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Financial Instruments (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis:

						Fair Value Measurement at June 29, 2014
		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
Assets
Short-Term Investments
Money Market Funds		$	1,168,261			$	1,168,261			$	—			$	—
Municipal Notes and Bonds			335,433				—				335,433				—
US Treasury and Agencies			212,587				212,587				—				—
Government-Sponsored Enterprises			27,692				—				27,692				—
Foreign Government Bonds			35,467				—				35,467				—
Corporate Notes and Bonds			1,008,788				132,549				876,239				—
Mortgage Backed Securities - Residential			26,944				—				26,944				—
Mortgage Backed Securities - Commercial			111,933				—				111,933				—
Total Short-Term Investments		$	2,927,105			$	1,513,397			$	1,413,708			$	—
Mutual Funds			21,758				21,758				—				—
Derivatives Assets			1,592				—				1,592				—
Total		$	2,950,455			$	1,535,155			$	1,415,300			$	—
Liabilities
Derivative liabilities		$	929			$	—			$	923			$	6

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis:

						Fair Value Measurement at June 30, 2013
		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(In thousands)
Assets
Short-Term Investments
Money Market Funds		$	725,311			$	725,311			$	—			$	—
Municipal Notes and Bonds			268,746				—				268,746				—
US Treasury and Agencies			155,293				155,293				—				—
Government-Sponsored Enterprises			54,805				—				54,805				—
Foreign Government Bonds			24,972				—				24,972				—
Corporate Notes and Bonds			860,492				164,885				695,607				—
Mortgage Backed Securities - Residential			27,365				—				27,365				—
Mortgage Backed Securities - Commercial			107,958				—				107,958				—
Total Short-Term Investments		$	2,224,942			$	1,045,489			$	1,179,453			$	—
Equities			7,096				7,096				—				—
Mutual Funds			18,216				18,216				—				—
Derivatives Assets			4,929				—				4,929				—
Total		$	2,255,183			$	1,070,801			$	1,184,382			$	—
Liabilities
Derivative liabilities		$	1,815			$	—			$	1,620			$	195

Schedule of Assets and Liabilities Measured at Fair Value as Reported in Consolidated Balance Sheet

The amounts in the table above are reported in the consolidated balance sheet as of June 29, 2014 as follows:

		Total				(Level 1)				(Level 2)				(Level 3)
		(In thousands)
Reported As:
Cash Equivalents		$	1,173,551			$	1,168,261			$	5,290			$	—
Short-Term Investments			1,612,967				204,549				1,408,418				—
Restricted Cash and Investments			140,587				140,587				—				—
Prepaid Expenses and Other Current Assets			1,592				—				1,592				—
Other Assets			21,758				21,758				—				—
Total		$	2,950,455			$	1,535,155			$	1,415,300			$	—
Accrued Expenses and Other Current Liabilities		$	923			$	—			$	923			$	—
Other Non-current Liabilities			6				—				—				6
Total Liabilities		$	929			$	—			$	923			$	6

The amounts in the table above are reported in the consolidated balance sheet as of June 30, 2013 as follows:

		Total				(Level 1)				(Level 2)				(Level 3)
		(In thousands)
Reported As:
Cash Equivalents		$	725,311			$	725,311			$	—			$	—
Short-Term Investments			1,334,746				155,293				1,179,453				—
Restricted Cash and Investments			164,885				164,885				—				—
Prepaid Expenses and Other Current Assets			4,929				—				4,929				—
Other Assets			25,312				25,312				—				—
Total		$	2,255,183			$	1,070,801			$	1,184,382			$	—
Accrued Expenses and Other Current Liabilities		$	1,620			$	—			$	1,620			$	—
Other Non-current Liabilities			195				—				—				195
Total Liabilities		$	1,815			$	—			$	1,620			$	195

Summary of Investments

The following tables summarize the Company’s investments (in thousands):

		June 29, 2014																June 30, 2013
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cost				Unrealized Gain				Unrealized (Loss)				Fair Value
Cash		$	285,031			$	—			$	—			$	285,031			$	438,813			$	—			$	—			$	438,813
Fixed Income Money Market Funds			1,168,261				—				—				1,168,261				725,311				—				—				725,311
Municipal Notes and Bonds			334,329				1,108				(4	)			335,433				268,390				805				(449	)			268,746
US Treasury and Agencies			212,436				178				(27	)			212,587				155,648				18				(373	)			155,293
Government-Sponsored Enterprises			27,666				41				(15	)			27,692				54,835				65				(95	)			54,805
Foreign Government Bonds			35,438				57				(28	)			35,467				24,950				47				(25	)			24,972
Corporate Notes and Bonds			1,007,089				2,034				(335	)			1,008,788				861,109				1,328				(1,945	)			860,492
Mortgage Backed Securities - Residential			27,067				59				(182	)			26,944				27,618				29				(282	)			27,365
Mortgage Backed Securities - Commercial			112,642				100				(809	)			111,933				108,204				426				(672	)			107,958
Total Cash and Short -Term Investments		$	3,209,959			$	3,577			$	(1,400	)		$	3,212,136			$	2,664,878			$	2,718			$	(3,841	)		$	2,663,755
Publicly Traded Equity Securities		$	—			$	—			$	—			$	—			$	5,610			$	1,486			$	—			$	7,096
Private Equity Securities			—				—				—				—				5,000				—				—				5,000
Mutual Funds			18,784				2,974				—				21,758				16,611				1,619				(14	)			18,216
Total Financial Instruments		$	3,228,743			$	6,551			$	(1,400	)		$	3,233,894			$	2,692,099			$	5,823			$	(3,855	)		$	2,694,067
As Reported
Cash and Cash Equivalents		$	1,452,677			$	—			$	—			$	1,452,677			$	1,162,473			$	—			$	—			$	1,162,473
Short-Term Investments			1,610,790				3,577				(1,400	)			1,612,967				1,335,868				2,718				(3,841	)			1,334,745
Restricted Cash and Investments			146,492				—				—				146,492				166,536				—				—				166,536
Other Assets			18,784				2,974				—				21,758				27,222				3,105				(14	)			30,313
Total		$	3,228,743			$	6,551			$	(1,400	)		$	3,233,894			$	2,692,099			$	5,823			$	(3,855	)		$	2,694,067

Schedule of Fixed Income Securities in Unrealized Loss Positions

The following is an analysis of the Company’s fixed income securities in unrealized loss positions (in thousands):

		June 29, 2014
		Unrealized Losses Less Than 12 Months								Unrealized Losses 12 Months or Greater								Total
		Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss
Fixed Income Securities
Municipal Notes and Bonds		$	5,464			$	(4	)		$	—			$	—			$	5,464			$	(4	)
US Treasury and Agencies			57,932				(27	)			—				—				57,932				(27	)
Government-Sponsored Enterprises			10,235				(15	)			—				—				10,235				(15	)
Foregin Government Bonds			14,999				(28	)			—				—				14,999				(28	)
Corporate Notes and Bonds			180,834				(293	)			6,973				(42	)			187,807				(335	)
Mortgage Backed Securities - Residential			7,993				(87	)			7,656				(95	)			15,649				(182	)
Mortgage Backed Securities - Commercial			71,848				(533	)			25,316				(276	)			97,164				(809	)
Total Fixed Income		$	349,305			$	(987	)		$	39,945			$	(413	)		$	389,250			$	(1,400	)

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, and Restricted Cash and Investments with Contractual Maturities

The amortized cost and fair value of cash equivalents, short-term investments, and restricted cash and investments with contractual maturities are as follows:

		Cost				Estimated Fair Value
		(in thousands)
Due in one year or less		$	1,464,736			$	1,465,185
Due after one year through five years			1,146,839				1,149,380
Due in more than five years			313,353				312,540
		$	2,924,928			$	2,927,105

Schedule of Outstanding Foreign Currency Forward Contracts

As of June 29, 2014, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program:

		Derivatives Designated as Hedging Instruments:								Derivatives Not Designated as Hedging Instruments:
		(in thousands)
Foreign Currency Forward Contracts
		Buy Contracts				Sell Contracts				Buy Contracts				Sell Contracts
Japanese Yen		$	—			$	98,501			$	—			$	30,342
Swiss Franc			—				—				7,023				—
Euro			93,872				—				543				—
Korean Won			—				—				19,537				—
Taiwan Dollar			—				—				99,601				66,746
		$	93,872			$	98,501			$	126,704			$	97,088

Schedule of Fair Value of Derivatives Instruments

The fair value of derivatives instruments in the Company’s consolidated balance sheet as of June 29, 2014 and June 30, 2013 were as follows:

		June 29, 2014																June 30, 2013
		Fair Value of Derivative Instruments																Fair Value of Derivative Instruments
		Asset Derivatives								Liability Derivatives								Asset Derivatives								Liability Derivatives
		Balance Sheet Location				Fair Value				Balance Sheet Location				Fair Value				Balance Sheet Location				Fair Value				Balance Sheet Location				Fair Value
		(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts			Prepaid expense and other assets			$	483				Accrued liabilities			$	805				Prepaid expense and other assets			$	4,858				Accrued liabilities			$	1,577
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts			Prepaid expense and other assets				1,109				Accrued liabilities				118				Prepaid expense and other assets				71				Accrued liabilities				43
Total derivatives						$	1,592							$	923							$	4,929							$	1,620

Schedule of Derivative Instruments Designated as Cash Flow Hedges in Statements of Operations

The effect of derivative instruments designated as cash flow hedges, before tax, on the Company’s Consolidated Statements of Operations was as follows:

		Twelve Months Ended June 29, 2014												Twelve Months Ended June 30, 2013
		Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness Testing				Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness Testing
Location of Gain (Loss) Recognized in or Reclassified into Income		Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income				Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income
		(in thousands)												(in thousands)
Revenue		$	7,939			$	9,027			$	277			$	8,322			$	10,036			$	376
Cost of goods sold			812				2,393				(52	)			2,443				(1,229	)			(271	)
Selling, general, and administrative			318				1,087				(23	)			1,154				(416	)			(130	)
Other income (expense)			—				—				—				—				—				(8	)
		$	9,069			$	12,507			$	202			$	11,919			$	8,391			$	(33	)

The effect of derivative instruments not designated as cash flow hedges on the Company’s Consolidated Statement of Operations was as follows:

				Twelve Months Ended
				June 29, 2014				June 30, 2013
Derivatives Not Designated as Hedging Instruments:		Location of Gain (Loss) Recognized in Income		Gain Recognized in Income				Loss Recognized in Income
				(in thousands)
Foreign Exchange Contracts		Other income (expense)		$	8,205			($	1,585	)

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