FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 25, 2016

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents, Investments, Restricted Cash and Investments and Other Assets Measured at Fair Value on Recurring Basis

The following table sets 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 25, 2016 and June 26, 2016:

	December 25, 2016
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	615,922	$	—	$	—		$	615,922	$	610,775	$	—	$	5,147	$	—
Level 1:
Time Deposit	728,810		—		—			728,810		478,782		—		250,028		—
Money Market Funds	1,233,602		—		—			1,233,602		1,233,602		—		—		—
U.S. Treasury and Agencies	811,564		39		(4,720		)	806,883		88,982		717,901		—		—
Mutual Funds	40,889		1,613		—			42,502		—		—		—		42,502
Level 1 Total	2,814,865		1,652		(4,720		)	2,811,797		1,801,366		717,901		250,028		42,502
Level 2:
Municipal Notes and Bonds	134,838		48		(115		)	134,771		—		134,771		—		—
Government-Sponsored Enterprises	31,357		—		(42		)	31,315		—		31,315		—		—
Foreign Government Bonds	30,605		—		(177		)	30,428		1,154		29,274		—		—
Corporate Notes and Bonds	2,361,859		542		(7,563		)	2,354,838		80,167		2,274,671		—		—
Mortgage Backed Securities — Residential	98,869		42		(975		)	97,936		10,498		87,438		—		—
Mortgage Backed Securities — Commercial	54,266		4		(215		)	54,055		—		54,055		—		—
Level 2 Total	2,711,794		636		(9,087		)	2,703,343		91,819		2,611,524		—		—
Total	$	6,142,581	$	2,288	$	(13,807	)	$	6,131,062	$	2,503,960	$	3,329,425	$	255,175	$	42,502

	June 26, 2016
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	418,216	$	—	$	—		$	418,216	$	412,573	$	—	$	5,643	$	—
Level 1:
Time Deposit	904,243		—		—			904,243		659,465		—		244,778		—
Money Market Funds	3,904,288		—		—			3,904,288		3,904,288		—		—		—
U.S. Treasury and Agencies	446,530		2,041		(2		)	448,569		62,996		385,573		—		—
Mutual Funds	39,318		1,400		(397		)	40,321		—		—		—		40,321
Level 1 Total	5,294,379		3,441		(399		)	5,297,421		4,626,749		385,573		244,778		40,321
Level 2:
Municipal Notes and Bonds	265,386		355		(16		)	265,725		—		265,725		—		—
U.S. Treasury and Agencies	8,068		151		—			8,219		—		8,219		—		—
Government-Sponsored Enterprises	31,885		91		(13		)	31,963		—		31,963		—		—
Foreign Government Bonds	41,440		76		(4		)	41,512		—		41,512		—		—
Corporate Notes and Bonds	979,566		4,341		(566		)	983,341		—		983,341		—		—
Mortgage Backed Securities — Residential	17,395		37		(152		)	17,280		—		17,280		—		—
Mortgage Backed Securities — Commercial	55,129		30		(160		)	54,999		—		54,999		—		—
Level 2 Total	1,398,869		5,081		(911		)	1,403,039		—		1,403,039		—		—
Total	$	7,111,464	$	8,522	$	(1,310	)	$	7,118,676	$	5,039,322	$	1,788,612	$	250,421	$	40,321

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 25, 2016
	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)
Municipal Notes and Bonds	$	99,754	$	(111	)	$	1,996	$	(4	)	$	101,750	$	(115	)
U.S. Treasury & Agencies	684,419		(4,720		)	—		—			684,419		(4,720		)
Government-Sponsored Enterprises	30,627		(26		)	564		(16		)	31,191		(42		)
Foreign Government Bonds	26,189		(177		)	—		—			26,189		(177		)
Corporate Notes and Bonds	1,617,323		(7,476		)	34,456		(87		)	1,651,779		(7,563		)
Mortgage Backed Securities — Residential	75,601		(818		)	10,038		(157		)	85,639		(975		)
Mortgage Backed Securities — Commercial	44,494		(181		)	7,138		(34		)	51,632		(215		)
	$	2,578,407	$	(13,509	)	$	54,192	$	(298	)	$	2,632,599	$	(13,807	)

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 25, 2016:

	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	3,036,400	$	3,035,906
Due after one year through five years	2,333,026		2,320,918
Due in more than five years	116,344		115,814
	$	5,485,770	$	5,472,638

Schedule of Outstanding Foreign Currency Forward Contracts

As of December 25, 2016, the Company had the following outstanding foreign currency contracts that were entered into under its cash flow and balance sheet hedge program:

	Notional Value
	Derivatives Designated as Hedging Instruments:				Derivatives Not Designated as Hedging Instruments:
	(in thousands)
Foreign Currency Forward Contracts
	Buy Contracts		Sell Contracts		Buy Contracts		Sell Contracts
Japanese yen	$	—	$	235,891	$	—	$	45,498
Swiss franc	—		—		8,740		—
Euro	39,463		—		20,608		—
Korean won	48,517		—		8,310		—
Chinese renminbi	—		—		8,203
Singapore dollar	—		—		20,732		—
Taiwan dollar	—		—		15,639		—
	$	87,980	$	235,891	$	82,232	$	45,498

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of December 25, 2016 and June 26, 2016 were as follows:

	December 25, 2016						June 26, 2016
	Fair Value of Derivative Instruments (Level 2)						Fair Value of Derivative Instruments (Level 2)
	Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expense and other assets	$	13,432	Accrued liabilities	$	847	Prepaid expense and other assets	$	249	Accrued liabilities	$	16,585
Interest rate contracts, short-term	Accrued expenses and other current liabilities	—		Prepaid expense and other assets	2,024		Accrued expenses and other current liabilities	50		Prepaid expense and other assets	159
Interest rate contracts, long-term	Other assets	—		Other long-term liabilities	17,152		Other assets	8,661		Other long-term liabilities	—
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Prepaid expense and other assets	34		Accrued liabilities	117		Prepaid expense and other assets	107		Accrued liabilities	1,529
Total Derivatives		$	13,466		$	20,140		$	9,067		$	18,273

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 December 25, 2016										Six Months Ended December 25, 2016
		Effective Portion						Ineffective  Portion and Amount Excluded from Effectiveness				Effective Portion							Ineffective  Portion and Amount Excluded from Effectiveness
	Location of  Gain (Loss) Recognized  in or  Reclassified into Income	Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income			Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income
Derivatives Designated as Hedging Instruments		(in thousands)
Foreign Exchange Contracts	Revenue	$	18,138		$	(420	)		$	708		$	15,225			$	(14,025	)		$	1,413
Foreign Exchange Contracts	Cost of goods sold	(786		)	(180		)		(28		)	(551		)		(7		)		(95		)
Foreign Exchange Contracts	Selling, general, and administrative	(348		)	(146		)		(15		)	(372		)		(155		)		(36		)
Foreign Exchange Contracts	Other expense, net	—			—				3			—				—				3
Interest Rate Contracts	Other expense, net	—			1,778				—			—				1,787				—
		$	17,004		$	1,032			$	668		$	14,302			$	(12,400	)		$	1,285

		Three Months Ended December 27, 2015											Six Months Ended December 27, 2015
		Effective Portion							Ineffective  Portion and Amount Excluded from Effectiveness				Effective Portion							Ineffective  Portion and Amount Excluded from Effectiveness
	Location of  Gain (Loss) Recognized  in or  Reclassified into Income	Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income				Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income				Gain (Loss) Recognized in Income
Derivatives Designated as Hedging Instruments
Foreign Exchange Contracts	Revenue	$	4,256			$	(4,808	)		$	215		$	4,187			$	(6,186	)		247
Foreign Exchange Contracts	Cost of goods sold	(223		)		1,052				(14		)	(638		)		2,557				(36	)
Foreign Exchange Contracts	Selling, general, and administrative	147				111				(12		)	(26		)		369				(19	)
Interest Rate Contracts	Other expense, net	—				(95		)		—			—				(189		)		—
		$	4,180			$	(3,740	)		$	189		$	3,523			$	(3,449	)		192

The effect of derivative instruments not designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations was as follows:

		Three Months Ended				Six Months Ended
		December 25, 2016		December 27, 2015		December 25, 2016		December 27, 2015
Derivatives Not Designated as Hedging Instruments:	Location  of Gain Recognized  in Income	Gain  Recognized in Income		Gain Recognized in Income		Gain Recognized in Income		Gain  Recognized in Income
		(in thousands)
Foreign Exchange Contracts	Other  income	$	4,343	$	1,561	$	3,960	$	7,568