by End Market

The following table presents revenues by end market.


(amount in thousands, except percentages)	Three Months Ended September 24, 2021		As a % of Total Revenues		Three Months Ended September 25, 2020		As a % of Total Revenues
Optical communications	$	427,301	78.6	%	$	343,917	78.8	%
Lasers, sensors and other	116,021		21.4	%	92,722		21.2	%
Total	$	543,322	100.0	%	$	436,639	100.0	%

Schedule of Activity in the Company's Contract Assets

The following tables summarize the activity in the Company’s contract assets and contract liabilities during the three months ended September 24, 2021:


(amount in thousands)	Contract Assets
Beginning balance, June 25, 2021	$	11,878
Revenue recognized	13,197
Amounts collected or invoiced	(11,955)
Ending balance, September 24, 2021	$	13,120


(amount in thousands)	Contract Liabilities
Beginning balance, June 25, 2021	$	1,680
Advance payment received during the period	1,941
Revenue recognized	(1,866)
Ending balance, September 24, 2021	$	1,755

Earnings per ordinary share (Tables)

3 Months Ended

Sep. 24, 2021

Earnings Per Share [Abstract]

Earnings Per Ordinary Share

Earnings per ordinary share was calculated as follows:


	Three Months Ended
(amount in thousands, except per share amounts)	September 24, 2021		September 25, 2020
Net income attributable to shareholders	$	44,651	$	33,051
Weighted-average number of ordinary shares outstanding (thousands of shares)	36,877		36,818
Incremental shares arising from the assumed vesting of restricted share units and performance share units (thousands of shares)	451		565
Weighted-average number of ordinary shares for diluted earnings per ordinary share (thousands of shares)	37,328		37,383
Basic earnings per ordinary share	$	1.21	$	0.90
Diluted earnings per ordinary share	$	1.20	$	0.88
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (thousands of shares)(1)	—		61

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

3 Months Ended

Sep. 24, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-Term Investments

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


					Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of September 24, 2021
Cash	$	223,409	$	—	$	223,409	$	—	$	—
Cash equivalents	46,502		—		46,502		—		—
Liquidity funds	31,278		—		—		—		31,278
Corporate debt securities	203,069		9		—		203,078		—
U.S. agency and U.S. Treasury securities	24,058		87		—		24,145		—
Total	$	528,316	$	96	$	269,911	$	227,223	$	31,278

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

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


	September 24, 2021				June 25, 2021
(amount in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	69,219	$	69,211	$	30,000	$	31,226
Due between one to five years	189,186		189,290		202,927		203,237
Total	$	258,405	$	258,501	$	232,927	$	234,463

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 September 24, 2021 and June 25, 2021:


(amount in thousands)	As of September 24, 2021			As of June 25, 2021
Due within one year	$	—	(1)	$	10,500
Due between one to five years	—			—
Total	$	—		$	10,500

(1)Short-term investments classified as held-to-maturity securities as of June 25, 2021 matured in July 2021.

Fair value of financial instruments (Tables)

3 Months Ended

Sep. 24, 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 September 24, 2021
Assets
Cash equivalents	$	—	$	46,502		$	—	$	46,502
Liquidity funds	—		31,278			—		31,278
Corporate debt securities	—		203,078			—		203,078
U.S. agency and U.S. treasury securities	—		24,145			—		24,145
Total	$	—	$	305,003		$	—	$	305,003
Liabilities
Derivative liabilities – current portion	$	—	$	7,798		$	—	$	7,798
Derivative liabilities – non-current portion	—		1,554			—		1,554
Total	$	—	$	9,352	(1)	$	—	$	9,352


	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		(2)	—		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	(3)	$	—	$	7,631

(2)Foreign currency forward contracts with an aggregate notional amount of $2.0 million.

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


		Three Months Ended
(amount in thousands)	Financial statements line item	September 24, 2021		September 25, 2020
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	(2,136)	$	(2,340)
Interest rate swaps	Other comprehensive income	408		357
Total derivatives gain (loss) recognized in other comprehensive income (loss)		$	(1,728)	$	(1,983)
Derivatives loss (gain) reclassified from accumulated other comprehensive income (loss) into earnings:
Foreign currency forward contracts	Cost of revenues	$	2,115	$	(2,057)
Foreign currency forward contracts	SG&A	88		(87)
Foreign currency forward contracts	Foreign exchange loss, net	(1,424)		1,278
Interest rate swaps	Interest expense	(268)		(359)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings		$	511	$	(1,225)
Change in net unrealized gain (loss) on derivatives instruments		$	(1,217)	$	(3,208)

Schedule of Derivative Financial Instruments

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


	September 24, 2021				June 25, 2021
(amount in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(2,149)	$	—	$	(1,379)
Interest rate swaps	—		—		—		—
Derivatives designated as hedging instruments
Foreign currency forward contracts	—		(4,063)		1		(2,703)
Interest rate swaps	—		(3,140)		—		(3,549)
Derivatives, gross balances	$	—	$	(9,352)	$	1	$	(7,631)

Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

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


Derivative Financial Instruments			Balance Sheet line item

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

- Definition

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

+ References + Details

- Definition

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

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+ Details

Inventories (Tables)

3 Months Ended

Sep. 24, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory


(amount in thousands)	As of September 24, 2021		As of June 25, 2021
Raw materials	$	234,923	$	196,345
Work in progress	190,964		174,654
Finished goods	15,194		15,471
Goods in transit	24,170		35,663
Inventories	$	465,251	$	422,133

Leases (Tables)

3 Months Ended

Sep. 24, 2021

Leases [Abstract]

Schedule of Operating Lease Liabilities

As of September 24, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(amount in thousands)	As of September 24, 2021
2022 (remaining 9 months)	$	2,085
2023	2,686
2024	1,257
2025	43
Total undiscounted lease payments	6,071
Less imputed interest	(238)
Total present value of lease liabilities	$	5,833	(1)

(1)Included 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 September 24, 2021		As of June 25, 2021
Weighted-average remaining lease term (in years)	2.5		2.7
Weighted-average discount rate	3.5	%	3.5	%

Schedule of Supplemental Cash Flow and Other Information Related to Leases


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	689	$	594
Financing cash flows from finance leases	$	—	$	100
ROU assets obtained in exchange for lease liabilities	$	38	$	64

Intangibles (Tables)

3 Months Ended

Sep. 24, 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 September 24, 2021
Software	$	9,915	$	(6,902)	$	—	$	3,013
Customer relationships	4,373		(3,307)		28		1,094
Backlog	119		(119)		—		—
Total intangibles	$	14,407	$	(10,328)	$	28	$	4,107


(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

Weighted-Average Remaining Life of Intangible Assets

The weighted-average remaining life of customer relationships was:


(years)	As of September 24, 2021	As of June 25, 2021
Customer relationships	3.7	3.9

Estimated Future Amortization of intangibles


(amount in thousands)
2022 (remaining 9 months)	$	1,077
2023	1,196
2024	868
2025	586
Thereafter	380
Total	$	4,107

Borrowings (Tables)

3 Months Ended

Sep. 24, 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 September 24, 2021		As of June 25, 2021
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	$	36,562	$	39,609
Less: Current portion			(12,188)		(12,188)
Less: Unamortized debt issuance costs – non-current portion			(55)		(63)
Long-term borrowings, non-current portion, net			$	24,319	$	27,358

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

Movements of Long-Term Loans

The movements of long-term borrowings for the three months ended September 24, 2021 and September 25, 2020 were as follows:


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Opening balance	$	39,609	$	51,797
Borrowings during the period	—		—
Repayments during the period	(3,047)		(3,047)
Closing balance	$	36,562	$	48,750

Future Maturities of Long-Term Debt

As of September 24, 2021, future maturities of long-term borrowings during each fiscal year were as follows:


(amount in thousands)
2022 (remaining 9 months)	$	9,141
2023	15,233
2024	9,141
2025	3,047
Total	$	36,562

- 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.

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+ Details

Share-based compensation (Tables)

3 Months Ended

Sep. 24, 2021

Share-based Payment Arrangement [Abstract]

Effect of Recording Share-Based Compensation Expense

The effect of recording share-based compensation expense for the three months ended September 24, 2021 and September 25, 2020 was as follows:


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Share-based compensation expense by type of award:
Restricted share units	$	4,924	$	5,249
Performance share units	4,368		778
Total share-based compensation expense	9,292		6,027
Tax effect on share-based compensation expense	—		—
Net effect on share-based compensation expense	$	9,292	$	6,027

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

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


	Three Months Ended
(amount in thousands)	September 24, 2021		September 25, 2020
Cost of revenue	$	1,975	$	1,825
Selling, general and administrative expense	7,317		4,202
Total share-based compensation expense	$	9,292	$	6,027

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 25, 2021	641,875	$	55.74
Granted	137,165	$	101.05
Issued	(259,533)	$	50.76
Forfeited	(9,084)	$	67.97
Balance as of September 24, 2021	510,423	$	70.23


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	797,757	$	46.88
Granted	171,946	$	70.05
Issued	(268,728)	$	43.84
Forfeited	(7,199)	$	50.40
Balance as of September 25, 2020	693,776	$	53.76

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 25, 2021	427,028	$	57.82
Granted	110,832	$	101.05
Issued	(190,213)	$	48.65
Forfeited	(52,097)	$	48.65
Balance as of September 24, 2021	295,550	$	81.55


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Balance as of June 26, 2020	440,140	$	48.37
Granted	179,008	$	70.05
Issued	(82,185)	$	48.02
Forfeited	(115,645)	$	48.02
Balance as of September 25, 2020	421,318	$	57.74

Accumulated other comprehensive income (loss) (Tables)

3 Months Ended

Sep. 24, 2021

Equity [Abstract]

Changes in AOCI, Net of Tax

The changes in AOCI for the three months ended September 24, 2021 and September 25, 2020 were as follows:


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 25, 2021	$	308	$	(4,504)	$	(1,425)	$	(645)	$	(6,266)
Other comprehensive income before reclassification adjustment	(200)		(1,728)		—		(164)		(2,092)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	(13)		511		198		—		696
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(213)	$	(1,217)	$	198	$	(164)	$	(1,396)
Balance as of September 24, 2021	$	95	$	(5,721)	$	(1,227)	$	(809)	$	(7,662)


(amount in thousands)	Unrealized net (Losses)/Gains on Available-for-sale Securities		Unrealized net (Losses)/Gains on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 26, 2020	$	1,490	$	602	$	(2,009)	$	(1,230)	$	(1,147)
Other comprehensive income before reclassification adjustment	(325)		(1,983)		—		603		(1,705)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	—		(1,225)		173		—		(1,052)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	$	(325)	$	(3,208)	$	173	$	603	$	(2,757)
Balance as of September 25, 2020	$	1,165	$	(2,606)	$	(1,836)	$	(627)	$	(3,904)

Business segments and geographic information (Tables)

3 Months Ended

Sep. 24, 2021

Segment Reporting [Abstract]

Long-lived Assets by Geographic Areas

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


(amount in thousands)	September 24, 2021		June 25, 2021
Long-Lived Assets:
Thailand	$	221,512	$	190,843
U.S.	26,883		27,403
China	15,929		14,977
Israel	4,931		5,271
U.K.	1,889		2,223
Cayman Islands	515		412
	$	271,659	$	241,129

Revenues from contracts with customers - Disaggregation of revenue by geographical regions (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 543,322	$ 436,639
Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 246,590	$ 207,402
North America \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	45.40%	47.50%
U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 245,274	$ 206,950
Others
Disaggregation of Revenue [Line Items]
Revenues	1,316	452
Asia-Pacific and others
Disaggregation of Revenue [Line Items]
Revenues	$ 206,183	$ 145,646
Asia-Pacific and others \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	37.90%	33.40%
India
Disaggregation of Revenue [Line Items]
Revenues	$ 64,932	$ 19
Malaysia
Disaggregation of Revenue [Line Items]
Revenues	51,749	43,911
Israel
Disaggregation of Revenue [Line Items]
Revenues	27,634	30,115
Hong Kong
Disaggregation of Revenue [Line Items]
Revenues	21,031	23,505
Japan
Disaggregation of Revenue [Line Items]
Revenues	14,977	20,332
China
Disaggregation of Revenue [Line Items]
Revenues	13,635	13,787
Others
Disaggregation of Revenue [Line Items]
Revenues	12,225	13,977
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 90,549	$ 83,591
Europe \| Geographic concentration risk \| Revenue from contract with customer benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	16.70%	19.10%
Ireland
Disaggregation of Revenue [Line Items]
Revenues	$ 49,484	$ 53,611
U.K.
Disaggregation of Revenue [Line Items]
Revenues	19,578	15,311
Germany
Disaggregation of Revenue [Line Items]
Revenues	8,425	5,799
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 13,062	$ 8,870

Revenues from contracts with customers - Revenues by end market (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 543,322	$ 436,639
Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 427,301	$ 343,917
Optical communications \| Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	78.60%	78.80%
Lasers, sensors and other
Disaggregation of Revenue [Line Items]
Revenues	$ 116,021	$ 92,722
Lasers, sensors and other \| Revenue from contract with customer benchmark \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Revenues, percentage	21.40%	21.20%

- 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).

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+ Details

Revenues from contracts with customers - Schedule of activity in the company's contract assets and contract liabilities (Detail) $ in Thousands	3 Months Ended
	Sep. 24, 2021 USD ($)
Contract Assets
Beginning balance, June 25, 2021	$ 11,878
Revenue recognized	13,197
Amounts collected or invoiced	(11,955)
Ending balance, September 24, 2021	13,120
Contract Liabilities
Beginning balance, June 25, 2021	1,680
Advance payment received during the period	1,941
Revenue recognized	1,866
Ending balance, September 24, 2021	$ 1,755

Earnings per ordinary share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 44,651	$ 33,051
Weighted-average number of ordinary shares outstanding (in shares)	36,877	36,818
Incremental shares arising from the assumed vesting of restricted share units and performance share units (in shares)	451	565
Weighted-average number of ordinary shares for diluted earnings per ordinary share (in shares)	37,328	37,383
Basic earnings per share (in USD per share)	$ 1.21	$ 0.90
Diluted earnings per share (in USD per share)	$ 1.20	$ 0.88
Outstanding performance share units excluded from the computation of diluted earnings per ordinary share (in shares)	0	61

- Definition

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

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

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+ Details

- Definition

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

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+ Details

Cash, cash equivalents and short-term investments (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021	Sep. 25, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents and marketable securities, carrying cost	$ 528,316	$ 546,396
Unrealized Gain/ (Loss)	96	1,536
Cash and cash equivalents	269,911	302,969	$ 189,201
Marketable Securities	227,223	203,237
Other Investments	31,278	41,726
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost		10,500
Other Investments		10,500
Cash
Cash and Cash Equivalents [Line Items]
Carrying Cost	223,409	222,664
Cash and cash equivalents	223,409	222,664
Cash equivalents
Cash and Cash Equivalents [Line Items]
Carrying Cost	46,502	80,305
Cash and cash equivalents	46,502	80,305
Liquidity funds
Cash and Cash Equivalents [Line Items]
Carrying Cost	31,278	30,000
Unrealized Gain/ (Loss)		1,226
Other Investments	31,278	31,226
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost	203,069	171,626
Unrealized Gain/ (Loss)	9	164
Marketable Securities	203,078	171,790
U.S. agency and U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Marketable securities, carrying cost	24,058	31,301
Unrealized Gain/ (Loss)	87	146
Marketable Securities	$ 24,145	$ 31,447

Cash, cash equivalents and short-term investments - Additional Information (Detail)	3 Months Ended
	Sep. 24, 2021 USD ($)
Cash, cash equivalents and marketable securities [Line Items]
Impairment losses	$ 0
Minimum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 months
Maximum
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities	3 years

Cash, cash equivalents and short-term investments - Available-for-sale securities based on stated effective maturities (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, total	$ 227,223	$ 203,237
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	69,219	30,000
Carrying cost, due between one to five years	189,186	202,927
Carrying cost, total	258,405	232,927
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	69,211	31,226
Fair value, due between one to five years	189,290	203,237
Fair value, total	$ 258,501	$ 234,463

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	Sep. 24, 2021	Jun. 25, 2021
Cash, cash equivalents and marketable securities [Line Items]
Due within one year	$ 0	$ 10,500
Due between one to five years	0	0
Total	$ 0	$ 10,500

Fair value of financial instruments - Fair value on recurring basis (Detail) $ in Thousands, $ in Millions	Sep. 24, 2021 USD ($)	Sep. 24, 2021 CAD ($)	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CAD ($)
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	$ 135,000	$ 0.2
Derivative liabilities, notional amount			$ (128,000)	$ (0.4)
Foreign exchange forward liability
Liabilities
Derivative assets, notional amount			2,000
Fair value, measurements, recurring
Assets
Derivative assets			1
Total	305,003		314,769
Liabilities
Derivative liabilities – current portion	7,798		5,654
Derivative liabilities – non-current portion	1,554		1,977
Total	9,352		7,631
Fair value, measurements, recurring \| Interest rate swaps
Liabilities
Derivative liabilities, notional amount	(125,100)
Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	46,502		80,305
Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities	31,278		31,226
Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	203,078		171,790
Fair value, measurements, recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	24,145		31,447
Fair value, measurements, recurring \| Level 1
Assets
Derivative assets			0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Derivative liabilities – non-current portion	0		0
Total	0		0
Fair value, measurements, recurring \| Level 1 \| Cash equivalents
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 1 \| Liquidity funds
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 1 \| Corporate debt securities
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 1 \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 2
Assets
Derivative assets			1
Total	305,003		314,769
Liabilities
Derivative liabilities – current portion	7,798		5,654
Derivative liabilities – non-current portion	1,554		1,977
Total	9,352		7,631
Fair value, measurements, recurring \| Level 2 \| Cash equivalents
Assets
Marketable securities	46,502		80,305
Fair value, measurements, recurring \| Level 2 \| Liquidity funds
Assets
Marketable securities	31,278		31,226
Fair value, measurements, recurring \| Level 2 \| Corporate debt securities
Assets
Marketable securities	203,078		171,790
Fair value, measurements, recurring \| Level 2 \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	24,145		31,447
Fair value, measurements, recurring \| Level 3
Assets
Derivative assets			0
Total	0		0
Liabilities
Derivative liabilities – current portion	0		0
Derivative liabilities – non-current portion	0		0
Total	0		0
Fair value, measurements, recurring \| Level 3 \| Cash equivalents
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 3 \| Liquidity funds
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 3 \| Corporate debt securities
Assets
Marketable securities	0		0
Fair value, measurements, recurring \| Level 3 \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	$ 0		$ 0

Fair Value - Additional Information (Detail) $ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 24, 2021 USD ($) contract	Sep. 25, 2020 USD ($)	Jun. 25, 2021 USD ($) contract	Sep. 24, 2021 CAD ($) contract	Jun. 25, 2021 CAD ($) contract	Sep. 03, 2019	Jul. 25, 2018
Foreign Currency Fair Value Hedge Derivative [Line Items]
Fixed interest rate							2.86%
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Gains or losses from accumulated other comprehensive income expected to be reclassified	$ (4.1)		$ 2.7
Unrealized gain (loss) on derivatives	$ (0.6)	$ (1.5)
Foreign currency forward contracts \| Designated as hedging instrument \| Thailand, baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of forward contracts outstanding \| contract	135		130	135	130
Derivative notional amount	$ 135.0		$ 130.0
Foreign currency forward contracts \| Designated as hedging instrument \| Canada, dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount				$ 0.2	$ 0.4
Interest rate swaps
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative notional amount	125.1		125.1
Gains or losses from accumulated other comprehensive income expected to be reclassified	$ (0.9)		$ (0.8)
Interest rate swaps \| Bank of Ayudhya Public Company \| Bank of America Credit Facility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Debt instrument stated interest percentage						4.36%

Fair Value - Schedule impacts of derivative gain (loss) of cash flow hedges (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ (1,728)	$ (1,983)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	511	(1,225)
Change in net unrealized gain (loss) on derivatives instruments	(1,217)	(3,208)
Foreign currency forward contracts \| Cost of revenues
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	2,115	(2,057)
Foreign currency forward contracts \| SG&A
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	88	(87)
Foreign currency forward contracts \| Foreign exchange loss, net
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(1,424)	1,278
Foreign currency forward contracts \| Other comprehensive income (loss)
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	(2,136)	(2,340)
Interest rate swaps \| Interest expense
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income (loss) into earnings	(268)	(359)
Interest rate swaps \| Other comprehensive income (loss)
Derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings:
Total derivatives gain (loss) recognized in other comprehensive income (loss)	$ 408	$ 357

Fair Value - Schedule of derivative financial instruments (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Derivatives designates as hedging instruments:
Derivative assets, gross balances	$ 0	$ 1
Derivative liabilities, gross balances	(9,352)	(7,631)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	0	0
Derivative Liabilities	(2,149)	(1,379)
Interest rate swaps
Derivatives not designated as hedging instruments
Derivative Assets	0	0
Derivative Liabilities	0	0
Derivatives designates as hedging instruments:
Derivative Assets	0	0
Derivative Liabilities	(3,140)	(3,549)
Foreign currency forward contracts
Derivatives designates as hedging instruments:
Derivative Assets	0	1
Derivative Liabilities	$ (4,063)	$ (2,703)

Inventories (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 234,923	$ 196,345
Work in progress	190,964	174,654
Finished goods	15,194	15,471
Goods in transit	24,170	35,663
Inventories	$ 465,251	$ 422,133

Restricted cash - Additional Information (Detail) $ in Thousands, ¥ in Millions	Sep. 24, 2021 USD ($)	Sep. 24, 2021 CNY (¥)	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CNY (¥)
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 155		$ 154
Bank guarantees
Restricted Cash and Cash Equivalents Items [Line Items]
Amount of cash collateral	$ 200		$ 200
China
Restricted Cash and Cash Equivalents Items [Line Items]
Long-term restricted cash \| ¥		¥ 1.0		¥ 1.0

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Rental expense for long-term leases	$ 0.7	$ 0.6
Minimum
Lessee operating lease option to extend term	1 year
Maximum
Lessee operating lease option to extend term	5 years

Leases - Schedule of operating lease liabilities (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Leases [Abstract]
2022 (remaining 9 months)	$ 2,085
2023	2,686
2024	1,257
2025	43
Total undiscounted lease payments	6,071
Less imputed interest	(238)
Total present value of lease liabilities	5,833
Operating lease liabilities, current portion	$ 2,613	$ 2,593

Leases - Summary of additional information related to operating and finance lease (Detail)	Sep. 24, 2021	Jun. 25, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	2 years 6 months	2 years 8 months 12 days
Weighted-average discount rate	3.50%	3.50%

Leases - Schedule of supplemental cash flow information related to operating lease (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 689	$ 594
Financing cash flows from finance leases	0	100
ROU assets obtained in exchange for lease liabilities	$ 38	$ 64

Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Intangibles (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Dec. 25, 2020	Jun. 25, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,407		$ 14,259
Accumulated Amortization	(10,328)		(9,946)
Foreign Currency Translation Adjustment	28	$ 58
Total	4,107		4,371
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,915		9,767
Accumulated Amortization	(6,902)		(6,632)
Total	3,013		3,135
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,373		4,373
Accumulated Amortization	(3,307)		(3,195)
Foreign Currency Translation Adjustment	28	$ 58
Total	1,094		1,236
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	119		119
Accumulated Amortization	$ (119)		$ (119)

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangibles	$ 0.4	$ 0.2

Intangibles - Weighted-average remaining life of intangible assets (Detail)	3 Months Ended	12 Months Ended
	Sep. 24, 2021	Jun. 25, 2021
Customer relationships
Finite-Lived Intangible Liabilities [Line Items]
Weighted average remaining life of acquired intangible assets	3 years 8 months 12 days	3 years 10 months 24 days

Intangibles - Estimated future amortization of intangibles (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining 9 months)	$ 1,077
2023	1,196
2024	868
2025	586
Thereafter	380
Total	$ 4,107	$ 4,371

Borrowings - Total borrowings, including current portion and non-current portion of long-term borrowings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Jun. 25, 2021
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	(55)	(63)
Long-term borrowings, non-current portion, net	$ 24,319	27,358
Loan payable due June 2024
Debt Instrument [Line Items]
Rate	3-month LIBOR +1.35% per annum
Long-term debt	$ 36,562	$ 39,609
Loan payable due June 2024 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.35%

Borrowings - Movements of long-term loans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Movements of Long-term Borrowings [Roll Forward]
Opening balance	$ 39,609	$ 51,797
Borrowings during the period	0	0
Repayments during the period	(3,047)	(3,047)
Closing balance	$ 36,562	$ 48,750

Borrowings - Future maturities of long-term debt (Detail) - USD ($) $ in Thousands	Sep. 24, 2021	Jun. 25, 2021	Sep. 25, 2020	Jun. 26, 2020
Debt Disclosure [Abstract]
2022 (remaining 9 months)	$ 9,141
2023	15,233
2024	9,141
2025	3,047
Total	$ 36,562	$ 39,609	$ 48,750	$ 51,797

Borrowings - Additional Information (Detail)	3 Months Ended
Borrowings - Additional Information (Detail)	Sep. 24, 2021 USD ($)	Sep. 25, 2020 USD ($)	Sep. 27, 2019 USD ($)	Sep. 03, 2019 USD ($)	Aug. 20, 2019 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity					$ 160,900,000
Repayments of long term debt	$ 3,047,000	$ 3,047,000
Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt description of variable rate basis	3-month LIBOR plus 1.35%
Debt instrument periodic payment	$ 3,000,000
Debt instrument maturity date	Jun. 30, 2024
Interest expense on debt	$ 300,000	$ 200,000
Bank of Ayudhya Public Company Limited \| Term loan agreement
Line of Credit Facility [Line Items]
Minimum service coverage ratio	1.25
Service coverage ratio, minimum at payment of a dividend	1.50
Loan to value ratio	0.65
Credit Facility Agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity			$ 3,600,000		$ 110,000,000
Term loan agreement
Line of Credit Facility [Line Items]
Long term debt outstanding	$ 36,600,000
Term loan agreement \| Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt principal amount				$ 60,900,000
Line of credit covenant terms	The Term Loan Agreement contains affirmative and negative covenants applicable to the Borrower, including delivery of financial statements and other information, compliance with laws, maintenance of insurance, and 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 of 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 1.5 times. As of September 24, 2021, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Jun. 25, 2021
Income Tax Disclosure [Abstract]
Liability for uncertain tax positions including accrued interest and penalties	$ 1.1		$ 0.9
Corporate effective income tax rate	1.30%	4.80%

Share-based compensation - Effect of recording share-based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Share-based compensation expense by type of award:
Restricted share units	$ 4,924	$ 5,249
Performance share units	4,368	778
Total share-based compensation expense	9,292	6,027
Tax effect on share-based compensation expense	0	0
Net effect on share-based compensation expense	$ 9,292	$ 6,027

Share-based compensation - Share-based compensation expense recorded in condensed consolidated statements of operations and comprehensive income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 9,292	$ 6,027
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,975	1,825
SG&A
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 7,317	$ 4,202

Share-based compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Dec. 12, 2019	Nov. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)			1,281,619
Shares withheld to settle employee minimum statutory obligation for applicable income and other employment taxes (in shares)	197,948	142,221
Tax withholdings related to net share settlement of restricted share units	$ 19,065	$ 9,920
Restricted share units \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	1 year
Restricted share units \| Vesting option one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	3 years
Restricted share units \| Vesting option two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	4 years
Restricted share units \| 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%
Performance share units \| Executive of the Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period, year	2 years
Performance share units \| 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%
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)	315,203
Stock Plan 2020 \| Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	2,260,077
Stock Plan 2020 \| Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	295,550
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 \| Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	183,056
Equity Incentive 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for future issuance (in shares)				160,000
Share units outstanding (in shares)	111,347
Equity Incentive 2017 Plan \| 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	$ 18,900
Unrecognized compensation expense, weighted-average period for recognition	2 years 8 months 12 days
Equity Incentive Plans \| Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 15,700
Unrecognized compensation expense, weighted-average period for recognition	1 year 6 months

Share-based compensation - Restricted share unit activity (Detail) - Stock Plan 2010 and 2017 - Restricted share units - $ / shares	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Number of restricted share units
Number of share units, beginning balance (in shares)	641,875	797,757
Number of share units, granted (in shares)	137,165	171,946
Number of share units, issued (in shares)	(259,533)	(268,728)
Number of share units, forfeited (in shares)	(9,084)	(7,199)
Number of share units, ending balance (in shares)	510,423	693,776
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 55.74	$ 46.88
Weighted-average grant date fair value per share, granted (in USD per share)	101.05	70.05
Weighted-average grant date fair value per share, issued (in USD per share)	50.76	43.84
Weighted-average grant date fair value per share, forfeited (in USD per share)	67.97	50.40
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 70.23	$ 53.76

Share-based compensation - Performance share unit activity (Detail) - Stock Plan 2010 and 2017 - Performance share units - $ / shares	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Number of performance share units
Number of share units, beginning balance (in shares)	427,028	440,140
Number of share units, granted (in shares)	110,832	179,008
Number of share units, issued (in shares)	(190,213)	(82,185)
Number of share units, forfeited (in shares)	(52,097)	(115,645)
Number of share units, ending balance (in shares)	295,550	421,318
Weighted- Average Grant Date Fair Value Per Share
Weighted-average grant date fair value per share, beginning balance (in USD per share)	$ 57.82	$ 48.37
Weighted-average grant date fair value per share, granted (in USD per share)	101.05	70.05
Weighted-average grant date fair value per share, issued (in USD per share)	48.65	48.02
Weighted-average grant date fair value per share, forfeited (in USD per share)	48.65	48.02
Weighted-average grant date fair value per share, ending balance (in USD per share)	$ 81.55	$ 57.74

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Jun. 25, 2021	Aug. 31, 2020	Jun. 26, 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
Preferred shares, par value (in USD per share)	$ 0.01		$ 0.01
Share repurchase program, approved amount								$ 30,000,000
Share repurchase program, increase in shares authorized for repurchase				$ 58,500,000		$ 50,000,000	$ 30,000,000
Treasury stock, carrying basis	$ 81,200,000				$ 168,500,000
1999 and 2010 Stock Plan
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	251,798	208,692

Accumulated other comprehensive income (loss) - Changes in AOCI, net of tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,112,520	$ 974,409
Other comprehensive income before reclassification adjustment	(2,092)	(1,705)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	696	(1,052)
Total other comprehensive income (loss), net of tax	(1,396)	(2,757)
Ending balance	1,146,002	1,000,703
Unrealized net (Losses)/Gains on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	308	1,490
Other comprehensive income before reclassification adjustment	(200)	(325)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	(13)
Total other comprehensive income (loss), net of tax	(213)	(325)
Ending balance	95	1,165
Unrealized net (Losses)/Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,504)	602
Other comprehensive income before reclassification adjustment	(1,728)	(1,983)
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	511	(1,225)
Total other comprehensive income (loss), net of tax	(1,217)	(3,208)
Ending balance	(5,721)	(2,606)
Retirement benefit plan - Prior service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,425)	(2,009)
Other comprehensive income before reclassification adjustment		0
Amounts reclassified out of AOCI to the unaudited condensed consolidated statements of operations and comprehensive income	198	173
Total other comprehensive income (loss), net of tax	198	173
Ending balance	(1,227)	(1,836)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(645)	(1,230)
Other comprehensive income before reclassification adjustment	(164)	603
Total other comprehensive income (loss), net of tax	(164)	603
Ending balance	(809)	(627)
AOCI Attributable to parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,266)	(1,147)
Total other comprehensive income (loss), net of tax	(1,396)	(2,757)
Ending balance	$ (7,662)	$ (3,904)

Commitments and Contingencies - Additional Information (Detail) $ in Thousands, ฿ in Millions, ¥ in Millions	1 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 THB (฿)	Sep. 24, 2021 USD ($)	Sep. 24, 2021 CNY (¥)	Sep. 24, 2021 THB (฿)	Jun. 25, 2021 USD ($)	Jun. 25, 2021 CNY (¥)	Jun. 25, 2021 THB (฿)	May 14, 2021	Dec. 25, 2020 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Outstanding bank guarantees given by banks on behalf of the company			$ 1,500		฿ 50.2	$ 1,600		฿ 50.2
Long-term restricted cash			155			154
Contractual obligation										$ 50,300
Aggregate purchase price	$ 13,200	฿ 418.8
Deposit paid in percent									0.10
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties			992,800
Bank guarantees
Commitments and Contingencies Disclosure [Line Items]
Amount of cash collateral			200			$ 200
China
Commitments and Contingencies Disclosure [Line Items]
Long-term restricted cash \| ¥				¥ 1.0			¥ 1.0
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties			31,000
Thailand \| Construction Contract
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties			20,100
Thailand \| Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties			$ 10,900

Business Segments and Geographic Information - Additional Information (Detail) $ in Thousands	Sep. 24, 2021 USD ($) customer	Jun. 25, 2021 USD ($) customer
Segment Reporting Information [Line Items]
Long-lived assets	$ 271,659	$ 241,129
Number of customers that contributed to more than 10% of trade accounts receivable \| customer	3	3
Thailand
Segment Reporting Information [Line Items]
Long-lived assets	$ 221,512	$ 190,843
U.S.
Segment Reporting Information [Line Items]
Long-lived assets	26,883	27,403
China
Segment Reporting Information [Line Items]
Long-lived assets	15,929	14,977
Israel
Segment Reporting Information [Line Items]
Long-lived assets	4,931	5,271
U.K.
Segment Reporting Information [Line Items]
Long-lived assets	1,889	2,223
Cayman Islands
Segment Reporting Information [Line Items]
Long-lived assets	$ 515	$ 412