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FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Mar. 25, 2018
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 March 25, 2018, and June 25, 2017:
| March 25, 2018
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
(in thousands)
Cash | $ | 536,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 536,477 |  |  | $ | 529,918 |  |  | $ | — |  |  | $ | 6,559 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposit | 715,363 |  |  | — |  |  | — |  |  | 715,363 |  |  | 465,335 |  |  | — |  |  | 250,028 |  |  | — |
Money market funds | 2,954,408 |  |  | — |  |  | — |  |  | 2,954,408 |  |  | 2,954,408 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 967,581 |  |  | 1 |  |  | (206 | ) |  | 967,376 |  |  | 749,334 |  |  | 218,042 |  |  | — |  |  | — |
Mutual funds | 69,659 |  |  | 669 |  |  | (67 | ) |  | 70,261 |  |  | — |  |  | — |  |  | — |  |  | 70,261 |
Level 1 Total | 4,707,011 |  |  | 670 |  |  | (273 | ) |  | 4,707,408 |  |  | 4,169,077 |  |  | 218,042 |  |  | 250,028 |  |  | 70,261 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds | 156,279 |  |  | 1 |  |  | (533 | ) |  | 155,747 |  |  | — |  |  | 155,747 |  |  | — |  |  | — |
Government-sponsored enterprises | 19,467 |  |  | 1 |  |  | (180 | ) |  | 19,288 |  |  | — |  |  | 19,288 |  |  | — |  |  | — |
Foreign government bonds | 6,462 |  |  | — |  |  | — |  |  | 6,462 |  |  | — |  |  | 6,462 |  |  | — |  |  | — |
Corporate notes and bonds | 1,300,174 |  |  | 137 |  |  | (1,090 | ) |  | 1,299,221 |  |  | — |  |  | 1,299,221 |  |  | — |  |  | — |
Mortgage backed securities — residential | 12,204 |  |  | 5 |  |  | — |  |  | 12,209 |  |  | — |  |  | 12,209 |  |  | — |  |  | — |
Mortgage backed securities — commercial | 75,005 |  |  | 2 |  |  | — |  |  | 75,007 |  |  | — |  |  | 75,007 |  |  | — |  |  | — |
Level 2 Total | 1,569,591 |  |  | 146 |  |  | (1,803 | ) |  | 1,567,934 |  |  | — |  |  | 1,567,934 |  |  | — |  |  | — |
Total | $ | 6,813,079 |  |  | $ | 816 |  |  | $ | (2,076 | ) |  | $ | 6,811,819 |  |  | $ | 4,698,995 |  |  | $ | 1,785,976 |  |  | $ | 256,587 |  |  | $ | 70,261 |
| June 25, 2017
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
(in thousands)
Cash | $ | 551,308 |  |  | $ | — |  |  | $ | — |  |  | $ | 551,308 |  |  | $ | 545,130 |  |  | $ | — |  |  | $ | 6,178 |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposit | 640,666 |  |  | — |  |  | — |  |  | 640,666 |  |  | 390,639 |  |  | — |  |  | 250,027 |  |  | — |
Money market funds | 1,423,417 |  |  | — |  |  | — |  |  | 1,423,417 |  |  | 1,423,417 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 783,848 |  |  | 684 |  |  | (2,111 | ) |  | 782,421 |  |  | 8,297 |  |  | 774,124 |  |  | — |  |  | — |
Mutual funds | 53,247 |  |  | 3,007 |  |  | — |  |  | 56,254 |  |  | — |  |  | — |  |  | — |  |  | 56,254 |
Level 1 Total | 2,901,178 |  |  | 3,691 |  |  | (2,111 | ) |  | 2,902,758 |  |  | 1,822,353 |  |  | 774,124 |  |  | 250,027 |  |  | 56,254 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds | 194,575 |  |  | 308 |  |  | (7 | ) |  | 194,876 |  |  | — |  |  | 194,876 |  |  | — |  |  | — |
U.S. Treasury and agencies | 12,795 |  |  | — |  |  | (167 | ) |  | 12,628 |  |  | — |  |  | 12,628 |  |  | — |  |  | — |
Government-sponsored enterprises | 24,502 |  |  | — |  |  | (6 | ) |  | 24,496 |  |  | — |  |  | 24,496 |  |  | — |  |  | — |
Foreign government bonds | 62,917 |  |  | 219 |  |  | (114 | ) |  | 63,022 |  |  | — |  |  | 63,022 |  |  | — |  |  | — |
Corporate notes and bonds | 2,433,622 |  |  | 4,654 |  |  | (1,840 | ) |  | 2,436,436 |  |  | 10,051 |  |  | 2,426,385 |  |  | — |  |  | — |
Mortgage backed securities — residential | 102,760 |  |  | 87 |  |  | (489 | ) |  | 102,358 |  |  | — |  |  | 102,358 |  |  | — |  |  | — |
Mortgage backed securities — commercial | 65,828 |  |  | 9 |  |  | (98 | ) |  | 65,739 |  |  | — |  |  | 65,739 |  |  | — |  |  | — |
Level 2 Total | 2,896,999 |  |  | 5,277 |  |  | (2,721 | ) |  | 2,899,555 |  |  | 10,051 |  |  | 2,889,504 |  |  | — |  |  | — |
Total | $ | 6,349,485 |  |  | $ | 8,968 |  |  | $ | (4,832 | ) |  | $ | 6,353,621 |  |  | $ | 2,377,534 |  |  | $ | 3,663,628 |  |  | $ | 256,205 |  |  | $ | 56,254 |
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 investment in unrealized loss positions:
| March 25, 2018
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)
U.S. Treasury and agencies | $ | 19,026 |  |  | $ | (144 | ) |  | $ | 4,338 |  |  | $ | (62 | ) |  | $ | 23,364 |  |  | $ | (206 | )
Municipal notes and bonds | 149,564 |  |  | (533 | ) |  | — |  |  | — |  |  | 149,564 |  |  | (533 | )
Mutual funds | 9,117 |  |  | (67 | ) |  | — |  |  | — |  |  | 9,117 |  |  | (67 | )
Government-sponsored enterprises | 10,805 |  |  | (180 | ) |  | — |  |  | — |  |  | 10,805 |  |  | (180 | )
Corporate notes and bonds | 79,534 |  |  | (954 | ) |  | 17,840 |  |  | (136 | ) |  | 97,374 |  |  | (1,090 | )
| $ | 268,046 |  |  | $ | (1,878 | ) |  | $ | 22,178 |  |  | $ | (198 | ) |  | $ | 290,224 |  |  | $ | (2,076 | )
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 March 25, 2018:
| Cost |  | Estimated Fair Value
(in thousands)
Due in one year or less | $ | 4,780,498 |  |  | $ | 4,780,239 |
Due after one year through five years | 1,345,093 |  |  | 1,343,499 |
Due in more than five years | 81,352 |  |  | 81,343 |
| $ | 6,206,943 |  |  | $ | 6,205,081 |
Schedule of Outstanding Foreign Currency Forward Contracts | As of March 25, 2018, the Company had the following outstanding foreign currency contracts that were entered into under its cash flow and balance sheet hedge programs:
| 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 | $ | — |  |  | $ | 836,677 |  |  | $ | — |  |  | $ | 196,023 |
Euro | 104,593 |  |  | — |  |  | 57,781 |  |  | — |
Korean won | 33,474 |  |  | — |  |  | — |  |  | 93,412 |
Taiwan dollar | — |  |  | — |  |  | 24,086 |  |  | — |
Singapore dollar | — |  |  | — |  |  | 15,943 |  |  | — |
British pound sterling | — |  |  | — |  |  | 9,859 |  |  | — |
Swiss franc | — |  |  | — |  |  | 7,354 |  |  | — |
Indian rupee | — |  |  | — |  |  | 1,527 |  |  | — |
| $ | 138,067 |  |  | $ | 836,677 |  |  | $ | 116,550 |  |  | $ | 289,435 |
Foreign currency option contracts |  |  |  |  |  |  |
| Buy Put |  | Sell Put |  | Buy Put |  | Sell Put
Japanese yen | $ | — |  |  | $ | — |  |  | $ | 18,018 |  |  | $ | 18,018 |
Schedule of Fair Value of Derivatives Instruments | The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of March 25, 2018, and June 25, 2017 were as follows:
| March 25, 2018 |  | June 25, 2017
Fair Value of Derivative Instruments (Level 2) |  | Fair Value of Derivative Instruments (Level 2)
Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
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 contracts | Prepaid expense and other assets |  | $ | 3,129 |  |  | Accrued expenses and other current liabilities |  | $ | 28,780 |  |  | Prepaid expense and other assets |  | $ | 8,061 |  |  | Accrued expenses and other current liabilities |  | $ | 2,916 |
Interest rate contracts, short-term |  |  | — |  |  | Accrued expenses and other current liabilities |  | 2,981 |  |  |  |  |  |  |  | Accrued expenses and other current liabilities |  | 2,833 |
Interest rate contracts, long-term |  |  | — |  |  | Other long-term liabilities |  | 25,926 |  |  |  |  |  |  |  | Other long-term liabilities |  | 7,269 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts | Prepaid expense and other assets |  | 69 |  |  | Accrued expenses and other current liabilities |  | 145 |  |  | Prepaid expense and other assets |  | 213 |  |  | Accrued expenses and other current liabilities |  | 342 |
Total Derivatives |  |  | $ | 3,198 |  |  |  |  | $ | 57,832 |  |  |  |  | $ | 8,274 |  |  |  |  | $ | 13,360 |
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 March 25, 2018 |  | Nine Months Ended March 25, 2018
| Location of Gain or (Loss) Reclassified from AOCI into Income | (Loss) Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Income |  | (Loss) Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Income
|  | (in thousands)
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |  |  |
Foreign Exchange Contracts | Revenue | $ | (44,399 | ) |  | $ | (7,375 | ) |  | $ | (36,214 | ) |  | $ | (7,410 | )
Foreign Exchange Contracts | Cost of goods sold | 2,735 |  |  | 1,084 |  |  | 4,928 |  |  | 3,556 |
Foreign Exchange Contracts | Selling, general, and administrative | 690 |  |  | 501 |  |  | 1,840 |  |  | 2,227 |
|  | $ | (40,974 | ) |  | $ | (5,790 | ) |  | $ | (29,446 | ) |  | $ | (1,627 | )
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |
Interest Rate Contracts | Other expense, net | — |  |  | (32 | ) |  | — |  |  | (94 | )
|  | Three Months Ended March 26, 2017 |  | Nine Months Ended March 26, 2017
|  | Effective Portion |  | Ineffective Portion and Amount Excluded from Effectiveness |  | Effective Portion |  | Ineffective Portion and Amount Excluded from Effectiveness
Derivatives Designated as Hedging Instruments | Location of Gain (Loss) Recognized in or Reclassified into Income | (Loss) Gain Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income |  | Gain (Loss) Recognized in Income |  | (Loss) Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Income |  | Gain (Loss) Recognized in Income
|  | (in thousands)
Foreign Exchange Contracts | Revenue | $ | (16,734 | ) |  | $ | 5,646 |  |  | $ | 2,367 |  |  | $ | (1,509 | ) |  | $ | (8,379 | ) |  | $ | 3,780 |
Foreign Exchange Contracts | Cost of goods sold | 2,095 |  |  | (56 | ) |  | (227 | ) |  | 1,544 |  |  | (63 | ) |  | (322 | )
Foreign Exchange Contracts | Selling, general, and administrative | 898 |  |  | (57 | ) |  | (76 | ) |  | 526 |  |  | (212 | ) |  | (112 | )
Foreign Exchange Contracts | Other expense, net | — |  |  | — |  |  | (16 | ) |  | — |  |  | — |  |  | (13 | )
Interest Rate Contracts | Other expense, net | — |  |  | (30 | ) |  | — |  |  | — |  |  | 1,757 |  |  | — |
|  | $ | (13,741 | ) |  | $ | 5,503 |  |  | $ | 2,048 |  |  | $ | 561 |  |  | $ | (6,897 | ) |  | $ | 3,333 |
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 25, 2018 |  | March 26, 2017 |  | March 25, 2018 |  | March 26, 2017
Derivatives Not Designated as Hedging Instruments: | Location of Gain Recognized in Income | Gain Recognized in Income |  | Loss Recognized in Income |  | Gain Recognized in Income |  | Gain Recognized in Income
|  | (in thousands)
Foreign Exchange Contracts | Other income | $ | 1,198 |  |  | $ | (3,067 | ) |  | $ | 6,482 |  |  | $ | 893 |
The following table presents the effect of fair value cash flow hedge accounting on the Statement of Financial Performance:
| Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
| Three Months Ended |  | Nine Months Ended
| March 25, 2018 |  | March 25, 2018
| Revenue |  | Cost of Goods Sold |  | Selling, General and Admini-strative |  | Other Income (Expense) |  | Revenue |  | Cost of Goods Sold |  | Selling, General and Admini-strative |  | Other Income (Expense)
| (in thousands)
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded:
| $ | 2,892,115 |  |  | $ | 1,561,401 |  |  | $ | 197,791 |  |  | $ | (55,810 | ) |  | $ | 7,951,070 |  |  | $ | 4,265,446 |  |  | $ | 565,719 |  |  | $ | (64,464 | )
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20:
Interest contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | — |  |  | 9,725 |  |  | — |  |  | — |  |  | — |  |  | 18,805 |
Derivatives designated as hedging instruments | — |  |  | — |  |  | — |  |  | (9,725 | ) |  | — |  |  | — |  |  | — |  |  | (18,805 | )
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | (7,375 | ) |  | 1,084 |  |  | 501 |  |  | — |  |  | (7,410 | ) |  | 3,556 |  |  | 2,227 |  |  | — |

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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 (b) -URI http://asc.fasb.org/extlink&oid=66048111&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=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + 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=82897076&loc=d3e27290-111563 + Details
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