Fair Value Measurements

12 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements [Text Block]

FAIR VALUE MEASUREMENTS

The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows:

Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.

The Company's Level 1 assets consist of money market funds.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

The Company’s Level 2 assets and liabilities consist of U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, commercial paper and foreign currency forward contracts that are valued using quoted market prices or are determined using a yield curve model based on current market rates.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company's Level 3 assets and liabilities consist of contingent consideration liabilities as of June 30, 2018 related to an acquisition. The Company did not hold any Level 3 assets or liabilities as of June 24, 2017.

Assets and liabilities measured at fair value on a recurring basis were as follows:

	As of June 30, 2018								As of June 24, 2017
	Fair Value								Fair Value
	Measurements Using						Total Balance		Measurements Using						Total Balance
	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and cash equivalents
Agency securities	$	—	$	13,946	$	—	$	13,946	$	—	$	—	$	—	$	—
Certificates of deposit	—		6,000		—		6,000		—		—		—		—
Commercial paper	—		45,063		—		45,063		—		—		—		—
Corporate debt securities	—		3,819		—		3,819		—		—		—		—
Money market funds	98,467		—		—		98,467		952,462		—		—		952,462
U.S. Treasury securities	—		30,988		—		30,988		—		—		—		—
Short term investments
Certificates of deposit	—		52,428		—		52,428		—		—		—		—
Commercial paper	—		64,354		—		64,354		—		—		—		—
Corporate debt securities	—		367,765		—		367,765		—		—		—		—
U.S. Treasury securities	—		598,368		—		598,368		—		498,718		—		498,718
Other current assets
Foreign currency forward contracts	—		235		—		235		—		848		—		848
Total Assets	$	98,467	$	1,182,966	$	—	$	1,281,433	$	952,462	$	499,566	$	—	$	1,452,028
Liabilities
Accrued expenses
Foreign currency forward contracts	$	—	$	1,845	$	—	$	1,845	$	—	$	386	$	—	$	386
Contingent consideration	—		—		8,000		8,000		—		—		—		—
Other liabilities
Contingent consideration	—		—		8,000		8,000		—		—		—		—
Total Liabilities	$	—	$	1,845	$	16,000	$	17,845	$	—	$	386	$	—	$	386

During the fiscal years ended June 30, 2018and June 24, 2017, there were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

There were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2018and June 24, 2017 other than impairments of Long-Lived assets. For details, please refer to Note 10: “Impairment of long-lived assets”.