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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Dec. 24, 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 December 24, 2017, and June 25, 2017:
 
December 24, 2017
 
 
 
 
 
 
 
 
(Reported Within)
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Fair Value
 
Cash and
Cash
Equivalents
 
Investments
 
Restricted
Cash &
Investments
 
Other
Assets
(in thousands)
Cash
$
594,353

 
$
—

 
$
—

 
$
594,353

 
$
588,396

 
$
—

 
$
5,957

 
$
—

Level 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time deposit
521,265

 
—

 
—

 
521,265

 
271,238

 
—

 
250,027

 
—

Money market funds
878,732

 
—

 
—

 
878,732

 
878,732

 
—

 
—

 
—

U.S. Treasury and agencies
835,112

 
—

 
(9,028
)
 
826,084

 
2,199

 
823,885

 
—

 
—

Mutual funds
58,307

 
3,844

 
—

 
62,151

 
—

 
—

 
—

 
62,151

Level 1 Total
2,293,416

 
3,844

 
(9,028
)
 
2,288,232

 
1,152,169

 
823,885

 
250,027

 
62,151

Level 2:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal notes and bonds
179,475

 
10

 
(649
)
 
178,836

 
—

 
178,836

 
—

 
—

Government-sponsored enterprises
47,925

 
—

 
(602
)
 
47,323

 
—

 
47,323

 
—

 
—

Foreign government bonds
61,006

 
—

 
(490
)
 
60,516

 
—

 
60,516

 
—

 
—

Corporate notes and bonds
2,686,080

 
849

 
(12,781
)
 
2,674,148

 
4,608

 
2,669,540

 
—

 
—

Mortgage backed securities — residential
53,506

 
24

 
(325
)
 
53,205

 
—

 
53,205

 
—

 
—

Mortgage backed securities — commercial
121,950

 
—

 
(729
)
 
121,221

 
—

 
121,221

 
—

 
—

Level 2 Total
3,149,942

 
883

 
(15,576
)
 
3,135,249

 
4,608

 
3,130,641

 
—

 
—

Total
$
6,037,711

 
$
4,727

 
$
(24,604
)
 
$
6,017,834

 
$
1,745,173

 
$
3,954,526

 
$
255,984

 
$
62,151

 
 
June 25, 2017
 
 
 
 
 
 
 
 
(Reported Within)
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Fair Value
 
Cash and
Cash
Equivalents
 
Investments
 
Restricted
Cash &
Investments
 
Other
Assets
(in thousands)
Cash
$
551,308

 
$
—

 
$
—

 
$
551,308

 
$
545,130

 
$
—

 
$
6,178

 
$
—

Level 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time deposit
640,666

 
—

 
—

 
640,666

 
390,639

 
—

 
250,027

 
—

Money market funds
1,423,417

 
—

 
—

 
1,423,417

 
1,423,417

 
—

 
—

 
—

U.S. Treasury and agencies
783,848

 
684

 
(2,111
)
 
782,421

 
8,297

 
774,124

 
—

 
—

Mutual funds
53,247

 
3,007

 
—

 
56,254

 
—

 
—

 
—

 
56,254

Level 1 Total
2,901,178

 
3,691

 
(2,111
)
 
2,902,758

 
1,822,353

 
774,124

 
250,027

 
56,254

Level 2:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal notes and bonds
194,575

 
308

 
(7
)
 
194,876

 
—

 
194,876

 
—

 
—

U.S. Treasury and agencies
12,795

 
—

 
(167
)
 
12,628

 
—

 
12,628

 
—

 
—

Government-sponsored enterprises
24,502

 
—

 
(6
)
 
24,496

 
—

 
24,496

 
—

 
—

Foreign government bonds
62,917

 
219

 
(114
)
 
63,022

 
—

 
63,022

 
—

 
—

Corporate notes and bonds
2,433,622

 
4,654

 
(1,840
)
 
2,436,436

 
10,051

 
2,426,385

 
—

 
—

Mortgage backed securities — residential
102,760

 
87

 
(489
)
 
102,358

 
—

 
102,358

 
—

 
—

Mortgage backed securities — commercial
65,828

 
9

 
(98
)
 
65,739

 
—

 
65,739

 
—

 
—

Level 2 Total
2,896,999

 
5,277

 
(2,721
)
 
2,899,555

 
10,051

 
2,889,504

 
—

 
—

Total
$
6,349,485

 
$
8,968

 
$
(4,832
)
 
$
6,353,621

 
$
2,377,534

 
$
3,663,628

 
$
256,205

 
$
56,254
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 investment in unrealized loss positions:
 
December 24, 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 and agencies
$
659,453

 
$
(6,546
)
 
$
161,386

 
$
(2,482
)
 
$
820,839

 
$
(9,028
)
Municipal notes and bonds
168,189

 
(649
)
 
—

 
—

 
168,189

 
(649
)
 Government-sponsored enterprises
27,681

 
(163
)
 
19,533

 
(439
)
 
47,214

 
(602
)
 Foreign government bonds
51,879

 
(382
)
 
8,425

 
(108
)
 
60,304

 
(490
)
 Corporate notes and bonds
2,160,923

 
(11,215
)
 
152,403

 
(1,566
)
 
2,313,326

 
(12,781
)
Mortgage backed securities — residential
46,771

 
(309
)
 
1,789

 
(16
)
 
48,560

 
(325
)
Mortgage backed securities — commercial
115,554

 
(674
)
 
5,401

 
(55
)
 
120,955

 
(729
)
 
$
3,230,450

 
$
(19,938
)
 
$
348,937

 
$
(4,666
)
 
$
3,579,387

 
$
(24,604
)
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 24, 2017:
 
Cost
 
Estimated
Fair
Value
(in thousands)
Due in one year or less
$
1,995,451

 
$
1,994,497

Due after one year through five years
3,217,096

 
3,195,218

Due in more than five years
172,504

 
171,615

 
$
5,385,051

 
$
5,361,330
Schedule of Outstanding Foreign Currency Forward Contracts
As of December 24, 2017, the Company had the following outstanding foreign currency contracts that were entered into under its cash flow and balance sheet hedge programs:
 
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
$
—

 
$
512,577

 
$
—

 
$
141,737

Euro
69,649

 
—

 
33,044

 
—

Korean won
33,693

 
—

 
—

 
73,282

Taiwan dollar
—

 
—

 
20,047

 
—

Swiss franc
—

 
—

 
15,225

 
—

Chinese renminbi
—

 
—

 
7,529

 
—

Singapore dollar
—

 
—

 
7,410

 
—

British pound sterling
—

 
—

 
4,019

 
—

 
$
103,342

 
$
512,577

 
$
87,274

 
$
215,019

Foreign currency option contracts
 
 
 
 
 
 
 
 
Buy Put
 
Sell Put
 
Buy Put
 
Sell Put
Japanese yen
$
36,036

 
$
—

 
$
—

 
$
—
Schedule of Fair Value of Derivatives Instruments
The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of December 24, 2017, and June 25, 2017 were as follows:
 
December 24, 2017
 
June 25, 2017
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 contracts
Prepaid expense
and other assets
 
$
9,687

 
Accrued expenses and other current liabilities
 
$
331

 
Prepaid expense
and other assets
 
$
8,061

 
Accrued expenses and other current liabilities
 
$
2,916

Interest rate contracts, short-term

 


 
Accrued expenses and other current liabilities
 
4,662

 

 


 
Accrued expenses and other current liabilities
 
2,833

Interest rate contracts, long-term

 


 
Other long-term liabilities
 
14,520

 

 


 
Other long-term liabilities
 
7,269

 Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts
Prepaid expense
and other assets
 
51

 
Accrued expenses and other current liabilities
 
118

 
Prepaid expense
and other assets
 
213

 
Accrued expenses and other current liabilities
 
342

Total Derivatives
 
 
$
9,738

 
 
 
$
19,631

 
 
 
$
8,274

 
 
 
$
13,360
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 24, 2017
 
Six Months Ended December 24, 2017
Effective Portion
 
Ineffective 
Portion
and Amount
Excluded from
Effectiveness
 
Effective Portion
 
Ineffective 
Portion
and Amount
Excluded from
Effectiveness
Derivatives Designated as Hedging Instruments
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
Recognized
in AOCI
 
(Loss) Gain
Reclassified
from AOCI
into Income
 
Gain (Loss)
Recognized
in Income
 
 
(in thousands)
Foreign Exchange Contracts
Revenue
$
8,194

 
$
3,771

 
$
1,225

 
$
8,185

 
$
(35
)
 
$
3,772

Foreign Exchange Contracts
Cost of goods sold
(250
)
 
1,648

 
(139
)
 
2,193


2,472


(347
)
Foreign Exchange Contracts
Selling, general, and
administrative
(206
)
 
1,012

 
(49
)
 
1,150


1,726


(166
)
Foreign Exchange Contracts
Other expense, net
—

 
—

 
(35
)
 
—


—


(52
)
Interest Rate Contracts
Other expense, net
—

 
(31
)
 
—

 
—


(62
)

—

 
 
$
7,738

 
$
6,400

 
$
1,002

 
$
11,528

 
$
4,101

 
$
3,207

 
 
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
Derivatives Designated as Hedging Instruments
Location of 
Gain (Loss)
Recognized 
in or 
Reclassified
into Income
Gain (Loss)
Recognized
in AOCI
 
(Loss) Gain
Reclassified
from AOCI
into Income
 
Gain (Loss)
Recognized
in Income
 
Gain (Loss)
Recognized
in AOCI
 
(Loss) Gain
Reclassified
from AOCI
into Income
 
Gain (Loss)
Recognized
in Income
 
 
(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

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 24,
2017
 
December 25,
2016
 
December 24,
2017
 
December 25,
2016
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
$
2,612

 
$
4,343

 
$
5,284

 
$
3,960