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Financial Instruments (Tables) | 12 Months Ended
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Jun. 25, 2023
Fair Value Disclosures [Abstract] |
Schedule of 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 25, 2023, and June 26, 2022:
| June 25, 2023
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 2,223,642 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,223,642 |  |  | $ | 2,223,642 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 96,646 |  |  | 12,092 |  |  | (2,069) |  |  | 106,669 |  |  | — |  |  | — |  |  | — |  |  | 106,669 |
Level 1 Total | 2,320,288 |  |  | 12,092 |  |  | (2,069) |  |  | 2,330,311 |  |  | 2,223,642 |  |  | — |  |  | — |  |  | 106,669 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds | 38,033 |  |  | — |  |  | (392) |  |  | 37,641 |  |  | — |  |  | 37,641 |  |  | — |  |  | — |
Level 2 Total | 38,033 |  |  | — |  |  | (392) |  |  | 37,641 |  |  | — |  |  | 37,641 |  |  | — |  |  | — |
Total subject to fair value hierarchy | $ | 2,358,321 |  |  | $ | 12,092 |  |  | $ | (2,461) |  |  | $ | 2,367,952 |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  | 2,132,811 |  |  | 2,132,522 |  |  | — |  |  | 289 |  |  | — |
Time deposits |  |  |  |  |  |  | 1,230,919 |  |  | 980,892 |  |  | — |  |  | 250,027 |  |  | — |
Total |  |  |  |  |  |  | $ | 5,731,682 |  |  | $ | 5,337,056 |  |  | $ | 37,641 |  |  | $ | 250,316 |  |  | $ | 106,669 |
| June 26, 2022
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  | Restricted Cash & Investments |  | Other Assets
| (in thousands)
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 712,076 |  |  | $ | — |  |  | $ | — |  |  | $ | 712,076 |  |  | $ | 712,076 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 84,851 |  |  | 12,027 |  |  | (1,659) |  |  | 95,219 |  |  | — |  |  | — |  |  | — |  |  | 95,219 |
Level 1 Total | 796,927 |  |  | 12,027 |  |  | (1,659) |  |  | 807,295 |  |  | 712,076 |  |  | — |  |  | — |  |  | 95,219 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds | 137,859 |  |  | — |  |  | (2,128) |  |  | 135,731 |  |  | — |  |  | 135,731 |  |  | — |  |  | — |
Level 2 Total | 137,859 |  |  | — |  |  | (2,128) |  |  | 135,731 |  |  | — |  |  | 135,731 |  |  | — |  |  | — |
Total subject to fair value hierarchy | $ | 934,786 |  |  | $ | 12,027 |  |  | $ | (3,787) |  |  | $ | 943,026 |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  | 1,017,253 |  |  | 1,015,747 |  |  | — |  |  | 1,506 |  |  | — |
Time deposits |  |  |  |  |  |  | 2,044,206 |  |  | 1,794,178 |  |  | — |  |  | 250,028 |  |  | — |
Total |  |  |  |  |  |  | $ | 4,004,485 |  |  | $ | 3,522,001 |  |  | $ | 135,731 |  |  | $ | 251,534 |  |  | $ | 95,219 |
Schedule of Available-for-Sale And Trading Securities, Unrealized Loss Position, Fair Value | The following is an analysis of the Company’s investments in unrealized loss positions.:
| June 25, 2023
| 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 | $ | — |  |  | $ | — |  |  | $ | 30,356 |  |  | $ | (2,069) |  |  | $ | 30,356 |  |  | $ | (2,069) |
Corporate notes and bonds | 9,105 |  |  | (6) |  |  | 26,517 |  |  | (386) |  |  | 35,622 |  |  | (392) |
| $ | 9,105 |  |  | $ | (6) |  |  | $ | 56,873 |  |  | $ | (2,455) |  |  | $ | 65,978 |  |  | $ | (2,461) |
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 25, 2023, are as follows:
| Cost |  | Fair Value
| (in thousands)
Due in one year or less | $ | 3,489,100 |  |  | $ | 3,488,721 |
Due after one year through five years | 3,494 |  |  | 3,481 |
| $ | 3,492,594 |  |  | $ | 3,492,202 |
Schedule of Outstanding Foreign Currency Forward Contracts | The following table provides the total notional value of cash flow hedge instruments outstanding as of June 25, 2023:
| June 25, 2023
| (In thousands)
Buy Contracts | $ | 269,827 |
Sell Contracts | 168,233 |
The following table provides the total notional value of balance sheet hedge instruments outstanding as of June 25, 2023:
| June 25, 2023
| (In thousands)
Buy Contracts | $ | 268,166 |
Sell Contracts | 166,723 |
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 25, 2023 |  | Year Ended June 26, 2022
| 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 | $ | 11,801 |  |  | $ | 1,810 |  |  | $ | 57,058 |  |  | $ | 45,057 |
Foreign exchange contracts | Cost of goods sold | 1,804 |  |  | 3,002 |  |  | (23,414) |  |  | (11,410) |
Foreign exchange contracts | R&D | — |  |  | (5) |  |  | (1,948) |  |  | (10) |
Foreign exchange contracts | SG&A | 418 |  |  | 140 |  |  | (6,914) |  |  | (2,434) |
Interest rate contracts | Other income (expense), net | — |  |  | (1,091) |  |  | — |  |  | (4,238) |
|  | $ | 14,023 |  |  | $ | 3,856 |  |  | $ | 24,782 |  |  | $ | 26,965 |
The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Consolidated Statements of Operations was as follows:
| Year Ended
June 25, 2023 |  | June 26, 2022
Derivatives Not Designated as Hedging Instruments: | Location of (Loss) Gain Recognized in Income | (Loss) Recognized in Income |  | Gain Recognized in Income
|  | (in thousands)
Foreign exchange contracts | Other income (expense), net | $ | (9,544) |  |  | $ | 14,362 |

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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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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