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FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Mar. 27, 2022
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 March 27, 2022, and June 27, 2021:
| March 27, 2022
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Cash | $ | 1,217,415 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,217,415 |  |  | $ | 1,216,406 |  |  | $ | — |  |  | $ | 1,009 |  |  | $ | — |
Time deposits | 2,228,391 |  |  | — |  |  | — |  |  | 2,228,391 |  |  | 1,978,364 |  |  | — |  |  | 250,027 |  |  | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 999,949 |  |  | — |  |  | — |  |  | 999,949 |  |  | 999,949 |  |  | — |  |  | — |  |  | — |
Corporate equities | 3,000 |  |  | 63,634 |  |  | — |  |  | 66,634 |  |  | — |  |  | — |  |  | — |  |  | 66,634 |
Mutual funds | 95,527 |  |  | 15,883 |  |  | (339) |  |  | 111,071 |  |  | — |  |  | — |  |  | — |  |  | 111,071 |
Level 1 Total | 1,098,476 |  |  | 79,517 |  |  | (339) |  |  | 1,177,654 |  |  | 999,949 |  |  | — |  |  | — |  |  | 177,705 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds | 161,947 |  |  | — |  |  | (1,875) |  |  | 160,072 |  |  | — |  |  | 160,072 |  |  | — |  |  | — |
Level 2 Total | 161,947 |  |  | — |  |  | (1,875) |  |  | 160,072 |  |  | — |  |  | 160,072 |  |  | — |  |  | — |
Total | $ | 4,706,229 |  |  | $ | 79,517 |  |  | $ | (2,214) |  |  | $ | 4,783,532 |  |  | $ | 4,194,719 |  |  | $ | 160,072 |  |  | $ | 251,036 |  |  | $ | 177,705 |
| 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 deposits | 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 |
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:
| March 27, 2022
| 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)
Mutual funds | 7,048 |  |  | (197) |  |  | 1,735 |  |  | (142) |  |  | 8,783 |  |  | (339) |
Corporate notes and bonds | 158,942 |  |  | (1,875) |  |  | — |  |  | — |  |  | 158,942 |  |  | (1,875) |
| $ | 165,990 |  |  | $ | (2,072) |  |  | $ | 1,735 |  |  | $ | (142) |  |  | $ | 167,725 |  |  | $ | (2,214) |
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 27, 2022:
| Cost |  | Fair Value
| (in thousands)
Due in one year or less | $ | 3,279,093 |  |  | $ | 3,278,694 |
Due after one year through five years | 111,194 |  |  | 109,718 |
| $ | 3,390,287 |  |  | $ | 3,388,412 |
Schedule of Outstanding Foreign Currency Forward Contracts | The following table provides the total notional value of cash flow hedge instruments outstanding as of March 27, 2022:
| March 27, 2022
| (In thousands)
Buy Contracts | $ | 432,352 |
Sell Contracts | 260,210 |
The following table provides the total notional value of balance sheet hedge instruments outstanding as of March 27, 2022:
| March 27, 2022
| (In thousands)
Buy Contracts | $ | 291,892 |
Sell Contracts | 290,401 |
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 |  | Nine Months Ended
| March 27, 2022 |  | March 27, 2022
| Location of Gain or (Loss) Recognized in or Reclassified into Net Income | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Net Income |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships | (in thousands)
Foreign Exchange Contracts | Revenue | $ | 16,260 |  |  | $ | 10,383 |  |  | $ | 30,701 |  |  | $ | 26,751 |
Foreign Exchange Contracts | Cost of goods sold | (3,840) |  |  | (3,752) |  |  | (13,974) |  |  | (6,620) |
Foreign Exchange Contracts | Research and Development | — |  |  | (3) |  |  | (1,247) |  |  | (3) |
Foreign Exchange Contracts | Selling, general, and administrative | (191) |  |  | (524) |  |  | (3,602) |  |  | (1,071) |
Interest Rate Contracts | Other income (expense), net | — |  |  | (1,062) |  |  | — |  |  | (3,170) |
|  | $ | 12,229 |  |  | $ | 5,042 |  |  | $ | 11,878 |  |  | $ | 15,887 |
|  | Three Months Ended |  | Nine Months Ended
| March 28, 2021 |  | March 28, 2021
| Location of Gain or (Loss) Recognized in or Reclassified into Income | Gain (Loss) Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Net Income |  | Gain Recognized in AOCI |  | (Loss) Gain Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships | (in thousands)
Foreign Exchange Contracts | Revenue | $ | 15,285 |  |  | $ | (1,323) |  |  | $ | 6,948 |  |  | $ | (3,598) |
Foreign Exchange Contracts | Cost of goods sold | (3,473) |  |  | 1,355 |  |  | 3,429 |  |  | 3,073 |
Foreign Exchange Contracts | Research and Development | (1,319) |  |  | — |  |  | 950 |  |  | — |
Foreign Exchange Contracts | Selling, general, and administrative | (1,741) |  |  | 1,326 |  |  | 4,056 |  |  | 2,649 |
Interest Rate Contracts | Other income (expense), net | — |  |  | (962) |  |  | — |  |  | (2,871) |
|  | $ | 8,752 |  |  | $ | 396 |  |  | $ | 15,383 |  |  | $ | (747) |
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 |  | Nine Months Ended
|  | March 27, 2022 |  | March 28, 2021 |  | March 27, 2022 |  | March 28, 2021
Derivatives Not Designated as Hedging Instruments: | Location of Gain Recognized in Income | Gain Recognized in Net Income |  | Gain Recognized in Net Income |  | Gain Recognized in Net Income |  | Gain Recognized in Net Income
|  | (in thousands)
Foreign Exchange Contracts | Other income (expense), net | $ | 1,850 |  |  | $ | 2,992 |  |  | $ | 11,787 |  |  | $ | 6,895 |

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