FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 29, 2019

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 September 29, 2019, and June 30, 2019:

	September 29, 2019
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	471,656	$	—	$	—		$	471,656	$	467,030	$	—	$	4,626	$	—
Time deposit	1,600,370		—		—			1,600,370		1,350,342		—		250,028		—
Level 1:
Money market funds	1,948,349		—		—			1,948,349		1,948,349		—		—		—
U.S. Treasury and agencies	819,625		195		(20		)	819,800		682,212		137,588		—		—
Mutual funds	72,889		3,602		(289		)	76,202		—		—		—		76,202
Level 1 Total	2,840,863		3,797		(309		)	2,844,351		2,630,561		137,588		—		76,202
Level 2:
Government-sponsored enterprises	53,526		2		(23		)	53,505		37,496		16,009		—		—
Foreign government bonds	52,866		18		(2		)	52,882		26,554		26,328		—		—
Corporate notes and bonds	865,133		1,533		(45		)	866,621		95,199		771,422		—		—
Mortgage backed securities — residential	5,039		13		—			5,052		—		5,052		—		—
Mortgage backed securities — commercial	27,142		115		(6		)	27,251		—		27,251		—		—
Level 2 Total	1,003,706		1,681		(76		)	1,005,311		159,249		846,062		—		—
Total	$	5,916,595	$	5,478	$	(385	)	$	5,921,688	$	4,607,182	$	983,650	$	254,654	$	76,202

	June 30, 2019
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	467,460	$	—	$	—		$	467,460	$	462,310	$	—	$	5,150	$	—
Time deposit	1,563,686		—		—			1,563,686		1,313,659		—		250,027		—
Level 1:
Money market funds	1,644,659		—		—			1,644,659		1,644,659		—		—		—
U.S. Treasury and agencies	465,655		283		(24		)	465,914		86,981		378,933		—		—
Mutual funds	76,961		1,063		(283		)	77,741		—		—		—		77,741
Level 1 Total	2,187,275		1,346		(307		)	2,188,314		1,731,640		378,933		—		77,741
Level 2:
Government-sponsored enterprises	16,005		5		(41		)	15,969		—		15,969		—		—
Foreign government bonds	24,408		35		—			24,443		—		24,443		—		—
Corporate notes and bonds	1,466,167		2,310		(99		)	1,468,378		150,610		1,317,768		—		—
Mortgage backed securities — residential	6,148		—		(4		)	6,144		—		6,144		—		—
Mortgage backed securities — commercial	29,587		140		—			29,727		—		29,727		—		—
Level 2 Total	1,542,315		2,490		(144		)	1,544,661		150,610		1,394,051		—		—
Total	$	5,760,736	$	3,836	$	(451	)	$	5,764,121	$	3,658,219	$	1,772,984	$	255,177	$	77,741

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:

	September 29, 2019
	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	$	5,035	$	(17	)	$	997	$	(3	)	$	6,032	$	(20	)
Mutual funds	2,974		(174		)	7,796		(115		)	10,770		(289		)
Government-sponsored enterprises	—		—			10,973		(23		)	10,973		(23		)
Foreign government bonds	6,199		(2		)	—		—			6,199		(2		)
Corporate notes and bonds	40,347		(29		)	19,065		(16		)	59,412		(45		)
Mortgage backed securities — commercial	4,442		(6		)	—		—			4,442		(6		)
	$	58,997	$	(228	)	$	38,831	$	(157	)	$	97,828	$	(385	)

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 September 29, 2019:

	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	5,104,939	$	5,105,720
Due after one year through five years	234,899		235,777
Due in more than five years	32,212		32,333
	$	5,372,050	$	5,373,830

Schedule of Outstanding Foreign Currency Forward Contracts

As of September 29, 2019, 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	$	—	$	93,521	$	62,302	$	—
Euro	38,149		—		37,321		—
Korean won	7,896		—		—		836
British pound sterling	—		—		45,806		—
Taiwan dollar	—		—		32,373		—
Chinese renminbi	—		—		23,964		—
Singapore dollar	—		—		20,314		—
Swiss franc	—		—		19,247		—
Indian rupee	—		—		8,689		—
	$	46,045	$	93,521	$	250,016	$	836

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheet as of September 29, 2019, and June 30, 2019 were as follows:

	September 29, 2019						June 30, 2019
	Fair Value of Derivative Instruments (Level 2)						Fair Value of Derivative Instruments (Level 2)
	Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Liabilities
	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	$	384	Accrued expenses and other current liabilities	$	2,308	Prepaid expense and other assets	$	119	Accrued expenses and other current liabilities	$	2,756
Interest rate contracts, short-term		—		Accrued expenses and other current liabilities	604			—		Accrued expenses and other current liabilities	5,149
Interest rate contracts, long-term	Other assets	1,411			—		Other assets	1,537			—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid expense and other assets	1		Accrued expenses and other current liabilities	129		Prepaid expense and other assets	1,249		Accrued expenses and other current liabilities	748
Total Derivatives		$	1,796		$	3,041		$	2,905		$	8,653

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 September 29, 2019
	Location of  Gain or (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI			Loss Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	934		$	(334	)
Foreign Exchange Contracts	Cost of goods sold	(1,263		)	(810		)
Foreign Exchange Contracts	Selling, general, and administrative	(595		)	(476		)
Interest Rate Contracts	Other expense, net	—			(35		)
		$	(924	)	$	(1,655	)

		Three Months Ended September 23, 2018
	Location of  Gain or (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	8,441		$	674
Foreign Exchange Contracts	Cost of goods sold	(124		)	(1,557		)
Foreign Exchange Contracts	Selling, general, and administrative	(204		)	(527		)
Interest Rate Contracts	Other expense, net	—			(33		)
		$	8,113		$	(1,443	)

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
		September 29, 2019			September 23, 2018
Derivatives Not Designated as Hedging Instruments:	Location  of Gain (Loss) Recognized  in Income	Loss Recognized in Income			Gain Recognized in Income
		(in thousands)
Foreign Exchange Contracts	Other income	$	(5,501	)	$	10,588

The following table presents the effect of the fair value cash flow hedge accounting on the Statement of Financial Performance as well as presents the location and amount of gain/(loss) recognized in Income on fair value and cash flow hedging relationships:

	Three Months Ended
	September 29, 2019
	Revenue			Cost of Goods Sold			Selling, General and Admini-strative			Other Income (Expense)
	(in thousands)
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded:
	$	2,165,746		$	1,184,036		$	157,428		$	(12,728	)
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20:
Interest contracts:
Hedged items	$	—		$	—		$	—		$	(7,434	)
Derivatives designated as hedging instruments	$	—		$	—		$	—		$	7,434
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Foreign exchange contracts:
Amount of loss reclassified from accumulated other comprehensive income into income	$	(334	)	$	(810	)	$	(476	)	$	—
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive income into income	$	—		$	—		$	—		$	(35	)