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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 27, 2015

Cash, Cash Equivalents, 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, investments, restricted cash and investments, and other assets measured at fair value on a recurring basis as of September 27, 2015 and June 28, 2015:

		September 27, 2015
																		(Reported Within)
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cash and Cash Equivalents				Investments				Restricted Cash & Investments				Other Assets
		(in thousands)
Cash		$	557,698			$	—			$	—			$	557,698			$	552,559			$	—			$	5,139			$	—
Level 1:
Time Deposit			174,933				—				—				174,933				42,105				—				132,828				—
Money Market Funds			1,148,450				—				—				1,148,450				1,148,450				—				—				—
U.S. Treasury and Agencies			335,120				404				(28	)			335,496				—				290,008				45,488				—
Mutual Funds			30,760				2,099				(525	)			32,334				—				—				—				32,334
Level 1 Total		$	1,689,263			$	2,503			$	(553	)		$	1,691,213			$	1,190,555			$	290,008			$	178,316			$	32,334
Level 2:
Municipal Notes and Bonds			666,992				1,122				(71	)			668,043				—				668,043				—				—
U.S. Treasury and Agencies			8,057				—				(82	)			7,975				—				7,975				—				—
Government-Sponsored Enterprises			44,381				44				(20	)			44,405				—				44,405				—				—
Foreign Government Bonds			45,562				67				(65	)			45,564				—				45,564				—				—
Corporate Notes and Bonds			1,381,861				1,397				(3,320	)			1,379,938				1,211				1,378,727				—				—
Mortgage Backed Securities - Residential			31,715				106				(255	)			31,566				—				31,566				—				—
Mortgage Backed Securities - Commercial			121,673				65				(552	)			121,186				—				121,186				—				—
Level 2 Total		$	2,300,241			$	2,801			$	(4,365	)		$	2,298,677			$	1,211			$	2,297,466			$	—			$	—
Total		$	4,547,202			$	5,304			$	(4,918	)		$	4,547,588			$	1,744,325			$	2,587,474			$	183,455			$	32,334

		June 28, 2015
																		(Reported Within)
		Cost				Unrealized Gain				Unrealized (Loss)				Fair Value				Cash and Cash Equivalents				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				—				—				—
U.S. 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				—				—
U.S. Treasury 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

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

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

		September 27, 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		$	36,289			$	(71	)		$	—			$	—			$	36,289			$	(71	)
U.S. Treasury & Agencies			87,628				(110	)			—				—				87,628				(110	)
Mutual Funds			18,043				(525	)			—				—				18,043				(525	)
Government-Sponsored Enterprises			6,805				(20	)			—				—				6,805				(20	)
Foreign Government Bonds			21,102				(65	)			—				—				21,102				(65	)
Corporate Notes and Bonds			759,706				(3,240	)			25,380				(80	)			785,086				(3,320	)
Mortgage Backed Securities - Residential			18,279				(165	)			1,943				(90	)			20,222				(255	)
Mortgage Backed Securities - Commercial			80,320				(398	)			20,162				(154	)			100,482				(552	)
		$	1,028,172			$	(4,594	)		$	47,485			$	(324	)		$	1,075,657			$	(4,918	)

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

The amortized cost and fair value of cash equivalents, investments and restricted investments with contractual maturities are as follows as of September 27, 2015:

		Cost				Estimated Fair Value
		(in thousands)
Due in one year or less		$	1,816,857			$	1,817,160
Due after one year through five years			1,941,115				1,940,258
Due in more than five years			200,772				200,138
		$	3,958,744			$	3,957,556

Schedule of Outstanding Foreign Currency Forward Contracts

As of September 27, 2015, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program:

		Notional Value
		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		$	—			$	76,362			$	—			$	60,791
Swiss franc			—				—				2,866				—
Euro			21,929				—				—				14,535
Korean won			4,048				—				16,837				—
Taiwan dollar			—				—				26,577				—
		$	25,977			$	76,362			$	46,280			$	75,326

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Consolidated Balance Sheets as of September 27, 2015 and June 28, 2015 were as follows:

		September 27, 2015												June 28, 2015
		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		$	1,801			Accrued liabilities		$	573			Prepaid expense and other assets		$	3,388			Accrued liabilities		$	957
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts		Prepaid expense and other assets			619			Accrued liabilities			3,080			Prepaid expense and other assets			8			Accrued liabilities			960
Total derivatives				$	2,420					$	3,653					$	3,396					$	1,917

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

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 September 27, 2015												Three Months Ended September 28, 2014
				Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness				Effective Portion								Ineffective Portion and Amount Excluded from Effectiveness
		Location of Gain (Loss) Recognized in or Reclassified into Income		(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
Derivatives Designated as Hedging Instruments				(in thousands)												(in thousands)
Foreign Exchange Contracts		Revenue		$	(69	)		$	(1,378	)		$	32			$	3,024			$	469			$	42
Foreign Exchange Contracts		Cost of goods sold			(415	)			1,505				(22	)			(2,023	)			(276	)			(6	)
Foreign Exchange Contracts		Selling, general, and administrative			(173	)			258				(7	)			(866	)			(105	)			(1	)
Interest Rate Contracts		Other expense, net			—				(94	)			—				—				—				—
				$	(657	)		$	291			$	3			$	135			$	88			$	35

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
				September 27, 2015				September 28, 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		$	6,007			$	968

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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).

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