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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 26, 2021

Schedule of Cash, Cash Equivalents, 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 September 26, 2021, and June 27, 2021:


	September 26, 2021
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	1,063,562	$	—	$	—	$	1,063,562	$	1,062,142	$	—	$	1,420	$	—
Time deposits	1,920,427		—		—		1,920,427		1,670,399		—		250,028		—
Level 1:
Money market funds	1,309,610		—		—		1,309,610		1,309,610		—		—		—
U.S. Treasury and agencies	1,850		—		(1)		1,849		—		1,849		—		—
Mutual funds	81,576		19,389		(27)		100,938		—		—		—		100,938
Level 1 Total	1,393,036		19,389		(28)		1,412,397		1,309,610		1,849		—		100,938
Level 2:



Foreign government bonds	15,119		14		—		15,133		—		15,133		—		—
Corporate notes and bonds	535,888		766		(271)		536,383		—		536,383		—		—

Mortgage backed securities — commercial	16,164		1		(58)		16,107		—		16,107		—		—
Level 2 Total	567,171		781		(329)		567,623		—		567,623		—		—
Total	$	4,944,196	$	20,170	$	(357)	$	4,964,009	$	4,042,151	$	569,472	$	251,448	$	100,938


	June 27, 2021
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	875,738	$	—	$	—	$	875,738	$	873,278	$	—	$	2,460	$	—
Time deposits	1,548,874		—		—		1,548,874		1,298,847		—		250,027		—
Level 1:
Money market funds	2,246,138		—		—		2,246,138		2,246,138		—		—		—
U.S. Treasury and agencies	204,743		96		(47)		204,792		—		204,792		—		—
Mutual funds	80,694		15,510		(33)		96,171		—		—		—		96,171
Level 1 Total	2,531,575		15,606		(80)		2,547,101		2,246,138		204,792		—		96,171
Level 2:


Government-sponsored enterprises	3,498		7		—		3,505		—		3,505		—		—
Foreign government bonds	32,995		21		(4)		33,012		—		33,012		—		—
Corporate notes and bonds	1,043,308		2,247		(457)		1,045,098		—		1,045,098		—		—
Mortgage backed securities — residential	5,623		54		—		5,677		—		5,677		—		—
Mortgage backed securities — commercial	18,830		17		(59)		18,788		—		18,788		—		—
Level 2 Total	1,104,254		2,346		(520)		1,106,080		—		1,106,080		—		—
Total	$	6,060,441	$	17,952	$	(600)	$	6,077,793	$	4,418,263	$	1,310,872	$	252,487	$	96,171

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 26, 2021
	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	$	1,848	$	(1)	$	—	$	—	$	1,848	$	(1)
Municipal notes and bonds	2,082		(27)		—		—		2,082		(27)



Corporate notes and bonds	155,500		(229)		7,673		(42)		163,173		(271)

Mortgage backed securities — commercial	14,988		(58)		—		—		14,988		(58)
	$	174,418	$	(315)	$	7,673	$	(42)	$	182,091	$	(357)

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 26, 2021:


	Cost		Fair Value
	(in thousands)
Due in one year or less	$	3,367,984	$	3,368,163
Due after one year through five years	404,834		405,155
Due in more than five years	26,240		26,191
	$	3,799,058	$	3,799,509

Schedule of Outstanding Foreign Currency Forward Contracts

The following table provides the total notional value of cash flow hedge instruments outstanding as of September 26, 2021:


	September 26, 2021
	(In thousands)
Buy Contracts	$	307,590
Sell Contracts	565,342

The following table provides the total notional value of balance sheet hedge instruments outstanding as of September 26, 2021:


	September 26, 2021
	(In thousands)
Buy Contracts	$	161,560
Sell Contracts	312,721

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 26, 2021
	Location of Gain or (Loss) Recognized in or Reclassified into Net Income		Loss Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships			(in thousands)
Foreign Exchange Contracts	Revenue		$	(5,936)	$	5,263
Foreign Exchange Contracts	Cost of goods sold		(3,761)		(643)
Foreign Exchange Contracts	Research and Development		(1,249)		—
Foreign Exchange Contracts	Selling, general, and administrative		(1,314)		(26)
Interest Rate Contracts	Other expense, net		—		(1,051)
			$	(12,260)	$	3,543


		Three Months Ended
		September 27, 2020
	Location of Gain or (Loss) Recognized in or Reclassified into Income		(Loss) Gain Recognized in AOCI		(Loss) Gain Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships			(in thousands)
Foreign Exchange Contracts	Revenue		$	(3,281)	$	(835)
Foreign Exchange Contracts	Cost of goods sold		1,093		560
Foreign Exchange Contracts	Research and Development		394		—
Foreign Exchange Contracts	Selling, general, and administrative		1,640		305
Interest Rate Contracts	Other expense, net		—		(952)
			$	(154)	$	(922)

The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Condensed Consolidated Statements of Operations was as follows:

Three Months Ended

September 26,
2021

September 27,
2020

Derivatives Not Designated as Hedging Instruments:

Location
of Gain Recognized
in Income

Gain
Recognized
in Net Income

(in thousands)

Foreign Exchange Contracts

Other expense, net

6,520

2,747