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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Dec. 25, 2016
Fair Value Disclosures [Abstract] |
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 December 25, 2016 and June 26, 2016:
| December 25, 2016
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
(in thousands)
Cash | $ | 615,922 |  |  | $ | — |  |  | $ | — |  |  | $ | 615,922 |  |  | $ | 610,775 |  |  | $ | — |  |  | $ | 5,147 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposit | 728,810 |  |  | — |  |  | — |  |  | 728,810 |  |  | 478,782 |  |  | — |  |  | 250,028 |  |  | — |
Money Market Funds | 1,233,602 |  |  | — |  |  | — |  |  | 1,233,602 |  |  | 1,233,602 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and Agencies | 811,564 |  |  | 39 |  |  | (4,720 | ) |  | 806,883 |  |  | 88,982 |  |  | 717,901 |  |  | — |  |  | — |
Mutual Funds | 40,889 |  |  | 1,613 |  |  | — |  |  | 42,502 |  |  | — |  |  | — |  |  | — |  |  | 42,502 |
Level 1 Total | 2,814,865 |  |  | 1,652 |  |  | (4,720 | ) |  | 2,811,797 |  |  | 1,801,366 |  |  | 717,901 |  |  | 250,028 |  |  | 42,502 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Notes and Bonds | 134,838 |  |  | 48 |  |  | (115 | ) |  | 134,771 |  |  | — |  |  | 134,771 |  |  | — |  |  | — |
Government-Sponsored Enterprises | 31,357 |  |  | — |  |  | (42 | ) |  | 31,315 |  |  | — |  |  | 31,315 |  |  | — |  |  | — |
Foreign Government Bonds | 30,605 |  |  | — |  |  | (177 | ) |  | 30,428 |  |  | 1,154 |  |  | 29,274 |  |  | — |  |  | — |
Corporate Notes and Bonds | 2,361,859 |  |  | 542 |  |  | (7,563 | ) |  | 2,354,838 |  |  | 80,167 |  |  | 2,274,671 |  |  | — |  |  | — |
Mortgage Backed Securities — Residential | 98,869 |  |  | 42 |  |  | (975 | ) |  | 97,936 |  |  | 10,498 |  |  | 87,438 |  |  | — |  |  | — |
Mortgage Backed Securities — Commercial | 54,266 |  |  | 4 |  |  | (215 | ) |  | 54,055 |  |  | — |  |  | 54,055 |  |  | — |  |  | — |
Level 2 Total | 2,711,794 |  |  | 636 |  |  | (9,087 | ) |  | 2,703,343 |  |  | 91,819 |  |  | 2,611,524 |  |  | — |  |  | — |
Total | $ | 6,142,581 |  |  | $ | 2,288 |  |  | $ | (13,807 | ) |  | $ | 6,131,062 |  |  | $ | 2,503,960 |  |  | $ | 3,329,425 |  |  | $ | 255,175 |  |  | $ | 42,502 |
| June 26, 2016
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
(in thousands)
Cash | $ | 418,216 |  |  | $ | — |  |  | $ | — |  |  | $ | 418,216 |  |  | $ | 412,573 |  |  | $ | — |  |  | $ | 5,643 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposit | 904,243 |  |  | — |  |  | — |  |  | 904,243 |  |  | 659,465 |  |  | — |  |  | 244,778 |  |  | — |
Money Market Funds | 3,904,288 |  |  | — |  |  | — |  |  | 3,904,288 |  |  | 3,904,288 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and Agencies | 446,530 |  |  | 2,041 |  |  | (2 | ) |  | 448,569 |  |  | 62,996 |  |  | 385,573 |  |  | — |  |  | — |
Mutual Funds | 39,318 |  |  | 1,400 |  |  | (397 | ) |  | 40,321 |  |  | — |  |  | — |  |  | — |  |  | 40,321 |
Level 1 Total | 5,294,379 |  |  | 3,441 |  |  | (399 | ) |  | 5,297,421 |  |  | 4,626,749 |  |  | 385,573 |  |  | 244,778 |  |  | 40,321 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Notes and Bonds | 265,386 |  |  | 355 |  |  | (16 | ) |  | 265,725 |  |  | — |  |  | 265,725 |  |  | — |  |  | — |
U.S. Treasury and Agencies | 8,068 |  |  | 151 |  |  | — |  |  | 8,219 |  |  | — |  |  | 8,219 |  |  | — |  |  | — |
Government-Sponsored Enterprises | 31,885 |  |  | 91 |  |  | (13 | ) |  | 31,963 |  |  | — |  |  | 31,963 |  |  | — |  |  | — |
Foreign Government Bonds | 41,440 |  |  | 76 |  |  | (4 | ) |  | 41,512 |  |  | — |  |  | 41,512 |  |  | — |  |  | — |
Corporate Notes and Bonds | 979,566 |  |  | 4,341 |  |  | (566 | ) |  | 983,341 |  |  | — |  |  | 983,341 |  |  | — |  |  | — |
Mortgage Backed Securities — Residential | 17,395 |  |  | 37 |  |  | (152 | ) |  | 17,280 |  |  | — |  |  | 17,280 |  |  | — |  |  | — |
Mortgage Backed Securities — Commercial | 55,129 |  |  | 30 |  |  | (160 | ) |  | 54,999 |  |  | — |  |  | 54,999 |  |  | — |  |  | — |
Level 2 Total | 1,398,869 |  |  | 5,081 |  |  | (911 | ) |  | 1,403,039 |  |  | — |  |  | 1,403,039 |  |  | — |  |  | — |
Total | $ | 7,111,464 |  |  | $ | 8,522 |  |  | $ | (1,310 | ) |  | $ | 7,118,676 |  |  | $ | 5,039,322 |  |  | $ | 1,788,612 |  |  | $ | 250,421 |  |  | $ | 40,321 |
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 25, 2016
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 | $ | 99,754 |  |  | $ | (111 | ) |  | $ | 1,996 |  |  | $ | (4 | ) |  | $ | 101,750 |  |  | $ | (115 | )
U.S. Treasury & Agencies | 684,419 |  |  | (4,720 | ) |  | — |  |  | — |  |  | 684,419 |  |  | (4,720 | )
Government-Sponsored Enterprises | 30,627 |  |  | (26 | ) |  | 564 |  |  | (16 | ) |  | 31,191 |  |  | (42 | )
Foreign Government Bonds | 26,189 |  |  | (177 | ) |  | — |  |  | — |  |  | 26,189 |  |  | (177 | )
Corporate Notes and Bonds | 1,617,323 |  |  | (7,476 | ) |  | 34,456 |  |  | (87 | ) |  | 1,651,779 |  |  | (7,563 | )
Mortgage Backed Securities — Residential | 75,601 |  |  | (818 | ) |  | 10,038 |  |  | (157 | ) |  | 85,639 |  |  | (975 | )
Mortgage Backed Securities — Commercial | 44,494 |  |  | (181 | ) |  | 7,138 |  |  | (34 | ) |  | 51,632 |  |  | (215 | )
| $ | 2,578,407 |  |  | $ | (13,509 | ) |  | $ | 54,192 |  |  | $ | (298 | ) |  | $ | 2,632,599 |  |  | $ | (13,807 | )
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 25, 2016:
| Cost |  | Estimated Fair Value
(in thousands)
Due in one year or less | $ | 3,036,400 |  |  | $ | 3,035,906 |
Due after one year through five years | 2,333,026 |  |  | 2,320,918 |
Due in more than five years | 116,344 |  |  | 115,814 |
| $ | 5,485,770 |  |  | $ | 5,472,638 |
Schedule of Outstanding Foreign Currency Forward Contracts | As of December 25, 2016, 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 | $ | — |  |  | $ | 235,891 |  |  | $ | — |  |  | $ | 45,498 |
Swiss franc | — |  |  | — |  |  | 8,740 |  |  | — |
Euro | 39,463 |  |  | — |  |  | 20,608 |  |  | — |
Korean won | 48,517 |  |  | — |  |  | 8,310 |  |  | — |
Chinese renminbi | — |  |  | — |  |  | 8,203 |  |  |
Singapore dollar | — |  |  | — |  |  | 20,732 |  |  | — |
Taiwan dollar | — |  |  | — |  |  | 15,639 |  |  | — |
| $ | 87,980 |  |  | $ | 235,891 |  |  | $ | 82,232 |  |  | $ | 45,498 |
Schedule of Fair Value of Derivatives Instruments | The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of December 25, 2016 and June 26, 2016 were as follows:
| December 25, 2016 |  | June 26, 2016
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 |  | $ | 13,432 |  |  | Accrued liabilities |  | $ | 847 |  |  | Prepaid expense and other assets |  | $ | 249 |  |  | Accrued liabilities |  | $ | 16,585 |
Interest rate contracts, short-term | Accrued expenses and other current liabilities |  | — |  |  | Prepaid expense and other assets |  | 2,024 |  |  | Accrued expenses and other current liabilities |  | 50 |  |  | Prepaid expense and other assets |  | 159 |
Interest rate contracts, long-term | Other assets |  | — |  |  | Other long-term liabilities |  | 17,152 |  |  | Other assets |  | 8,661 |  |  | Other long-term liabilities |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange forward contracts | Prepaid expense and other assets |  | 34 |  |  | Accrued liabilities |  | 117 |  |  | Prepaid expense and other assets |  | 107 |  |  | Accrued liabilities |  | 1,529 |
Total Derivatives |  |  | $ | 13,466 |  |  |  |  | $ | 20,140 |  |  |  |  | $ | 9,067 |  |  |  |  | $ | 18,273 |
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 25, 2016 |  | Six Months Ended December 25, 2016
|  | 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 | $ | 18,138 |  |  | $ | (420 | ) |  | $ | 708 |  |  | $ | 15,225 |  |  | $ | (14,025 | ) |  | $ | 1,413 |
Foreign Exchange Contracts | Cost of goods sold | (786 | ) |  | (180 | ) |  | (28 | ) |  | (551 | ) |  | (7 | ) |  | (95 | )
Foreign Exchange Contracts | Selling, general, and administrative | (348 | ) |  | (146 | ) |  | (15 | ) |  | (372 | ) |  | (155 | ) |  | (36 | )
Foreign Exchange Contracts | Other expense, net | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Interest Rate Contracts | Other expense, net | — |  |  | 1,778 |  |  | — |  |  | — |  |  | 1,787 |  |  | — |
|  | $ | 17,004 |  |  | $ | 1,032 |  |  | $ | 668 |  |  | $ | 14,302 |  |  | $ | (12,400 | ) |  | $ | 1,285 |
|  | 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 | 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 |  |
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 |
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 25, 2016 |  | December 27, 2015 |  | December 25, 2016 |  | December 27, 2015
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 |  | $ | 4,343 |  |  | $ | 1,561 |  |  | $ | 3,960 |  |  | $ | 7,568 |

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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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