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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 30, 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 at March 30, 2014:

						Fair Value Measurement at March 30, 2014
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
		(In thousands)
Assets
Short-Term Investments
Money Market Funds		$	1,042,596			$	1,042,596			$	—			$	—
Municipal Notes and Bonds			248,949				—				248,949				—
US Treasury and Agencies			182,967				182,967				—				—
Government-Sponsored Enterprises			41,089				—				41,089				—
Foreign Government Bonds			34,988				—				34,988				—
Corporate Notes and Bonds			961,378				132,549				828,829				—
Mortgage Backed Securities - Residential			26,580				—				26,580				—
Mortgage Backed Securities - Commercial			104,857				—				104,857				—
Total Short-Term Investments		$	2,643,404			$	1,358,112			$	1,285,292			$	—
Mutual Funds			28,559				28,559				—				—
Derivative Assets			2,487				—				2,487				—
Total Assets		$	2,674,450			$	1,386,671			$	1,287,779			$	—
Liabilities
Derivative Liabilities		$	1,340			$	—			$	1,190			$	150

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at June 30, 2013:

						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 Bond			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				—				—
Derivative Assets			4,929				—				4,929				—
Total Assets		$	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 March 30, 2014 as follows:

Reported Within:		Total				Level 1				Level 2				Level 3
		(In thousands)
Cash Equivalents		$	1,042,596			$	1,042,596			$	—			$	—
Short-Term Investments			1,462,171				176,879				1,285,292				—
Restricted Cash and Investments			138,637				138,637				—				—
Prepaid Expenses and Other Current Assets			2,487				—				2,487				—
Other Assets			28,559				28,559				—				—
Total Assets		$	2,674,450			$	1,386,671			$	1,287,779			$	—
Accrued Expenses and Other Current Liabilities		$	1,190			$	—			$	1,190			$	—
Other Non-current Liabilities			150				—				—				150
Total Liabilities		$	1,340			$	—			$	1,190			$	150

The amounts in the table above are reported in the Consolidated Balance Sheet as of June 30, 2013 as follows:

Reported Within:		Total				Level 1				Level 2				Level 3
		(In thousands)
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 Assets		$	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:

		March 30, 2014																June 30, 2013
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cost				Unrealized Gain				Unrealized Loss				Fair Value
		(In thousands)																(In thousands)
Cash		$	254,982			$	—			$	—			$	254,982			$	438,813			$	—			$	—			$	438,813
Fixed Income Money Market Funds			1,042,596				—				—				1,042,596				725,311				—				—				725,311
Municipal Notes and Bonds			248,050				927				(28	)			248,949				268,390				805				(449	)			268,746
US Treasury and Agencies			183,072				61				(166	)			182,967				155,648				18				(373	)			155,293
Government-Sponsored Enterprises			41,068				51				(30	)			41,089				54,835				65				(95	)			54,805
Foreign Government Bonds			34,979				95				(86	)			34,988				24,950				47				(25	)			24,972
Corporate Notes and Bonds			960,356				1,771				(749	)			961,378				861,109				1,328				(1,945	)			860,492
Mortgage Backed Securities - Residential			26,802				30				(252	)			26,580				27,618				29				(282	)			27,365
Mortgage Backed Securities - Commercial			105,264				141				(548	)			104,857				108,204				426				(672	)			107,958
Total Cash and Short -Term Investments		$	2,897,169			$	3,076			$	(1,859	)		$	2,898,386			$	2,664,878			$	2,718			$	(3,841	)		$	2,663,755
Publicly Traded Equity Security		$	—			$	—			$	—			$	—			$	5,610			$	1,486			$	—			$	7,096
Private Equity Security			—				—				—				—				5,000				—				—				5,000
Mutual Funds			25,656				2,903				—				28,559				16,611				1,619				(14	)			18,216
Total Financial Instruments		$	2,922,825			$	5,979			$	(1,859	)		$	2,926,945			$	2,692,099			$	5,823			$	(3,855	)		$	2,694,067
Reported Within
Cash and Cash Equivalents		$	1,292,301			$	—			$	—			$	1,292,301			$	1,162,473			$	—			$	—			$	1,162,473
Short-Term Investments			1,460,954				3,076				(1,859	)			1,462,171				1,335,868				2,718				(3,841	)			1,334,745
Restricted Cash and Investments			143,914				—				—				143,914				166,536				—				—				166,536
Other assets			25,656				2,903				—				28,559				27,222				3,105				(14	)			30,313
Total		$	2,922,825			$	5,979			$	(1,859	)		$	2,926,945			$	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:

		March 30, 2014
		Unrealized Losses								Unrealized Losses
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss				Fair Value				Gross Unrealized Loss
		(In thousands)
Short-Term Investments
Municipal Notes and Bonds		$	17,114			$	(28	)		$	—			$	—			$	17,114			$	(28	)
US Treasury and Agencies			96,394				(166	)			—				—				96,394				(166	)
Government-Sponsored Enterprises			14,071				(30	)			—				—				14,071				(30	)
Foreign Government Bonds			18,487				(86	)			—				—				18,487				(86	)
Corporate Notes and Bonds			261,299				(729	)			6,465				(20	)			267,764				(749	)
Mortgage Backed Securities - Residential			20,974				(243	)			127				(9	)			21,101				(252	)
Mortgage Backed Securities - Commercial			75,081				(404	)			4,249				(144	)			79,330				(548	)
Total Short-Term Investments		$	503,420			$	(1,686	)		$	10,841			$	(173	)		$	514,261			$	(1,859	)

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 as of March 30, 2014:

		Cost				Estimated Fair Value
		(in thousands)
Due in one year or less		$	1,316,589			$	1,317,140
Due after one year through five years			1,035,559				1,036,852
Due in more than five years			290,039				289,412
		$	2,642,187			$	2,643,404

Schedule of Outstanding Foreign Currency Forward Contracts

As of March 30, 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								Derivatives Not Designated as
		Hedging Instruments:								Hedging Instruments:
		(in thousands)
Foreign Currency Forward Contracts
		Buy Contracts				Sell Contracts				Buy Contracts				Sell Contracts
Japanese Yen		$	—			$	123,282			$	—			$	65,959
Swiss Franc											7,496				—
Euro			60,487				—				—				8,901
Korean Won			—				—				36,386				—
Taiwan Dollar			—				—				188,583				65,899
		$	60,487			$	123,282			$	232,465			$	140,759

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Consolidated Balance Sheets as of March 30, 2014 and June 30, 2013 were as follows:

		March 30, 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		$	2,297			Accrued liabilities		$	619			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			190			Accrued liabilities			571			Prepaid expense and other assets			71			Accrued liabilities			43
Total derivatives				$	2,487					$	1,190					$	4,929					$	1,620

Schedule of Derivative Instruments Designated as Cash Flow Hedges in Statements of Operations Including Accumulated Other Comprehensive Income ("AOCI")

The effect of derivative instruments designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations, including accumulated other comprehensive income (“AOCI”) was as follows:

		Three Months Ended March 30, 2014												Nine Months Ended March 30, 2014
		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 Reclassified from AOCI into Income				Gain (Loss) Recognized in Income				Gain  Recognized in AOCI				Gain Reclassified from AOCI into Income				Gain (Loss) Recognized in Income
		(in thousands)												(in thousands)
Revenue		$	(621	)		$	2,787			$	54			$	7,483			$	8,947			$	232
Cost of goods sold			307				646				(10	)			1,717				1,764				(66	)
Selling, general, and administrative			112				291				(5	)			667				800				(29	)
Other income (expense)			—				—				—				—				—				—
		$	(202	)		$	3,724			$	39			$	9,867			$	11,511			$	137
		Three Months Ended March 31, 2013												Nine Months Ended March 31, 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 Reclassified from AOCI into Income				Gain (Loss) Recognized in Income				Gain Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income
		(in thousands)												(in thousands)
Revenue		$	9,454			$	3,850			$	78			$	8,159			$	4,574			$	274
Cost of goods sold			(563	)			1,194				(44	)			1,332				(1,069	)			(208	)
Selling, general, and administrative			(491	)			345				(20	)			537				(405	)			(100	)
Other income (expense)			—				—				—				—				—				(8	)
		$	8,400			$	5,389			$	14			$	10,028			$	3,100			$	(42	)

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

Three Months Ended

Nine Months Ended

March 30, 2014

March 31, 2013

March 30, 2014

March 31, 2013

Derivatives Not Designated as Hedging Instruments:

Location of Gain (Loss) Recognized in Income

Loss Recognized in Income

Gain Recognized in Income

Gain Recognized in Income

Gain Recognized in Income

(in thousands)

Foreign Exchange Contracts

Other income (expense)

$

(6,527

)

$

2,061

$

4,512

$

2,347

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