Fair Value Measurements

3 Months Ended

Sep. 23, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements [Text Block]

FAIR VALUE MEASUREMENTS

The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows:

Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.

The Company’s Level 1 assets consist of money market funds.

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

The Company’s Level 2 assets and liabilities consist of U.S. treasury securities, Agency securities, Corporate debt securities, Certificates of deposit, Commercial paper, foreign currency forward contracts and long-term debt that are valued using quoted market prices or are determined using a yield curve model based on current market rates.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company did not hold any Level 3 assets or liabilities as of September 23, 2017 and June 24, 2017.

Assets and liabilities measured at fair value on a recurring basis were as follows:

	As of September 23, 2017								As of June 24, 2017
	Fair Value  Measurements Using						Total Balance		Fair Value  Measurements Using								Total Balance
	Level 1		Level 2		Level 3				Level 1			Level 2			Level 3
	(in thousands)
Assets
Cash and cash equivalents
Money market funds	$	100,896	$	—	$	—	$	100,896	$	952,462		$	—		$	—	$	952,462
Commercial paper	—		34,614		—		34,614		—			—			—		—
Corporate debt securities	—		5,325		—		5,325		—			—			—		—
Short Term Investments
Agency securities	—		6,974		—		6,974		—			—		—	—		—
Certificates of deposit	—		47,549		—		47,549		—		—	—			—		—
Commercial paper	—		105,971		—		105,971		—			—			—		—
Corporate debt securities	—		381,115		—		381,115		—			—			—		—
U.S. Treasury securities	—		655,218		—		655,218		—			498,718			—		498,718
Other Current Assets
Foreign currency forward contracts	—		874		—		874		—			848			—		848
Total Assets	$	100,896	$	1,237,640	$	—	$	1,338,536	$	952,462		$	499,566		$	—	$	1,452,028
Liabilities
Other Current Liabilities
Foreign currency forward contracts	$	—	$	321	$	—	$	321	$	—		$	386		$	—	$	386
Total Liabilities	$	—	$	321	$	—	$	321	$	—		$	386		$	—	$	386

During the three months ended September 23, 2017 and June 24, 2017, there were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

There were no assets or liabilities measured at fair value on a non-recurring basis as of September 23, 2017 and June 24, 2017 other than impairments of Long-Lived assets. For details, please refer to Note 14: “Impairment of long-lived assets”.