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Financial Instruments (Tables) | 12 Months Ended
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Jun. 27, 2021
Fair Value Disclosures [Abstract] |
Cash, Cash Equivalents, Short-Term 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 June 27, 2021, and June 28, 2020:
| June 27, 2021
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 875,738 |  |  | $ | — |  |  | $ | — |  |  | $ | 875,738 |  |  | $ | 873,278 |  |  | $ | — |  |  | $ | 2,460 |  |  | $ | — |
Time deposit | 1,548,874 |  |  | — |  |  | — |  |  | 1,548,874 |  |  | 1,298,847 |  |  | — |  |  | 250,027 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 2,246,138 |  |  | — |  |  | — |  |  | 2,246,138 |  |  | 2,246,138 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 204,743 |  |  | 96 |  |  | (47) |  |  | 204,792 |  |  | — |  |  | 204,792 |  |  | — |  |  | — |
Mutual funds | 80,694 |  |  | 15,510 |  |  | (33) |  |  | 96,171 |  |  | — |  |  | — |  |  | — |  |  | 96,171 |
Level 1 total | 2,531,575 |  |  | 15,606 |  |  | (80) |  |  | 2,547,101 |  |  | 2,246,138 |  |  | 204,792 |  |  | — |  |  | 96,171 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises | 3,498 |  |  | 7 |  |  | — |  |  | 3,505 |  |  | — |  |  | 3,505 |  |  | — |  |  | — |
Foreign government bonds | 32,995 |  |  | 21 |  |  | (4) |  |  | 33,012 |  |  | — |  |  | 33,012 |  |  | — |  |  | — |
Corporate notes and bonds | 1,043,308 |  |  | 2,247 |  |  | (457) |  |  | 1,045,098 |  |  | — |  |  | 1,045,098 |  |  | — |  |  | — |
Mortgage backed securities - residential | 5,623 |  |  | 54 |  |  | — |  |  | 5,677 |  |  | — |  |  | 5,677 |  |  | — |  |  | — |
Mortgage backed securities - commercial | 18,830 |  |  | 17 |  |  | (59) |  |  | 18,788 |  |  | — |  |  | 18,788 |  |  | — |  |  | — |
Level 2 total | 1,104,254 |  |  | 2,346 |  |  | (520) |  |  | 1,106,080 |  |  | — |  |  | 1,106,080 |  |  | — |  |  | — |
Total | $ | 6,060,441 |  |  | $ | 17,952 |  |  | $ | (600) |  |  | $ | 6,077,793 |  |  | $ | 4,418,263 |  |  | $ | 1,310,872 |  |  | $ | 252,487 |  |  | $ | 96,171 |
| June 28, 2020
|  |  |  |  |  |  |  | (Reported Within)
Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 977,862 |  |  | $ | — |  |  | $ | — |  |  | $ | 977,862 |  |  | $ | 973,978 |  |  | $ | — |  |  | $ | 3,884 |  |  | $ | — |
Time deposit | 2,244,655 |  |  | — |  |  | — |  |  | 2,244,655 |  |  | 1,994,628 |  |  | — |  |  | 250,027 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,709,350 |  |  | — |  |  | — |  |  | 1,709,350 |  |  | 1,709,350 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 552,088 |  |  | 373 |  |  | (9) |  |  | 552,452 |  |  | 76,992 |  |  | 475,460 |  |  | — |  |  | — |
Mutual funds | 68,784 |  |  | 4,571 |  |  | (928) |  |  | 72,427 |  |  | — |  |  | — |  |  | — |  |  | 72,427 |
Level 1 total | 2,330,222 |  |  | 4,944 |  |  | (937) |  |  | 2,334,229 |  |  | 1,786,342 |  |  | 475,460 |  |  | — |  |  | 72,427 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises | 31,442 |  |  | 12 |  |  | — |  |  | 31,454 |  |  | 25,999 |  |  | 5,455 |  |  | — |  |  | — |
Foreign government bonds | 10,693 |  |  | 28 |  |  | (5) |  |  | 10,716 |  |  | 2,540 |  |  | 8,176 |  |  | — |  |  | — |
Corporate notes and bonds | 1,405,615 |  |  | 5,344 |  |  | (302) |  |  | 1,410,657 |  |  | 131,685 |  |  | 1,278,972 |  |  | — |  |  | — |
Mortgage backed securities - residential | 3,142 |  |  | 71 |  |  | — |  |  | 3,213 |  |  | — |  |  | 3,213 |  |  | — |  |  | — |
Mortgage backed securities - commercial | 23,660 |  |  | 144 |  |  | — |  |  | 23,804 |  |  | — |  |  | 23,804 |  |  | — |  |  | — |
Level 2 total | 1,474,552 |  |  | 5,599 |  |  | (307) |  |  | 1,479,844 |  |  | 160,224 |  |  | 1,319,620 |  |  | — |  |  | — |
Total | $ | 7,027,291 |  |  | $ | 10,543 |  |  | $ | (1,244) |  |  | $ | 7,036,590 |  |  | $ | 4,915,172 |  |  | $ | 1,795,080 |  |  | $ | 253,911 |  |  | $ | 72,427 |
Schedule of Cash, Cash Equivalents, Short-Term 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. As of June 27, 2021, there are no unrealized loss positions with a duration equal to or greater than twelve months:
| June 27, 2021
Unrealized Losses Less than 12 Months |  |  |  |
Fair Value |  | Gross Unrealized Loss |  |  |  |  |  |  |  |
| (in thousands)
U.S. Treasury and agencies | $ | 122,791 |  |  | $ | (47) |  |  |  |  |  |  |  |  |
Mutual funds | 2,642 |  |  | (33) |  |  |  |  |  |  |  |  |
Foreign government bonds | 2,133 |  |  | (4) |  |  |  |  |  |  |  |  |
Corporate notes and bonds | 278,133 |  |  | (457) |  |  |  |  |  |  |  |  |
Mortgage backed securities - commercial | 15,076 |  |  | (59) |  |  |  |  |  |  |  |  |
| $ | 420,775 |  |  | $ | (600) |  |  |  |  |  |  |  |  |
Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, Restricted Cash and Investments with Contractual Maturities | The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of June 27, 2021, are as follows:
| Cost |  | Fair Value
| (in thousands)
Due in one year or less | $ | 4,198,483 |  |  | $ | 4,198,992 |
Due after one year through five years | 866,243 |  |  | 867,562 |
Due in more than five years | 39,283 |  |  | 39,330 |
| $ | 5,104,009 |  |  | $ | 5,105,884 |
Schedule of Outstanding Foreign Currency Forward Contracts | The following table provides the total notional value of cash flow hedge instruments outstanding as of June 27, 2021:
| June 27, 2021
| (In thousands)
Buy Contracts | $ | 353,313 |
Sell Contacts | 598,407 |
The following table provides the total notional value of balance sheet hedge instruments outstanding as of June 27, 2021:
| June 27, 2021
| (In thousands)
Buy Contracts | $ | 214,606 |
Sell Contacts | 228,880 |
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 Consolidated Statements of Operations, including accumulated other comprehensive income (“AOCI”), was as follows:
|  | Year Ended June 27, 2021 |  | Year Ended June 28, 2020
| Location of Gain (Loss) Recognized in or Reclassified into Income | Gain 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 | $ | 17,614 |  |  | $ | 868 |  |  | $ | 4,095 |  |  | $ | 2,418 |
Foreign exchange contracts | Cost of goods sold | 3,756 |  |  | 3,659 |  |  | (2,104) |  |  | (3,101) |
Foreign exchange contracts | R&D | 898 |  |  | — |  |  | — |  |  | — |
Foreign exchange contracts | SG&A | 4,190 |  |  | 3,623 |  |  | (1,158) |  |  | (1,501) |
Interest rate contracts | Other expense, net | — |  |  | (3,855) |  |  | (40,610) |  |  | (700) |
|  | $ | 26,458 |  |  | $ | 4,295 |  |  | $ | (39,777) |  |  | $ | (2,884) |
The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Consolidated Statement of Operations was as follows:
| Year Ended
June 27, 2021 |  | June 28, 2020
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) Recognized in Income | Gain Recognized in Income |  | Loss Recognized in Income
|  | (in thousands)
Foreign exchange contracts | Other expense, net | $ | 7,057 |  |  | $ | (5,971) |

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