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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Dec. 27, 2020
Fair Value Disclosures [Abstract] |
Schedule of 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, 2020, and June 28, 2020:
| December 27, 2020
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 1,148,170 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,148,170 |  |  | $ | 1,145,390 |  |  | $ | — |  |  | $ | 2,780 |  |  | $ | — |
Time deposits | 1,798,552 |  |  | — |  |  | — |  |  | 1,798,552 |  |  | 1,548,525 |  |  | — |  |  | 250,027 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 913,708 |  |  | — |  |  | — |  |  | 913,708 |  |  | 913,708 |  |  | — |  |  | — |  |  | — |
U.S. Treasury and agencies | 602,355 |  |  | 213 |  |  | (2) |  |  | 602,566 |  |  | 20,161 |  |  | 582,405 |  |  | — |  |  | — |
Mutual funds | 72,685 |  |  | 10,395 |  |  | (103) |  |  | 82,977 |  |  | — |  |  | — |  |  | — |  |  | 82,977 |
Level 1 Total | 1,588,748 |  |  | 10,608 |  |  | (105) |  |  | 1,599,251 |  |  | 933,869 |  |  | 582,405 |  |  | — |  |  | 82,977 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises | 3,496 |  |  | 15 |  |  | — |  |  | 3,511 |  |  | — |  |  | 3,511 |  |  | — |  |  | — |
Foreign government bonds | 45,112 |  |  | 43 |  |  | (2) |  |  | 45,153 |  |  | — |  |  | 45,153 |  |  | — |  |  | — |
Corporate notes and bonds | 1,765,273 |  |  | 3,878 |  |  | (221) |  |  | 1,768,930 |  |  | 59,381 |  |  | 1,709,549 |  |  | — |  |  | — |
Mortgage backed securities — residential | 6,997 |  |  | 62 |  |  | (3) |  |  | 7,056 |  |  | — |  |  | 7,056 |  |  | — |  |  | — |
Mortgage backed securities — commercial | 7,345 |  |  | 48 |  |  | — |  |  | 7,393 |  |  | — |  |  | 7,393 |  |  | — |  |  | — |
Level 2 Total | 1,828,223 |  |  | 4,046 |  |  | (226) |  |  | 1,832,043 |  |  | 59,381 |  |  | 1,772,662 |  |  | — |  |  | — |
Total | $ | 6,363,693 |  |  | $ | 14,654 |  |  | $ | (331) |  |  | $ | 6,378,016 |  |  | $ | 3,687,165 |  |  | $ | 2,355,067 |  |  | $ | 252,807 |  |  | $ | 82,977 |
| 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 deposits | 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, 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, 2020
| 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 | $ | 56,901 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 56,901 |  |  | $ | (2) |
Mutual funds | — |  |  | — |  |  | 5,403 |  |  | (103) |  |  | 5,403 |  |  | (103) |
Foreign government bonds | 8,843 |  |  | (2) |  |  | — |  |  | — |  |  | 8,843 |  |  | (2) |
Corporate notes and bonds | 332,902 |  |  | (221) |  |  | — |  |  | — |  |  | 332,902 |  |  | (221) |
Mortgage backed securities — residential | 4,448 |  |  | (3) |  |  | — |  |  | — |  |  | 4,448 |  |  | (3) |
| $ | 403,094 |  |  | $ | (228) |  |  | $ | 5,403 |  |  | $ | (103) |  |  | $ | 408,497 |  |  | $ | (331) |
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, 2020:
| Cost |  | Estimated Fair Value
| (in thousands)
Due in one year or less | $ | 4,214,397 |  |  | $ | 4,215,126 |
Due after one year through five years | 872,280 |  |  | 875,416 |
Due in more than five years | 56,161 |  |  | 56,327 |
| $ | 5,142,838 |  |  | $ | 5,146,869 |
Schedule of Total Notional Value of Cash Flow and Balance Sheet Hedge Instruments | The following table provides the total notional value of cash flow hedge instruments outstanding as of December 27, 2020:
| December 27, 2020
| (In thousands)
Buy Contracts | $ | 283,540 |
Sell Contracts | 300,228 |
The following table provides the total notional value of balance sheet hedge instruments outstanding as of December 27, 2020:
| December 27, 2020
| (In thousands)
Buy Contracts | $ | 211,703 |
Sell Contracts | 145,615 |
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 27, 2020 |  | December 27, 2020
| Location of Gain or (Loss) Recognized in or Reclassified into Net Income | (Loss) Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Net Income |  | (Loss) Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships | (in thousands)
Foreign Exchange Contracts | Revenue | $ | (5,056) |  |  | $ | (1,440) |  |  | $ | (8,337) |  |  | $ | (2,275) |
Foreign Exchange Contracts | Cost of goods sold | 5,809 |  |  | 1,158 |  |  | 6,902 |  |  | 1,718 |
Foreign Exchange Contracts | Research and Development | 1,875 |  |  | — |  |  | 2,269 |  |  | — |
Foreign Exchange Contracts | Selling, general, and administrative | 4,157 |  |  | 1,018 |  |  | 5,797 |  |  | 1,323 |
Interest Rate Contracts | Other expense, net | — |  |  | (957) |  |  | — |  |  | (1,909) |
|  | $ | 6,785 |  |  | $ | (221) |  |  | $ | 6,631 |  |  | $ | (1,143) |
|  | 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) |
The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations was as follows:
|  | Three Months Ended |  | Six Months Ended
|  | December 27, 2020 |  | December 29, 2019 |  | December 27, 2020 |  | December 29, 2019
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) Recognized in Income | Gain Recognized in Income |  | Gain Recognized in Income |  | Gain Recognized in Income |  | Loss Recognized in Income
|  | (in thousands)
Foreign Exchange Contracts | Other expense, net | $ | 1,156 |  |  | $ | 3,571 |  |  | $ | 3,903 |  |  | $ | (1,930) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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