FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 26, 2021

Fair Value Disclosures [Abstract]

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 December 26, 2021, and June 27, 2021:

	December 26, 2021
									(Reported Within)
	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash and Cash Equivalents		Investments		Restricted Cash & Investments		Other Assets
	(in thousands)
Cash	$	1,064,038	$	—	$	—	$	1,064,038	$	1,063,202	$	—	$	836	$	—
Time deposits	2,138,568		—		—		2,138,568		1,888,541		—		250,027		—
Level 1:
Money market funds	2,071,421		—		—		2,071,421		2,071,421		—		—		—
Corporate equities	3,000		46,633		—		49,633		—		—		—		49,633
Mutual funds	89,524		19,236		(126)		108,634		—		—		—		108,634
Level 1 Total	2,163,945		65,869		(126)		2,229,688		2,071,421		—		—		158,267
Level 2:
Corporate notes and bonds	301,790		13		(126)		301,677		63,380		238,297		—		—
Mortgage backed securities — commercial	4,294		—		(1)		4,293		—		4,293		—		—
Level 2 Total	306,084		13		(127)		305,970		63,380		242,590		—		—
Total	$	5,672,635	$	65,882	$	(253)	$	5,738,264	$	5,086,544	$	242,590	$	250,863	$	158,267

	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:

	December 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)
Mutual funds	7,408		(55)		1,998		(71)		9,406		(126)
Corporate notes and bonds	180,892		(126)		—		—		180,892		(126)
Mortgage backed securities — commercial	2,997		(1)		—		—		2,997		(1)
	$	191,297	$	(182)	$	1,998	$	(71)	$	193,295	$	(253)

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 December 26, 2021:

	Cost		Fair Value
	(in thousands)
Due in one year or less	$	4,383,362	$	4,383,338
Due after one year through five years	118,352		118,267
Due in more than five years	14,359		14,354
	$	4,516,073	$	4,515,959

Schedule of Outstanding Foreign Currency Forward Contracts

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

	December 26, 2021
	(In thousands)
Buy Contracts	$	415,277
Sell Contracts	410,812

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

	December 26, 2021
	(In thousands)
Buy Contracts	$	250,827
Sell Contracts	308,228

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				Six Months Ended
		December 26, 2021				December 26, 2021
	Location of  Gain or (Loss) Recognized in or Reclassified into Net Income	Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Net Income		Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Net Income
Derivatives in Cash Flow Hedging Relationships		(in thousands)
Foreign Exchange Contracts	Revenue	$	20,377	$	11,105	$	14,441	$	16,368
Foreign Exchange Contracts	Cost of goods sold	(6,373)		(2,225)		(10,134)		(2,868)
Foreign Exchange Contracts	Research and Development	2		—		(1,247)		—
Foreign Exchange Contracts	Selling, general, and administrative	(2,097)		(521)		(3,411)		(547)
Interest Rate Contracts	Other income (expense), net	—		(1,057)		—		(2,108)
		$	11,909	$	7,302	$	(351)	$	10,845

		Three Months Ended				Six Months Ended
		December 27, 2020				December 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		(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	$	(5,056)	$	(1,440)	$	(8,337)	$	(2,275)
Foreign Exchange Contracts	Cost of goods sold	5,809		1,158		6,902		1,718
Foreign Exchange Contracts	Research and Development	1,875		—		2,269		—
Foreign Exchange Contracts	Selling, general, and administrative	4,157		1,018		5,797		1,323
Interest Rate Contracts	Other income (expense), net	—		(957)		—		(1,909)
		$	6,785	$	(221)	$	6,631	$	(1,143)

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				Six Months Ended
		December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Derivatives Not Designated as Hedging Instruments:	Location  of Gain Recognized  in Income	Gain Recognized in Net Income		Gain Recognized in Net Income		Gain Recognized in Net Income		Gain Recognized in Net Income
		(in thousands)
Foreign Exchange Contracts	Other income (expense), net	$	3,417	$	1,156	$	9,937	$	3,903