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FINANCIAL INSTRUMENTS | 3 Months Ended
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Sep. 24, 2023
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K. The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three months ended September 24, 2023 and September 25, 2022. Debt and Equity Investments measured at fair value on a recurring basis The following tables set forth the Company’s cash, cash equivalents, investments, and other assets measured at fair value on a recurring basis as of September 24, 2023, and June 25, 2023:
| September 24, 2023
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | Investments |  |  |  | Other Assets
| (in thousands)
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 1,657,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,657,890 |  |  | $ | 1,657,890 |  |  | $ | — |  |  |  |  | $ | — |
Mutual funds | 100,113 |  |  | 16,826 |  |  | (1,973) |  |  | 114,966 |  |  | — |  |  | — |  |  |  |  | 114,966 |
Level 1 Total | 1,758,003 |  |  | 16,826 |  |  | (1,973) |  |  | 1,772,856 |  |  | 1,657,890 |  |  | — |  |  |  |  | 114,966 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes and bonds | 30,727 |  |  | 2 |  |  | (172) |  |  | 30,557 |  |  | — |  |  | 30,557 |  |  |  |  | — |
Level 2 Total | 30,727 |  |  | 2 |  |  | (172) |  |  | 30,557 |  |  | — |  |  | 30,557 |  |  |  |  | — |
Total subject to fair value hierarchy | $ | 1,788,730 |  |  | $ | 16,828 |  |  | $ | (2,145) |  |  | $ | 1,803,413 |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  | $ | 1,772,866 |  |  | $ | 1,772,207 |  |  | $ | — |  |  |  |  | $ | 659 |
Time deposits |  |  |  |  |  |  | 1,696,053 |  |  | 1,696,053 |  |  | — |  |  |  |  | — |
Total |  |  |  |  |  |  | $ | 5,272,332 |  |  | $ | 5,126,150 |  |  | $ | 30,557 |  |  |  |  | $ | 115,625 |
| June 25, 2023
|  |  |  |  |  |  |  |  | (Reported Within)
| Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value |  | Cash and Cash Equivalents |  | 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 |  |  |  |  | $ | 356,985 |
The following is an analysis of the Company’s investments in unrealized loss positions:
| September 24, 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 | $ | 599 |  |  | $ | (6) |  |  | $ | 21,788 |  |  | $ | (1,967) |  |  | $ | 22,387 |  |  | $ | (1,973) |
Corporate notes and bonds | 5,378 |  |  | (1) |  |  | 17,834 |  |  | (171) |  |  | 23,212 |  |  | (172) |
| $ | 5,977 |  |  | $ | (7) |  |  | $ | 39,622 |  |  | $ | (2,138) |  |  | $ | 45,599 |  |  | $ | (2,145) |
The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of September 24, 2023 are as follows:
| Cost |  | Fair Value
| (in thousands)
Due in one year or less | $ | 3,384,670 |  |  | $ | 3,384,500 |
Due after one year through five years | — |  |  | — |
| $ | 3,384,670 |  |  | $ | 3,384,500 |
The Company has the ability, if necessary, to liquidate its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than 12 months from the date of purchase nonetheless are classified as short-term on the accompanying Condensed Consolidated Balance Sheets. Derivative Instruments and Hedging The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K. As of September 24, 2023 and June 25, 2023 the fair value of outstanding cash flow and balance sheet hedges were not material. The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three months ended September 24, 2023 and September 25, 2022. Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk and the Company’s mitigation strategies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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