Financial Instruments (Tables)

12 Months Ended

Jun. 26, 2022

Schedule of Cash, Cash Equivalents, Short-Term 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 June 26, 2022, and June 27, 2021:


	June 26, 2022
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Level 1:
Money market funds	$	712,076	$	—	$	—	$	712,076	$	712,076	$	—	$	—	$	—

Mutual funds	84,851		12,027		(1,659)		95,219		—		—		—		95,219
Level 1 total	796,927		12,027		(1,659)		807,295		712,076		—		—		95,219
Level 2:




Corporate notes and bonds	137,859		—		(2,128)		135,731		—		135,731		—		—


Level 2 Total	137,859		—		(2,128)		135,731		—		135,731		—		—
Total subject to fair value hierarchy	$	934,786	$	12,027	$	(3,787)	$	943,026

Cash							1,017,253		1,015,747		—		1,506		—
Time deposits							2,044,206		1,794,178		—		250,028		—
Total							$	4,004,485	$	3,522,001	$	135,731	$	251,534	$	95,219


	June 27, 2021
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Level 1:
Money market funds	$	2,246,138	$	—	$	—	$	2,246,138	$	2,246,138	$	—	$	—	$	—
U.S. Treasury and agencies	204,743		96		(47)		204,792		—		204,792		—		—
Mutual funds	80,694		15,510		(33)		96,171		—		—		—		96,171
Level 1 total	2,531,575		15,606		(80)		2,547,101		2,246,138		204,792		—		96,171
Level 2:


Government-sponsored enterprises	3,498		7		—		3,505		—		3,505		—		—
Foreign government bonds	32,995		21		(4)		33,012		—		33,012		—		—
Corporate notes and bonds	1,043,308		2,247		(457)		1,045,098		—		1,045,098		—		—
Mortgage backed securities - residential	5,623		54		—		5,677		—		5,677		—		—
Mortgage backed securities - commercial	18,830		17		(59)		18,788		—		18,788		—		—
Level 2 Total	1,104,254		2,346		(520)		1,106,080		—		1,106,080		—		—
Total subject to fair value hierarchy	$	3,635,829	$	17,952	$	(600)	$	3,653,181

Cash							875,738		873,278		—		2,460		—
Time deposits							1,548,874		1,298,847		—		250,027		—
Total							$	6,077,793	$	4,418,263	$	1,310,872	$	252,487	$	96,171

Available-for-Sale And Trading Securities, Unrealized Loss Position, Fair Value

The following is an analysis of the Company’s investments in unrealized loss positions.:


	June 26, 2022
	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)


Mutual funds	$	38,536	$	(1,447)	$	1,701	$	(212)	$	40,237	$	(1,659)


Corporate notes and bonds	134,964		(2,128)		—		—		134,964		(2,128)


	$	173,500	$	(3,575)	$	1,701	$	(212)	$	175,201	$	(3,787)

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 26, 2022, are as follows:


	Cost		Fair Value
	(in thousands)
Due in one year or less	$	2,829,420	$	2,828,556
Due after one year through five years	64,721		63,457

	$	2,894,141	$	2,892,013

Schedule of Outstanding Foreign Currency Forward Contracts

The following table provides the total notional value of cash flow hedge instruments outstanding as of June 26, 2022:


	June 26, 2022
	(In thousands)
Buy Contracts	$	306,211
Sell Contracts	541,999

The following table provides the total notional value of balance sheet hedge instruments outstanding as of June 26, 2022:


	June 26, 2022
	(In thousands)
Buy Contracts	$	184,310
Sell Contracts	326,776

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 26, 2022				Year Ended June 27, 2021
	Location of Gain (Loss) Recognized in or Reclassified into Income	Gain 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	$	57,058	$	45,057	$	17,614	$	868
Foreign exchange contracts	Cost of goods sold	(23,414)		(11,410)		3,756		3,659
Foreign exchange contracts	R&D	(1,948)		(10)		898		—
Foreign exchange contracts	SG&A	(6,914)		(2,434)		4,190		3,623

Interest rate contracts	Other income (expense), net	—		(4,238)		—		(3,855)
		$	24,782	$	26,965	$	26,458	$	4,295

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

Year Ended

June 26, 2022

June 27, 2021

Derivatives Not Designated as Hedging Instruments:

Location of Gain
Recognized
in Income

Gain
Recognized
in Income

(in thousands)

Foreign exchange contracts

Other income (expense), net

14,362

7,057