Financial Instruments (Tables)

12 Months Ended

Jun. 28, 2020

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents, Short-Term 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 June 28, 2020, and June 30, 2019: 

	June 28, 2020
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	977,862	$	—	$	—		$	977,862	$	973,978	$	—	$	3,884	$	—
Time deposit	2,244,655		—		—			2,244,655		1,994,628		—		250,027		—
Level 1:
Money market funds	1,709,350		—		—			1,709,350		1,709,350		—		—		—
U.S. Treasury and agencies	552,088		373		(9		)	552,452		76,992		475,460		—		—
Mutual funds	68,784		4,571		(928		)	72,427		—		—		—		72,427
Level 1 total	2,330,222		4,944		(937		)	2,334,229		1,786,342		475,460		—		72,427
Level 2:
Government-sponsored enterprises	31,442		12		—			31,454		25,999		5,455		—		—
Foreign government bonds	10,693		28		(5		)	10,716		2,540		8,176		—		—
Corporate notes and bonds	1,405,615		5,344		(302		)	1,410,657		131,685		1,278,972		—		—
Mortgage backed securities - residential	3,142		71		—			3,213		—		3,213		—		—
Mortgage backed securities - commercial	23,660		144		—			23,804		—		23,804		—		—
Level 2 total	1,474,552		5,599		(307		)	1,479,844		160,224		1,319,620		—		—
Total	$	7,027,291	$	10,543	$	(1,244	)	$	7,036,590	$	4,915,172	$	1,795,080	$	253,911	$	72,427

	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, Short-Term 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: 

	June 28, 2020
	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	$	189,437	$	(9	)	$	—	$	—		$	189,437	$	(9	)
Mutual funds	2,623		(289		)	5,011		(639		)	7,634		(928		)
Foreign government bonds	9,056		(5		)	—		—			9,056		(5		)
Corporate notes and bonds	332,924		(302		)	—		—			332,924		(302		)
	$	534,040	$	(605	)	$	5,011	$	(639	)	$	539,051	$	(1,244	)

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, Restricted Cash and Investments with Contractual Maturities

The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of June 28, 2020, are as follows: 

	Cost		Estimated  Fair Value
	(in thousands)
Due in one year or less	$	5,527,654	$	5,529,241
Due after one year through five years	433,973		437,872
Due in more than five years	19,018		19,188
	$	5,980,645	$	5,986,301

Schedule of Outstanding Foreign Currency Forward Contracts

As of June 28, 2020, 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	$	—	$	299,450	$	22,475	$	—
Euro	54,512		—		36,113		—
Korean won	20,492		—		—		50,715
Taiwan dollar	—		—		47,612		—
Chinese renminbi	—		—		35,071		—
Swiss franc	—		—		12,672		—
British pound sterling	—		—		11,191		—
Singapore dollar	—		—		10,062		—
Indian rupee	—		—		7,772		—
Malaysian ringgit	—		—		5,612		—
	$	75,004	$	299,450	$	188,580	$	50,715

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Consolidated Balance Sheet as of June 28, 2020, and June 30, 2019, were as follows: 

	June 28, 2020						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	$	1,862	Accrued expenses and other current liabilities	$	1,405	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	5,149
Interest rate contracts, long-term		—			—		Other assets	1,537			—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid  expense and other assets	155		Accrued expenses and other current liabilities	70		Prepaid  expense and other assets	1,249		Accrued expenses and other current liabilities	748
Total derivatives		$	2,017		$	1,475		$	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 Consolidated Statements of Operations, including accumulated other comprehensive income (“AOCI”), was as follows: 

		Year Ended June 28, 2020						Year Ended June 30, 2019
	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 AOCI			Gain (Loss) Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign exchange contracts	Revenue	$	4,095		$	2,418		$	8,143		$	10,821
Foreign exchange contracts	Cost of goods sold	(2,104		)	(3,101		)	(3,801		)	(5,949		)
Foreign exchange contracts	SG&A	(1,158		)	(1,501		)	(1,618		)	(2,321		)
Interest rate contracts	Other expense, net	(40,610		)	(700		)	—			(134		)
		$	(39,777	)	$	(2,884	)	$	2,724		$	2,417

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

		Year Ended
		June 28, 2020			June 30, 2019
Derivatives Not Designated as Hedging Instruments:	Location of (Loss) Gain  Recognized in Income	Loss Recognized in Income			Gain Recognized in Income
		(in thousands)
Foreign exchange contracts	Other income	$	(5,971	)	$	4,124

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:

	Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Year ended
	June 28, 2020
	Revenue		Cost of Goods Sold			Selling, General and Administrative			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:
	$	10,044,736	$	5,436,043		$	682,479		$	(98,824	)
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	—		—			—			(12,882		)
Derivatives designated as hedging instruments	—		—			—			12,882
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	2,418		(3,101		)	(1,501		)	—
Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	—		—			—			(700		)