Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents, Short-Term 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 June 30, 2019, and June 24, 2018: 

	June 30, 2019
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	467,460	$	—	$	—		$	467,460	$	462,310	$	—	$	5,150	$	—
Time deposit	1,563,686		—		—			1,563,686		1,313,659		—		250,027		—
Level 1:
Money market funds	1,644,659		—		—			1,644,659		1,644,659		—		—		—
U.S. Treasury and agencies	465,655		283		(24		)	465,914		86,981		378,933		—		—
Mutual funds	76,961		1,063		(283		)	77,741		—		—		—		77,741
Level 1 total	2,187,275		1,346		(307		)	2,188,314		1,731,640		378,933		—		77,741
Level 2:
Government-sponsored enterprises	16,005		5		(41		)	15,969		—		15,969		—		—
Foreign government bonds	24,408		35		—			24,443		—		24,443		—		—
Corporate notes and bonds	1,466,167		2,310		(99		)	1,468,378		150,610		1,317,768		—		—
Mortgage backed securities - residential	6,148		—		(4		)	6,144		—		6,144		—		—
Mortgage backed securities - commercial	29,587		140		—			29,727		—		29,727		—		—
Level 2 total	1,542,315		2,490		(144		)	1,544,661		150,610		1,394,051		—		—
Total	$	5,760,736	$	3,836	$	(451	)	$	5,764,121	$	3,658,219	$	1,772,984	$	255,177	$	77,741

	June 24, 2018
										(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	708,364	$	—	$	—		$	708,364	$	702,090	$	—	$	6,274	$	—
Time deposit	999,666		—		—			999,666		749,639		—		250,027		—
Level 1:
Money market funds	2,341,807		—		—			2,341,807		2,341,807		—		—		—
U.S. Treasury and agencies	356,679		—		(170		)	356,509		333,721		22,788		—		—
Mutual funds	68,568		516		(142		)	68,942		—		—		—		68,942
Level 1 total	2,767,054		516		(312		)	2,767,258		2,675,528		22,788		—		68,942
Level 2:
Municipal notes and bonds	152,378		37		(279		)	152,136		—		152,136		—		—
Government-sponsored enterprises	110,963		—		(201		)	110,762		99,934		10,828		—		—
Foreign government bonds	19,986		—		(1		)	19,985		19,985		—		—		—
Corporate notes and bonds	516,955		95		(1,184		)	515,866		265,081		250,785		—		—
Mortgage backed securities - residential	804		—		(3		)	801		—		801		—		—
Level 2 total	801,086		132		(1,668		)	799,550		385,000		414,550		—		—
Total	$	5,276,170	$	648	$	(1,980	)	$	5,274,838	$	4,512,257	$	437,338	$	256,301	$	68,942

Schedule of Cash, Cash Equivalents, Short-Term 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: 

	June 30, 2019
	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)
U.S. Treasury and agencies	$	25,704	$	(7	)	$	3,983	$	(17	)	$	29,687	$	(24	)
Mutual funds	4,859		(78		)	9,007		(205		)	13,866		(283		)
Government-sponsored enterprises	—		—			10,953		(41		)	10,953		(41		)
Corporate notes and bonds	67,984		(15		)	40,455		(84		)	108,439		(99		)
Mortgage backed securities - residential	6,129		(4		)	—		—			6,129		(4		)
	$	104,676	$	(104	)	$	64,398	$	(347	)	$	169,074	$	(451	)

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 30, 2019, are as follows: 

	Cost		Estimated  Fair Value
	(in thousands)
Due in one year or less	$	4,842,996	$	4,844,145
Due after one year through five years	331,707		333,019
Due in more than five years	41,612		41,756
	$	5,216,315	$	5,218,920

Schedule of Outstanding Foreign Currency Forward Contracts

As of June 30, 2019, the Company had the following outstanding foreign currency contracts that were entered into under its cash flow and balance sheet hedge programs: 

	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	—		$	115,844	$	76,013	$	36,732
Euro	43,776		—		23,964		—
Korean won	14,622		—		7,778		—
British pound sterling	—		—		45,783		—
Taiwan dollar	—		—		28,992		—
Swiss franc	—		—		26,694		—
Chinese renminbi	—		—		14,390		—
Indian rupee	—		—		9,473		—
Singapore dollar	—		—		8,874		—
	$	58,398	$	115,844	$	241,961	$	36,732

Schedule of Fair Value of Derivatives Instruments

The fair value of derivative instruments in the Company’s Consolidated Balance Sheet as of June 30, 2019, and June 24, 2018, were as follows: 

	June 30, 2019						June 24, 2018
	Fair Value of Derivative Instruments (Level 2)						Fair Value of Derivative Instruments (Level 2)
	Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Liabilities
	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 contracts	Prepaid  expense and other  assets	$	119	Accrued expenses and other current liabilities	$	2,756	Prepaid  expense and other  assets	$	7,581	Accrued expenses and other current liabilities	$	8,866
Interest rate contracts, short-term		—		Accrued expenses and other current liabilities	5,149			—		Accrued expenses and other current liabilities	7,468
Interest rate contracts, long-term	Other assets	1,537			—			—		Other long-term liabilities	23,720
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid  expense and other assets	1,249		Accrued expenses and other current liabilities	748		Prepaid  expense and other assets	111		Accrued expenses and other current liabilities	32
Total derivatives		$	2,905		$	8,653		$	7,692		$	40,086

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 30, 2019						Year Ended June 24, 2018
	Location of Gain (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI			Gain (Loss) Reclassified from AOCI into Income			(Loss) Gain Recognized in AOCI			(Loss) Gain Reclassified from AOCI into Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign exchange contracts	Revenue	$	8,143		$	10,821		$	(8,305	)	$	(11,284	)
Foreign exchange contracts	Cost of goods sold	(3,801		)	(5,949		)	57			5,218
Foreign exchange contracts	SG&A	(1,618		)	(2,321		)	558			2,654
Interest rate contracts	Other expense, net	—			(134		)	—			(126		)
		$	2,724		$	2,417		$	(7,690	)	$	(3,538	)

The effect of derivative instruments not designated as cash flow hedges on the Company’s Consolidated Statement of Operations was as follows: 

		Year Ended
		June 30, 2019		June 24, 2018
Derivatives Not Designated as Hedging Instruments:	Location of Gain  Recognized in Income	Gain Recognized in Income		Gain Recognized in Income
		(in thousands)
Foreign exchange contracts	Other income	$	4,124	$	7,756

The following table presents the effect of the fair value cash flow hedge accounting on the Statement of Financial Performance as well as presents the location and amount of gain/(loss) recognized in Income on fair value and cash flow hedging relationships:

	Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Year ended
	June 30, 2019
	Revenue		Cost of Goods Sold			Selling, General and Administrative			Other Income (Expense)
	(in thousands)
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded:
	$	9,653,559	$	5,295,100		$	702,407		$	(18,161	)
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20:
Interest contracts:
Hedged items	—		—			—			(27,577		)
Derivatives designated as hedging instruments	—		—			—			27,577
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	10,821		(5,949		)	(2,321		)	—
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive income into income	—		—			—			(134		)