Fair Value Measurements (Tables)

12 Months Ended

Jul. 02, 2016

Assets and liabilities measured at fair value table

The following tables present the company’s assets and liabilities measured at fair value on a recurring basis as of July 2, 2016 and June 27, 2015:



	Assets and Liabilities Measured at Fair Value as of Jul. 2, 2016
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents
Cash equivalents	$	634,230	$	43,270	$	—	$	677,500
Other assets
Interest rate swaps	—		36,805		—		36,805
Total assets at fair value	$	634,230	$	80,075	$	—	$	714,305

Liabilities:
Contingent consideration	$	—	$	—	$	16,439	$	16,439
Total liabilities at fair value	$	—	$	—	$	16,439	$	16,439



	Assets and Liabilities Measured at Fair Value as of Jun. 27, 2015
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents
Cash equivalents	$	4,677,735	$	63,689	$	—	$	4,741,424
Restricted cash	168,274		—		—		168,274
Other assets
Interest rate swaps	—		12,597		—		12,597
Total assets at fair value	$	4,846,009	$	76,286	$	—	$	4,922,295

Liabilities:
Contingent consideration	$	—	$	—	$	28,644	$	28,644
Total liabilities at fair value	$	—	$	—	$	28,644	$	28,644

Inputs for level 3 contingent consideration liabilities related to earnout agreements

The significant unobservable inputs used in the fair value measurements of our Level 3 contingent consideration liabilities related to earnout agreements were as follows:



	July 2, 2016
	2016		2015
Unobservable Inputs	(Weighted Average)
Probability of achieving payout targets	93.0	%	80.6	%
Discount Rate	10.8	%	10.6	%

Schedule of changes in fair value of the contingent consideration for earnout liabilities

The following table provides the changes in fair value of the contingent consideration for earnout liabilities for the periods presented (in thousands):



Balance as of June 28, 2014	$	54,896
Contingent consideration liabilities recorded for business acquisitions	8,530
Payments	(32,878		)
Currency translation	(1,904		)
Balance as of June 27, 2015	$	28,644
Contingent consideration liabilities recorded for business acquisitions	2,974
Payments	(14,679		)
Currency translation	(500		)
Balance as of July 2, 2016	$	16,439