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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Mar. 26, 2017
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 March 26, 2017 and June 26, 2016: 
 
March 26, 2017
 
 
 
 
 
 
 
 
(Reported Within)
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Fair Value
 
Cash and
Cash
Equivalents
 
Investments
 
Restricted
Cash &
Investments
 
Other
Assets
(in thousands)
Cash
$
404,520

 
$
—

 
$
—

 
$
404,520

 
$
398,391

 
$
—

 
$
6,129

 
$
—

Level 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Deposit
641,357

 
—

 
—

 
641,357

 
391,329

 
—

 
250,028

 
—

Money Market Funds
1,238,627

 
—

 
—

 
1,238,627

 
1,238,627

 
—

 
—

 
—

U.S. Treasury and Agencies
732,369

 
172

 
(3,245
)
 
729,296

 
34,973

 
694,323

 
—

 
—

Mutual Funds
50,374

 
2,479

 
—

 
52,853

 
—

 
—

 
—

 
52,853

Level 1 Total
2,662,727

 
2,651

 
(3,245
)
 
2,662,133

 
1,664,929

 
694,323

 
250,028

 
52,853

Level 2:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal Notes and Bonds
256,720

 
168

 
(76
)
 
256,812

 
—

 
256,812

 
—

 
—

Government-Sponsored Enterprises
103,246

 
5

 
(35
)
 
103,216

 
39,493

 
63,723

 
—

 
—

Foreign Government Bonds
64,141

 
64

 
(186
)
 
64,019

 
1,287

 
62,732

 
—

 
—

Corporate Notes and Bonds
2,546,895

 
1,427

 
(4,170
)
 
2,544,152

 
24,470

 
2,519,682

 
—

 
—

Mortgage Backed Securities — Residential
103,560

 
48

 
(754
)
 
102,854

 
—

 
102,854

 
—

 
—

Mortgage Backed Securities — Commercial
55,214

 
1

 
(305
)
 
54,910

 
—

 
54,910

 
—

 
—

Level 2 Total
3,129,776

 
1,713

 
(5,526
)
 
3,125,963

 
65,250

 
3,060,713

 
—

 
—

Total
$
6,197,023

 
$
4,364

 
$
(8,771
)
 
$
6,192,616

 
$
2,128,570

 
$
3,755,036

 
$
256,157

 
$
52,853

 
 
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:
 
March 26, 2017
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)
 
U.S. Treasury & Agencies
$
607,008

 
$
(3,245
)
 
$
—

 
$
—

 
$
607,008

 
$
(3,245
)
 
Municipal Notes and Bonds
104,474

 
(56
)
 
4,980

 
(20
)
 
109,454

 
(76
)
 
Government-Sponsored Enterprises
50,979

 
(26
)
 
533

 
(9
)
 
51,512

 
(35
)
 
Foreign Government Bonds
38,084

 
(186
)
 
—

 
—

 
38,084

 
(186
)
 
Corporate Notes and Bonds
1,553,348

 
(4,122
)
 
19,413

 
(48
)
 
1,572,761

 
(4,170
)
Mortgage Backed Securities — Residential
88,273

 
(628
)
 
9,072

 
(126
)
 
97,345

 
(754
)
Mortgage Backed Securities — Commercial
48,481

 
(294
)
 
3,755

 
(11
)
 
52,236

 
(305
)
 
$
2,490,647

 
$
(8,557
)
 
$
37,753

 
$
(214
)
 
$
2,528,400

 
$
(8,771
)
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 26, 2017:
 
Cost
 
Estimated
Fair
Value
(in thousands)
Due in one year or less
$
2,860,355

 
$
2,860,050

Due after one year through five years
2,742,845

 
2,736,594

Due in more than five years
138,929

 
138,599

 
$
5,742,129

 
$
5,735,243
Schedule of Outstanding Foreign Currency Forward Contracts
As of March 26, 2017, 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
$
—

 
$
664,752

 
$
—

 
$
177,817

Euro
91,966

 
—

 
32,371

 
—

Korean won
43,105

 
—

 
4,185

 
—

Taiwan dollar
—

 
—

 
11,834

 
—

Swiss franc
—

 
—

 
7,394

 
—

Chinese renminbi
—

 
—

 
5,364

 
 
Singapore dollar
—

 
—

 
—

 
5,004

 
$
135,071

 
$
664,752

 
$
61,148

 
$
182,821

Foreign Currency Option Contracts
 
 
 
 
 
 
 
 
Buy Put
 
Sell Put
 
Buy Put(1)
 
Sell Put
Japanese yen
$
35,709

 
$
—

 
$
30,698

 
$
30,698

(1) Contracts were entered into and designated as cash flow hedges under ASC 815, during the fiscal year as part of our cash flow hedge program. The contracts were subsequently de-designated during the three and nine months ended Marcy 26, 2017, changes in fair market value subsequent to de-designation effect current earnings.
Schedule of Fair Value of Derivatives Instruments
The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of March 26, 2017 and June 26, 2016 were as follows:
 
March 26, 2017
 
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
 
$
6,661

 
Accrued liabilities
 
$
10,962

 
Prepaid expense
and other assets
 
$
249

 
Accrued liabilities
 
$
16,585

Interest rate contracts, short-term
Prepaid expense and other assets
 
973

 
Prepaid expense
and other assets
 
—

 
Accrued expenses and other current liabilities
 
50

 
Prepaid expense
and other assets
 
159

Interest rate contracts, long-term
Other assets
 
—

 
Other long-term liabilities
 
18,114

 
Other assets
 
8,661

 
Other long-term liabilities
 
—

 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Prepaid expense
and other assets
 
161

 
Accrued
liabilities
 
162

 
Prepaid expense
and other assets
 
107

 
Accrued
liabilities
 
1,529

Total Derivatives
 
 
$
7,795

 
 
 
$
29,238

 
 
 
$
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 March 26, 2017
 
Nine Months Ended March 26, 2017
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
$
(16,734
)
 
$
5,646

 
2,367

 
(1,509
)
 
(8,379
)
 
3,780

Foreign Exchange Contracts
Cost of goods sold
2,095


(56
)

(227
)

1,544


(63
)

(322
)
Foreign Exchange Contracts
Selling, general, and
administrative
898


(57
)

(76
)

526


(212
)

(112
)
Foreign Exchange Contracts
Other expense, net
—


—


(16
)

—


—


(13
)
Interest Rate Contracts
Other expense, net
—


(30
)

—


—


1,757


—

 
 
$
(13,741
)
 
$
5,503

 
$
2,048

 
$
561

 
$
(6,897
)
 
$
3,333

 
Three Months Ended March 27, 2016
 
Nine Months Ended March 27, 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
$
(8,873
)
 
$
3,721

 
$
337

 
$
(4,686
)
 
$
(2,465
)
 
$
584

Foreign Exchange Contracts
Cost of goods sold
1,043


61


(61
)

405


2,618


(97
)
Foreign Exchange Contracts
Selling, general, and
administrative
317


(113
)

(28
)

291


256


(47
)
Interest Rate Contracts
Other expense, net
8,163


(96
)

67


8,163


(285
)

67

 
 
$
650

 
$
3,573

 
$
315

 
$
4,173

 
$
124

 
$
507

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
 
Nine Months Ended
 
March 26,
2017
 
March 27,
2016
 
March 26,
2017
 
March 27,
2016
Derivatives Not Designated as Hedging Instruments:
Location 
of (Loss) Gain
Recognized 
in Income
 
Loss
Recognized
in Income
 
Gain
Recognized
in Income
 
Gain
Recognized
in Income
 
Gain 
Recognized
in Income
 
 
 
(in thousands)
Foreign Exchange Contracts
Other 
income
 
$
(3,067
)
 
$
3,451

 
$
893

 
$
11,018