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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Dec. 27, 2015
Fair Value Disclosures [Abstract] |
Cash, Cash Equivalents, Investments, Restricted Cash and Investments and Other Assets Measured at Fair Value on Recurring Basis | The following tables set 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 December 27, 2015 and June 28, 2015:
| December 27, 2015
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
(in thousands)
Cash | $ | 389,483 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,483 |  |  | $ | 384,789 |  |  | $ | — |  |  | $ | 4,694 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposit | 175,259 |  |  | — |  |  | — |  |  | 175,259 |  |  | 42,438 |  |  | — |  |  | 132,822 |  |  | — |
Money Market Funds | 1,540,647 |  |  | — |  |  | — |  |  | 1,540,647 |  |  | 1,540,646 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and Agencies | 345,105 |  |  | 2 |  |  | (1,941 | ) |  | 343,166 |  |  | — |  |  | 273,114 |  |  | 70,052 |  |  | — |
Mutual Funds | 33,995 |  |  | 2,733 |  |  | (573 | ) |  | 36,155 |  |  | — |  |  | — |  |  | — |  |  | 36,155 |
Level 1 Total | $ | 2,095,006 |  |  | $ | 2,735 |  |  | $ | (2,514 | ) |  | $ | 2,095,227 |  |  | $ | 1,583,084 |  |  | $ | 273,114 |  |  | $ | 202,874 |  |  | $ | 36,155 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Notes and Bonds | 643,087 |  |  | 408 |  |  | (317 | ) |  | 643,178 |  |  | — |  |  | 643,178 |  |  | — |  |  | — |
U.S. Treasury and Agencies | 8,028 |  |  | — |  |  | (110 | ) |  | 7,918 |  |  | — |  |  | 7,918 |  |  | — |  |  | — |
Government-Sponsored Enterprises | 47,944 |  |  | — |  |  | (270 | ) |  | 47,674 |  |  | — |  |  | 47,674 |  |  | — |  |  | — |
Foreign Government Bonds | 46,394 |  |  | 1 |  |  | (229 | ) |  | 46,166 |  |  | — |  |  | 46,166 |  |  | — |  |  | — |
Corporate Notes and Bonds | 1,343,415 |  |  | 328 |  |  | (5,401 | ) |  | 1,338,342 |  |  | — |  |  | 1,338,342 |  |  | — |  |  | — |
Mortgage Backed Securities — Residential | 35,611 |  |  | 65 |  |  | (371 | ) |  | 35,305 |  |  | — |  |  | 35,305 |  |  | — |  |  | — |
Mortgage Backed Securities — Commercial | 116,662 |  |  | 7 |  |  | (759 | ) |  | 115,910 |  |  | — |  |  | 115,910 |  |  | — |  |  | — |
Level 2 Total | $ | 2,241,141 |  |  | $ | 809 |  |  | $ | (7,457 | ) |  | $ | 2,234,493 |  |  | $ | — |  |  | $ | 2,234,493 |  |  | $ | — |  |  | $ | — |
Total | $ | 4,725,630 |  |  | $ | 3,544 |  |  | $ | (9,971 | ) |  | $ | 4,719,203 |  |  | $ | 1,967,873 |  |  | $ | 2,507,607 |  |  | $ | 207,568 |  |  | $ | 36,155 |
| 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:
| December 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 | $ | 256,272 |  |  | $ | (313 | ) |  | $ | 1,816 |  |  | $ | (4 | ) |  | $ | 258,088 |  |  | $ | (317 | )
U.S. Treasury & Agencies | 347,138 |  |  | (2,051 | ) |  | — |  |  | — |  |  | 347,138 |  |  | (2,051 | )
Mutual Funds | 22,053 |  |  | (573 | ) |  | — |  |  | — |  |  | 22,053 |  |  | (573 | )
Government-Sponsored Enterprises | 47,507 |  |  | (270 | ) |  | — |  |  | — |  |  | 47,507 |  |  | (270 | )
Foreign Government Bonds | 39,895 |  |  | (229 | ) |  | — |  |  | — |  |  | 39,895 |  |  | (229 | )
Corporate Notes and Bonds | 1,107,398 |  |  | (5,252 | ) |  | 39,808 |  |  | (149 | ) |  | 1,147,206 |  |  | (5,401 | )
Mortgage Backed Securities — Residential | 23,303 |  |  | (279 | ) |  | 1,669 |  |  | (92 | ) |  | 24,972 |  |  | (371 | )
Mortgage Backed Securities — Commercial | 93,913 |  |  | (654 | ) |  | 12,421 |  |  | (105 | ) |  | 106,334 |  |  | (759 | )
| $ | 1,937,479 |  |  | $ | (9,621 | ) |  | $ | 55,714 |  |  | $ | (350 | ) |  | $ | 1,993,193 |  |  | $ | (9,971 | )
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 December 27, 2015:
| Cost |  | Estimated Fair Value
(in thousands)
Due in one year or less | $ | 2,260,834 |  |  | $ | 2,260,815 |
Due after one year through five years | 1,837,148 |  |  | 1,829,956 |
Due in more than five years | 204,170 |  |  | 202,794 |
| $ | 4,302,152 |  |  | $ | 4,293,565 |
Schedule of Outstanding Foreign Currency Forward Contracts | As of December 27, 2015, the Company had the following outstanding foreign currency 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 | $ | — |  |  | $ | 99,765 |  |  | $ | — |  |  | $ | 94,636 |
Swiss franc | — |  |  | — |  |  | 4,881 |  |  | — |
Euro | 20,065 |  |  | — |  |  | 15,276 |  |  | — |
Korean won | 5,515 |  |  | — |  |  | 8,483 |  |  | — |
Singapore dollar | — |  |  | — |  |  | 5,674 |  |  | — |
Taiwan dollar | — |  |  | — |  |  | 24,410 |  |  | — |
| $ | 25,580 |  |  | $ | 99,765 |  |  | $ | 58,724 |  |  | $ | 94,636 |
Foreign Currency Option Contracts |  |  |  |  |  |  |
| Buy Contracts |  | Sell Contracts |  | Buy Contracts |  | Sell Contracts
Japanese yen | $ | — |  |  | $ | 39,135 |  |  | $ | — |  |  | $ | — |
Schedule of Fair Value of Derivatives Instruments | The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of December 27, 2015 and June 28, 2015 were as follows:
| December 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 |  | $ | 1,732 |  |  | Accrued liabilities |  | $ | 237 |  |  | 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 |  | 84 |  |  | Accrued liabilities |  | 77 |  |  | Prepaid expense and other assets |  | 8 |  |  | Accrued liabilities |  | 960 |
Total derivatives |  |  | $ | 1,816 |  |  |  |  | $ | 314 |  |  |  |  | $ | 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 December 27, 2015 |  | Six Months Ended December 27, 2015
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)
Foreign Exchange Contracts | Revenue | $ | 4,256 |  |  | $ | (4,808 | ) |  | $ | 215 |  |  | $ | 4,187 |  |  | $ | (6,186 | ) | $ | 247 |
Foreign Exchange Contracts | Cost of goods sold | (223 | ) |  | 1,052 |  |  | (14 | ) |  | (638 | ) |  | 2,557 |  | (36 | )
Foreign Exchange Contracts | Selling, general, and administrative | 147 |  |  | 111 |  |  | (12 | ) |  | (26 | ) |  | 369 |  | (19 | )
Interest Rate Contracts | Other expense, net | — |  |  | (95 | ) |  | — |  |  | — |  |  | (189 | ) | — |
|  | $ | 4,180 |  |  | $ | (3,740 | ) |  | $ | 189 |  |  | $ | 3,523 |  |  | $ | (3,449 | ) |  | $ | 192 |
| Three Months Ended December 28, 2014 |  | Six Months Ended December 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 | 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
Derivatives Designated as Hedging Instruments |  | (in thousands)
Foreign Exchange Contracts | Revenue | $ | 8,765 |  |  | $ | 4,967 |  |  | $ | 81 |  |  | $ | 11,789 |  |  | $ | 5,436 |  |  | $ | 124 |
Foreign Exchange Contracts | Cost of goods sold | (1,264 | ) |  | (1,557 | ) |  | (19 | ) |  | (3,287 | ) |  | (1,833 | ) |  | (25 | )
Foreign Exchange Contracts | Selling, general, and administrative | (555 | ) |  | (604 | ) |  | (9 | ) |  | (1,421 | ) |  | (709 | ) |  | (11 | )
Foreign Exchange Contracts | Other expense, net | 2,071 |  |  | — |  |  | — |  |  | 2,071 |  |  | — |  |  | — |
|  | $ | 9,017 |  |  | $ | 2,806 |  |  | $ | 53 |  |  | $ | 9,152 |  |  | $ | 2,894 |  |  | $ | 88 |
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 |  | Six Months Ended
| December 27, 2015 |  | December 28, 2014 |  | December 27, 2015 |  | December 28, 2014
Derivatives Not Designated as Hedging Instruments: | Location of Gain Recognized in Income |  | Gain Recognized in Income |  | Gain Recognized in Income |  | Gain Recognized in Income |  | Gain Recognized in Income
|  |  | (in thousands)
Foreign Exchange Contracts | Other income |  | $ | 1,561 |  |  | $ | 1,118 |  |  | $ | 7,568 |  |  | $ | 2,086 |

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- 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
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- 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
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