FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 28, 2021

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 March 28, 2021, and June 28, 2020:

	March 28, 2021
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	753,473	$	—	$	—	$	753,473	$	750,040	$	—	$	3,433	$	—
Time deposits	1,349,934		—		—		1,349,934		1,099,907		—		250,027		—
Level 1:
Money market funds	1,638,280		—		—		1,638,280		1,638,280		—		—		—
U.S. Treasury and agencies	385,461		209		(13)		385,657		—		385,657		—		—
Mutual funds	84,377		10,471		(105)		94,743		—		—		—		94,743
Level 1 Total	2,108,118		10,680		(118)		2,118,680		1,638,280		385,657		—		94,743
Level 2:
Government-sponsored enterprises	3,500		12		—		3,512		—		3,512		—		—
Foreign government bonds	47,099		43		(1)		47,141		—		47,141		—		—
Corporate notes and bonds	1,844,375		2,569		(633)		1,846,311		185,139		1,661,172		—		—
Mortgage backed securities — residential	6,279		74		—		6,353		—		6,353		—		—
Mortgage backed securities — commercial	12,264		33		(31)		12,266		—		12,266		—		—
Level 2 Total	1,913,517		2,731		(665)		1,915,583		185,139		1,730,444		—		—
Total	$	6,125,042	$	13,411	$	(783)	$	6,137,670	$	3,673,366	$	2,116,101	$	253,460	$	94,743

	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; as of March 28, 2021 there are no unrealized loss positions with a duration equal to or greater than twelve months:

	March 28, 2021
	Unrealized Losses Less than 12 Months
	Fair Value		Gross Unrealized Loss
	(in thousands)
U.S. Treasury and agencies	$	7,958	$	(13)
Municipal notes and bonds	6,468		(105)
Foreign government bonds	21,259		(1)
Corporate notes and bonds	540,915		(633)
Mortgage backed securities — commercial	7,599		(31)
	$	584,199	$	(783)

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 28, 2021:

	Cost		Fair Value
	(in thousands)
Due in one year or less	$	4,270,859	$	4,271,415
Due after one year through five years	967,417		969,055
Due in more than five years	48,916		48,984
	$	5,287,192	$	5,289,454

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 March 28, 2021:

	March 28, 2021
	(In thousands)
Buy Contracts	$	328,737
Sell Contracts	352,034

The following table provides the total notional value of balance sheet hedge instruments outstanding as of March 28, 2021:

	March 28, 2021
	(In thousands)
Buy Contracts	$	150,554
Sell Contracts	154,595

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				Nine Months Ended
		March 28, 2021				March 28, 2021
	Location of  Gain or (Loss) Recognized in or Reclassified into Net Income	Gain (Loss) Recognized in AOCI		(Loss) Gain Reclassified from AOCI into Net Income		Gain Recognized in AOCI		(Loss) Gain Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	15,285	$	(1,323)	$	6,948	$	(3,598)
Foreign Exchange Contracts	Cost of goods sold	(3,473)		1,355		3,429		3,073
Foreign Exchange Contracts	Research and Development	(1,319)		—		950		—
Foreign Exchange Contracts	Selling, general, and administrative	(1,741)		1,326		4,056		2,649
Interest Rate Contracts	Other expense, net	—		(962)		—		(2,871)
		$	8,752	$	396	$	15,383	$	(747)

		Three Months Ended				Nine Months Ended
		March 29, 2020				March 29, 2020
	Location of  Gain or (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Net Income		Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	6,334	$	1,279	$	9,532	$	773
Foreign Exchange Contracts	Cost of goods sold	(2,589)		(186)		(3,656)		(2,086)
Foreign Exchange Contracts	Selling, general, and administrative	(1,394)		6		(1,859)		(887)
Interest Rate Contracts	Other expense, net	(40,901)		(36)		(38,507)		(106)
		$	(38,550)	$	1,063	$	(34,490)	$	(2,306)

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				Nine Months Ended
		March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Derivatives Not Designated as Hedging Instruments:	Location  of Gain (Loss) Recognized  in Income	Gain Recognized in Net Income		Loss Recognized in Net Income		Gain Recognized in Net Income		Loss Recognized in Net Income
		(in thousands)
Foreign Exchange Contracts	Other expense, net	$	2,992	$	(6,858)	$	6,895	$	(8,788)