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Financial Instruments (Tables)

12 Months Ended

Jun. 25, 2023

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 25, 2023, and June 26, 2022:


	June 25, 2023
									(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	$	2,223,642	$	—	$	—	$	2,223,642	$	2,223,642	$	—	$	—	$	—

Mutual funds	96,646		12,092		(2,069)		106,669		—		—		—		106,669
Level 1 Total	2,320,288		12,092		(2,069)		2,330,311		2,223,642		—		—		106,669
Level 2:




Corporate notes and bonds	38,033		—		(392)		37,641		—		37,641		—		—


Level 2 Total	38,033		—		(392)		37,641		—		37,641		—		—
Total subject to fair value hierarchy	$	2,358,321	$	12,092	$	(2,461)	$	2,367,952

Cash							2,132,811		2,132,522		—		289		—
Time deposits							1,230,919		980,892		—		250,027		—
Total							$	5,731,682	$	5,337,056	$	37,641	$	250,316	$	106,669


	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

Schedule of 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 25, 2023
	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	$	—	$	—	$	30,356	$	(2,069)	$	30,356	$	(2,069)


Corporate notes and bonds	9,105		(6)		26,517		(386)		35,622		(392)


	$	9,105	$	(6)	$	56,873	$	(2,455)	$	65,978	$	(2,461)

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 25, 2023, are as follows:


	Cost		Fair Value
	(in thousands)
Due in one year or less	$	3,489,100	$	3,488,721
Due after one year through five years	3,494		3,481

	$	3,492,594	$	3,492,202

Schedule of Outstanding Foreign Currency Forward Contracts

The following table provides the total notional value of cash flow hedge instruments outstanding as of June 25, 2023:


	June 25, 2023
	(In thousands)
Buy Contracts	$	269,827
Sell Contracts	168,233

The following table provides the total notional value of balance sheet hedge instruments outstanding as of June 25, 2023:


	June 25, 2023
	(In thousands)
Buy Contracts	$	268,166
Sell Contracts	166,723

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 25, 2023				Year Ended June 26, 2022
	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	$	11,801	$	1,810	$	57,058	$	45,057
Foreign exchange contracts	Cost of goods sold	1,804		3,002		(23,414)		(11,410)
Foreign exchange contracts	R&D	—		(5)		(1,948)		(10)
Foreign exchange contracts	SG&A	418		140		(6,914)		(2,434)

Interest rate contracts	Other income (expense), net	—		(1,091)		—		(4,238)
		$	14,023	$	3,856	$	24,782	$	26,965

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 25, 2023

June 26, 2022

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 (expense), net

(9,544)

14,362