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Fair Value Measurements (Tables)
 6 Months Ended
Dec. 28, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements of Assets and Liabilities

The following table shows the fair value measurements of the Company’s assets and liabilities at December 28, 2013 and June 29, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

 

December 28,

 

June 29,

 

December 28,

 

June 29,

 

December 28,

 

June 29,

 

 

2013

 

2013

 

2013

 

2013

 

2013

 

2013

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (a)

 

$       82,333 

 

$     124,420 

 

$       23,478 

 

$     337,239 

 

$                 - 

 

$                 - 

Short-term investments (b)

 
26,979 

 

 -

 
203,628 

 
72,106 

 

 -

 

 -

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Government securities - U.S. (c)

 
30,229 

 

 -

 

 -

 

 -

 

 -

 

 -

Corporate debt securities - U.S. (c)

 

 -

 

 -

 
163,872 

 
63,442 

 

 -

 

 -

Corporate debt securities - non U.S. (c)

 

 -

 

 -

 
117,537 

 
33,968 

 

 -

 

 -

Auction rate security (d)

 

 -

 

 -

 

 -

 

 -

 
6,000 

 
6,000 

Derivative Asset

 

 

 

 

 

 

 

 

 

 

 

 

   Zero-cost collar options (e)

 

 -

 

 -

 
8,225 

 
1,592 

 

 -

 

 -

   Forward contracts and cross currency swaps (e )

 

 -

 

 -

 
814 

 
2,390 

 

 -

 

 -

   Contractual obligations ( e )

 

 -

 

 -

 
77 

 
523 

 

 -

 

 -

Total

 

$     139,541 

 

$     124,420 

 

$     517,631 

 

$     511,260 

 

$         6,000 

 

$         6,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Zero-cost collar options (e)

 

$                 - 

 

$                 - 

 

$                 - 

 

$         2,555 

 

$                 - 

 

$                 - 

Forward contracts and cross currency swaps (e)

 

 -

 

 -

 
51 

 
85 

 

 -

 

 -

Contractual obligations (e)

 

 -

 

 -

 
116 

 
255 

 

 -

 

 -

Total

 

$                 - 

 

$                 - 

 

$            167 

 

$         2,895 

 

$                 - 

 

$                 - 

 

(a) Cash equivalents consist of money market funds, time deposits, and commercial paper with maturities of three months or less at the date of purchase.  Due to their short term maturity, management believes that their carrying value approximates fair value.

 

(b) Short-term investments consist of time deposits, U.S. Treasuries and government agency securities commercial paper, commercial paper and high-credit quality U.S. and non U.S. issued corporate debt securities, with maturities of less than one year in which management believes their carrying value approximates fair value based on their short maturity.

 

(c) Fair value, which approximates amortized cost, is determined using vendor or broker priced securities.  These securities have maturity dates between calendar years 2014 and 2016.

 

(d) Fair value is determined using a valuation model that takes into consideration the financial conditions of the issuer and the bond insurer, current market conditions and the value of the collateral bonds. The Company has determined that the significant majority of the inputs used to value this security fall within Level 3 of the fair value hierarchy as the inputs are based on unobservable estimates.

 

(e) The fair value of these cash flow hedges is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk.