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FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Sep. 25, 2016
Fair Value Disclosures [Abstract]  
Cash, Cash Equivalents, Investments, Restricted Cash and Investments and Other Assets Measured at Fair Value on Recurring Basis
The following table sets 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 September 25, 2016 and June 26, 2016: 
 
September 25, 2016
 
 
 
 
 
 
 
 
(Reported Within)
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Fair Value
 
Cash and
Cash
Equivalents
 
Investments
 
Restricted
Cash &
Investments
 
Other
Assets
(in thousands)
Cash
$
768,071

 
$
—

 
$
—

 
$
768,071

 
$
762,458

 
$
—

 
$
5,613

 
$
—

Level 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Deposit
913,725

 
—

 
—

 
913,725

 
663,698

 
—

 
250,027

 
—

Money Market Funds
4,180,031

 
—

 
—

 
4,180,031

 
4,180,031

 
—

 
—

 
—

U.S. Treasury and Agencies
366,017

 
951

 
(3
)
 
366,965

 
86,092

 
280,873

 
—

 
—

Mutual Funds
39,010

 
1,773

 
(195
)
 
40,588

 
—

 
—

 
—

 
40,588

Level 1 Total
5,498,783

 
2,724

 
(198
)
 
5,501,309

 
4,929,821

 
280,873

 
250,027

 
40,588

Level 2:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal Notes and Bonds
201,502

 
183

 
(76
)
 
201,609

 
—

 
201,609

 
—

 
—

Government-Sponsored Enterprises
31,701

 
49

 
(14
)
 
31,736

 
—

 
31,736

 
—

 
—

Foreign Government Bonds
14,357

 
20

 
(1
)
 
14,376

 
—

 
14,376

 
—

 
—

Corporate Notes and Bonds
937,712

 
2,871

 
(201
)
 
940,382

 
169,422

 
770,960

 
—

 
—

Mortgage Backed Securities — Residential
15,747

 
53

 
(141
)
 
15,659

 
—

 
15,659

 
—

 
—

Mortgage Backed Securities — Commercial
37,661

 
18

 
(117
)
 
37,562

 
—

 
37,562

 
—

 
—

Level 2 Total
1,238,680

 
3,194

 
(550
)
 
1,241,324

 
169,422

 
1,071,902

 
—

 
—

Total
$
7,505,534

 
$
5,918

 
$
(748
)
 
$
7,510,704

 
$
5,861,701

 
$
1,352,775

 
$
255,640

 
$
40,588

 
 
June 26, 2016
 
 
 
 
 
 
 
 
(Reported Within)
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Fair Value
 
Cash and
Cash
Equivalents
 
Investments
 
Restricted
Cash &
Investments
 
Other
Assets
(in thousands)
Cash
$
418,216

 
$
—

 
$
—

 
$
418,216

 
$
412,573

 
$
—

 
$
5,643

 
$
—

Level 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Deposit
904,243

 
—

 
—

 
904,243

 
659,465

 
—

 
244,778

 
—

Money Market Funds
3,904,288

 
—

 
—

 
3,904,288

 
3,904,288

 
—

 
—

 
—

U.S. Treasury and Agencies
446,530

 
2,041

 
(2
)
 
448,569

 
62,996

 
385,573

 
—

 
—

Mutual Funds
39,318

 
1,400

 
(397
)
 
40,321

 
—

 
—

 
—

 
40,321

Level 1 Total
5,294,379

 
3,441

 
(399
)
 
5,297,421

 
4,626,749

 
385,573

 
244,778

 
40,321

Level 2:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal Notes and Bonds
265,386

 
355

 
(16
)
 
265,725

 
—

 
265,725

 
—

 
—

U.S. Treasury and Agencies
8,068

 
151

 
—

 
8,219

 
—

 
8,219

 
—

 
—

Government-Sponsored Enterprises
31,885

 
91

 
(13
)
 
31,963

 
—

 
31,963

 
—

 
—

Foreign Government Bonds
41,440

 
76

 
(4
)
 
41,512

 
—

 
41,512

 
—

 
—

Corporate Notes and Bonds
979,566

 
4,341

 
(566
)
 
983,341

 
—

 
983,341

 
—

 
—

Mortgage Backed Securities — Residential
17,395

 
37

 
(152
)
 
17,280

 
—

 
17,280

 
—

 
—

Mortgage Backed Securities — Commercial
55,129

 
30

 
(160
)
 
54,999

 
—

 
54,999

 
—

 
—

Level 2 Total
1,398,869

 
5,081

 
(911
)
 
1,403,039

 
—

 
1,403,039

 
—

 
—

Total
$
7,111,464

 
$
8,522

 
$
(1,310
)
 
$
7,118,676

 
$
5,039,322

 
$
1,788,612

 
$
250,421

 
$
40,321
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:
 
September 25, 2016
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)
 
Municipal Notes and Bonds
$
110,401

 
$
(71
)
 
$
1,995

 
$
(5
)
 
$
112,396

 
$
(76
)
 
U.S. Treasury & Agencies
8,247

 
(3
)
 
—

 
—

 
8,247

 
(3
)
 
Mutual Funds
—

 
—

 
8,964

 
(195
)
 
8,964

 
(195
)
 
Government-Sponsored Enterprises
419

 
—

 
621

 
(14
)
 
1,040

 
(14
)
 
Foreign Government Bonds
4,250

 
(1
)
 
—

 
—

 
4,250

 
(1
)
 
Corporate Notes and Bonds
147,348

 
(83
)
 
47,805

 
(118
)
 
195,153

 
(201
)
Mortgage Backed Securities — Residential
8,469

 
(57
)
 
3,897

 
(84
)
 
12,366

 
(141
)
Mortgage Backed Securities — Commercial
28,585

 
(82
)
 
6,318

 
(35
)
 
34,903

 
(117
)
 
$
307,719

 
$
(297
)
 
$
69,600

 
$
(451
)
 
$
377,319

 
$
(748
)
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 September 25, 2016:
 
Cost
 
Estimated
Fair
Value
(in thousands)
Due in one year or less
$
5,898,756

 
$
5,898,959

Due after one year through five years
730,005

 
733,625

Due in more than five years
69,692

 
69,461

 
$
6,698,453

 
$
6,702,045
Schedule of Outstanding Foreign Currency Forward Contracts
As of September 25, 2016, the Company had the following outstanding foreign currency contracts that were entered into under its cash flow and balance sheet hedge program:
 
Notional Value
Derivatives Designated as
Hedging Instruments:
 
Derivatives Not Designated
as Hedging Instruments:
(in thousands)
Foreign Currency Forward Contracts
 
 
 
 
 
 
 
 
Buy Contracts
 
Sell Contracts
 
Buy Contracts
 
Sell Contracts
Japanese yen
$
—

 
$
104,039

 
$
—

 
$
181,405

Swiss franc
—

 
—

 
7,387

 
—

Euro
24,049

 
—

 
31,518

 
—

Korean won
5,740

 
—

 
9,402

 
—

Chinese renminbi
—

 
—

 
8,215

 
 
Singapore dollar
—

 
—

 
33,867

 
—

Taiwan dollar
—

 
—

 
22,790

 
—

 
$
29,789

 
$
104,039

 
$
113,179

 
$
181,405

 
 
 
 
 
 
 
 
Foreign Currency Option Contracts
 
 
 
 
 
 
 
 
Buy Put
 
Sell Put
 
Buy Put (1)
 
Sell Put
Japanese yen
$
—

 
$
—

 
$
15,695

 
$
15,695

(1) Contracts were entered into and designated as cash flow hedges under ASC 815, contracts were subsequently de-designated, changes in fair market value subsequent to de-designation effect current earnings.
Schedule of Fair Value of Derivatives Instruments
The fair value of derivative instruments in the Company’s Condensed Consolidated Balance Sheets as of September 25, 2016 and June 26, 2016 were as follows:
 
September 25, 2016
 
June 26, 2016
Fair Value of Derivative Instruments (Level 2)
 
Fair Value of Derivative Instruments (Level 2)
Asset Derivatives
 
Liability Derivatives
 
Asset Derivatives
 
Liability Derivatives
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
 
Balance Sheet
Location
 
Fair Value
(in thousands)
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Prepaid expense
and other assets
 
$
113

 
Accrued liabilities
 
$
5,734

 
Prepaid expense
and other assets
 
$
249

 
Accrued liabilities
 
$
16,585

Interest rate contracts, short-term
Accrued expenses and other current liabilities
 
2,623

 
Prepaid expense
and other assets
 
—

 
Accrued expenses and other current liabilities
 
50

 
Prepaid expense
and other assets
 
159

Interest rate contracts, long-term
Other assets
 
4,968

 
Other long-term liabilities
 
—

 
Other assets
 
8,661

 
Other long-term liabilities
 
—

 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Prepaid expense
and other assets
 
279

 
Accrued
liabilities
 
83

 
Prepaid expense
and other assets
 
107

 
Accrued
liabilities
 
1,529

Total derivatives
 
 
$
7,983

 
 
 
$
5,817

 
 
 
$
9,067

 
 
 
$
18,273
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 September 25, 2016
 
Three Months Ended September 27, 2015
Effective Portion
Ineffective 
Portion
and Amount
Excluded from
Effectiveness
 
Effective Portion
Ineffective 
Portion
and Amount
Excluded from
Effectiveness
 
Location of 
Gain (Loss)
Recognized 
in or 
Reclassified
into Income
Gain (Loss)
Recognized
in AOCI
Gain (Loss)
Reclassified
from AOCI
into Income
Gain (Loss)
Recognized
in Income
 
Loss
Recognized
in AOCI
Gain (Loss)
Reclassified
from AOCI
into Income
Gain (Loss)
Recognized
in Income
Derivatives Designated
as Hedging Instruments
 
(in thousands)
Foreign Exchange Contracts
Revenue
$
(2,913
)
 
$
(13,605
)
 
$
705

 
$
(69
)
 
$
(1,378
)
 
$
32

Foreign Exchange Contracts
Cost of goods sold
235

 
173

 
(67
)
 
(415
)
 
1,505

 
(22
)
Foreign Exchange Contracts
Selling, general, and
administrative
(24
)
 
(9
)
 
(21
)
 
(173
)
 
258

 
(7
)
Interest Rate Contracts
Other expense, net
—

 
9

 
—

 
—

 
(94
)
 
—

 
 
$
(2,702
)
 
$
(13,432
)
 
$
617

 
$
(657
)
 
$
291

 
$
3

The effect of derivative instruments not designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations was as follows:
 
 
Three Months Ended
 
September 25, 2016
 
September 27, 2015
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
 
$
(383
)
 
$
6,007