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Earnings per ordinary share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 296,181	$ 247,913	$ 200,380
Weighted-average number of ordinary shares outstanding	36,246	36,515	36,876
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units	318	340	518
Weighted-average number of ordinary shares for diluted earnings per ordinary share	36,564	36,855	37,394
Basic earnings per ordinary share	$ 8.17	$ 6.79	$ 5.43
Diluted earnings per ordinary share	$ 8.10	$ 6.73	$ 5.36

- 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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+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Bank guarantees As of June 28, 2024 and June 30, 2023, there were outstanding bank guarantees on behalf of the Company's subsidiary in Thailand for electricity usage and other normal business expenses totaling $2.0 million and $1.5 million, respectively, or Thai Baht 73.2 million and Thai Baht 53.0 million, respectively. In addition, there were other immaterial bank guarantees on behalf of the Company's subsidiary in Israel to support the subsidiary's operations related to the Israeli Customs department. Purchase obligations Purchase obligations represent legally binding commitments to purchase inventory and other commitments made in the normal course of business to meet operational requirements. Although open purchase orders are considered enforceable and legally binding, their terms generally give the Company the option to cancel, reschedule and/or adjust its requirements based on its business needs prior to the delivery of goods or performance of services. Obligations to purchase inventory and other commitments are generally expected to be fulfilled within one year. As of June 28, 2024, the Company had purchase obligations and other commitments to third parties of $933.3 million. Capital expenditure As of June 28, 2024, the Company had total capital expenditure commitments to third parties of $21.9 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. Litigation and claim On June 28, 2024, Ngan In Leng and First Laser Limited (collectively, the “Plaintiffs”) filed a complaint in the Fuzhou Intermediate People’s Court (the “Court”) in Fuzhou, China against Fujian Enterprises (Holdings) Co., Ltd. (“FEHC”), Jian An Investment Limited (“Jian”), and Casix, Inc. (“Casix”), the Company's wholly-owned subsidiary located in the PRC. The complaint alleges unjust enrichment related to a purported investment in Casix by the Plaintiffs in 1997, which predates the Company's acquisition of Casix from JDS Uniphase Corporation. The Plaintiffs have requested that the Court order FEHC to return the unjust enrichment to the Plaintiffs in the amount of RMB 400 million, with interest from March 1, 2000, and order Jian and Casix to bear joint and several liability for all payment obligations of FEHC. At this time, the Company is not able to quantify any potential liability in connection with this litigation because the case is in its early stages.

Summary of significant accounting policies

12 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Summary of significant accounting policies

Principles of consolidation

The Company utilizes a 52-53 week fiscal year ending on the last Friday in June. Fiscal years 2024, 2023, and 2022 ended on June 28, 2024, June 30, 2023, and June 24, 2022, respectively, and consisted of 52 weeks, 53 weeks and 52 weeks, respectively.

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

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of total revenues and expenses during the year. The Company bases estimates on historical experience and various assumptions about the future that are believed to be reasonable based on available information. The Company’s reported financial position or results of operations may be materially different under different conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies, which are discussed below. Significant assumptions are used in accounting for share-based compensation, allowance for 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.

Foreign currency transactions and translation

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

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

Fabrinet translates the assets and liabilities of its subsidiaries that do not use USD as their functional currency into USD using exchange rates in effect at the end of each period. Revenue and expenses for such subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in

foreign currency translation adjustment included in accumulated other comprehensive income (loss) (“AOCI”) in the Company’s consolidated balance sheets.

Cash and cash equivalents

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

Short-term investments

Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The maturities of the Company’s short-term investments generally range from three months to three years.

The short-term investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale with any unrealized gains and losses included in AOCI in the consolidated balance sheets. The Company determines realized gains or losses on sale of available-for-sale debt securities on a specific identification method and records such gains or losses as interest income in the consolidated statements of operations and comprehensive income.

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

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

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

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

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

Trade accounts receivable

Accounts receivable are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. The Company estimates expected credit losses for the allowance for expected credit losses based upon its assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. The estimated credit loss allowance is recorded as selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

Contract assets

A contract asset is recognized when the Company has recognized revenues prior to generating an invoice for payment. Contract assets are recognized in the consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional. The Company estimates expected credit losses for the

allowance for contract assets based upon its assessment of various factors, including historical experience, the age of the contract assets balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. The estimated credit loss allowance is recorded as selling, general and administrative expenses in the Company's consolidated statements of operations and comprehensive income.

Contract liabilities

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

Inventory

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

Leases

Operating leases

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

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company's leases generally do not provide an implicit rate, nor is the implicit rate readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payment. The operating lease ROU assets also include any lease payments made and exclude lease incentives and initial direct costs incurred. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

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

Finance leases

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

Property, plant and equipment

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


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

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

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

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

Intangibles

Intangibles are stated at historical cost less amortization. Amortization of other intangibles is calculated using the straight-line method.

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

Goodwill

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

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

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

Treasury shares

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

Borrowing costs

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

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

Fair value of financial instruments

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

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

Level 2 inputs for similar assets and liabilities in active markets other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 inputs that are significant to the fair value measurement and unobservable (i.e. supported by little or no market activity), which require the reporting entity to develop its own valuation techniques and assumptions.

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

The carrying amounts of certain financial instruments, which include cash and cash equivalents, trade accounts receivable, contract assets, trade accounts payable, and contract liabilities, approximate their fair values due to their short maturities. The carrying amounts of borrowings approximate their fair values as the applicable interest rate is based on market interest rates. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

Derivatives

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

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

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

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

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

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

recorded in AOCI in the consolidated balance sheets, gain or loss on the derivative instrument is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The reclassified amounts are presented in the same income statement line item as the earnings effect of the hedged item.

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

Concentration of credit risk

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

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

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

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

Revenue recognition

The Company derives revenues primarily from the assembly of products under supply agreements with its customers and the fabrication of customized optics and glass. The Company recognizes revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the Company expects to be entitled in exchange for such goods or services. In order to meet this requirement, the Company applies the following five steps: (1) identify the contract with a customer, (2) identify the performance obligations under the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations under the contract, and (5) recognize revenue when a performance obligation is satisfied. Revenue is recognized net of any taxes collected from customers, which is subsequently remitted to governmental authorities.

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

Sales of finished goods

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

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

Customers generally are obligated to purchase finished goods that the Company has manufactured according to their demand requirements. Materials that are not consumed by customers within a specified period of time, or are no longer required due to a product’s cancellation or end-of-life, are typically designated as excess or obsolete inventory under the

Company’s contracts. Once materials are designated as either excess or obsolete inventory, customers are typically required to purchase such inventory from the Company even if the customer has chosen to cancel production of the related products. The excess or obsolete inventory is shipped to the customer and revenue is recognized upon shipment.

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

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

Services

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

Service revenues of $122.6 million, $116.2 million and $140.4 million were recognized in the consolidated statements of operations and comprehensive income for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively.

Contract Costs

The incremental costs of obtaining a contract with a customer are recognized as an asset (not expensed as incurred) if such costs are expected to be recovered. Incremental costs of obtaining a contract are costs that the Company would not have incurred if the contract had not been obtained (e.g., sales commissions or similar incentive payments linked directly to new or modified customer contracts). Costs that would have been incurred regardless of whether a customer contract was obtained (e.g., costs of pursuing the contract, legal advice, etc.) are expensed as incurred, unless such costs are explicitly chargeable to the customer. During the years ended June 28, 2024, June 30, 2023 and June 24, 2022, the Company did not have any incremental costs of obtaining a contract.

Shipping and Handling

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

Warranty provision

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

Warranty cost allowances were recognized in the consolidated statements of operations and comprehensive income for the years ended June 28, 2024, June 30, 2023 and June 24, 2022 with de minimis amount.

Share-based compensation

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

Employee contribution plan

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

Severance liabilities

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

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

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

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

Annual leave

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

Income taxes

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

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

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

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

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

Adoption of New Accounting Standards

No new accounting standard was adopted during the year ended June 28, 2024.

New Accounting Standards—not yet adopted by the Company

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU will be effective for the Company in fiscal year 2025. The Company is currently assessing the impact to its disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures,” which requires more detailed income tax disclosures. This ASU requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will be effective for the Company in the first quarter of fiscal year 2026. The Company is currently assessing the impact to its disclosures.

Income taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Income Tax Disclosure [Abstract]
Current	$ 11,993	$ 15,044	$ 6,744
Deferred	3,180	(2,861)	(158)
Total income tax expense	$ 15,173	$ 12,183	$ 6,586

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 28, 2024	Aug. 09, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 28, 2024
Current Fiscal Year End Date	--06-28
Document Transition Report	false
Entity File Number	001-34775
Entity Registrant Name	FABRINET
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1228572
Entity Address, Address Line One	c/o Intertrust Corporate Services
Entity Address, Address Line Two	One Nexus Way, Camana Bay
Entity Address, City or Town	Grand Cayman
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-9005
City Area Code	66 2
Local Phone Number	524-9600
Title of 12(b) Security	Ordinary Shares, $0.01 par value
Trading Symbol	FN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 6.9
Entity Common Stock, Shares Outstanding		36,151,016
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001408710

Severance liabilities - Schedule of Future Maturities of Severance Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Retirement Benefits [Abstract]
2025	$ 2,140
2026	1,550
2027	1,631
2028	2,221
2029	2,342
Thereafter	14,209
Total	$ 24,093	$ 22,370	$ 18,588

Fair value of financial instruments (Tables)

12 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of 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
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 28, 2024
Assets
Cash equivalents	$	—	$	35		$	—	$	35

Certificates of deposit and time deposits	—		134,283			—		134,283
Corporate debt securities	—		136,763			—		136,763
U.S. agency and U.S. Treasury securities	—		177,584			—		177,584
Derivative assets - current portion	—		15		(1)	—		15

Total	$	—	$	448,680		$	—	$	448,680
Liabilities
Derivative liabilities - current portion	$	—	$	(2,244)		$	—	$	(2,244)

Total	$	—	$	(2,244)	(2)	$	—	$	(2,244)


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 30, 2023
Assets
Cash equivalents	$	—	$	401		$	—	$	401
Liquidity funds	—		41,104			—		41,104
Certificates of deposit and time deposits	—		64,607			—		64,607
Corporate debt securities	—		158,078			—		158,078
U.S. agency and U.S. Treasury securities	—		55,311			—		55,311
Derivative assets - current portion	—		221		(3)	—		221
Total	$	—	$	319,722		$	—	$	319,722
Liabilities
Derivative liabilities - current portion	$	—	$	(5,236)		$	—	$	(5,236)

Total	$	—	$	(5,236)	(4)	$	—	$	(5,236)

(1)Foreign currency forward contracts with an aggregate notional amount of $8.0 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $127.0 million and 0.4 million Canadian dollars.

(3)Foreign currency forward contracts with an aggregate notional amount of $3.0 million and 0.2 million Canadian dollars and interest rate swap agreement with notional amount of $60.9 million.

(4)Foreign currency forward contracts with an aggregate notional amount of $140.0 million.

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

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


		Year Ended
(in thousands)	Financial statements line item	June 28, 2024		June 30, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	3,007	$	1,142
Interest rate swaps	Other comprehensive income	(215)		1,302
Total derivatives loss (gain) recognized in other comprehensive income		$	2,792	$	2,444
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts	Cost of revenues	$	8,563	$	7,995
Foreign currency forward contracts	Selling, general and administrative expenses	357		334
Foreign currency forward contracts	Foreign exchange gain (loss), net	(9,103)		(8,644)
Interest rate swaps	Interest expense	(220)		(588)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings		$	(403)	$	(903)
Change in net unrealized gain (loss) on derivative instruments		$	2,389	$	1,541

Schedule of Derivative Financial Instruments

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


	June 28, 2024				June 30, 2023
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(1,088)	$	2	$	(1,256)

Derivatives designated as hedging instruments
Foreign currency forward contracts	15		(1,156)		4		(3,980)
Interest rate swaps	—		—		215		—
Derivatives, gross balances	15		(2,244)		221		(5,236)

Derivative Financial Instruments in the Unaudited Condensed Consolidated Balance Sheets

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

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


Derivative Financial Instruments			Balance Sheet line item

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

- Definition

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

+ References + Details

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022	Jun. 25, 2021	Jun. 26, 2020
Income Taxes [Line Items]
Valuation allowance	$ 3,613	$ 3,824	$ 4,934	$ 2,061
Deferred tax liabilities	5,303	4,819
Accrued interest and penalties related to uncertain tax positions	200
Interest and penalties recorded		100	100
Recorded (reversed) interest and penalties	$ 200
Thailand
Income Taxes [Line Items]
Tax exempt income	50.00%
Income tax exemption, period	15 years
Reduced corporate income tax rate	20.00%
Unremitted earnings	$ 144,400	135,100
Unrecognized deferred tax liabilities	11,600	12,300
China
Income Taxes [Line Items]
Deferred tax liabilities	$ 1,500	1,900
China \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	25.00%
U.S. \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	21.00%
U.K.
Income Taxes [Line Items]
Valuation allowance	$ 1,000	3,800	$ 4,900	$ 2,100	$ 1,600
Valuation allowance released		$ 1,600
U.K. \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	25.00%
Israel
Income Taxes [Line Items]
Valuation allowance	$ 2,700
Israel \| Subsidiaries
Income Taxes [Line Items]
Corporate income tax rate	23.00%

Intangibles - Schedule of Estimated Future Amortization of Intangibles Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,058
2026	599
2027	401
2028	229
2029	34
Net	$ 2,321	$ 2,394

Cash, cash equivalents and short-term investments - Schedule of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Cash, cash equivalents and marketable securities [Line Items]
Cash and cash equivalents and marketable securities, carrying cost	$ 859,780	$ 553,745
Unrealized Gain/ (Loss)	(1,177)	(3,277)
Cash and cash equivalents	409,973	231,368	$ 197,996
Marketable Securities	448,630	277,996
Other Investments	0	41,104
Cash
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost	409,938	230,967
Cash and cash equivalents	409,938	230,967
Cash equivalents
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost	35	401
Cash and cash equivalents	35	401
Liquidity funds
Cash, cash equivalents and marketable securities [Line Items]
Carrying Cost		41,104
Other Investments		41,104
Certificates of deposit and time deposits
Cash, cash equivalents and marketable securities [Line Items]
Carrying cost, total	134,288	64,278
Unrealized Gain/ (Loss)	(5)	329
Marketable Securities	134,283	64,607
Corporate debt securities
Cash, cash equivalents and marketable securities [Line Items]
Carrying cost, total	137,695	161,453
Unrealized Gain/ (Loss)	(932)	(3,375)
Marketable Securities	136,763	158,078
U.S. agency and U.S. Treasury securities
Cash, cash equivalents and marketable securities [Line Items]
Carrying cost, total	177,824	55,542
Unrealized Gain/ (Loss)	(240)	(231)
Marketable Securities	$ 177,584	$ 55,311

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

12 Months Ended

Jun. 28, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents, and Short-Term Investments


					Fair Value
(in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of June 28, 2024
Cash	$	409,938	$	—	$	409,938	$	—	$	—
Cash equivalents	35		—		35		—		—

Certificates of deposit and time deposits	134,288		(5)		—		134,283		—
Corporate debt securities	137,695		(932)		—		136,763		—
U.S. agency and U.S. Treasury securities	177,824		(240)		—		177,584		—
Total	$	859,780	$	(1,177)	$	409,973	$	448,630	$	—
As of June 30, 2023
Cash	$	230,967	$	—	$	230,967	$	—	$	—
Cash equivalents	401		—		401		—		—
Liquidity funds	41,104		—		—		—		41,104
Certificate of deposits	64,278		329		—		64,607		—
Corporate debt securities	161,453		(3,375)		—		158,078		—
U.S. agency and U.S. Treasury securities	55,542		(231)		—		55,311		—
Total	$	553,745	$	(3,277)	$	231,368	$	277,996	$	41,104

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

The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of June 28, 2024 and June 30, 2023:


	June 28, 2024				June 30, 2023
(in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	110,671	$	110,669	$	172,992	$	173,137
Due between one to five years	339,136		337,961		149,385		145,963
Total	$	449,807	$	448,630	$	322,377	$	319,100

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Commitments and contingencies (Details) ฿ in Millions, ¥ in Millions, $ in Millions	Jun. 28, 2024 CNY (¥)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 THB (฿)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 THB (฿)
Commitments and Contingencies Disclosure [Line Items]
Outstanding bank guarantees given by banks on behalf of the company		$ 2.0	฿ 73.2	$ 1.5	฿ 53.0
Casix
Commitments and Contingencies Disclosure [Line Items]
Loss contingency, damages sought \| ¥	¥ 400
Inventories
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties		933.3
Thailand
Commitments and Contingencies Disclosure [Line Items]
Outstanding commitment to third parties		$ 21.9

Cash, cash equivalents and short-term investments - Summary of Cost and Estimated Fair Value of Short-term Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, total	$ 448,630	$ 277,996
Carrying Cost
Investments Classified by Contractual Maturity Date [Line Items]
Carrying cost, due within one year	110,671	172,992
Carrying cost, due between one to five years	339,136	149,385
Carrying cost, total	449,807	322,377
Fair Value
Investments Classified by Contractual Maturity Date [Line Items]
Fair value, due within one year	110,669	173,137
Fair value, due between one to five years	337,961	145,963
Fair value, total	$ 448,630	$ 319,100

Income taxes

12 Months Ended

Jun. 28, 2024

Income Tax Disclosure [Abstract]

Income taxes

Fabrinet’s effective tax rate is a function of the mix of tax rates in the various jurisdictions in which we conduct business. Fabrinet is domiciled in the Cayman Islands. Under the current laws of the Cayman Islands, Fabrinet is not subject to tax in the Cayman Islands on income or capital gains until March 6, 2039.

The majority of the Company’s operations and production take place in Thailand. The Company was not subject to tax in Thailand from July 2012 through June 2020 on income generated from the manufacture of products at its Pinehurst campus Building 6, and is not subject to tax in Thailand from July 2018 through June 2026 on income generated from the manufacture of products at its Chonburi campus. After June 2020, 50% of the Company's income generated from products manufactured at its Pinehurst campus Building 6 will be exempted from tax in Thailand through June 2025. New preferential tax treatment is available to the Company for products manufactured at its Chonburi campus Building 9, where income generated will be tax exempt through 2031, capped at the Company’s actual investment amount. Such preferential tax treatment is contingent on various factors, including the export of our customers’ products out of Thailand and our agreement not to move our manufacturing facilities out of our current province in Thailand for at least 15 years from the date on which preferential tax treatment was granted. Currently, the corporate income tax rate for our Thai subsidiary is 20%.

The corporate income tax rates for our subsidiaries in the PRC, the U.S., the U.K. and Israel are 25%, 21%, 25% and 23%, respectively. Our provision for income taxes is computed using the asset and liability method, under which deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities at currently enacted statutory tax rates for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment.

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Current	$	11,993	$	15,044	$	6,744
Deferred	3,180		(2,861)		(158)
Total income tax expense	$	15,173	$	12,183	$	6,586

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Income before income taxes (1)	$	311,354	$	260,096	$	206,966
Tax expense calculated at a statutory corporate income tax rate of 20%	62,271		52,019		41,393
Effect of income taxes from locations with tax rates different from Thailand	(945)		659		681
Income not subject to tax (2)	(62,940)		(43,679)		(35,982)
Income tax on unremitted earnings	1,488		2,452		1,417
Non-deductible expenses	10,347		35		68
Foreign operations	(534)		1,968		(1,165)
Tax rebate from research and development application	17		(124)		(873)
Provision for uncertain income tax position	1,131		(7)		668
Utilization of loss and tax credits carryforward	—		(80)		(194)
Changes in valuation allowance (3)	3,759		(1,608)		—
Others	579		548		573
Corporate income tax expense	$	15,173	$	12,183	$	6,586

(1)Income before income taxes was primarily generated from domestic operations in the Cayman Islands amounted to $306.0 million, $196.5 million and $171.0 million for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively.

(2)Income not subject to tax relates to income earned in the Cayman and Mauritius Islands and income subject to an investment promotion privilege in Thailand. Income not subject to tax per ordinary share on a diluted basis was $1.72, $1.19, and $0.96 for the years ended June 28, 2024, June 30, 2023, and June 24, 2022, respectively.

(3)Changes in valuation allowances were due to adjustments based on management's assessment on the realizability of the related deferred tax assets.

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


	As of
(in thousands)	June 28, 2024		June 30, 2023
Deferred tax assets:
Depreciation	$	1,890	$	1,999
Severance liability	4,496		4,058
Reserves and allowance	3,735		1,712
Net operating loss carryforwards	3,146		7,142
Others	792		1,008
Total	14,059		15,919
Less: Valuation allowance	(3,613)		(3,824)
Net deferred tax assets	$	10,446	$	12,095

Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	$	(1,626)	$	(1,711)
Deferred tax from unremitted earnings	(5,303)		(4,819)
Others	2,034		1,731
Total	(4,895)		(4,799)
Net	$	5,551	$	7,296

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


(in thousands)	Valuation allowances of deferred tax assets
Balance as of June 25, 2021	$	2,061
Additional	2,873

Balance as of June 24, 2022	4,934
Additional	498
Reduction	(1,608)
Balance as of June 30, 2023	3,824
Additional	3,613
Reduction	(3,824)
Balance as of June 28, 2024	$	3,613

During fiscal year 2020, one of our subsidiaries in the U.K. also generated net operating loss and management expected that such subsidiary would continue to have net operating losses in the foreseeable future. Therefore, management believed it was more likely than not that all of the deferred tax assets of such subsidiary would not be utilized. Thus, a full valuation allowance of $1.6 million for the deferred tax assets was set up as of the end of fiscal year 2020. A full valuation allowance of $3.8 million, $4.9 million and $2.1 million were set up for the fiscal year ended June 30, 2023, June 24, 2022 and June 25, 2021, respectively. During fiscal year 2024, deferred tax assets and valuation allowance were released due to our cessation of operations in the U.K.

During fiscal year 2023, the other subsidiary in the U.K. generated taxable income and was able to utilize loss carryforwards. Management determined that it was more likely than not that future taxable income would be sufficient to allow utilization of the deferred tax assets. Thus, a full valuation allowance of $1.6 million for the deferred tax assets was released as of June 30, 2023. In fiscal year 2024, due to our cessation of operations in the U.K., management believe that

it will not generate sufficient taxable income to utilize the remaining deferred tax assets. Thus, a full valuation allowance of $1.0 million was recorded.

During fiscal year 2024, our subsidiary in Israel continued to generate net operating loss and management expected that such subsidiary would continue to have net operating losses in the foreseeable future; therefore, management believed it was more likely than not that all of the deferred tax assets of such subsidiary would not be utilized. Thus, a full valuation allowance of $2.7 million for the deferred tax assets was set up as of the end of fiscal year 2024.

Income tax liabilities have not been established for withholding tax and other taxes that would be payable on the unremitted earnings in Thailand, which are permanently reinvested. Unremitted earnings in Thailand totaled $144.4 million and $135.1 million as of June 28, 2024 and June 30, 2023, respectively. Unrecognized deferred tax liabilities for such unremitted earnings were $11.6 million and $12.3 million as of June 28, 2024 and June 30, 2023, respectively.

Deferred tax liabilities of $1.5 million and $1.9 million have been established for withholding tax on the unremitted earnings in China for the years ended June 28, 2024 and June 30, 2023, respectively, which are included in non-current deferred tax liability in the consolidated balance sheets.

Uncertain income tax positions

Interest and penalties related to uncertain income tax positions are recognized in income tax expense. The Company had approximately $0.2 million of accrued interest and penalties related to uncertain income tax positions on the consolidated balance sheets as of June 28, 2024. The Company recorded interest and penalties of $0.1 million and $0.1 million for the years ended June 30, 2023 and June 24, 2022, respectively, in the consolidated statements of operations and comprehensive income. The amount of interest and penalties reversed in fiscal 2024 provision for income taxes is $0.2 million. With regard to the Thailand jurisdiction, tax years 2018 through 2022 remain open to examination by the local authorities.

The following table indicates the changes to the Company’s uncertain income tax positions for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, excluding interest and penalties, were as follows:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Beginning balance	$	1,288	$	1,392	$	807
Additions during the year	1,091		15		610
Release of tax positions of prior years	(1,130)		(119)		(25)
Ending balance	$	1,249	$	1,288	$	1,392

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Trade accounts receivable, net - Credit Losses Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Credit losses, beginning balance	$ 965	$ 1,271
Provision during the year	2,164	1,410
Reversal during the year	(1,500)	(1,716)
Credit losses, ending balance	$ 1,629	$ 965

Fair value of financial instruments

12 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Fair value of financial instruments

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

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

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

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

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


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 28, 2024
Assets
Cash equivalents	$	—	$	35		$	—	$	35

Certificates of deposit and time deposits	—		134,283			—		134,283
Corporate debt securities	—		136,763			—		136,763
U.S. agency and U.S. Treasury securities	—		177,584			—		177,584
Derivative assets - current portion	—		15		(1)	—		15

Total	$	—	$	448,680		$	—	$	448,680
Liabilities
Derivative liabilities - current portion	$	—	$	(2,244)		$	—	$	(2,244)

Total	$	—	$	(2,244)	(2)	$	—	$	(2,244)


	Fair Value Measurements at Reporting Date Using
(in thousands)	Level 1		Level 2			Level 3		Total
As of June 30, 2023
Assets
Cash equivalents	$	—	$	401		$	—	$	401
Liquidity funds	—		41,104			—		41,104
Certificates of deposit and time deposits	—		64,607			—		64,607
Corporate debt securities	—		158,078			—		158,078
U.S. agency and U.S. Treasury securities	—		55,311			—		55,311
Derivative assets - current portion	—		221		(3)	—		221
Total	$	—	$	319,722		$	—	$	319,722
Liabilities
Derivative liabilities - current portion	$	—	$	(5,236)		$	—	$	(5,236)

Total	$	—	$	(5,236)	(4)	$	—	$	(5,236)

(1)Foreign currency forward contracts with an aggregate notional amount of $8.0 million.

(2)Foreign currency forward contracts with an aggregate notional amount of $127.0 million and 0.4 million Canadian dollars.

(3)Foreign currency forward contracts with an aggregate notional amount of $3.0 million and 0.2 million Canadian dollars and interest rate swap agreement with notional amount of $60.9 million.

(4)Foreign currency forward contracts with an aggregate notional amount of $140.0 million.

Derivative Financial Instruments

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

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

Foreign Currency Forward and Option Contracts

As a result of foreign currency rate fluctuations, the U.S. dollar equivalent values of the Company’s foreign currency denominated assets and liabilities fluctuate. The Company uses foreign currency forward and option contracts to manage the foreign exchange risk associated with a portion of its foreign currency denominated assets and liabilities and other foreign currency transactions. The Company enters into foreign currency forward and option contracts to hedge

fluctuations in the U.S. dollar value of forecasted transactions denominated in Thai baht and Canadian dollars with counterparties that meet the Company’s minimum credit quality standard.

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

The Company may also enter into non-designated foreign currency forward and option contracts to provide an offset to the re-measurement of foreign currency denominated assets and liabilities and to hedge certain forecasted exposures. Changes in the fair value of these non-designated derivatives are recorded through foreign exchange gain (loss), net in the consolidated statements of operations and comprehensive income.

As of June 28, 2024, 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 with maturity dates ranging from July 2024 through January 2025, and one foreign currency contract with a notional amount of 0.4 million Canadian dollars and with a maturity date in September 2024.

As of June 30, 2023, the Company had 143 outstanding U.S. dollar foreign currency forward contracts against Thai baht with an aggregate notional amount of $143.0 million and with maturity dates ranging from July 2023 through January 2024, and one foreign currency contract with a notional amount of 0.2 million Canadian dollars and with a maturity date in September 2023.

As of June 28, 2024, the hedging relationship over foreign currency forward contracts which were designated for hedge accounting had been tested to be highly effective based on the performance of retrospective and prospective regression testing. As of June 28, 2024, the amount in AOCI that is expected to be reclassified into earnings within 12 months as loss was $1.2 million.

During the year ended June 28, 2024 and June 30, 2023, the Company included an unrealized gain of $0.7 million and $0.4 million, respectively, from changes in fair value of foreign currency forward and option contracts which were not designated for hedge accounting in earnings as foreign exchange gain (loss), net in the consolidated statements of operations and comprehensive income.

Interest Rate Swap Agreements

The Company entered into interest rate swap agreements to mitigate interest rate risk and improve the interest rate profile of the Company’s debt obligations. As of June 28, 2024, the Company had no outstanding interest rate swap agreements and as of June 30, 2023, the Company had one outstanding interest rate swap agreement with a notional amount of $60.9 million.

On July 25, 2018, Fabrinet Thailand entered into an interest rate swap agreement to effectively convert the floating interest rate of the term loan under the Company's previous syndicated senior credit facility agreement to a fixed interest rate of 2.86% per annum through the scheduled maturity of the term loan in June 2023 (see Note 13). The Company did not designate this interest rate swap for hedge accounting.

On September 3, 2019, Fabrinet Thailand entered into a term loan agreement under a credit facility agreement with Bank of Ayudhya Public Company Limited, and on September 10, 2019, the Company repaid in full the outstanding term loan under the Company's previous syndicated senior credit facility agreement (see Note 13) 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 term loan with Bank of Ayudhya Public Company Limited 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 Bank of Ayudhya Public Company Limited. The combination of these two interest rate swaps qualified for hedge accounting because the hedges were highly effective, and the Company had

designated and documented contemporaneously the hedging relationships involving these interest rate swaps, one of which matured in June 2023. 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 are recorded in AOCI in the consolidated balance sheets. The Company reclassifies a portion of the gains or losses from AOCI into earnings at each reporting period based on either the accrued interest amount or the interest payment.

As of June 28, 2024, there is no amount in AOCI that is expected to be reclassified into earnings within 12 months.


		Year Ended
(in thousands)	Financial statements line item	June 28, 2024		June 30, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Foreign currency forward contracts	Other comprehensive income	$	3,007	$	1,142
Interest rate swaps	Other comprehensive income	(215)		1,302
Total derivatives loss (gain) recognized in other comprehensive income		$	2,792	$	2,444
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Foreign currency forward contracts	Cost of revenues	$	8,563	$	7,995
Foreign currency forward contracts	Selling, general and administrative expenses	357		334
Foreign currency forward contracts	Foreign exchange gain (loss), net	(9,103)		(8,644)
Interest rate swaps	Interest expense	(220)		(588)
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings		$	(403)	$	(903)
Change in net unrealized gain (loss) on derivative instruments		$	2,389	$	1,541

Fair value of derivatives

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


	June 28, 2024				June 30, 2023
(in thousands)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives not designated as hedging instruments
Foreign currency forward and option contracts	$	—	$	(1,088)	$	2	$	(1,256)

Derivatives designated as hedging instruments
Foreign currency forward contracts	15		(1,156)		4		(3,980)
Interest rate swaps	—		—		215		—
Derivatives, gross balances	15		(2,244)		221		(5,236)

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

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


Derivative Financial Instruments			Balance Sheet line item

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Business and organization	12 Months Ended
Business and organization	Jun. 28, 2024
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 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 Israel Ltd. (“Fabrinet Israel”).

Severance liabilities

12 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Severance liabilities

The following table provides information regarding severance liabilities:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023
Changes in severance liabilities
Balance, beginning of the fiscal year	$	22,370	$	18,588
Current service cost	$	2,655	$	2,349
Interest cost	747		683
Benefit paid	(320)		(288)
Unrealized loss (gain) on exchange rate	(837)		(58)
Actuarial (gain) loss on obligation	(310)		1,089
Adjustment defined benefit obligation	(212)		—
Foreign currency translation	—		7
Balance, end of the fiscal year	$	24,093	$	22,370
Changes in plan assets
Balance, beginning of the fiscal year	$	349	$	338



Adjustment plan assets	(349)		—
Foreign currency translation	—		11
Balance, end of the fiscal year	$	—	$	349
Underfunded status	$	(24,093)	$	(22,021)

The following table sets forth our severance liabilities as of June 28, 2024:


(in thousands)
2025	$	2,140
2026	1,550
2027	1,631
2028	2,221
2029	2,342
Thereafter	14,209

Total	$	24,093

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


(in thousands)	As of June 28, 2024		As of June 30, 2023
Non-current assets	$	—	$	138
Non-current liabilities	$	24,093	$	22,159

The following table provides information regarding accumulated benefit obligations:


(in thousands)	As of June 28, 2024		As of June 30, 2023
Accumulated benefit obligations	$	16,403	$	15,168

The principal actuarial assumptions used were as follows:

Weighted average actuarial assumptions used to determine severance liabilities


	Years Ended
	June 28, 2024	June 30, 2023	June 24, 2022
Discount rate	3.9% - 5.5%	3.5% - 5.4%	2.1% - 3.9%
Future salary increases	3.5% - 10.0%	3.5% - 10.0%	3.5% - 10.0%

Weighted average actuarial assumptions used to determine benefit costs


	Years Ended
	June 28, 2024	June 30, 2023	June 24, 2022
Discount rate	5.4%	3.8%	2.0%
Expected long-term rate of return on assets	5.2%	3.4%	2.1%

Borrowings - Schedule of Movements of Long-Term Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Movements of Long-term Borrowings [Roll Forward]
Opening balance	$ 12,188	$ 27,421
Repayments during the period	(12,188)	(15,233)
Closing balance	$ 0	$ 12,188

Subsequent Event (Details) - USD ($) $ in Millions	Aug. 31, 2024	Jun. 28, 2024	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Subsequent Event [Line Items]
Share repurchase program, increase in shares authorized for repurchase			$ 47.6	$ 78.7	$ 58.5	$ 50.0	$ 30.0
Share repurchase program, approved amount								$ 30.0
Treasury stock, carrying basis		$ 60.5			$ 294.8
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, increase in shares authorized for repurchase	$ 139.5
Share repurchase program, approved amount	434.3
Treasury stock, carrying basis	$ 200.0

Revenues from contracts with customers - Additional Information (Details)	12 Months Ended
	Jun. 28, 2024 USD ($) region	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Impairment for contract assets	$ 0	$ 0
Contract assets
Number of geographic regions \| region	3

Income taxes (Tables)

12 Months Ended

Jun. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Current	$	11,993	$	15,044	$	6,744
Deferred	3,180		(2,861)		(158)
Total income tax expense	$	15,173	$	12,183	$	6,586

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Income before income taxes (1)	$	311,354	$	260,096	$	206,966
Tax expense calculated at a statutory corporate income tax rate of 20%	62,271		52,019		41,393
Effect of income taxes from locations with tax rates different from Thailand	(945)		659		681
Income not subject to tax (2)	(62,940)		(43,679)		(35,982)
Income tax on unremitted earnings	1,488		2,452		1,417
Non-deductible expenses	10,347		35		68
Foreign operations	(534)		1,968		(1,165)
Tax rebate from research and development application	17		(124)		(873)
Provision for uncertain income tax position	1,131		(7)		668
Utilization of loss and tax credits carryforward	—		(80)		(194)
Changes in valuation allowance (3)	3,759		(1,608)		—
Others	579		548		573
Corporate income tax expense	$	15,173	$	12,183	$	6,586

(3)Changes in valuation allowances were due to adjustments based on management's assessment on the realizability of the related deferred tax assets.

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

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


	As of
(in thousands)	June 28, 2024		June 30, 2023
Deferred tax assets:
Depreciation	$	1,890	$	1,999
Severance liability	4,496		4,058
Reserves and allowance	3,735		1,712
Net operating loss carryforwards	3,146		7,142
Others	792		1,008
Total	14,059		15,919
Less: Valuation allowance	(3,613)		(3,824)
Net deferred tax assets	$	10,446	$	12,095

Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	$	(1,626)	$	(1,711)
Deferred tax from unremitted earnings	(5,303)		(4,819)
Others	2,034		1,731
Total	(4,895)		(4,799)
Net	$	5,551	$	7,296

Schedule of Changes in Valuation Allowances of Deferred Tax Assets

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


(in thousands)	Valuation allowances of deferred tax assets
Balance as of June 25, 2021	$	2,061
Additional	2,873

Balance as of June 24, 2022	4,934
Additional	498
Reduction	(1,608)
Balance as of June 30, 2023	3,824
Additional	3,613
Reduction	(3,824)
Balance as of June 28, 2024	$	3,613

Schedule of Changes to Unrecognized Tax Benefits


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Beginning balance	$	1,288	$	1,392	$	807
Additions during the year	1,091		15		610
Release of tax positions of prior years	(1,130)		(119)		(25)
Ending balance	$	1,249	$	1,288	$	1,392

Income taxes - Schedule of Changes to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Changes To Uncertain Income Tax Positions [Roll Forward]
Beginning balance	$ 1,288	$ 1,392	$ 807
Additions during the year	1,091	15	610
Release of tax positions of prior years	(1,130)	(119)	(25)
Ending balance	$ 1,249	$ 1,288	$ 1,392

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Income Statement [Abstract]
Revenues	$ 2,882,967	$ 2,645,237	$ 2,262,224
Cost of revenues	(2,526,849)	(2,308,964)	(1,983,630)
Gross profit	356,118	336,273	278,594
Selling, general and administrative expenses	(78,481)	(77,673)	(73,941)
Restructuring and other related costs	(32)	(6,896)	(135)
Operating income	277,605	251,704	204,518
Interest income	33,204	11,234	2,205
Interest expense	(124)	(1,472)	(432)
Foreign exchange gain (loss), net	382	(1,211)	2,302
Other income (expense), net	287	(159)	(1,627)
Income before income taxes	311,354	260,096	206,966
Income tax expense	(15,173)	(12,183)	(6,586)
Net income	296,181	247,913	200,380
Other comprehensive income (loss), net of tax
Change in net unrealized gain (loss) on available-for-sale securities	2,100	2,739	(6,326)
Change in net unrealized gain (loss) on derivative instruments	2,561	1,541	(578)
Change in net retirement benefits plan – prior service cost	330	473	622
Change in foreign currency translation adjustment	(17)	(75)	(245)
Total other comprehensive income (loss), net of tax	4,974	4,678	(6,527)
Net comprehensive income	$ 301,155	$ 252,591	$ 193,853
Earnings per share
Basic earnings per share (in USD per share)	$ 8.17	$ 6.79	$ 5.43
Diluted earnings per share (in USD per share)	$ 8.10	$ 6.73	$ 5.36
Weighted average number of ordinary shares outstanding (thousands of shares)
Weighted average number of ordinary shares outstanding, basic (in shares)	36,246	36,515	36,876
Weighted average number of ordinary shares outstanding, diluted (in shares)	36,564	36,855	37,394

Share-based compensation - Schedule of Effect of Recording Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Share-based compensation expense by type of award:
Restricted share units	$ 16,839	$ 16,979	$ 15,150
Performance share units	11,535	11,148	12,898
Total share-based compensation expense	28,374	28,127	28,048
Tax effect on share-based compensation expense	0	0	0
Net effect on share-based compensation expense	$ 28,374	$ 28,127	$ 28,048

Accumulated other comprehensive income (loss) ("AOCI") - Schedule of Pre-Tax Amounts Reclassified from AOCI into Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on derivative instruments	$ 403	$ 903
Total amounts reclassified from AOCI	(72)	(337)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amounts reclassified from AOCI	(72)	(337)
Reclassification out of Accumulated Other Comprehensive Income \| Interest income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on available-for-sale securities	1	93
Reclassification out of Accumulated Other Comprehensive Income \| Cost of revenues
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on derivative instruments	8,563	7,995
Reclassification out of Accumulated Other Comprehensive Income \| Selling, general and administrative expenses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on derivative instruments	357	334
Retirement benefit plan – Prior service cost	330	473
Reclassification out of Accumulated Other Comprehensive Income \| Foreign exchange gain (loss), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on derivative instruments	(9,103)	(8,644)
Reclassification out of Accumulated Other Comprehensive Income \| Interest expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains (losses) on derivative instruments	$ (220)	$ (588)

Subsequent Event	12 Months Ended
Subsequent Event	Jun. 28, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In August 2024, the Company’s board of directors approved the repurchase of up to an additional $139.5 million of the Company’s outstanding ordinary shares, bringing the aggregate authorization under the Company’s existing share repurchase program to $434.3 million, with $200.0 million currently remaining.

Share-based compensation - Schedule of Restricted Share Unit Activity (Details) - Restricted Share Units - $ / shares	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Number of Shares
Beginning balance (in shares)	368,765	459,626	641,875
Granted (in shares)	126,934	165,378	186,633
Vested (in shares)	(171,304)	(233,607)	(323,326)
Forfeited (in shares)	(17,735)	(22,632)	(45,556)
Ending balance (in shares)	306,660	368,765	459,626
Expected to vest (in shares)	274,066
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 97.49	$ 75.14	$ 55.74
Granted (in USD per share)	165.54	117.35	101.25
Vested (in USD per share)	88.69	67.85	52.20
Forfeited (in USD per share)	124.52	94.69	71.53
Ending balance (in USD per share)	129.01	$ 97.49	$ 75.14
Expected to vest (in USD per share)	$ 129.26

Earnings per ordinary share (Tables)

12 Months Ended

Jun. 28, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Ordinary Share

Earnings per ordinary share was calculated as follows:


	Years Ended
(in thousands, except per share data)	June 28, 2024		June 30, 2023		June 24, 2022
Net income attributable to shareholders	$	296,181	$	247,913	$	200,380
Weighted-average number of ordinary shares outstanding	36,246		36,515		36,876
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units	318		340		518
Weighted-average number of ordinary shares for diluted earnings per ordinary share	36,564		36,855		37,394
Basic earnings per ordinary share	$	8.17	$	6.79	$	5.43
Diluted earnings per ordinary share	$	8.10	$	6.73	$	5.36

Severance liabilities - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Accumulated benefit obligations	$ 16,403	$ 15,168

Leases - Summary of Additional Information Related to Operating and Finance Leases (Details)	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 7 months 6 days	1 year 2 months 12 days
Weighted-average discount rate	5.60%	3.40%

Borrowings (Tables)

12 Months Ended

Jun. 28, 2024

Debt Disclosure [Abstract]

Schedule of 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:


(in thousands of U.S. dollars)
Rate	Conditions	Maturity	As of June 28, 2024		As of June 30, 2023
Long-term borrowings, current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum(1)	Repayable in quarterly installments	June 2024	$	—	$	12,188
Less: Unamortized debt issuance costs, current portion			—		(32)
Long-term borrowings, current portion, net			$	—	12,156

(1)The Company entered into interest rate swaps that effectively fix a series of future interest payments on its term loans. Refer to Note 7.

Schedule of Movements of Long-Term Loans

The movements of long-term borrowings were as follows for the years ended June 28, 2024 and June 30, 2023:


	Years ended
(in thousands)	June 28, 2024		June 30, 2023
Opening balance	$	12,188	$	27,421

Repayments during the period	(12,188)		(15,233)
Closing balance	$	—	$	12,188

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Business segments and geographic information - Additional Information (Details) - segment	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Segment Reporting [Abstract]
Number of operating segment	1	1	1

Trade accounts receivable, net (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Receivables [Abstract]
Trade accounts receivable	$ 594,081	$ 532,732
Less: Allowance for expected credit losses	(1,629)	(965)	$ (1,271)
Trade accounts receivable, net	$ 592,452	$ 531,767

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Cash flows from operating activities
Net income	$ 296,181	$ 247,913	$ 200,380
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	49,017	43,832	38,738
Non-cash restructuring charges and other related costs	0	2,201	0
(Gain) loss on disposal and impairment of property, plant and equipment	62	(1,506)	(101)
(Gain) loss from sales and maturities of available-for-sale securities	(1)	92	13
Amortization of discount (premium) of short-term investments	(3,399)	280	3,691
(Reversal of) allowance for expected credit losses	664	(307)	1,171
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts	(849)	175	(2,832)
Amortization of fair value at hedge inception of interest rate swaps	(220)	(587)	(937)
Share-based compensation	28,374	28,127	28,048
Deferred income tax	1,672	(3,484)	(191)
Other non-cash expenses	311	632	1,422
Changes in operating assets and liabilities
Trade accounts receivable	(61,279)	(76,917)	(105,550)
Inventories	56,370	37,449	(135,011)
Other current assets and non-current assets	(46,715)	(13,568)	(6,430)
Trade accounts payable	60,040	(58,596)	93,499
Income tax payable	(1,960)	2,977	(761)
Severance liabilities	2,771	3,753	1,033
Other current liabilities and non-current liabilities	32,107	844	8,064
Net cash provided by operating activities	413,146	213,310	124,246
Cash flows from investing activities
Purchase of short-term investments	(435,905)	(217,005)	(198,318)
Proceeds from sales of short-term investments	40,000	30,179	19,463
Proceeds from maturities of short-term investments	271,877	150,252	133,632
Purchase of property, plant and equipment	(47,528)	(61,360)	(89,588)
Purchase of intangibles	(889)	(911)	(995)
Proceeds from disposal of property, plant and equipment	2,694	128	263
Net cash used in investing activities	(169,751)	(98,717)	(135,543)
Cash flows from financing activities
Repayment of long-term borrowings	(12,188)	(15,233)	(12,188)
Repayment of finance lease liability	0	(9)	(7)
Repurchase of ordinary shares	(39,490)	(47,575)	(59,915)
Withholding tax related to net share settlement of restricted share units	(13,175)	(18,167)	(20,824)
Net cash used in financing activities	(64,853)	(80,984)	(92,934)
Net increase (decrease) in cash, cash equivalents and restricted cash	178,542	33,609	(104,231)
Movement in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the beginning of period	231,368	198,365	303,123
Increase (decrease) in cash, cash equivalents and restricted cash	178,542	33,609	(104,231)
Effect of exchange rate on cash, cash equivalents and restricted cash	63	(606)	(527)
Cash, cash equivalents and restricted cash at the end of period	409,973	231,368	198,365
Cash paid for
Interest	312	2,377	2,244
Taxes	16,452	14,158	9,296
Cash received for interest	29,783	11,048	1,603
Non-cash investing and financing activities
Construction, software and equipment related payables	$ 14,380	$ 13,526	$ 9,085

Summary of significant accounting policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Accounting Policies [Line Items]
Service revenues	$ 122.6	$ 116.2	$ 140.4
Minimum
Accounting Policies [Line Items]
Product warranty term	1 year
Maximum
Accounting Policies [Line Items]
Product warranty term	5 years

Inventories

12 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

Inventories


(in thousands)	As of June 28, 2024		As of June 30, 2023
Raw materials	$	139,063	$	157,379
Work in progress	266,112		305,627
Finished goods	39,121		28,608
Goods in transit	18,910		27,962
Inventories	$	463,206	$	519,576

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,629	$ 965
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)	39,457,462	39,284,176
Ordinary shares, shares outstanding (in shares)	36,145,242	36,183,682
Treasury stocks, shares (in shares)	3,312,220	3,100,494

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 28, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Earnings per ordinary share

12 Months Ended

Jun. 28, 2024

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 year using the treasury stock method. Dilutive ordinary equivalent shares consist of share options, restricted share units and performance share units.

Earnings per ordinary share was calculated as follows:


	Years Ended
(in thousands, except per share data)	June 28, 2024		June 30, 2023		June 24, 2022
Net income attributable to shareholders	$	296,181	$	247,913	$	200,380
Weighted-average number of ordinary shares outstanding	36,246		36,515		36,876
Incremental shares arising from the assumed exercise of share options and vesting of restricted share units and performance share units	318		340		518
Weighted-average number of ordinary shares for diluted earnings per ordinary share	36,564		36,855		37,394
Basic earnings per ordinary share	$	8.17	$	6.79	$	5.43
Diluted earnings per ordinary share	$	8.10	$	6.73	$	5.36

Trade accounts receivable, net

12 Months Ended

Jun. 28, 2024

Receivables [Abstract]

Trade accounts receivable, net


(in thousands)	As of June 28, 2024		As of June 30, 2023
Trade accounts receivable	$	594,081	$	532,732
Less: Allowance for expected credit losses	(1,629)		(965)
Trade accounts receivable, net	$	592,452	$	531,767

The following tables summarize the movement in the Company’s expected credit losses during the years ended June 28, 2024 and June 30, 2023:


(in thousands)	Expected credit Losses
Balance as of June 24, 2022	$	1,271
Provision during the year	1,410
Reversal during the year	(1,716)
Balance as of June 30, 2023	965
Provision during the year	2,164
Reversal during the year	(1,500)
Balance as of June 28, 2024	$	1,629

Business segments and geographic information

12 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Business segments and geographic information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is Fabrinet’s Chief Executive Officer. As of June 28, 2024, June 30, 2023 and June 24, 2022, the Company operated and internally managed a single operating segment. Accordingly, the Company does not accumulate discrete financial 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:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Long-Lived Assets:
Thailand	$	261,141	$	264,382	$	240,750
U.S.	28,914		25,267		25,938
China	14,586		17,407		19,686
Israel	2,160		2,796		4,025
Others	439		498		1,878
Total	307,240		310,350		292,277

Significant customers

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


	Years Ended
	June 28, 2024		June 30, 2023		June 24, 2022
Nvidia Corporation	35.1	%	12.5	%	*
Cisco Systems Inc.	13.4	%	15.6	%	25.4	%
Lumentum Operations LLC	*		15.4	%	10.3	%
Infinera Corporation	*		12.4	%	12.5	%

* Represents less than 10% of total revenues.

Accounts receivable from individual customers representing 10% or more of accounts receivable as of June 28, 2024 and June 30, 2023, respectively, were as follows:


	As of June 28, 2024		As of June 30, 2023
Nvidia Corporation	22.7	%	14.0	%
Infinera Corporation	19.3	%	20.5	%
Cisco Systems Inc.	12.4	%	*
Lumentum Operations LLC	*		13.7	%

* Represents less than 10% of total accounts receivable.

- 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.

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+ Details

Property, plant and equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Cost	$ 634,399	$ 597,697
Less: Accumulated depreciation	(326,870)	(286,774)
Less: Impairment reserve	(289)	(573)
Net book value	307,240	310,350
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Cost	61,297	60,424
Less: Accumulated depreciation	(328)	(71)
Less: Impairment reserve	0	0
Net book value	60,969	60,353
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Cost	208,731	200,039
Less: Accumulated depreciation	(82,964)	(73,558)
Less: Impairment reserve	0	0
Net book value	125,767	126,481
Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Cost	316,867	289,390
Less: Accumulated depreciation	(216,667)	(189,284)
Less: Impairment reserve	(289)	(573)
Net book value	99,911	99,533
Office Equipment
Property, Plant and Equipment [Line Items]
Cost	6,500	6,362
Less: Accumulated depreciation	(5,521)	(5,136)
Less: Impairment reserve	0	0
Net book value	979	1,226
Motor Vehicles
Property, Plant and Equipment [Line Items]
Cost	1,101	1,081
Less: Accumulated depreciation	(870)	(852)
Less: Impairment reserve	0	0
Net book value	231	229
Computers
Property, Plant and Equipment [Line Items]
Cost	27,660	24,951
Less: Accumulated depreciation	(20,520)	(17,873)
Less: Impairment reserve	0	0
Net book value	7,140	7,078
Construction and Machinery Under Installation
Property, Plant and Equipment [Line Items]
Cost	12,243	15,450
Less: Accumulated depreciation	0	0
Less: Impairment reserve	0	0
Net book value	$ 12,243	$ 15,450

Employee benefit plans	12 Months Ended
Employee benefit plans	Jun. 28, 2024
Retirement Benefits [Abstract]
Employee benefit plans	Employee benefit plans Employee contribution plan The Company operates a defined contribution plan, known as a provident fund, in its subsidiaries in Thailand and the United Kingdom. The assets of these plans are in separate trustee-administered funds. The provident fund is funded by matching payments from employees and by the subsidiaries on a monthly basis. Current contributions to the provident fund are accrued and paid to the fund manager on a monthly basis. The Company’s contributions to the provident fund amounted to $7.0 million, $6.3 million and $6.1 million during the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively. The Company sponsors the Fabrinet U.S. 401(k) Retirement Plan (“401(k) Plan”), a Defined Contribution Plan under ERISA, at its subsidiaries in the United States which provides retirement benefits for eligible employees through tax deferred salary deductions. The 401(k) Plan allows employees to contribute up to 80% of their annual compensation, subject to annual contributions limits established by the Internal Revenue Service. The Company provides for a 100% match of employees’ contributions to the 401(k) Plan up to the first 6% of annual compensation. All matching contributions are made in cash and vest immediately. The Company’s matching contributions to the 401(k) Plan were $1.0 million, $0.8 million and $0.7 million during the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively. Executive incentive plan and employee performance bonuses For the years ended June 28, 2024 and June 30, 2023, the Company maintained an executive incentive plan with quantitative objectives, based on achieving certain revenue and non-U.S. GAAP operating margin or gross margin targets. During the years ended June 28, 2024, June 30, 2023 and June 24, 2022, discretionary merit-based bonus awards were also available to Fabrinet’s non-executive employees. Bonus distributions to employees were $13.5 million, $13.0 million and $11.0 million for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Borrowings - Additional Information (Details) ฿ in Millions, $ in Millions	12 Months Ended
	Jun. 28, 2024 USD ($)	Mar. 09, 2023 USD ($)	Sep. 27, 2019 USD ($)	Sep. 03, 2019 USD ($)	Aug. 20, 2019 USD ($)	Aug. 20, 2019 THB (฿)
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity					$ 160.9
Loan payable, due June 2024
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.35%
2023 Credit Facility Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity		$ 55.0
Loan to value ratio		0.60
Minimum service coverage ratio		1.25
Maximum debt to equity ratio		1.0
Service coverage ratio, minimum at payment of a dividend		1.50
Long term debt outstanding	$ 0.0
Bank of Ayudhya Public Company Limited
Line of Credit Facility [Line Items]
Debt instrument, periodic payment	3.0
Interest expense on debt	$ 0.3
Bank of Ayudhya Public Company Limited \| Term Loan Agreement
Line of Credit Facility [Line Items]
Loan to value ratio	0.65
Minimum service coverage ratio	1.25
Maximum debt to equity ratio	1.0
Service coverage ratio, minimum at payment of a dividend	1.50
Bank of Ayudhya Public Company Limited \| Credit Facility Agreement
Line of Credit Facility [Line Items]
Line of credit facility borrowing capacity			$ 3.6			฿ 110.0
Bank of Ayudhya Public Company Limited \| Term Loan Agreement
Line of Credit Facility [Line Items]
Debt instrument, principal amount				$ 60.9

Business segments and geographic information (Tables)

12 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Schedule of Long-Lived Assets by Geographic Areas

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Long-Lived Assets:
Thailand	$	261,141	$	264,382	$	240,750
U.S.	28,914		25,267		25,938
China	14,586		17,407		19,686
Israel	2,160		2,796		4,025
Others	439		498		1,878
Total	307,240		310,350		292,277

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

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


	Years Ended
	June 28, 2024		June 30, 2023		June 24, 2022
Nvidia Corporation	35.1	%	12.5	%	*
Cisco Systems Inc.	13.4	%	15.6	%	25.4	%
Lumentum Operations LLC	*		15.4	%	10.3	%
Infinera Corporation	*		12.4	%	12.5	%

* Represents less than 10% of total revenues.

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

Accounts receivable from individual customers representing 10% or more of accounts receivable as of June 28, 2024 and June 30, 2023, respectively, were as follows:


	As of June 28, 2024		As of June 30, 2023
Nvidia Corporation	22.7	%	14.0	%
Infinera Corporation	19.3	%	20.5	%
Cisco Systems Inc.	12.4	%	*
Lumentum Operations LLC	*		13.7	%

* Represents less than 10% of total accounts receivable.

Trade accounts receivable, net (Tables)

12 Months Ended

Jun. 28, 2024

Receivables [Abstract]

Schedule of Trade Accounts Receivable, Net


(in thousands)	As of June 28, 2024		As of June 30, 2023
Trade accounts receivable	$	594,081	$	532,732
Less: Allowance for expected credit losses	(1,629)		(965)
Trade accounts receivable, net	$	592,452	$	531,767

The following tables summarize the movement in the Company’s expected credit losses during the years ended June 28, 2024 and June 30, 2023:


(in thousands)	Expected credit Losses
Balance as of June 24, 2022	$	1,271
Provision during the year	1,410
Reversal during the year	(1,716)
Balance as of June 30, 2023	965
Provision during the year	2,164
Reversal during the year	(1,500)
Balance as of June 28, 2024	$	1,629

Summary of significant accounting policies (Tables)

12 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment, Estimated Useful Life

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


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

Share-based compensation - Schedule of Share-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 28,374	$ 28,127	$ 28,048
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	7,203	6,664	5,967
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	21,171	20,939	22,081
Restructuring and other related costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 0	$ 524	$ 0

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

12 Months Ended

Jun. 28, 2024

Equity [Abstract]

Schedule of Changes in AOCI, Net of Tax


(in thousands)	Unrealized Gains (Losses) on Available-for-sale Securities		Unrealized Gains (Losses) on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 24, 2022	$	(6,018)	$	(5,082)	$	(803)	$	(890)	$	(12,793)
Other comprehensive income (loss) before reclassification	2,646		2,444		—		(75)		5,015
Amounts reclassified from AOCI	93		(903)		473		—		(337)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	2,739		1,541		473		(75)		4,678
Balance as of June 30, 2023	(3,279)		(3,541)		(330)		(965)		(8,115)
Other comprehensive income (loss) before reclassification	2,099		2,792		—		(17)		4,874
Amounts reclassified from AOCI	1		(403)		330		—		(72)
Tax effects	—		172		—		—		172
Other comprehensive income (loss)	2,100		2,561		330		(17)		4,974
Balance as of June 28, 2024	$	(1,179)	$	(980)	$	—	$	(982)	$	(3,141)

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

The following table presents the pre-tax amounts reclassified from AOCI into the consolidated statements of operations and comprehensive income for the years ended June 28, 2024 and June 30, 2023, respectively.


(in thousands)		Years Ended
AOCI components	Financial statements line item	June 28, 2024		June 30, 2023
Unrealized gains (losses) on available-for-sale securities	Interest income	$	1	$	93
Unrealized gains (losses) on derivative instruments	Cost of revenues	8,563		7,995
Unrealized gains (losses) on derivative instruments	Selling, general and administrative expenses	357		334
Unrealized gains (losses) on derivative instruments	Foreign exchange gain (loss), net	(9,103)		(8,644)
Unrealized gains (losses) on derivative instruments	Interest expense	(220)		(588)
Retirement benefit plan – Prior service cost	Selling, general and administrative expenses	330		473
Total amounts reclassified from AOCI		$	(72)	$	(337)

Shareholders' equity	12 Months Ended
Shareholders' equity	Jun. 28, 2024
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 year ended June 28, 2024, Fabrinet issued 173,286 ordinary shares upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. For the year ended June 30, 2023, Fabrinet issued 235,476 ordinary shares upon the vesting of restricted share units and performance share units under the Equity Incentive Plans, net of shares withheld. For the year ended June 24, 2022, Fabrinet issued 299,655 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, August 2020, August 2022, and August 2023, the Company’s board of directors approved an increase of $30.0 million, $50.0 million, $58.5 million, $78.7 million, and $47.6 million, respectively, to the original share repurchase authorization, bringing the aggregate authorization to $294.8 million. During the year ended June 28, 2024, the Company repurchased 211,726 shares under the program at an average price per share (excluding other direct costs) of $186.49, totaling $39.5 million. As of June 28, 2024, the Company had a remaining authorization to repurchase up to $60.5 million 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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Property, plant and equipment, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 48,200	$ 42,500	$ 37,200
Property, plant and equipment written-off, fully depreciated cost	10,700	16,500	25,100
Impairment reserve for property, plant and equipment	289	573
Capitalized interest expense related to long-term loan	0		900
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Impairment reserve for property, plant and equipment	$ 300	$ 600	$ 600

Severance liabilities (Tables)

12 Months Ended

Jun. 28, 2024

Retirement Benefits [Abstract]

Schedule of Severance Liabilities

The following table provides information regarding severance liabilities:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023
Changes in severance liabilities
Balance, beginning of the fiscal year	$	22,370	$	18,588
Current service cost	$	2,655	$	2,349
Interest cost	747		683
Benefit paid	(320)		(288)
Unrealized loss (gain) on exchange rate	(837)		(58)
Actuarial (gain) loss on obligation	(310)		1,089
Adjustment defined benefit obligation	(212)		—
Foreign currency translation	—		7
Balance, end of the fiscal year	$	24,093	$	22,370
Changes in plan assets
Balance, beginning of the fiscal year	$	349	$	338



Adjustment plan assets	(349)		—
Foreign currency translation	—		11
Balance, end of the fiscal year	$	—	$	349
Underfunded status	$	(24,093)	$	(22,021)

Schedule of Future Maturities of Severance Liabilities

The following table sets forth our severance liabilities as of June 28, 2024:


(in thousands)
2025	$	2,140
2026	1,550
2027	1,631
2028	2,221
2029	2,342
Thereafter	14,209

Total	$	24,093

Schedule of Severance Liabilities Recognized in Balance Sheet

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


(in thousands)	As of June 28, 2024		As of June 30, 2023
Non-current assets	$	—	$	138
Non-current liabilities	$	24,093	$	22,159

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

The following table provides information regarding accumulated benefit obligations:


(in thousands)	As of June 28, 2024		As of June 30, 2023
Accumulated benefit obligations	$	16,403	$	15,168

Schedule of Principal Actuarial Assumptions Used

The principal actuarial assumptions used were as follows:

Weighted average actuarial assumptions used to determine severance liabilities


	Years Ended
	June 28, 2024	June 30, 2023	June 24, 2022
Discount rate	3.9% - 5.5%	3.5% - 5.4%	2.1% - 3.9%
Future salary increases	3.5% - 10.0%	3.5% - 10.0%	3.5% - 10.0%

Weighted average actuarial assumptions used to determine benefit costs


	Years Ended
	June 28, 2024	June 30, 2023	June 24, 2022
Discount rate	5.4%	3.8%	2.0%
Expected long-term rate of return on assets	5.2%	3.4%	2.1%

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 3,027	$ 2,477	$ 2,533
Financing cash flows from finance leases	0	9	7
ROU assets obtained in exchange for lease liabilities	$ 5,797	$ 312	$ 38

Business segments and geographic information - Schedule of Accounts Receivable from Individual Customers Representing Ten Percent or More of Accounts Receivable (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Nvidia Corporation
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	22.70%	14.00%
Infinera Corporation
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	19.30%	20.50%
Cisco Systems Inc.
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage	12.40%
Lumentum Operations LLC
Schedule Of Entity Wide Accounts Receivable By Major Customers By Reporting Segments [Line Items]
Concentration of risk percentage		13.70%

Employee benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee benefit plans (Details) - USD ($) $ in Millions	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Defined Contribution and Defined Benefit Plans [Line Items]
Bonus distributions to employees	$ 13.5	$ 13.0	$ 11.0
Provident Fund
Defined Contribution and Defined Benefit Plans [Line Items]
Defined contribution plan, employer annual contribution	7.0	6.3	6.1
Defined Contribution Plan 401k
Defined Contribution and Defined Benefit Plans [Line Items]
Defined contribution plan, employer annual contribution	$ 1.0	$ 0.8	$ 0.7
Employees maximum contribution to 401 (K) Plan	80.00%
Percentage of employees' contribution, eligible for employer match	100.00%
Percentage of employees' annual contribution, eligible for employers match	6.00%

Restructuring and other related cost	12 Months Ended
Restructuring and other related cost	Jun. 28, 2024
Restructuring and Related Activities [Abstract]
Restructuring and other related cost	Restructuring and other related costs Restructuring and other related costs may consist of severance-related charges, asset-related charges and other costs due to exit activities. The Company recognizes severance-related charges depending on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. The Company recognizes the charges once the benefits have been communicated to employees.

Income taxes - Schedule of Changes in Valuation Allowances of Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Reconciliation Of Nol Deferred Tax Assets Valuation Allowance [Roll Forward]
Beginning Balance	$ 3,824	$ 4,934	$ 2,061
Additional	3,613	498	2,873
Reduction	(3,824)	(1,608)
Ending Balance	$ 3,613	$ 3,824	$ 4,934

Borrowings - Schedule of Total Borrowings, Including Revolving and Long-Term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
3-month LIBOR +1.35% per annum(1)	$ 0	$ 12,188
Less: Unamortized debt issuance costs, current portion	0	(32)
Long-term borrowings, current portion, net	$ 0	$ 12,156
Loan payable, due June 2024
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.35%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangibles - Schedule of Weighted-Average Remaining Life of Intangible Assets (Details)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Software
Finite-Lived Intangible Liabilities [Line Items]
Weighted average remaining life of acquired intangible assets	2 years 1 month 6 days	3 years 1 month 6 days

Severance liabilities - Schedule of Severance Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Changes in severance liabilities
Balance, beginning of the fiscal year	$ 22,370	$ 18,588
Current service cost	$ 2,655	$ 2,349
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest cost	$ 747	$ 683
Benefit paid	(320)	(288)
Unrealized loss (gain) on exchange rate	(837)	(58)
Actuarial (gain) loss on obligation	(310)	1,089
Adjustment defined benefit obligation	(212)	0
Foreign currency translation	0	7
Balance, end of the fiscal year	24,093	22,370
Changes in plan assets
Balance, beginning of the fiscal year	349	338
Adjustment plan assets	(349)	0
Foreign currency translation	0	11
Balance, end of the fiscal year	0	349
Underfunded status	$ (24,093)	$ (22,021)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Pay vs Performance Disclosure
Net income	$ 296,181	$ 247,913	$ 200,380

- Definition

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

+ References

+ Details

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

12 Months Ended

Jun. 28, 2024

Equity [Abstract]

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

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

The changes in AOCI for the years ended June 28, 2024 and June 30, 2023 were as follows:


(in thousands)	Unrealized Gains (Losses) on Available-for-sale Securities		Unrealized Gains (Losses) on Derivative Instruments		Retirement benefit plan - Prior service cost		Foreign Currency Translation Adjustment		Total
Balance as of June 24, 2022	$	(6,018)	$	(5,082)	$	(803)	$	(890)	$	(12,793)
Other comprehensive income (loss) before reclassification	2,646		2,444		—		(75)		5,015
Amounts reclassified from AOCI	93		(903)		473		—		(337)
Tax effects	—		—		—		—		—
Other comprehensive income (loss)	2,739		1,541		473		(75)		4,678
Balance as of June 30, 2023	(3,279)		(3,541)		(330)		(965)		(8,115)
Other comprehensive income (loss) before reclassification	2,099		2,792		—		(17)		4,874
Amounts reclassified from AOCI	1		(403)		330		—		(72)
Tax effects	—		172		—		—		172
Other comprehensive income (loss)	2,100		2,561		330		(17)		4,974
Balance as of June 28, 2024	$	(1,179)	$	(980)	$	—	$	(982)	$	(3,141)


(in thousands)		Years Ended
AOCI components	Financial statements line item	June 28, 2024		June 30, 2023
Unrealized gains (losses) on available-for-sale securities	Interest income	$	1	$	93
Unrealized gains (losses) on derivative instruments	Cost of revenues	8,563		7,995
Unrealized gains (losses) on derivative instruments	Selling, general and administrative expenses	357		334
Unrealized gains (losses) on derivative instruments	Foreign exchange gain (loss), net	(9,103)		(8,644)
Unrealized gains (losses) on derivative instruments	Interest expense	(220)		(588)
Retirement benefit plan – Prior service cost	Selling, general and administrative expenses	330		473
Total amounts reclassified from AOCI		$	(72)	$	(337)

Borrowings

12 Months Ended

Jun. 28, 2024

Debt Disclosure [Abstract]

Borrowings

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


(in thousands of U.S. dollars)
Rate	Conditions	Maturity	As of June 28, 2024		As of June 30, 2023
Long-term borrowings, current portion, net:
Term loan borrowings:
3-month LIBOR +1.35% per annum(1)	Repayable in quarterly installments	June 2024	$	—	$	12,188
Less: Unamortized debt issuance costs, current portion			—		(32)
Long-term borrowings, current portion, net			$	—	12,156

(1)The Company entered into interest rate swaps that effectively fix a series of future interest payments on its term loans. Refer to Note 7.

The movements of long-term borrowings were as follows for the years ended June 28, 2024 and June 30, 2023:


	Years ended
(in thousands)	June 28, 2024		June 30, 2023
Opening balance	$	12,188	$	27,421

Repayments during the period	(12,188)		(15,233)
Closing balance	$	—	$	12,188

Credit facilities agreements:

On August 20, 2019, Fabrinet Thailand (the “Borrower”) and Bank of Ayudhya Public Company Limited (the “Bank”) entered into a credit facility agreement (the “2019 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 2019 Credit Facility Agreement and may increase or decrease any facility amount in its sole discretion.

Under the 2019 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 Company's previous syndicated senior credit facility agreement.

The term loan accrues interest at 3-month LIBOR plus 1.35% and is repayable in quarterly installments of $3.0 million, commencing on September 30, 2019. On March 9, 2023, the Borrower and the Bank amended the Term Loan Agreement to replace the interest rate reference from LIBOR to the Secured Overnight Financing Rate ("SOFR") effective from September 29, 2023. 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 year ended June 28, 2024, the Company recorded $0.3 million of interest expense in connection with this term loan, including the impact from interest rate swaps.

Any borrowings under the 2019 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 less than or equal to 1.0 times. In the case of any payment of a dividend by the Company, its debt service coverage ratio must be at least 1.50 times.

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

As of June 28, 2024, the term loan was fully repaid.

On March 9, 2023, Fabrinet Thailand and the Parent Company (the “Borrowers”) and the Bank entered into a credit facility agreement (the “2023 Credit Facility Agreement”), which provides a facility of $55.0 million.

Any borrowings under the 2023 Credit Facility Agreement are secured by land and buildings owned by the Borrowers in the Pathumthani and Chonburi Provinces in Thailand.

Under the 2023 Credit Facility Agreement, the Borrowers are required to maintain a loan to value of the mortgaged real property ratio of not greater than 60%. The Borrowers are 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 1.50 times.

As of June 28, 2024, there was no amount outstanding under the 2023 Credit Facility Agreement.

As of June 28, 2024, the Company was in compliance with all of its financial covenants under the Term Loan Agreement.

- 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.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Share-based compensation - Share-based award activity (Details) - shares	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022	Jun. 25, 2021	Dec. 12, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,857,415
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,746,068				1,700,000
2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	111,347
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	306,660	368,765	459,626	641,875
Restricted Share Units \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	306,660
Restricted Share Units \| 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078	204,016	285,882	427,028
Performance Share Units \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078
Performance Share Units \| 2017 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Net	$ 2,321	$ 2,394
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,398	10,533
Accumulated Amortization	(9,077)	(8,139)
Net	$ 2,321	$ 2,394

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Severance liabilities - Schedule of Principal Weighted Average Actuarial Assumptions Used to Determine Severance Liabilities (Details)	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Minimum
Discount rate	3.90%	3.50%	2.10%
Future salary increases	3.50%	3.50%	3.50%
Maximum
Discount rate	5.50%	5.40%	3.90%
Future salary increases	10.00%	10.00%	10.00%

Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangibles	$ 1.0	$ 1.3	$ 1.6

Share-based compensation

12 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

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

The effect of recording share-based compensation expense for the years ended June 28, 2024, June 30, 2023 and June 24, 2022 was as follows:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Share-based compensation expense by type of award:
Restricted share units	$	16,839	$	16,979	$	15,150
Performance share units	11,535		11,148		12,898
Total share-based compensation expense	28,374		28,127		28,048
Tax effect on share-based compensation expense	—		—		—
Net effect on share-based compensation expense	$	28,374	$	28,127	$	28,048

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Cost of revenue	$	7,203	$	6,664	$	5,967
Selling, general and administrative expense	21,171		20,939		22,081
Restructuring and other related costs	—		524		—
Total share-based compensation expense	$	28,374	$	28,127	$	28,048

The Company did not capitalize any share-based compensation expense as part of any asset costs during the years ended June 28, 2024, June 30, 2023 and June 24, 2022.

Share-based award activity

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

As of June 28, 2024, there were 306,660 restricted share units outstanding, 171,078 performance share units outstanding and 1,746,068 ordinary shares available for future grant under the 2020 Plan.

On November 2, 2017, the Company adopted the 2017 Inducement Equity Incentive Plan (the “2017 Inducement Plan”) with a reserve of 160,000 ordinary shares authorized for future issuance solely for the granting of inducement share options and equity awards to new employees. The 2017 Inducement Plan was adopted without shareholder approval in reliance on the “employment inducement exemption” provided under the New York Stock Exchange Listed Company Manual.

As of June 28, 2024, there were no awards 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.”

The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of June 28, 2024:


(share units)	Restricted Share Units outstanding	Performance Share Units outstanding	Ordinary Shares available for future grant
2020 Plan	306,660	171,078	1,746,068

2017 Inducement Plan	—	—	111,347
Total	306,660	171,078	1,857,415

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	186,633	$	101.25
Vested	(323,326)	$	52.20
Forfeited	(45,556)	$	71.53
Balance as of June 24, 2022	459,626	$	75.14
Granted	165,378	$	117.35
Vested	(233,607)	$	67.85
Forfeited	(22,632)	$	94.69
Balance as of June 30, 2023	368,765	$	97.49
Granted	126,934	$	165.54
Vested	(171,304)	$	88.69
Forfeited	(17,735)	$	124.52
Balance as of June 28, 2024	306,660	$	129.01
Expected to vest as of June 28, 2024	274,066	$	129.26

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
Vested	(190,213)	48.65
Forfeited	(61,765)	$	53.38
Balance as of June 24, 2022	285,882	$	81.64
Granted	97,142	$	117.35
Vested	(179,008)	$	70.05
Forfeited	—	$	—
Balance as of June 30, 2023	204,016	$	108.81
Granted	73,936	$	158.91
Vested	(106,874)	101.05
Forfeited	—	$	—
Balance as of June 28, 2024	171,078	$	135.31
Expected to vest as of June 28, 2024	171,078	$	135.31

The total fair value of restricted share units and performance share units vested during the years ended June 28, 2024, June 30, 2023 and June 24, 2022 was $26.0 million, $28.4 million and $24.2 million, respectively. The aggregate intrinsic value of restricted share units and performance share units outstanding as of June 28, 2024 was $116.9 million.

As of June 28, 2024, there was $13.4 million and $6.8 million of unrecognized share-based compensation expense related to restricted share units and performance share units, respectively, under the Equity Incentive Plans that is expected to be recorded over a weighted-average period of 2.5 years and 1.0 year, respectively.

For the years ended June 28, 2024 and June 30, 2023, the Company withheld an aggregate of 104,892 shares and 177,139 shares, respectively, upon the vesting of restricted share units and performance shares units, based upon the closing share price on the vesting date to settle employee tax withholding obligations. For the years ended June 28, 2024 and June 30, 2023, the Company then remitted cash of $13.2 million and $18.2 million, respectively, to the appropriate taxing authorities, and presented it as a financing activity within the consolidated statements of cash flows. The payment was recorded as a reduction of additional paid-in capital.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary Share	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
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	200,380					200,380
Other comprehensive income (loss)	(6,527)				(6,527)
Share-based compensation	28,048		28,048
Issuance of ordinary shares (in shares)		299,655
Issuance of ordinary shares	0	$ 2	(2)
Repurchase of shares held as treasury shares	(59,915)			(59,915)
Tax withholdings related to net share settlement of restricted share units	(20,824)		(20,824)
Ending Balance (in shares) at Jun. 24, 2022		39,048,700
Ending balance at Jun. 24, 2022	1,253,682	$ 390	196,667	(147,258)	(12,793)	1,216,676
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	247,913					247,913
Other comprehensive income (loss)	4,678				4,678
Share-based compensation	28,127		28,127
Issuance of ordinary shares (in shares)		235,476
Issuance of ordinary shares	0	$ 3	(3)
Repurchase of shares held as treasury shares	(47,575)			(47,575)
Tax withholdings related to net share settlement of restricted share units	(18,167)		(18,167)
Ending Balance (in shares) at Jun. 30, 2023		39,284,176
Ending balance at Jun. 30, 2023	1,468,658	$ 393	206,624	(194,833)	(8,115)	1,464,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	296,181					296,181
Other comprehensive income (loss)	4,974				4,974
Share-based compensation	28,597		28,597
Issuance of ordinary shares (in shares)		173,286
Issuance of ordinary shares	0	$ 2	(2)
Repurchase of shares held as treasury shares	(39,490)			(39,490)
Tax withholdings related to net share settlement of restricted share units	(13,175)		(13,175)
Ending Balance (in shares) at Jun. 28, 2024		39,457,462
Ending balance at Jun. 28, 2024	$ 1,745,745	$ 395	$ 222,044	$ (234,323)	$ (3,141)	$ 1,760,770

Fair value of financial instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) $ in Thousands, $ in Millions	Jun. 28, 2024 USD ($)	Jun. 28, 2024 CAD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)
Assets
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets	Other current assets	Other current assets
Liabilities
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses	Accrued expenses	Accrued expenses
Foreign currency forward contracts
Liabilities
Derivative assets, notional amount	$ 8,000		$ 3,000
Derivative liabilities, notional amount	127,000		140,000
Foreign currency forward contracts \| Canada, Dollars
Liabilities
Derivative liabilities, notional amount		$ 0.4
Foreign currency forward contracts \| Canada, Dollars \| Designated as hedging instrument
Liabilities
Derivative assets, notional amount		$ 0.4		$ 0.2
Fair value, measurements, recurring
Assets
Derivative assets - current portion	15		221
Total	448,680		319,722
Liabilities
Derivative liabilities - current portion	(2,244)		(5,236)
Total	(2,244)		(5,236)
Fair value, measurements, recurring \| Interest rate swaps
Liabilities
Derivative assets, notional amount			60,900
Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	35		401
Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities			41,104
Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	134,283		64,607
Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	136,763		158,078
Fair value, measurements, recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	177,584		55,311
Level 1 \| Fair value, measurements, recurring
Assets
Derivative assets - current portion	0		0
Total	0		0
Liabilities
Derivative liabilities - current portion	0		0
Total	0		0
Level 1 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities			0
Level 1 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 1 \| Fair value, measurements, recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	0		0
Level 2 \| Fair value, measurements, recurring
Assets
Derivative assets - current portion	15		221
Total	448,680		319,722
Liabilities
Derivative liabilities - current portion	(2,244)		(5,236)
Total	(2,244)		(5,236)
Level 2 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	35		401
Level 2 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities			41,104
Level 2 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	134,283		64,607
Level 2 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	136,763		158,078
Level 2 \| Fair value, measurements, recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	177,584		55,311
Level 3 \| Fair value, measurements, recurring
Assets
Derivative assets - current portion	0		0
Total	0		0
Liabilities
Derivative liabilities - current portion	0		0
Total	0		0
Level 3 \| Fair value, measurements, recurring \| Cash equivalents
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Liquidity funds
Assets
Marketable securities			0
Level 3 \| Fair value, measurements, recurring \| Certificates of deposit and time deposits
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| Corporate debt securities
Assets
Marketable securities	0		0
Level 3 \| Fair value, measurements, recurring \| U.S. agency and U.S. Treasury securities
Assets
Marketable securities	$ 0		$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 409,973	$ 231,368
Short-term investments	448,630	319,100
Trade accounts receivable, net of allowance for expected credit losses of $1,629 and $965, respectively	592,452	531,767
Inventories	463,206	519,576
Prepaid expenses	10,620	7,849
Other current assets	87,810	42,880
Total current assets	2,012,691	1,652,540
Non-current assets
Property, plant and equipment, net	307,240	310,350
Intangibles, net	2,321	2,394
Operating right-of-use assets	5,336	1,634
Deferred tax assets	10,446	12,095
Other non-current assets	485	635
Total non-current assets	325,828	327,108
Total Assets	2,338,519	1,979,648
Current liabilities
Long-term borrowings, current portion, net	0	12,156
Trade accounts payable	441,835	381,129
Fixed assets payable	14,380	13,526
Operating lease liabilities, current portion	1,355	1,201
Income tax payable	3,937	6,024
Accrued payroll, bonus and related expenses	22,116	23,748
Accrued expenses	19,916	20,447
Other payables	54,403	23,654
Total current liabilities	557,942	481,885
Non-current liabilities
Deferred tax liability	4,895	4,799
Operating lease liabilities, non-current portion	3,635	66
Severance liabilities	24,093	22,159
Other non-current liabilities	2,209	2,081
Total non-current liabilities	34,832	29,105
Total Liabilities	592,774	510,990
Commitments and contingencies (Note 19)
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of June 28, 2024 and June 30, 2023)	0	0
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,457,462 shares and 39,284,176 shares issued as of June 28, 2024 and June 30, 2023, respectively; and 36,145,242 shares and 36,183,682 shares outstanding as of June 28, 2024 and June 30, 2023, respectively)	395	393
Additional paid-in capital	222,044	206,624
Less: Treasury shares (3,312,220 shares and 3,100,494 shares as of June 28, 2024 and June 30, 2023, respectively)	(234,323)	(194,833)
Accumulated other comprehensive income (loss)	(3,141)	(8,115)
Retained earnings	1,760,770	1,464,589
Total Shareholders’ Equity	1,745,745	1,468,658
Total Liabilities and Shareholders’ Equity	$ 2,338,519	$ 1,979,648

Leases

12 Months Ended

Jun. 28, 2024

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., Israel and Singapore under operating lease arrangements that expire at various dates through 2034. Certain of these lease arrangements provide the Company the ability to extend the lease term 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 contain residual value guarantees provided by the lessee. The Company also has one intercompany lease transaction in the form of a lease of office and manufacturing space.

Operating leases

As of June 28, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2025	$	1,609
2026	1,554
2027	783
2028	343
2029	327
Thereafter	1,305
Total undiscounted lease payments	5,921
Less: imputed interest	(931)
Total present value of lease liabilities	$	4,990	(1)

(1)Includes current portion of operating lease liabilities of $1.4 million.

Rental expense related to the Company’s operating leases is recognized on a straight-line basis over the lease term.

Rental expense for long-term leases for the years ended June 28, 2024, June 30, 2023 and June 24, 2022 was $2.4 million, $2.4 million and $2.2 million, respectively.

Rental expense for short-term leases for the years ended June 28, 2024, June 30, 2023 and June 24, 2022 was $0.9 million, $0.8 million and $0.2 million, respectively.

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


	As of June 28, 2024		As of June 30, 2023
Weighted-average remaining lease term (in years)
Operating leases	5.6		1.2
Weighted-average discount rate
Operating leases	5.6	%	3.4	%

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


(in thousands)	Year Ended June 28, 2024		Year Ended June 30, 2023		Year Ended June 24, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,027	$	2,477	$	2,533
Financing cash flows from finance leases	$	—	$	9	$	7
ROU assets obtained in exchange for lease liabilities	$	5,797	$	312	$	38

Business segments and geographic information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Segment Reporting Information [Line Items]
Long-lived assets	$ 307,240	$ 310,350	$ 292,277
Thailand
Segment Reporting Information [Line Items]
Long-lived assets	261,141	264,382	240,750
U.S.
Segment Reporting Information [Line Items]
Long-lived assets	28,914	25,267	25,938
China
Segment Reporting Information [Line Items]
Long-lived assets	14,586	17,407	19,686
Israel
Segment Reporting Information [Line Items]
Long-lived assets	2,160	2,796	4,025
Others
Segment Reporting Information [Line Items]
Long-lived assets	$ 439	$ 498	$ 1,878

Severance liabilities - Schedule of Severance Liabilities Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Non-current assets	$ 0	$ 138
Non-current liabilities	$ 24,093	$ 22,159

- Definition

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

+ References + Details

Accumulated other comprehensive income (loss) ("AOCI") - Schedule of Changes in AOCI, Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,468,658	$ 1,253,682	$ 1,112,520
Other comprehensive income (loss) before reclassification	4,874	5,015
Amounts reclassified from AOCI	(72)	(337)
Tax effects	172	0
Total other comprehensive income (loss), net of tax	4,974	4,678	(6,527)
Ending balance	1,745,745	1,468,658	1,253,682
Unrealized Gains (Losses) on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,279)	(6,018)
Other comprehensive income (loss) before reclassification	2,099	2,646
Amounts reclassified from AOCI	1	93
Tax effects	0	0
Total other comprehensive income (loss), net of tax	2,100	2,739
Ending balance	(1,179)	(3,279)	(6,018)
Unrealized Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,541)	(5,082)
Other comprehensive income (loss) before reclassification	2,792	2,444
Amounts reclassified from AOCI	(403)	(903)
Tax effects	172	0
Total other comprehensive income (loss), net of tax	2,561	1,541
Ending balance	(980)	(3,541)	(5,082)
Retirement benefit plan - Prior service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(330)	(803)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from AOCI	330	473
Tax effects	0	0
Total other comprehensive income (loss), net of tax	330	473
Ending balance	0	(330)	(803)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(965)	(890)
Other comprehensive income (loss) before reclassification	(17)	(75)
Amounts reclassified from AOCI	0	0
Tax effects	0	0
Total other comprehensive income (loss), net of tax	(17)	(75)
Ending balance	(982)	(965)	(890)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,115)	(12,793)
Ending balance	$ (3,141)	$ (8,115)	$ (12,793)

Cash, cash equivalents and short-term investments

12 Months Ended

Jun. 28, 2024

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and short-term investments

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


					Fair Value
(in thousands)	Carrying Cost		Unrealized Gain/ (Loss)		Cash and Cash Equivalents		Marketable Securities		Other Investments
As of June 28, 2024
Cash	$	409,938	$	—	$	409,938	$	—	$	—
Cash equivalents	35		—		35		—		—

Certificates of deposit and time deposits	134,288		(5)		—		134,283		—
Corporate debt securities	137,695		(932)		—		136,763		—
U.S. agency and U.S. Treasury securities	177,824		(240)		—		177,584		—
Total	$	859,780	$	(1,177)	$	409,973	$	448,630	$	—
As of June 30, 2023
Cash	$	230,967	$	—	$	230,967	$	—	$	—
Cash equivalents	401		—		401		—		—
Liquidity funds	41,104		—		—		—		41,104
Certificate of deposits	64,278		329		—		64,607		—
Corporate debt securities	161,453		(3,375)		—		158,078		—
U.S. agency and U.S. Treasury securities	55,542		(231)		—		55,311		—
Total	$	553,745	$	(3,277)	$	231,368	$	277,996	$	41,104

The cash equivalents include short-term bank deposits, investments in money market funds, and marketable securities with maturities of three months or less at the date of purchase. The effective interest rate on short term bank deposits was 4.4% and 2.4% per annum for the years ended June 28, 2024 and June 30, 2023, respectively.

As of June 28, 2024, the Company had investments in certificates of deposit of $83.8 million and term deposit of $50.5 million which were classified as available-for-sale debt securities. As of June 30, 2023, the Company had investments in certificates of deposit of $44.6 million and term deposit of $20.0 million.

As of June 28, 2024 and June 30, 2023, 74% and 69%, respectively, of our cash and cash equivalents were held by the Parent Company.


	June 28, 2024				June 30, 2023
(in thousands)	Carrying Cost		Fair Value		Carrying Cost		Fair Value
Due within one year	$	110,671	$	110,669	$	172,992	$	173,137
Due between one to five years	339,136		337,961		149,385		145,963
Total	$	449,807	$	448,630	$	322,377	$	319,100

During the year ended June 28, 2024, the Company recognized a de minimis gain from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income. During the year ended June 30, 2023, the Company recognized a realized loss of $0.1 million from sales of available-for-sale debt securities in interest income in the consolidated statements of operations and comprehensive income.

As of June 28, 2024 and June 30, 2023, the Company considered the decline in market value of its available-for-sale debt securities by using the AFS debt security impairment model. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. The Company assessed impairment at the individual security level according to the relevant accounting standard by comparing its fair value/market value with its amortized cost. The Company considered factors such as the failure of the issuer of the security to make scheduled interest and principal payments and any changes to the credit rating of the security by a rating agency. The credit rating of the Company's invested securities are still in compliance with the Company's investment policy. No impairment losses on available-for-sale debt securities were recorded for the year ended June 28, 2024 and June 30, 2023.

Audit Information	12 Months Ended
Audit Information	Jun. 28, 2024
Auditor Information [Abstract]
Auditor Firm ID	1194
Auditor Name	PricewaterhouseCoopers ABAS Ltd.
Auditor Location	Bangkok, Thailand

Fair value of financial instruments - Schedule Impacts of Derivative Gain (Loss) of Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives loss (gain) recognized in other comprehensive income	$ 2,792	$ 2,444
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(403)	(903)
Change in net unrealized gain (loss) on derivative instruments	2,389	1,541
Foreign currency forward contracts \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives loss (gain) recognized in other comprehensive income	3,007	1,142
Foreign currency forward contracts \| Cost of revenues
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	8,563	7,995
Foreign currency forward contracts \| Selling, general and administrative expenses
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	357	334
Foreign currency forward contracts \| Foreign exchange gain (loss), net
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	(9,103)	(8,644)
Interest rate swaps \| Other comprehensive income
Derivatives gain (loss) recognized in other comprehensive income (loss):
Total derivatives loss (gain) recognized in other comprehensive income	(215)	1,302
Interest rate swaps \| Interest expense
Derivatives loss (gain) reclassified from accumulated other comprehensive income into earnings:
Total derivatives (gain) loss reclassified from accumulated other comprehensive income into earnings	$ (220)	$ (588)

Share-based compensation (Tables)

12 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Effect of Recording Share-Based Compensation Expense

The effect of recording share-based compensation expense for the years ended June 28, 2024, June 30, 2023 and June 24, 2022 was as follows:


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Share-based compensation expense by type of award:
Restricted share units	$	16,839	$	16,979	$	15,150
Performance share units	11,535		11,148		12,898
Total share-based compensation expense	28,374		28,127		28,048
Tax effect on share-based compensation expense	—		—		—
Net effect on share-based compensation expense	$	28,374	$	28,127	$	28,048

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

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


	Years Ended
(in thousands)	June 28, 2024		June 30, 2023		June 24, 2022
Cost of revenue	$	7,203	$	6,664	$	5,967
Selling, general and administrative expense	21,171		20,939		22,081
Restructuring and other related costs	—		524		—
Total share-based compensation expense	$	28,374	$	28,127	$	28,048

Share-Based Payment Arrangement, Activity

The following table summarizes the number of equity awards outstanding and ordinary shares available for grant under each of the Equity Incentive Plans as of June 28, 2024:


(share units)	Restricted Share Units outstanding	Performance Share Units outstanding	Ordinary Shares available for future grant
2020 Plan	306,660	171,078	1,746,068

2017 Inducement Plan	—	—	111,347
Total	306,660	171,078	1,857,415

Schedule of 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	186,633	$	101.25
Vested	(323,326)	$	52.20
Forfeited	(45,556)	$	71.53
Balance as of June 24, 2022	459,626	$	75.14
Granted	165,378	$	117.35
Vested	(233,607)	$	67.85
Forfeited	(22,632)	$	94.69
Balance as of June 30, 2023	368,765	$	97.49
Granted	126,934	$	165.54
Vested	(171,304)	$	88.69
Forfeited	(17,735)	$	124.52
Balance as of June 28, 2024	306,660	$	129.01
Expected to vest as of June 28, 2024	274,066	$	129.26

Schedule of 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
Vested	(190,213)	48.65
Forfeited	(61,765)	$	53.38
Balance as of June 24, 2022	285,882	$	81.64
Granted	97,142	$	117.35
Vested	(179,008)	$	70.05
Forfeited	—	$	—
Balance as of June 30, 2023	204,016	$	108.81
Granted	73,936	$	158.91
Vested	(106,874)	101.05
Forfeited	—	$	—
Balance as of June 28, 2024	171,078	$	135.31
Expected to vest as of June 28, 2024	171,078	$	135.31

Revenues from contracts with customers - Schedule of Activity in the Company's Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Contract Liabilities
Beginning balance	$ 3,036	$ 1,982
Advance payment received during the year	11,069	14,124
Revenue recognized	(6,259)	(13,070)
Ending balance	$ 7,846	$ 3,036

Financial instruments (Details)	12 Months Ended
Financial instruments (Details)	Jun. 28, 2024
Maximum \| Foreign currency forward contracts
Financial Instrument [Line Items]
Derivative term of contract	12 months

Leases - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
2025	$ 1,609
2026	1,554
2027	783
2028	343
2029	327
Thereafter	1,305
Total undiscounted lease payments	5,921
Less: imputed interest	(931)
Total present value of lease liabilities	4,990
Operating lease liabilities, current portion	$ 1,355	$ 1,201

Property, plant and equipment, net (Tables)

12 Months Ended

Jun. 28, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


(in thousands)	Land and Land Improvements		Building and Building Improvements		Manufacturing Equipment		Office Equipment		Motor Vehicles		Computers		Construction and Machinery Under Installation		Total
As of June 28, 2024
Cost	$	61,297	$	208,731	$	316,867	$	6,500	$	1,101	$	27,660	$	12,243	$	634,399
Less: Accumulated depreciation	(328)		(82,964)		(216,667)		(5,521)		(870)		(20,520)		—		(326,870)
Less: Impairment reserve	—		—		(289)		—		—		—		—		(289)
Net book value	$	60,969	$	125,767	$	99,911	$	979	$	231	$	7,140	$	12,243	$	307,240
As of June 30, 2023
Cost	$	60,424	$	200,039	$	289,390	$	6,362	$	1,081	$	24,951	$	15,450	$	597,697
Less: Accumulated depreciation	(71)		(73,558)		(189,284)		(5,136)		(852)		(17,873)		—		(286,774)
Less: Impairment reserve	—		—		(573)		—		—		—		—		(573)
Net book value	$	60,353	$	126,481	$	99,533	$	1,226	$	229	$	7,078	$	15,450	$	310,350

Revenues from contracts with customers

12 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Contract Assets and Liabilities

A contract asset is recognized when the Company has recognized revenues prior to an invoice for payment. Contract assets are recognized in the consolidated balance sheets under other current assets and transferred to accounts receivable when rights to payment become unconditional. No impairment for contract assets was recorded for the years ended June 28, 2024 and June 30, 2023.

As of June 28, 2024 and June 30, 2023, the Company's contract assets were de minimis.

A contract liability is recognized when the Company has advance payment arrangements with customers. Contract liabilities are recognized in the consolidated balance sheets under other payables. The contract liabilities balance is normally recognized as revenue within six months.

The following tables summarize the activity in the Company’s contract liabilities during the years ended June 28, 2024 and June 30, 2023:


(in thousands)	Contract Liabilities
Balance as of June 24, 2022	$	1,982
Advance payment received during the year	14,124
Revenue recognized	(13,070)
Balance as of June 30, 2023	3,036
Advance payment received during the year	11,069
Revenue recognized	(6,259)
Balance as of June 28, 2024	$	7,846

Revenue by Geographic Area and End Market

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

The following table presents total revenues by geographic regions:


(in thousands, except percentages)	Year ended June 28, 2024		As a % of Total Revenues		Year ended June 30, 2023		As a % of Total Revenues		Year ended June 24, 2022		As a % of Total Revenues
North America	$	1,053,141	36.5	%	$	1,269,965	48.0	%	$	1,114,504	49.3	%
Asia-Pacific	1,646,055		57.1		1,143,510		43.2		838,051		37.0
Europe	183,771		6.4		231,762		8.8		309,669		13.7
	$	2,882,967	100.0	%	$	2,645,237	100.0	%	$	2,262,224	100.0	%


	Years Ended
(in thousands, except percentages)	June 28, 2024		June 30, 2023		June 24, 2022
North America
U.S.	1,041,046		1,247,422		1,099,244
Others (1)	12,095		22,543		15,260
Total revenue in North America	1,053,141		1,269,965		1,114,504
Asia-Pacific and others
Israel (2)	1,049,730		341,025		101,058
India	269,304		325,478		278,117
Malaysia	117,929		162,599		212,286
China	65,497		73,094		55,201
Hong Kong	60,489		132,136		83,651
Thailand	47,339		58,850		36,489
Japan	25,094		41,105		60,121

Others	10,673		9,223		11,128
Total revenue in Asia-Pacific and others	1,646,055		1,143,510		838,051
Europe

U.K.	87,051		125,082		90,921
Germany	42,817		54,732		40,794
Ireland	599		647		133,225
Others	53,304		51,301		44,729
Total revenue in Europe	$	183,771	$	231,762	$	309,669
Total revenue	$	2,882,967	$	2,645,237	$	2,262,224

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

(2)Due to increase in revenue from a significant customer.

The following table presents revenues by end market and product category.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 409,973	$ 231,368	$ 197,996
Restricted cash	0	0	369
Cash, cash equivalents and restricted cash	$ 409,973	$ 231,368	$ 198,365

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 28, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Jun. 24, 2022 USD ($)
Number of intercompany leases \| lease	1
Rental expense for long-term leases	$ 2.4	$ 2.4	$ 2.2
Rental expense for short-term leases	$ 0.9	$ 0.8	$ 0.2

Intangibles

12 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

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


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 28, 2024
Software	$	11,398	$	(9,077)	$	2,321


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 30, 2023
Software	$	10,533	$	(8,139)	$	2,394

The Company recorded amortization expense relating to intangibles of $1.0 million, $1.3 million and $1.6 million for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively.

The weighted-average remaining life of software was:


(years)	As of June 28, 2024	As of June 30, 2023
Software	2.1	3.1

Based on the carrying amount of intangibles as of June 28, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(in thousands)
2025	$	1,058
2026	599
2027	401
2028	229
2029	34

Total	$	2,321

Inventories (Tables)

12 Months Ended

Jun. 28, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


(in thousands)	As of June 28, 2024		As of June 30, 2023
Raw materials	$	139,063	$	157,379
Work in progress	266,112		305,627
Finished goods	39,121		28,608
Goods in transit	18,910		27,962
Inventories	$	463,206	$	519,576

Intangibles (Tables)

12 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 28, 2024
Software	$	11,398	$	(9,077)	$	2,321


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net
As of June 30, 2023
Software	$	10,533	$	(8,139)	$	2,394

Schedule of Weighted-Average Remaining Life of Intangible Assets

The weighted-average remaining life of software was:


(years)	As of June 28, 2024	As of June 30, 2023
Software	2.1	3.1

Schedule of Estimated Future Amortization of Intangibles Assets

Based on the carrying amount of intangibles as of June 28, 2024, and assuming no future impairment of the underlying assets, the estimated future amortization during each fiscal year was as follows:


(in thousands)
2025	$	1,058
2026	599
2027	401
2028	229
2029	34

Total	$	2,321

Fair value of financial instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Derivatives designated as hedging instruments
Derivative assets, gross balances	$ 15	$ 221
Derivative liabilities, gross balances	(2,244)	(5,236)
Foreign currency forward and option contracts
Derivatives not designated as hedging instruments
Derivative Assets	0	2
Derivative Liabilities	(1,088)	(1,256)
Foreign currency forward contracts
Derivatives designated as hedging instruments
Derivative Assets	15	4
Derivative Liabilities	(1,156)	(3,980)
Interest rate swaps
Derivatives designated as hedging instruments
Derivative Assets	0	215
Derivative Liabilities	$ 0	$ 0

Severance liabilities - Schedule of Principal Weighted Average Actuarial Assumptions Used to Determine Benefit Costs (Details)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Retirement Benefits [Abstract]
Discount rate	5.40%	3.80%	2.00%
Expected long-term rate of return on assets	5.20%	3.40%	2.10%

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Statement of Stockholders' Equity [Abstract]
Repurchased shares (in shares)	211,726	488,477	628,428

Share-based compensation - Schedule of Performance Share Unit Activity (Details) - Performance Share Units - $ / shares	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Number of Shares
Beginning balance (in shares)	204,016	285,882	427,028
Granted (in shares)	73,936	97,142	110,832
Vested (in shares)	(106,874)	(179,008)	(190,213)
Forfeited (in shares)	0	0	(61,765)
Ending balance (in shares)	171,078	204,016	285,882
Expected to vest (in shares)	171,078
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 108.81	$ 81.64	$ 57.82
Granted (in USD per share)	158.91	117.35	101.05
Vested (in USD per share)	101.05	70.05	48.65
Forfeited (in USD per share)	0	0	53.38
Ending balance (in USD per share)	135.31	$ 108.81	$ 81.64
Expected to vest (in USD per share)	$ 135.31

Financial instruments	12 Months Ended
Financial instruments	Jun. 28, 2024
Investments, All Other Investments [Abstract]
Financial instruments	Financial instruments Objectives and significant terms and conditions The principal financial risks faced by the Company are foreign currency risk and interest rate risk. The Company borrows at floating rates of interest to finance its operations. A minority of sales and purchases and a majority of labor and overhead costs are entered into in foreign currencies. In order to manage the risks arising from fluctuations in currency exchange rates, the Company uses derivative instruments. Trading for speculative purposes is prohibited under Company policies. The Company enters into short-term foreign currency forward and option contracts to manage foreign currency exposures associated with certain assets, liabilities and other forecasted foreign currency transactions and may designate these instruments as hedging instruments. The foreign currency forward and option contracts generally have maturities of up to twelve months. All foreign currency exchange contracts are recognized on the consolidated balance sheets at fair value. Gain or loss on the Company’s derivative instruments generally offset the assets, liabilities under master netting arrangement and transactions economically hedged. Foreign currency risk The Company operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Thai baht, RMB and GBP. Interest Rate Risk The Company’s principal interest bearing assets are time deposits and short-term investments with maturities of three years or less held with high quality financial institutions. The Company’s principal interest bearing liabilities are bank loans which bear interest at floating rates. The Company entered into interest rate swap agreements (the “Swap Agreements”) to manage this risk and increase the profile of the Company’s debt obligation. The terms of the Swap Agreements allow the Company to effectively convert the floating interest rate to a fixed interest rate. This locks the variable in interest expenses associated with our floating rate borrowings and results in fixed interest expenses, which is unsusceptible to market rate increase. The Company designated the Swap Agreements as a cash flow hedge, and they qualify for hedge accounting because the hedges are highly effective. While the Company intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings. From September 27, 2019, any gains or losses related to these outstanding interest rate swaps will be recorded in accumulated other comprehensive income in the consolidated balance sheets, with subsequent reclassification to interest expense when settled.

Income taxes - Schedule of Reconciliation between Taxes that Would Arise by Applying Statutory Tax Rate of Country of Principal Operations to Effective Tax Charge (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Income Taxes [Line Items]
Income before income taxes	$ 311,354	$ 260,096	$ 206,966
Tax expense calculated at a statutory corporate income tax rate of 20%	62,271	52,019	41,393
Effect of income taxes from locations with tax rates different from Thailand	(945)	659	681
Income not subject to tax	(62,940)	(43,679)	(35,982)
Income tax on unremitted earnings	1,488	2,452	1,417
Non-deductible expenses	10,347	35	68
Foreign operations	(534)	1,968	(1,165)
Tax rebate from research and development application	17	(124)	(873)
Provision for uncertain income tax position	1,131	(7)	668
Utilization of loss and tax credits carryforward	0	(80)	(194)
Changes in valuation allowance	3,759	(1,608)	0
Others	579	548	573
Total income tax expense	$ 15,173	$ 12,183	$ 6,586
Income not subject to tax per ordinary share on a diluted basis (in USD per share)	$ 1.72	$ 1.19	$ 0.96
Domestic tax jurisdiction
Income Taxes [Line Items]
Income not subject to tax	$ (306,000)	$ (196,500)	$ (171,000)

Shareholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2020	May 31, 2019	Feb. 28, 2018	Aug. 31, 2017
Shareholders Equity [Line Items]
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	5,000,000	5,000,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Share repurchase program, approved amount									$ 30,000
Share repurchase program, increase in shares authorized for repurchase				$ 47,600	$ 78,700	$ 58,500	$ 50,000	$ 30,000
Treasury stock, carrying basis	$ 60,500					$ 294,800
Repurchased shares (in shares)	211,726	488,477	628,428
Treasury stock shares repurchased average price (in USD per share)	$ 186.49
Treasury stock shares repurchased value	$ 39,490	$ 47,575	$ 59,915
Equity Incentive Plans
Shareholders Equity [Line Items]
Ordinary shares issued upon vesting of restricted shares (in shares)	173,286	235,476	299,655

Revenues from contracts with customers - Schedule of Revenues by End Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,882,967	$ 2,645,237	$ 2,262,224
Product Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	100.00%	100.00%	100.00%
Optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 2,289,015	$ 2,008,347	$ 1,782,799
Optical communications \| Product Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	79.40%	75.90%	78.80%
Optical communications \| Datacom
Disaggregation of Revenue [Line Items]
Revenues	$ 1,150,307	$ 520,796	$ 361,306
Optical communications \| Telecom
Disaggregation of Revenue [Line Items]
Revenues	1,138,708	1,487,551	1,421,493
Non-optical communications
Disaggregation of Revenue [Line Items]
Revenues	$ 593,952	$ 636,890	$ 479,425
Non-optical communications \| Product Concentration Risk \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Revenues, percentage	20.60%	24.10%	21.20%
Non-optical communications \| Automotive
Disaggregation of Revenue [Line Items]
Revenues	$ 327,188	$ 368,581	$ 204,407
Non-optical communications \| Industrial laser
Disaggregation of Revenue [Line Items]
Revenues	122,722	125,415	149,357
Non-optical communications \| Others
Disaggregation of Revenue [Line Items]
Revenues	$ 144,042	$ 142,894	$ 125,661

Property, plant and equipment, net

12 Months Ended

Jun. 28, 2024

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

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


(in thousands)	Land and Land Improvements		Building and Building Improvements		Manufacturing Equipment		Office Equipment		Motor Vehicles		Computers		Construction and Machinery Under Installation		Total
As of June 28, 2024
Cost	$	61,297	$	208,731	$	316,867	$	6,500	$	1,101	$	27,660	$	12,243	$	634,399
Less: Accumulated depreciation	(328)		(82,964)		(216,667)		(5,521)		(870)		(20,520)		—		(326,870)
Less: Impairment reserve	—		—		(289)		—		—		—		—		(289)
Net book value	$	60,969	$	125,767	$	99,911	$	979	$	231	$	7,140	$	12,243	$	307,240
As of June 30, 2023
Cost	$	60,424	$	200,039	$	289,390	$	6,362	$	1,081	$	24,951	$	15,450	$	597,697
Less: Accumulated depreciation	(71)		(73,558)		(189,284)		(5,136)		(852)		(17,873)		—		(286,774)
Less: Impairment reserve	—		—		(573)		—		—		—		—		(573)
Net book value	$	60,353	$	126,481	$	99,533	$	1,226	$	229	$	7,078	$	15,450	$	310,350

Depreciation expense amounted to $48.2 million, $42.5 million and $37.2 million for the years ended June 28, 2024, June 30, 2023 and June 24, 2022, respectively, and has been allocated between cost of revenues and selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

The cost of fully depreciated property, plant and equipment written-off during the years ended June 28, 2024, June 30, 2023 and June 24, 2022 amounted to $10.7 million, $16.5 million and $25.1 million, respectively.

As of June 28, 2024, June 30, 2023 and June 24, 2022, the Company recognized impairment reserves for property, plant and equipment of $0.3 million, $0.6 million and $0.6 million, respectively.

During the year ended June 28, 2024, no borrowing costs capitalized, and during the year ended June 30, 2023, the Company had a de minimis amount of borrowing costs capitalized. During year ended June 24, 2022, the Company had capitalized $0.9 million of borrowing cost.

Revenues from contracts with customers - Schedule of Disaggregation of Revenue by Geographical Regions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Revenues	$ 2,882,967	$ 2,645,237	$ 2,262,224
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	100.00%	100.00%	100.00%
North America
Revenues	$ 1,053,141	$ 1,269,965	$ 1,114,504
North America \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	36.50%	48.00%	49.30%
U.S.
Revenues	$ 1,041,046	$ 1,247,422	$ 1,099,244
Others
Revenues	12,095	22,543	15,260
CAYMAN ISLANDS
Revenues	0	0	0
Asia-Pacific
Revenues	$ 1,646,055	$ 1,143,510	$ 838,051
Asia-Pacific \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	57.10%	43.20%	37.00%
Israel
Revenues	$ 1,049,730	$ 341,025	$ 101,058
India
Revenues	269,304	325,478	278,117
Malaysia
Revenues	117,929	162,599	212,286
China
Revenues	65,497	73,094	55,201
Hong Kong
Revenues	60,489	132,136	83,651
Thailand
Revenues	47,339	58,850	36,489
Japan
Revenues	25,094	41,105	60,121
Others
Revenues	10,673	9,223	11,128
Europe
Revenues	$ 183,771	$ 231,762	$ 309,669
Europe \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues, percentage	6.40%	8.80%	13.70%
U.K.
Revenues	$ 87,051	$ 125,082	$ 90,921
Germany
Revenues	42,817	54,732	40,794
Ireland
Revenues	599	647	133,225
Others
Revenues	$ 53,304	$ 51,301	$ 44,729

Revenues from contracts with customers (Tables)

12 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Activity in the Company's Contract Assets and Contract Liabilities

The following tables summarize the activity in the Company’s contract liabilities during the years ended June 28, 2024 and June 30, 2023:


(in thousands)	Contract Liabilities
Balance as of June 24, 2022	$	1,982
Advance payment received during the year	14,124
Revenue recognized	(13,070)
Balance as of June 30, 2023	3,036
Advance payment received during the year	11,069
Revenue recognized	(6,259)
Balance as of June 28, 2024	$	7,846

Schedule of Disaggregation of Revenue by Geographical Regions

The following table presents total revenues by geographic regions:


(in thousands, except percentages)	Year ended June 28, 2024		As a % of Total Revenues		Year ended June 30, 2023		As a % of Total Revenues		Year ended June 24, 2022		As a % of Total Revenues
North America	$	1,053,141	36.5	%	$	1,269,965	48.0	%	$	1,114,504	49.3	%
Asia-Pacific	1,646,055		57.1		1,143,510		43.2		838,051		37.0
Europe	183,771		6.4		231,762		8.8		309,669		13.7
	$	2,882,967	100.0	%	$	2,645,237	100.0	%	$	2,262,224	100.0	%


	Years Ended
(in thousands, except percentages)	June 28, 2024		June 30, 2023		June 24, 2022
North America
U.S.	1,041,046		1,247,422		1,099,244
Others (1)	12,095		22,543		15,260
Total revenue in North America	1,053,141		1,269,965		1,114,504
Asia-Pacific and others
Israel (2)	1,049,730		341,025		101,058
India	269,304		325,478		278,117
Malaysia	117,929		162,599		212,286
China	65,497		73,094		55,201
Hong Kong	60,489		132,136		83,651
Thailand	47,339		58,850		36,489
Japan	25,094		41,105		60,121

Others	10,673		9,223		11,128
Total revenue in Asia-Pacific and others	1,646,055		1,143,510		838,051
Europe

U.K.	87,051		125,082		90,921
Germany	42,817		54,732		40,794
Ireland	599		647		133,225
Others	53,304		51,301		44,729
Total revenue in Europe	$	183,771	$	231,762	$	309,669
Total revenue	$	2,882,967	$	2,645,237	$	2,262,224

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

(2)Due to increase in revenue from a significant customer.

Schedule of Revenues by End Market

The following table presents revenues by end market and product category.


(in thousands, except percentages)	Year ended June 28, 2024		As a % of Total Revenues		Year ended June 30, 2023		As a % of Total Revenues		Year ended June 24, 2022		As a % of Total Revenues
Optical communications
Datacom	$	1,150,307			$	520,796			$	361,306
Telecom	1,138,708				1,487,551				1,421,493
Total revenue - Optical communications	$	2,289,015	79.4	%	$	2,008,347	75.9	%	$	1,782,799	78.8	%
Non-optical communications
Automotive	$	327,188			$	368,581			$	204,407
Industrial laser	122,722				125,415				149,357
Others	144,042				142,894				125,661
Total revenue - Non-optical communications	$	593,952	20.6	%	$	636,890	24.1	%	$	479,425	21.2	%
Total revenue	$	2,882,967	100.0	%	$	2,645,237	100.0	%	$	2,262,224	100.0	%

Income taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities, Net of Valuation Allowance (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022	Jun. 25, 2021
Deferred tax assets:
Depreciation	$ 1,890	$ 1,999
Severance liability	4,496	4,058
Reserves and allowance	3,735	1,712
Net operating loss carryforwards	3,146	7,142
Others	792	1,008
Total	14,059	15,919
Less: Valuation allowance	(3,613)	(3,824)	$ (4,934)	$ (2,061)
Net deferred tax assets	10,446	12,095
Deferred tax liabilities:
Temporary differences from intangibles and changes in the fair value of assets acquired	(1,626)	(1,711)
Deferred tax from unremitted earnings	(5,303)	(4,819)
Others	2,034	1,731
Total	(4,895)	(4,799)
Net	$ 5,551	$ 7,296

Cash, cash equivalents and short-term investments - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash, cash equivalents and marketable securities [Line Items]
Maturities period of marketable securities (or less)	3 months
Effective interest rate on short term bank deposits	4.40%	2.40%
Percentage of cash and cash equivalents held by parent company	74.00%	69.00%
Gain (losses) from sales and maturities of available-for-sale securities		$ (100,000)
Impairment loss on available-for-sale debt securities	0	0
Certificate of deposits
Cash, cash equivalents and marketable securities [Line Items]
Debt securities, available-for-sale	83,800,000	44,600,000
Bank Time Deposits
Cash, cash equivalents and marketable securities [Line Items]
Debt securities, available-for-sale	$ 50,500,000	$ 20,000,000.0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Summary of significant accounting policies (Policies)

12 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Principles of consolidation

Use of estimates

Foreign currency transactions and translation

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

foreign currency translation adjustment included in accumulated other comprehensive income (loss) (“AOCI”) in the Company’s consolidated balance sheets.

Cash and cash equivalents

Short-term investments

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

Trade accounts receivable

Contract assets

Contract liabilities

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

Inventory

Leases

Operating leases

Finance leases

Property, plant and equipment


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

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

Intangibles

Intangibles are stated at historical cost less amortization. Amortization of other intangibles is calculated using the straight-line method.

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

Goodwill

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

Treasury shares

Borrowing costs

Fair value of financial instruments

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

Derivatives

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

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

Concentration of credit risk

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

Revenue recognition and sales of finished goods

Services

Contract Costs

Shipping and Handling

Warranty provision

Share-based compensation

Employee contribution plan

Severance liabilities

Annual leave

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

Income taxes

Adoption of New Accounting Standards

No new accounting standard was adopted during the year ended June 28, 2024.

New Accounting Standards—not yet adopted by the Company

Contract Assets and Liabilities

As of June 28, 2024 and June 30, 2023, the Company's contract assets were de minimis.

Share-based compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022	Jun. 25, 2021	Dec. 12, 2019	Nov. 02, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs capitalized	$ 0	$ 0	$ 0
Number of ordinary shares available for future grant (in shares)	1,857,415
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)	104,892	177,139
Tax withholdings related to net share settlement of restricted share units	$ 13,175,000	$ 18,167,000	20,824,000
Restricted Share Units and Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted share units vested	26,000,000.0	$ 28,400,000	$ 24,200,000
Aggregate intrinsic value of restricted share units outstanding	$ 116,900,000
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	306,660	368,765	459,626	641,875
Restricted Share Units \| Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	1 year
Restricted Share Units \| Vesting, option one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	3 years
Restricted Share Units \| Vesting, option two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	4 years
Restricted Share Units \| Vest on the first of January \| Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078	204,016	285,882	427,028
Performance Share Units \| Executive of the Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award granted vesting period	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 Plans \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 13,400,000
Unrecognized compensation expense, weighted-average period for recognition	2 years 6 months
Equity Incentive Plans \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 6,800,000
Unrecognized compensation expense, weighted-average period for recognition	1 year
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ordinary shares available for future grant (in shares)	1,746,068				1,700,000
Shares reserved for future issuance (in shares)					1,300,000
2020 Plan \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	306,660
2020 Plan \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	171,078
2017 Inducement 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
2017 Inducement Plan \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0
2017 Inducement Plan \| Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units outstanding (in shares)	0

Fair value of financial instruments - Additional Information (Details) $ in Millions, $ in Millions	12 Months Ended
	Jun. 28, 2024 USD ($) contract	Jun. 30, 2023 USD ($) contract	Jun. 28, 2024 CAD ($) contract	Jun. 30, 2023 CAD ($) contract	Sep. 27, 2019 contract	Sep. 03, 2019	Jul. 25, 2018
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative fixed interest rate							2.86%
Foreign currency forward contracts
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative assets, notional amount	$ 8.0	$ 3.0
Gains or losses from accumulated other comprehensive income expected to be reclassified	$ (1.2)
Foreign currency forward contracts \| Designated as hedging instrument \| Canada, Dollars
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of foreign currency derivatives held \| contract	1	1	1	1
Derivative assets, notional amount			$ 0.4	$ 0.2
Foreign currency forward contracts \| Designated as hedging instrument \| Thailand, Baht
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of foreign currency derivatives held \| contract	135	143	135	143
Derivative, notional amount	$ 135.0	$ 143.0
Foreign currency forward contracts \| Not designated as hedging instrument
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized gain (loss) on derivatives	0.7	$ 0.4
Interest rate swaps
Foreign Currency Fair Value Hedge Derivative [Line Items]
Number of foreign currency derivatives held \| contract					2
Derivative, notional amount	60.9
Gains or losses from accumulated other comprehensive income expected to be reclassified	$ 0.0
Number of interest rate derivatives held \| contract	0	1	0	1	2
Number of hedges matured \| contract		1		1
Interest rate swaps \| Bank of ayudhya public company \| Bank of america credit facility
Foreign Currency Fair Value Hedge Derivative [Line Items]
Debt fixed interest percentage						4.36%

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 139,063	$ 157,379
Work in progress	266,112	305,627
Finished goods	39,121	28,608
Goods in transit	18,910	27,962
Inventories	$ 463,206	$ 519,576

Business segments and geographic information - Schedule of Total Revenues by Percentage from Individual Customers Representing Ten Percent or More of Total Revenues (Details) - Revenue - Customer Concentration Risk	12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 24, 2022
Nvidia Corporation
Revenue, Major Customer [Line Items]
Concentration of risk percentage	35.10%	12.50%
Cisco Systems Inc.
Revenue, Major Customer [Line Items]
Concentration of risk percentage	13.40%	15.60%	25.40%
Lumentum Operations LLC
Revenue, Major Customer [Line Items]
Concentration of risk percentage		15.40%	10.30%
Infinera Corporation
Revenue, Major Customer [Line Items]
Concentration of risk percentage		12.40%	12.50%

Summary of significant accounting policies - Schedule of Property, Plant and Equipment, Estimated Useful Life (Details)	Jun. 28, 2024
Land improvements
Estimated useful life	10 years
Building and building improvements \| Minimum
Estimated useful life	5 years
Building and building improvements \| Maximum
Estimated useful life	30 years
Manufacturing equipment \| Minimum
Estimated useful life	3 years
Manufacturing equipment \| Maximum
Estimated useful life	7 years
Office equipment \| Minimum
Estimated useful life	3 years
Office equipment \| Maximum
Estimated useful life	5 years
Motor vehicles \| Minimum
Estimated useful life	3 years
Motor vehicles \| Maximum
Estimated useful life	5 years
Computer hardware \| Minimum
Estimated useful life	3 years
Computer hardware \| Maximum
Estimated useful life	5 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases (Tables)

12 Months Ended

Jun. 28, 2024

Leases [Abstract]

Schedule of Operating Lease Liabilities

As of June 28, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2025	$	1,609
2026	1,554
2027	783
2028	343
2029	327
Thereafter	1,305
Total undiscounted lease payments	5,921
Less: imputed interest	(931)
Total present value of lease liabilities	$	4,990	(1)

(1)Includes current portion of operating lease liabilities of $1.4 million.

Summary of Additional Information Related to Operating and Finance Leases

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


	As of June 28, 2024		As of June 30, 2023
Weighted-average remaining lease term (in years)
Operating leases	5.6		1.2
Weighted-average discount rate
Operating leases	5.6	%	3.4	%

Schedule of Supplemental Cash Flow Information Related to Operating Leases

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


(in thousands)	Year Ended June 28, 2024		Year Ended June 30, 2023		Year Ended June 24, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,027	$	2,477	$	2,533
Financing cash flows from finance leases	$	—	$	9	$	7
ROU assets obtained in exchange for lease liabilities	$	5,797	$	312	$	38