XML 23 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727

Financial Instruments (Tables)

12 Months Ended

Jun. 28, 2015

Cash, Cash Equivalents, Short-Term Investments, Restricted Cash and Investments and Other Assets Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s cash, cash equivalents, short-term investments, restricted cash and investments, and other assets measured at fair value on a recurring basis as of June 28, 2015 and June 29, 2014:

		June 28, 2015
																		(Reported Within)
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cash and Cash Equivalents				Short-Term Investments				Restricted Cash & Investments				Other Assets
		(in thousands)
Cash		$	276,663			$	—			$	—			$	276,663			$	271,452			$	—			$	5,211			$	—
Level 1:
Time Deposit			177,567				—				—				177,567				44,738				—				132,829				—
Money Market Funds			1,177,875				—				—				1,177,875				1,177,875				—				—				—
US Treasury and Agencies			349,009				72				(861	)			348,220				—				315,291				32,929				—
Mutual Funds			30,584				2,926				(47	)			33,463				—				—				—				33,463
Level 1 Total		$	1,735,035			$	2,998			$	(908	)		$	1,737,125			$	1,222,613			$	315,291			$	165,758			$	33,463
Level 2:
Municipal Notes and Bonds			659,550				429				(335	)			659,644				7,474				652,170				—				—
US Treasuries and Agencies			4,007				—				(4	)			4,003				—				4,003				—				—
Government-Sponsored Enterprises			53,612				2				(249	)			53,365				—				53,365				—				—
Foreign Government Bonds			50,336				31				(161	)			50,206				—				50,206				—				—
Corporate Notes and Bonds			1,329,587				685				(3,797	)			1,326,475				—				1,326,475				—				—
Mortgage Backed Securities - Residential			32,231				72				(292	)			32,011				—				32,011				—				—
Mortgage Backed Securities - Commercial			141,988				44				(606	)			141,426				—				141,426				—				—
Level 2 Total		$	2,271,311			$	1,263			$	(5,444	)		$	2,267,130			$	7,474			$	2,259,656			$	—			$	—
Total		$	4,283,009			$	4,261			$	(6,352	)		$	4,280,918			$	1,501,539			$	2,574,947			$	170,969			$	33,463

		June 29, 2014
																		(Reported Within)
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cash and Cash Equivalents				Short-Term Investments				Restricted Cash & Investments				Other Assets
		(in thousands)
Cash		$	285,031			$	—			$	—			$	285,031			$	279,126			$	—			$	5,905			$	—
Level 1:
Time Deposit			132,549				—				—				132,549				—				—				132,549				—
Money Market Funds			1,168,261				—				—				1,168,261				1,168,261				—				—				—
US Treasury and Agencies			212,436				178				(27	)			212,587				—				204,549				8,038				—
Mutual Funds			18,784				2,974				—				21,758				—				—				—				21,758
Level 1 Total		$	1,532,030			$	3,152			$	(27	)		$	1,535,155			$	1,168,261			$	204,549			$	140,587			$	21,758
Level 2:
Municipal Notes and Bonds			334,329				1,108				(4	)			335,433				5,290				330,143				—				—
Government-Sponsored Enterprises			27,666				41				(15	)			27,692				—				27,692				—				—
Foreign Government Bonds			35,438				57				(28	)			35,467				—				35,467				—				—
Corporate Notes and Bonds			874,540				2,034				(335	)			876,239				—				876,239				—				—
Mortgage Backed Securities - Residential			27,067				59				(182	)			26,944				—				26,944				—				—
Mortgage Backed Securities - Commercial			112,642				100				(809	)			111,933				—				111,933				—				—
Level 2 Total		$	1,411,682			$	3,399			$	(1,373	)		$	1,413,708			$	5,290			$	1,408,418			$	—			$	—
Total		$	3,228,743			$	6,551			$	(1,400	)		$	3,233,894			$	1,452,677			$	1,612,967			$	146,492			$	21,758

Schedule of Cash, Cash Equivalents, Short-Term Investments and Restricted Cash and Investments in Unrealized Loss Positions

The following is an analysis of the Company’s cash, cash equivalents, short-term investments, and restricted cash and investments in unrealized loss positions:

		June 28, 2015
		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
		(in thousands)
Municipal Notes and Bonds		$	272,388			$	(335	)		$	—			$	—			$	272,388			$	(335	)
US Treasury & Agencies			296,237				(865	)			—				—				296,237				(865	)
Retail Funds			3,532				(47	)			—				—				3,532				(47	)
Government-Sponsored Enterprises			49,184				(249	)			—				—				49,184				(249	)
Foreign Government Bonds			34,882				(161	)			—				—				34,882				(161	)
Corporate Notes and Bonds			889,064				(3,750	)			16,586				(47	)			905,650				(3,797	)
Mortgage Backed Securities - Residential			20,913				(196	)			2,190				(96	)			23,103				(292	)
Mortgage Backed Securities - Commercial			100,388				(431	)			19,729				(175	)			120,117				(606	)
		$	1,666,588			$	(6,034	)		$	38,505			$	(318	)		$	1,705,093			$	(6,352	)

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, 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		$	1,651,592			$	1,651,673
Due after one year through five years			1,944,674				1,940,529
Due in more than five years			379,496				378,590
		$	3,975,762			$	3,970,792

Schedule of Outstanding Foreign Currency Forward Contracts

As of June 28, 2015, 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		$	—			$	18,946			$	—			$	49,924
Swiss franc			—				—				—				3,346
Euro			34,377				—				4,049				—
Korean won			7,269				—				8,945				—
Taiwan dollar			—				—				33,239				11,162
		$	41,646			$	18,946			$	46,233			$	64,432

Schedule of Fair Value of Derivatives Instruments

The fair value of derivatives instruments in the Company’s consolidated balance sheet as of June 28, 2015 and June 29, 2014 were as follows:

		June 28, 2015												June 29, 2014
		Fair Value of Derivative Instruments (Level 2)												Fair Value of Derivative Instruments (Level 2)
		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		$	3,388			Accrued liabilities		$	957			Prepaid expense and other assets		$	483			Accrued liabilities		$	805
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts		Prepaid expense and other assets			8			Accrued liabilities			960			Prepaid expense and other assets			1,109			Accrued liabilities			118
Total derivatives				$	3,396					$	1,917					$	1,592					$	923

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:

				Year Ended June 28, 2015												Year Ended June 29, 2014
		Location of Gain (Loss) Recognized in or Reclassified into Income		Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness				Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness
Derivatives Designated as Hedging Instruments				Gain (Loss) Reconginzed in AOCI				Gain (Loss) 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)
Foreign Exchange Contracts		Revenue		$	13,678			$	11,375			$	258			$	7,939			$	9,027			$	277
Foreign Exchange Contracts		Cost of goods sold			(6,318	)			(4,349	)			(75	)			812				2,393				(52	)
Foreign Exchange Contracts		Selling, general, and administrative			(2,579	)			(2,618	)			(39	)			318				1,087				(23	)
Interest Rate Contracts		Other expense, net			(5,071	)			(112	)			(231	)			—				—				—
				$	(290	)		$	4,296			$	(87	)		$	9,069			$	12,507			$	202

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

				Year Ended
				June 28, 2015				June 29, 2014
Derivatives Not Designated as Hedging Instruments:		Location of Gain Recognized in Income		Gain Recognized in Income				Gain Recognized in Income
				(in thousands)
Foreign Exchange Contracts		Other income		$	1,784			$	8,205

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (a),(b)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4C



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4A



-Subparagraph (b)



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4B



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 1A



-Subparagraph (d)



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investments in an unrealized loss position for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



-Paragraph 6



-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfTemporaryImpairmentLossesInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration