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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Dec. 29, 2019
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 29, 2019, and June 30, 2019:
| December 29, 2019
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 580,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 580,318 |  |  | $ | 576,439 |  |  | $ | — |  |  | $ | 3,879 |  |  | $ | — |
Time deposit | 1,606,528 |  |  | — |  |  | — |  |  | 1,606,528 |  |  | 1,356,500 |  |  | — |  |  | 250,028 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 977,274 |  |  | — |  |  | — |  |  | 977,274 |  |  | 977,274 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 476,406 |  |  | 116 |  |  | (54 | ) |  | 476,468 |  |  | — |  |  | 476,468 |  |  | — |  |  | — |
Mutual funds | 75,244 |  |  | 5,792 |  |  | (452 | ) |  | 80,584 |  |  | — |  |  | — |  |  | — |  |  | 80,584 |
Level 1 Total | 1,528,924 |  |  | 5,908 |  |  | (506 | ) |  | 1,534,326 |  |  | 977,274 |  |  | 476,468 |  |  | — |  |  | 80,584 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises | 9,819 |  |  | — |  |  | (3 | ) |  | 9,816 |  |  | 2,799 |  |  | 7,017 |  |  | — |  |  | — |
Foreign government bonds | 30,507 |  |  | 2 |  |  | (6 | ) |  | 30,503 |  |  | — |  |  | 30,503 |  |  | — |  |  | — |
Corporate notes and bonds | 1,225,526 |  |  | 742 |  |  | (444 | ) |  | 1,225,824 |  |  | 122,875 |  |  | 1,102,949 |  |  | — |  |  | — |
Mortgage backed securities — residential | 4,172 |  |  | 8 |  |  | — |  |  | 4,180 |  |  | — |  |  | 4,180 |  |  | — |  |  | — |
Mortgage backed securities — commercial | 26,751 |  |  | 34 |  |  | (35 | ) |  | 26,750 |  |  | — |  |  | 26,750 |  |  | — |  |  | — |
Level 2 Total | 1,296,775 |  |  | 786 |  |  | (488 | ) |  | 1,297,073 |  |  | 125,674 |  |  | 1,171,399 |  |  | — |  |  | — |
Total | $ | 5,012,545 |  |  | $ | 6,694 |  |  | $ | (994 | ) |  | $ | 5,018,245 |  |  | $ | 3,035,887 |  |  | $ | 1,647,867 |  |  | $ | 253,907 |  |  | $ | 80,584 |
| June 30, 2019
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 467,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 467,460 |  |  | $ | 462,310 |  |  | $ | — |  |  | $ | 5,150 |  |  | $ | — |
Time deposit | 1,563,686 |  |  | — |  |  | — |  |  | 1,563,686 |  |  | 1,313,659 |  |  | — |  |  | 250,027 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,644,659 |  |  | — |  |  | — |  |  | 1,644,659 |  |  | 1,644,659 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 465,655 |  |  | 283 |  |  | (24 | ) |  | 465,914 |  |  | 86,981 |  |  | 378,933 |  |  | — |  |  | — |
Mutual funds | 76,961 |  |  | 1,063 |  |  | (283 | ) |  | 77,741 |  |  | — |  |  | — |  |  | — |  |  | 77,741 |
Level 1 Total | 2,187,275 |  |  | 1,346 |  |  | (307 | ) |  | 2,188,314 |  |  | 1,731,640 |  |  | 378,933 |  |  | — |  |  | 77,741 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises | 16,005 |  |  | 5 |  |  | (41 | ) |  | 15,969 |  |  | — |  |  | 15,969 |  |  | — |  |  | — |
Foreign government bonds | 24,408 |  |  | 35 |  |  | — |  |  | 24,443 |  |  | — |  |  | 24,443 |  |  | — |  |  | — |
Corporate notes and bonds | 1,466,167 |  |  | 2,310 |  |  | (99 | ) |  | 1,468,378 |  |  | 150,610 |  |  | 1,317,768 |  |  | — |  |  | — |
Mortgage backed securities — residential | 6,148 |  |  | — |  |  | (4 | ) |  | 6,144 |  |  | — |  |  | 6,144 |  |  | — |  |  | — |
Mortgage backed securities — commercial | 29,587 |  |  | 140 |  |  | — |  |  | 29,727 |  |  | — |  |  | 29,727 |  |  | — |  |  | — |
Level 2 Total | 1,542,315 |  |  | 2,490 |  |  | (144 | ) |  | 1,544,661 |  |  | 150,610 |  |  | 1,394,051 |  |  | — |  |  | — |
Total | $ | 5,760,736 |  |  | $ | 3,836 |  |  | $ | (451 | ) |  | $ | 5,764,121 |  |  | $ | 3,658,219 |  |  | $ | 1,772,984 |  |  | $ | 255,177 |  |  | $ | 77,741 |
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 29, 2019
| 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 | $ | 325,502 |  |  | $ | (54 | ) |  | $ | — |  |  | $ | — |  |  | $ | 325,502 |  |  | $ | (54 | )
Mutual funds | 2,925 |  |  | (195 | ) |  | 7,955 |  |  | (257 | ) |  | 10,880 |  |  | (452 | )
Government-sponsored enterprises | — |  |  | — |  |  | 6,995 |  |  | (3 | ) |  | 6,995 |  |  | (3 | )
Foreign government bonds | 29,420 |  |  | (6 | ) |  | — |  |  | — |  |  | 29,420 |  |  | (6 | )
Corporate notes and bonds | 703,002 |  |  | (441 | ) |  | 6,780 |  |  | (3 | ) |  | 709,782 |  |  | (444 | )
Mortgage backed securities — commercial | 16,805 |  |  | (35 | ) |  | — |  |  | — |  |  | 16,805 |  |  | (35 | )
| $ | 1,077,654 |  |  | $ | (731 | ) |  | $ | 21,730 |  |  | $ | (263 | ) |  | $ | 1,099,384 |  |  | $ | (994 | )
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 29, 2019:
| Cost |  | Estimated Fair Value
| (in thousands)
Due in one year or less | $ | 3,889,431 |  |  | $ | 3,889,377 |
Due after one year through five years | 444,558 |  |  | 444,950 |
Due in more than five years | 22,994 |  |  | 23,016 |
| $ | 4,356,983 |  |  | $ | 4,357,343 |
Schedule of Outstanding Foreign Currency Forward Contracts | As of December 29, 2019, 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 | $ | — |  |  | $ | 100,830 |  |  | $ | 61,301 |  |  | $ | — |
Euro | 61,007 |  |  | — |  |  | 42,371 |  |  | — |
Korean won | 15,401 |  |  | — |  |  | — |  |  | 4,294 |
British pound sterling | — |  |  | — |  |  | 48,439 |  |  | — |
Taiwan dollar | — |  |  | — |  |  | 33,328 |  |  | — |
Chinese renminbi | — |  |  | — |  |  | 31,683 |  |  | — |
Swiss franc | — |  |  | — |  |  | 22,493 |  |  | — |
Singapore dollar | — |  |  | — |  |  | 21,409 |  |  | — |
Indian rupee | — |  |  | — |  |  | 7,855 |  |  | — |
| $ | 76,408 |  |  | $ | 100,830 |  |  | $ | 268,879 |  |  | $ | 4,294 |
Schedule of Fair Value of Derivatives Instruments | The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheet as of December 29, 2019, and June 30, 2019 were as follows:
| December 29, 2019 |  | June 30, 2019
| 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 |  | $ | 2,437 |  |  | Accrued expenses and other current liabilities |  | $ | 16 |  |  | Prepaid expense and other assets |  | $ | 119 |  |  | Accrued expenses and other current liabilities |  | $ | 2,756 |
Interest rate contracts, short-term |  |  | — |  |  | Accrued expenses and other current liabilities |  | 2,746 |  |  |  |  | — |  |  | Accrued expenses and other current liabilities |  | 5,149 |
Interest rate contracts, long-term | Other assets |  | 3,605 |  |  |  |  | — |  |  | Other assets |  | 1,537 |  |  |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts | Prepaid expense and other assets |  | 21 |  |  | Accrued expenses and other current liabilities |  | 200 |  |  | Prepaid expense and other assets |  | 1,249 |  |  | Accrued expenses and other current liabilities |  | 748 |
Total Derivatives |  |  | $ | 6,063 |  |  |  |  | $ | 2,962 |  |  |  |  | $ | 2,905 |  |  |  |  | $ | 8,653 |
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 |  | Six Months Ended
| December 29, 2019 |  | December 29, 2019
| Location of Gain or (Loss) Recognized in or Reclassified into Income | Gain Recognized in AOCI |  | Loss Reclassified from AOCI into Income |  | Gain (Loss) Recognized in AOCI |  | Loss Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships | (in thousands)
Foreign Exchange Contracts | Revenue | $ | 2,264 |  |  | $ | (172 | ) |  | $ | 3,198 |  |  | $ | (506 | )
Foreign Exchange Contracts | Cost of goods sold | 196 |  |  | (1,090 | ) |  | (1,067 | ) |  | (1,900 | )
Foreign Exchange Contracts | Selling, general, and administrative | 130 |  |  | (417 | ) |  | (465 | ) |  | (893 | )
Interest Rate Contracts | Other expense, net | 2,394 |  |  | (35 | ) |  | 2,394 |  |  | (70 | )
|  | $ | 4,984 |  |  | $ | (1,714 | ) |  | $ | 4,060 |  |  | $ | (3,369 | )
|  | Three Months Ended |  | Six Months Ended
| December 23, 2018 |  | December 23, 2018
| Location of Gain or (Loss) Recognized in or Reclassified into Income | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships | (in thousands)
Foreign Exchange Contracts | Revenue | $ | 8,229 |  |  | $ | 7,813 |  |  | $ | 16,670 |  |  | $ | 8,487 |
Foreign Exchange Contracts | Cost of goods sold | (1,965 | ) |  | (851 | ) |  | (2,089 | ) |  | (2,408 | )
Foreign Exchange Contracts | Selling, general, and administrative | (674 | ) |  | (651 | ) |  | (878 | ) |  | (1,178 | )
Interest Rate Contracts | Other expense, net | — |  |  | (33 | ) |  | — |  |  | (66 | )
|  | $ | 5,590 |  |  | $ | 6,278 |  |  | $ | 13,703 |  |  | $ | 4,835 |
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 29, 2019 |  | December 23, 2018 |  | December 29, 2019 |  | December 23, 2018
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) Recognized in Income | Gain Recognized in Income |  | Gain Recognized in Income |  | Loss Recognized in Income |  | Gain Recognized in Income
|  | (in thousands)
Foreign Exchange Contracts | Other income | $ | 3,571 |  |  | $ | 301 |  |  | $ | (1,930 | ) |  | $ | 10,889 |
The following table presents the effect of the fair value cash flow hedge accounting on the Statement of Financial Performance as well as presents the location and amount of gain/(loss) recognized in Income on fair value and cash flow hedging relationships:
| Three Months Ended |  | Six Months Ended
| December 29, 2019 |  | December 29, 2019
| 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:
| $ | 2,583,501 |  |  | $1,403,857 |  | $ | 174,272 |  |  | $ | (13,924 | ) |  | $ | 4,749,247 |  |  | $ | 2,587,893 |  |  | $ | 331,700 |  |  | $ | (26,652 | )
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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,342 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,092 | )
Derivatives designated as hedging instruments | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,342 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,092 |
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20: |  |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive income into income | $ | (172 | ) |  | $ | (1,090 | ) |  | $ | (417 | ) |  | $ | — |  |  | $ | (506 | ) |  | $ | (1,900 | ) |  | $ | (893 | ) |  | $ | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive income into income | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (70 | )

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