FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 27, 2020

Fair Value Disclosures [Abstract]

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

The following tables set 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 27, 2020, and June 28, 2020:

	December 27, 2020
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	1,148,170	$	—	$	—	$	1,148,170	$	1,145,390	$	—	$	2,780	$	—
Time deposits	1,798,552		—		—		1,798,552		1,548,525		—		250,027		—
Level 1:
Money market funds	913,708		—		—		913,708		913,708		—		—		—
U.S. Treasury and agencies	602,355		213		(2)		602,566		20,161		582,405		—		—
Mutual funds	72,685		10,395		(103)		82,977		—		—		—		82,977
Level 1 Total	1,588,748		10,608		(105)		1,599,251		933,869		582,405		—		82,977
Level 2:
Government-sponsored enterprises	3,496		15		—		3,511		—		3,511		—		—
Foreign government bonds	45,112		43		(2)		45,153		—		45,153		—		—
Corporate notes and bonds	1,765,273		3,878		(221)		1,768,930		59,381		1,709,549		—		—
Mortgage backed securities — residential	6,997		62		(3)		7,056		—		7,056		—		—
Mortgage backed securities — commercial	7,345		48		—		7,393		—		7,393		—		—
Level 2 Total	1,828,223		4,046		(226)		1,832,043		59,381		1,772,662		—		—
Total	$	6,363,693	$	14,654	$	(331)	$	6,378,016	$	3,687,165	$	2,355,067	$	252,807	$	82,977

	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 deposits	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

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 27, 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	$	56,901	$	(2)	$	—	$	—	$	56,901	$	(2)
Mutual funds	—		—		5,403		(103)		5,403		(103)
Foreign government bonds	8,843		(2)		—		—		8,843		(2)
Corporate notes and bonds	332,902		(221)		—		—		332,902		(221)
Mortgage backed securities — residential	4,448		(3)		—		—		4,448		(3)
	$	403,094	$	(228)	$	5,403	$	(103)	$	408,497	$	(331)

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 27, 2020:

	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	4,214,397	$	4,215,126
Due after one year through five years	872,280		875,416
Due in more than five years	56,161		56,327
	$	5,142,838	$	5,146,869

Schedule of Total Notional Value of Cash Flow and Balance Sheet Hedge Instruments

The following table provides the total notional value of cash flow hedge instruments outstanding as of December 27, 2020:

	December 27, 2020
	(In thousands)
Buy Contracts	$	283,540
Sell Contracts	300,228

The following table provides the total notional value of balance sheet hedge instruments outstanding as of December 27, 2020:

	December 27, 2020
	(In thousands)
Buy Contracts	$	211,703
Sell Contracts	145,615

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				Six Months Ended
		December 27, 2020				December 27, 2020
	Location of  Gain or (Loss) Recognized in or Reclassified into Net Income	(Loss) Gain Recognized in AOCI		(Loss) Gain Reclassified from AOCI into Net Income		(Loss) Gain Recognized in AOCI		(Loss) Gain Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	(5,056)	$	(1,440)	$	(8,337)	$	(2,275)
Foreign Exchange Contracts	Cost of goods sold	5,809		1,158		6,902		1,718
Foreign Exchange Contracts	Research and Development	1,875		—		2,269		—
Foreign Exchange Contracts	Selling, general, and administrative	4,157		1,018		5,797		1,323
Interest Rate Contracts	Other expense, net	—		(957)		—		(1,909)
		$	6,785	$	(221)	$	6,631	$	(1,143)

		Three Months Ended				Six Months Ended
		December 29, 2019				December 29, 2019
	Location of  Gain or (Loss) Recognized in or Reclassified into Income	Gain Recognized in AOCI		Loss Reclassified from AOCI 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	$	2,264	$	(172)	$	3,198	$	(506)
Foreign Exchange Contracts	Cost of goods sold	196		(1,090)		(1,067)		(1,900)
Foreign Exchange Contracts	Selling, general, and administrative	130		(417)		(465)		(893)
Interest Rate Contracts	Other expense, net	2,394		(35)		2,394		(70)
		$	4,984	$	(1,714)	$	4,060	$	(3,369)

The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations was as follows:

		Three Months Ended				Six Months Ended
		December 27, 2020		December 29, 2019		December 27, 2020		December 29, 2019
Derivatives Not Designated as Hedging Instruments:	Location  of Gain (Loss) Recognized  in Income	Gain Recognized in Income		Gain Recognized in Income		Gain Recognized in Income		Loss Recognized in Income
		(in thousands)
Foreign Exchange Contracts	Other expense, net	$	1,156	$	3,571	$	3,903	$	(1,930)