Lam Research (LRCX) 10-Q 23 Oct 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares shares in Thousands	3 Months Ended
	Sep. 24, 2023	Oct. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 24, 2023
Document Transition Report	false
Entity File Number	0-12933
Entity Registrant Name	LAM RESEARCH CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2634797
Entity Address, Address Line One	4650 Cushing Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	572-0200
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	LRCX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,792
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000707549
Current Fiscal Year End Date	--06-30

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Income Statement [Abstract]
Revenue	$ 3,482,062,000	$ 5,074,121,000
Cost of goods sold	1,819,420,000	2,737,286,000
Restructuring charges, net - cost of goods sold	7,940,000	0
Total cost of goods sold	1,827,360,000	2,737,286,000
Gross margin	1,654,702,000	2,336,835,000
Research and development	422,629,000	433,375,000
Selling, general, and administrative	207,023,000	205,620,000
Restructuring charges, net - operating expenses	2,021,000	0
Total operating expenses	631,673,000	638,995,000
Operating income	1,023,029,000	1,697,840,000
Other income (expense), net	2,601,000	(43,095,000)
Income before income taxes	1,025,630,000	1,654,745,000
Income tax expense	(138,232,000)	(228,866,000)
Net income	$ 887,398,000	$ 1,425,879,000
Net income per share:
Basic (in dollars per share)	$ 6.69	$ 10.42
Diluted (in dollars per share)	$ 6.66	$ 10.39
Number of shares used in per share calculations:
Basic (in shares)	132,584	136,891
Diluted (in shares)	133,166	137,208

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 887,398	$ 1,425,879
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(20,678)	(33,609)
Cash flow hedges:
Net unrealized gains during the period	8,598	18,803
Net gains reclassified into net income	(8,917)	(9,297)
Net change	(319)	9,506
Available-for-sale investments:
Net unrealized gains during the period	182	80
Net gains reclassified into net income	(10)	(53)
Net change	172	27
Defined benefit plans, net change in unrealized component	181	293
Other comprehensive loss, net of tax	(20,644)	(23,783)
Comprehensive income	$ 866,754	$ 1,402,096

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023	[1]
ASSETS
Cash and cash equivalents	$ 5,126,150	$ 5,337,056
Investments	30,557	37,641
Accounts receivable, less allowance of $5,255 as of September 24, 2023, and $5,344 as of June 25, 2023	2,810,953	2,823,376
Inventories	4,747,781	4,816,190
Prepaid expenses and other current assets	278,121	214,149
Total current assets	12,993,562	13,228,412
Property and equipment, net	2,110,511	1,856,672
Goodwill	1,626,382	1,622,489
Intangible assets, net	157,618	168,454
Other assets	1,650,384	1,905,616
Total assets	18,538,457	18,781,643
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	528,163	470,702
Accrued expenses and other current liabilities	2,120,055	2,010,637
Deferred profit	1,595,098	1,695,221
Current portion of long-term debt and finance lease obligations	3,861	8,358
Total current liabilities	4,247,177	4,184,918
Long-term debt and finance lease obligations, less current portion	4,980,460	5,003,183
Income taxes payable	780,511	882,084
Other long-term liabilities	482,979	501,286
Total liabilities	10,491,127	10,571,471
Commitments and contingencies (refer to Note 13)
Stockholders’ equity:
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding	0	0
Common stock, at par value of $0.001 per share; authorized, 400,000 shares as of September 24, 2023 and June 25, 2023; issued and outstanding, 132,072 shares as of September 24, 2023, and 133,297 shares as of June 25, 2023	132	133
Additional paid-in capital	7,879,031	7,809,002
Treasury stock, at cost; 162,646 shares as of September 24, 2023, and 161,380 shares as of June 25, 2023	(22,365,872)	(21,530,353)
Accumulated other comprehensive loss	(121,350)	(100,706)
Retained earnings	22,655,389	22,032,096
Total stockholders’ equity	8,047,330	8,210,172
Total liabilities and stockholders’ equity	$ 18,538,457	$ 18,781,643
[1]Derived from audited financial statements

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,255	$ 5,344
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	132,072,000	133,297,000
Common stock, shares outstanding (in shares)	132,072,000	133,297,000
Treasury stock (in shares)	162,646,000	161,380,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Sep. 24, 2023	Sep. 25, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 887,398	$ 1,425,879
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		90,479	75,751
Deferred income taxes		(24,238)	(133,616)
Equity-based compensation expense		67,211	71,110
Other, net		(150)	(2,751)
Changes in operating assets and liabilities		(69,537)	(246,785)
Net cash provided by operating activities		951,163	1,189,588
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets		(76,992)	(140,063)
Proceeds from maturities of available-for-sales securities		7,275	14,695
Other, net		(4,966)	(2,435)
Net cash used for investing activities		(74,683)	(127,803)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations		(253,109)	(1,854)
Treasury stock purchases		(843,238)	(109,779)
Dividends paid		(230,332)	(205,615)
Proceeds from issuance of common stock		2,818	6,796
Other, net		(2,151)	(489)
Net cash used for financing activities		(1,326,012)	(310,941)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(11,031)	(16,925)
Net (decrease) increase in cash, cash equivalents, and restricted cash		(460,563)	733,919
Cash, cash equivalents, and restricted cash at beginning of period (1)	[1]	5,587,372	3,773,535
Cash, cash equivalents, and restricted cash at end of period (1)	[1]	5,126,809	4,507,454
Schedule of non-cash transactions:
Accrued payables for stock repurchases		37,768	88
Accrued payables for capital expenditures		38,668	79,173
Dividends payable		265,040	235,980
Transfers of finished goods inventory to property and equipment		18,014	20,798
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents		5,126,150	4,256,499
Restricted cash and cash equivalents (1)	[1]	659	250,955
Total cash, cash equivalents, and restricted cash	[1]	$ 5,126,809	$ 4,507,454
[1]Restricted cash is reported within Other assets, in the Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total		Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Jun. 26, 2022			136,975
Beginning balance at Jun. 26, 2022	$ 6,278,366		$ 137	$ 7,414,916	$ (19,481,429)	$ (109,982)	$ 18,454,724
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			85
Issuance of common stock	6,796			6,796
Purchase of treasury stock (in shares)			(686)
Purchase of treasury stock	(109,821)		$ (1)		(109,820)
Equity-based compensation expense	71,110			71,110
Net income	1,425,879						1,425,879
Other comprehensive loss	(23,783)					(23,783)
Cash dividends declared	(235,980)						(235,980)
Ending balance (in shares) at Sep. 25, 2022			136,374
Ending balance at Sep. 25, 2022	$ 7,412,567		$ 136	7,492,822	(19,591,249)	(133,765)	19,644,623
Beginning balance (in shares) at Jun. 25, 2023	133,297		133,297
Beginning balance at Jun. 25, 2023	$ 8,210,172	[1]	$ 133	7,809,002	(21,530,353)	(100,706)	22,032,096
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			41
Issuance of common stock	2,818			2,818
Purchase of treasury stock (in shares)			(1,266)
Purchase of treasury stock	(835,520)		$ (1)		(835,519)
Equity-based compensation expense	67,211			67,211
Net income	887,398						887,398
Other comprehensive loss	(20,644)					(20,644)
Cash dividends declared	$ (264,105)						(264,105)
Ending balance (in shares) at Sep. 24, 2023	132,072		132,072
Ending balance at Sep. 24, 2023	$ 8,047,330		$ 132	$ 7,879,031	$ (22,365,872)	$ (121,350)	$ 22,655,389
[1]Derived from audited financial statements

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 2	$ 1.725

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 24, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of Lam Research Corporation (“Lam Research” or the “Company”) for the fiscal year ended June 25, 2023, which are included in the Company’s Annual Report on Form 10-K as of and for the year ended June 25, 2023 (the “2023 Form 10-K”). The condensed consolidated financial statements include the accounts of Lam Research and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 30, 2024 and includes 53 weeks. The quarters ended September 24, 2023 (the “September 2023 quarter”) and September 25, 2022 included 13 weeks. Reclassification: Certain amounts for the June 25, 2023 Condensed Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the current period presentation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Sep. 24, 2023
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted or Effective The Company has not adopted any new accounting standards during the first quarter of fiscal year 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements. Updates Not Yet Effective There are no new accounting standards not yet adopted or effective that are expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

REVENUE

REVENUE	3 Months Ended
	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution. The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located. The Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing. The following table presents the Company’s revenues disaggregated between system and its customer support-related revenue: Three Months Ended September 24, September 25, (In thousands) Systems revenue $ 2,056,655 $ 3,181,987 Customer support-related revenue and other 1,425,407 1,892,134 $ 3,482,062 $ 5,074,121 Systems revenue includes sales of new leading-edge equipment in deposition, etch and clean markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company’s Reliant product line. The following table presents the Company’s revenues disaggregated by geographic region: Three Months Ended September 24, September 25, (In thousands) China $ 1,687,311 $ 1,530,475 Korea 547,945 855,378 Japan 324,520 458,693 United States 282,224 304,977 Taiwan 242,490 1,120,946 Europe 238,469 262,588 Southeast Asia 159,103 541,064 $ 3,482,062 $ 5,074,121 The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Three Months Ended September 24, September 25, Memory 38 % 52 % Foundry 36 % 34 % Logic/integrated device manufacturing 26 % 14 % Deferred Revenue Revenue of $561.8 million included in deferred profit at June 25, 2023 was recognized during the three months ended September 24, 2023, representing 31% of the $1,837.9 million of deferred revenue as of June 25, 2023. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of September 24, 2023 and when the Company expects to recognize the amounts as revenue: Less than 1 Year 1-3 Years More than 3 Years Total (In thousands) Deferred revenue $ 1,421,440 $ 226,972 (1) $ 42,035 (1) $ 1,690,447 (1) This amount is reported in Deferred profit on the Company's Condensed Consolidated Balance Sheets as the customers can demand the liability to be performed at any time.

EQUITY-BASED COMPENSATION PLANS

EQUITY-BASED COMPENSATION PLANS	3 Months Ended
	Sep. 24, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION PLANS	EQUITY-BASED COMPENSATION PLANS The Lam Research Corporation 2015 Stock Incentive Plan, as amended, provides for the grant of non-qualified equity-based awards of the Company’s Common Stock to eligible employees and non-employee directors, including stock options, restricted stock units (“RSUs”), and market-based performance RSUs (“market-based PRSUs”). An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company’s market-based PRSUs contain both a market condition and a service condition. The Company’s option, RSU, and market-based PRSU awards typically vest over a period of three years. The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions. The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended September 24, September 25, (in thousands) Equity-based compensation expense $ 67,211 $ 71,110 Income tax benefit recognized related to equity-based compensation expense $ 9,564 $ 11,528

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	3 Months Ended
	Sep. 24, 2023
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET The significant components of other income (expense), net, are as follows: Three Months Ended September 24, September 25, (in thousands) Interest income $ 56,564 $ 15,056 Interest expense (45,331) (46,052) (Losses) gains on deferred compensation plan-related assets, net (2,901) (12,726) Foreign exchange gains (losses), net 1,269 6,821 Other, net (7,000) (6,194) $ 2,601 $ (43,095)

INCOME TAX EXPENSE

INCOME TAX EXPENSE	3 Months Ended
	Sep. 24, 2023
Income Tax Disclosure [Abstract]
INCOME TAX EXPENSE	INCOME TAX EXPENSE The Company’s provision for income taxes and effective tax rate are as follows: Three Months Ended September 24, September 25, (in thousands, except percentages) Income tax expense $ 138,232 $ 228,866 Effective tax rate 13.5 % 13.8 % The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate for the three months ended September 24, 2023 and September 25, 2022 was primarily due to income in lower tax jurisdictions. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law. In general, the provisions of the IRA are effective beginning with the Company’s fiscal year 2024, with certain exceptions. The IRA includes a new 15% corporate minimum tax. The Company has evaluated the potential impacts of the IRA and does not expect it to have a material impact on the effective tax rate. However, the Company expects future guidance from the Treasury Department and will further analyze when the guidance is issued. The Internal Revenue Service (“IRS”) is examining the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, and June 28, 2020. To date, no significant adjustments have been proposed by the IRS. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the IRS will occur. The Company is in various stages of examinations in connection with all of its tax audits worldwide, and it is difficult to determine when these examinations will be settled. It is reasonably possible that over the next 12-month period the Company may experience an increase or decrease in its uncertain tax positions as a result of tax examinations or lapses of statutes of limitation. The change in uncertain tax positions as a result of lapses of statutes of limitation may range up to $9.8 million.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Sep. 24, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, and convertible notes. The following table reconciles the inputs to the basic and diluted computations for net income per share. Three Months Ended September 24, September 25, (in thousands, except per share data) Numerator: Net income $ 887,398 $ 1,425,879 Denominator: Basic average shares outstanding 132,584 136,891 Effect of potential dilutive securities: Employee stock plans 582 317 Diluted average shares outstanding 133,166 137,208 Net income per share - basic $ 6.69 $ 10.42 Net income per share - diluted $ 6.66 $ 10.39 For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. The impact from potentially dilutive securities, including options and RSUs, was not material for the three months ended September 24, 2023 and September 25, 2022.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Sep. 24, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K. The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three months ended September 24, 2023 and September 25, 2022. Debt and Equity Investments measured at fair value on a recurring basis The following tables set forth the Company’s cash, cash equivalents, investments, and other assets measured at fair value on a recurring basis as of September 24, 2023, and June 25, 2023: September 24, 2023 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Other (in thousands) Level 1: Money market funds $ 1,657,890 $ — $ — $ 1,657,890 $ 1,657,890 $ — $ — Mutual funds 100,113 16,826 (1,973) 114,966 — — 114,966 Level 1 Total 1,758,003 16,826 (1,973) 1,772,856 1,657,890 — 114,966 Level 2: Corporate notes and bonds 30,727 2 (172) 30,557 — 30,557 — Level 2 Total 30,727 2 (172) 30,557 — 30,557 — Total subject to fair value hierarchy $ 1,788,730 $ 16,828 $ (2,145) $ 1,803,413 Cash $ 1,772,866 $ 1,772,207 $ — $ 659 Time deposits 1,696,053 1,696,053 — — Total $ 5,272,332 $ 5,126,150 $ 30,557 $ 115,625 June 25, 2023 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Other (in thousands) Level 1: Money market funds $ 2,223,642 $ — $ — $ 2,223,642 $ 2,223,642 $ — $ — Mutual funds 96,646 12,092 (2,069) 106,669 — — 106,669 Level 1 Total 2,320,288 12,092 (2,069) 2,330,311 2,223,642 — 106,669 Level 2: Corporate notes and bonds 38,033 — (392) 37,641 — 37,641 — Level 2 Total 38,033 — (392) 37,641 — 37,641 — Total subject to fair value hierarchy $ 2,358,321 $ 12,092 $ (2,461) $ 2,367,952 Cash $ 2,132,811 $ 2,132,522 $ — $ 289 Time deposits 1,230,919 980,892 — 250,027 Total $ 5,731,682 $ 5,337,056 $ 37,641 $ 356,985 The following is an analysis of the Company’s investments in unrealized loss positions: September 24, 2023 Unrealized Losses Unrealized Losses Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in thousands) Mutual funds $ 599 $ (6) $ 21,788 $ (1,967) $ 22,387 $ (1,973) Corporate notes and bonds 5,378 (1) 17,834 (171) 23,212 (172) $ 5,977 $ (7) $ 39,622 $ (2,138) $ 45,599 $ (2,145) The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of September 24, 2023 are as follows: Cost Fair (in thousands) Due in one year or less $ 3,384,670 $ 3,384,500 Due after one year through five years — — $ 3,384,670 $ 3,384,500 The Company has the ability, if necessary, to liquidate its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than 12 months from the date of purchase nonetheless are classified as short-term on the accompanying Condensed Consolidated Balance Sheets. Derivative Instruments and Hedging The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to our Consolidated Financial Statements in Part II, Item 8 of our 2023 Form 10-K. As of September 24, 2023 and June 25, 2023 the fair value of outstanding cash flow and balance sheet hedges were not material. The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three months ended September 24, 2023 and September 25, 2022.

INVENTORIES

INVENTORIES	3 Months Ended
	Sep. 24, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. System shipments to customers in Japan, for which title does not transfer until customer acceptance, are classified as finished goods inventory and carried at cost until title transfers. Inventories consist of the following: September 24, June 25, (in thousands) Raw materials $ 3,202,468 $ 3,196,988 Work-in-process 300,408 325,611 Finished goods 1,244,905 1,293,591 $ 4,747,781 $ 4,816,190

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Sep. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill The balance of goodwill is approximately $1.6 billion as of September 24, 2023 and June 25, 2023. As of September 24, 2023 and June 25, 2023, $65.4 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law. Intangible Assets The following table provides the Company’s intangible assets, other than goodwill: September 24, 2023 June 25, 2023 Gross Accumulated Net Gross Accumulated Net (in thousands) Customer relationships $ 644,103 $ (632,279) $ 11,824 $ 644,138 $ (631,420) $ 12,718 Existing technology 734,885 (677,619) 57,266 717,331 (674,549) 42,782 Patents and other intangible assets 201,215 (125,134) 76,081 199,532 (116,659) 82,873 Intangible assets subject to amortization 1,580,203 (1,435,032) 145,171 1,561,001 (1,422,628) 138,373 In process research and development 12,447 — 12,447 30,081 — 30,081 Total intangible assets $ 1,592,650 $ (1,435,032) $ 157,618 $ 1,591,082 $ (1,422,628) $ 168,454 The Company recognized $14.0 million and $11.6 million in intangible asset amortization expense during the three months ended September 24, 2023 and September 25, 2022, respectively. The estimated future amortization expense of intangible assets as of September 24, 2023, is reflected in the table below. The table excludes $18.8 million of capitalized costs for intangible assets that have not been placed into service. Fiscal Year Amount (in thousands) 2024 (remaining 9 months) $ 32,556 2025 30,544 2026 20,100 2027 15,360 2028 11,842 Thereafter 15,928 $ 126,330

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Sep. 24, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: September 24, June 25, (in thousands) Accrued compensation $ 485,419 $ 481,354 Warranty reserves 240,550 256,781 Income and other taxes payable (1) 587,410 460,630 Dividend payable 265,040 231,267 Restructuring 3,095 8,014 Other 538,541 572,591 $ 2,120,055 $ 2,010,637 (1) The balance in income and other taxes payable includes an accrual of $180.0 million related to federal estimated taxes for which payment is deferred until our quarter ending December 24, 2023, under the IRS Federal tax relief for California disaster area taxpayers.

LEASES

LEASES	3 Months Ended
	Sep. 24, 2023
Leases [Abstract]
LEASES	LEASESThe Company elected to exercise purchase options available under its finance leases for certain improved properties in Fremont and Livermore, California (the “California Facility Leases”) in the three months ended September 24, 2023. As a result, the Company released cash collateral in an aggregate of approximately $250.0 million of restricted cash that is reported in Other assets in the Company’s Condensed Consolidated Balance Sheet. Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $298.4 million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facilities Leases. As a result of the purchase of the improved properties, $250.5 million of additions were made to Property and Equipment, Net in the Company’s Condensed Consolidated Balance Sheets primarily comprised of land ($40.5 million) and buildings and improvements ($210.0 million).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 24, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees The Company has issued certain indemnifications to its lessors for taxes and general liability under some of its agreements. The Company has entered into insurance contracts that are intended to limit its exposure to such indemnifications. As of September 24, 2023, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees. Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services. The Company seeks to limit its liability for such indemnity to an amount not to exceed the sales price of the products or services subject to its indemnification obligations. The Company does not believe that it is probable that any material amounts will be paid under these guarantees. The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business. As of September 24, 2023, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $197.9 million. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid. In addition, the Company has entered into indemnification agreements with its directors, officers, and certain other employees, consistent with its Bylaws and Certificate of Incorporation; and under local law, the Company may be required to provide indemnification to its employees for actions within the scope of their employment. Although the Company maintains insurance contracts that cover some of the potential liability associated with these indemnification agreements, there is no guarantee that all such liabilities will be covered. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under such indemnification agreements or statutory obligations. Warranties The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements. As of September 24, 2023, warranty reserves totaling $24.8 million were reported in other long-term liabilities, the remainder were included in accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets. Changes in the Company’s product warranty reserves were as follows: Three Months Ended September 24, September 25, (in thousands) Balance at beginning of period $ 286,663 $ 256,258 Warranties issued during the period 44,519 88,213 Settlements made during the period (52,236) (64,896) Changes in liability for warranties issued during the period (50) (1,269) Changes in liability for pre-existing warranties (13,522) 5,208 Balance at end of period $ 265,374 $ 283,514 Legal Proceedings While the Company is not currently a party to any legal proceedings that it believes material, the Company is either a defendant or plaintiff in various actions that have arisen from time to time in the normal course of business, including intellectual property claims. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on current information, the Company does not believe that a material loss from known matters is probable and therefore has not recorded an accrual of any material amount for litigation or other contingencies related to existing legal proceedings.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	3 Months Ended
	Sep. 24, 2023
Equity [Abstract]
STOCK REPURCHASE PROGRAM	STOCK REPURCHASE PROGRAMIn May 2022, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balances from any prior authorizations. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Total Cost of Repurchase (2) Average Price Share (1,2) Amount (in thousands, except per share data) Available balance as of June 25, 2023 $ 3,537,217 Quarter ended September 24, 2023 1,257 $ 829,874 $ 660.01 $ 2,707,343 (1) Average price paid per share excludes the effect of accelerated share repurchase activities. (2) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three months ended September 24, 2023, the Company acquired 9 thousand shares at a total cost of $5.5 million, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan.

RESTRUCTURING CHARGES, NET

RESTRUCTURING CHARGES, NET	3 Months Ended
	Sep. 24, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES, NET	RESTRUCTURING CHARGES, NET The Company records employee severance and separation costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Non-retirement Post-employment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with employees that elected to voluntarily terminate as part of the restructuring plan are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated. If applicable, the Company records such costs into operating expense over the terminated employees’ future service period beyond any minimum or legally required retention period. The majority of restructuring charges that have been incurred but not yet paid are recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. In the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities. Under the plan the Company terminated approximately 1,650 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs primarily relate to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements. During the three months ending September 24, 2023, net restructuring costs of $7.9 million and $2.0 million were recorded in restructuring charges, net - cost of goods sold, and restructuring charges, net - operating expenses, respectively, in the Condensed Consolidated Statements of Operations. No restructuring charges were recognized during the three months ending September 25, 2022. The cumulative cost of the restructuring plan as of September 24, 2023 was $130.3 million. The Company anticipates the restructuring plan to be substantially complete by December 24, 2023, and estimates that incremental restructuring charges totaling approximately $7 million will be incurred in the fiscal quarter ending December 24, 2023. The following table is a summary of the activity related to the restructuring plan: Severance and Benefits Other Total (in thousands) Restructuring liability as of June 25, 2023 $ 7,989 $ 246 $ 8,235 Restructuring expense 5,474 4,487 9,961 Cash payments (10,525) (4,262) (14,787) Non-cash activities 54 16 70 Restructuring liability as of September 24, 2023 $ 2,992 $ 487 $ 3,479

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Pay vs Performance Disclosure
Net income	$ 887,398	$ 1,425,879

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 24, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Timothy M. Archer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 10, 2023, Timothy M. Archer, the President and Chief Executive Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Archer’s Rule 10b5-1 Trading Arrangement provides for: (i) the potential exercise of 10,524 stock options expiring March 1, 2025 and the associated sale of up to 10,524 shares of the Company’s common stock resulting from such exercise; and (ii) the potential sale of up to 8,500 shares of the Company’s common stock; in each case pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Mr. Archer’s Rule 10b5-1 Trading Arrangement has a termination date of August 9, 2024.
Name	Timothy M. Archer
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 10, 2023
Arrangement Duration	365 days
Christina C. Correia [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 4, 2023, Christina C. Correia, the Corporate Vice President and Chief Accounting Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement. Ms. Correia’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 2,588 shares of the Company’s common stock pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Ms. Correia’s Rule 10b5-1 Trading Arrangement has a termination date of December 31, 2024.
Name	Christina C. Correia
Title	Corporate Vice President and Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 4, 2023
Arrangement Duration	515 days
Aggregate Available	2,588
Ava M. Hahn [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 6, 2023, Ava M. Hahn, the Senior Vice President, Chief Legal Officer and Secretary of the Company, adopted a Rule 10b5-1 Trading Arrangement. Ms. Hahn’s Rule 10b5-1 Trading Arrangement provides for: (i) the potential exercise of 2,342 stock options expiring March 2, 2027 and the associated sale of up to 1,171 shares of the Company’s common stock resulting from such exercise; (ii) the potential sale of the net shares of the Company’s common stock resulting from the vesting of 1,226 service-based restricted stock units (net shares are net of tax withholding); and (iii) subject to performance conditions, the potential sale of the net shares of the Company’s common stock resulting from the vesting of 2,044 market-based performance restricted stock units (representing the maximum number of shares that may be issued; the final number of shares that may be earned is 0% to 150% of the target number of 1,363); in each case pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Ms. Hahn’s Rule 10b5-1 Trading Arrangement has a termination date of September 30, 2024.
Name	Ava M. Hahn
Title	Senior Vice President, Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 6, 2023
Arrangement Duration	390 days
Timothy M. Archer, Common Stock From Option Exercise [Member] | Timothy M. Archer [Member]
Trading Arrangements, by Individual
Aggregate Available	10,524
Timothy M. Archer, Common Stock [Member] | Timothy M. Archer [Member]
Trading Arrangements, by Individual
Aggregate Available	8,500
Ava M. Hahn, Common Stock From Option Exercise [Member] | Ava M. Hahn [Member]
Trading Arrangements, by Individual
Aggregate Available	1,171

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Sep. 24, 2023
Accounting Policies [Abstract]
Consolidation	The condensed consolidated financial statements include the accounts of Lam Research and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Fiscal Period	The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 30, 2024 and includes 53 weeks.
Reclassification	Reclassification: Certain amounts for the June 25, 2023 Condensed Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the current period presentation.
Recently Adopted or Effective and Updates Not Yet Effective	Recently Adopted or Effective The Company has not adopted any new accounting standards during the first quarter of fiscal year 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements. Updates Not Yet Effective There are no new accounting standards not yet adopted or effective that are expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.
Inventories	Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. System shipments to customers in Japan, for which title does not transfer until customer acceptance, are classified as finished goods inventory and carried at cost until title transfers.
Warranties	The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated between system and its customer support-related revenue: Three Months Ended September 24, September 25, (In thousands) Systems revenue $ 2,056,655 $ 3,181,987 Customer support-related revenue and other 1,425,407 1,892,134 $ 3,482,062 $ 5,074,121 The following table presents the Company’s revenues disaggregated by geographic region: Three Months Ended September 24, September 25, (In thousands) China $ 1,687,311 $ 1,530,475 Korea 547,945 855,378 Japan 324,520 458,693 United States 282,224 304,977 Taiwan 242,490 1,120,946 Europe 238,469 262,588 Southeast Asia 159,103 541,064 $ 3,482,062 $ 5,074,121
Schedule of System Revenues of Primary Markets	The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Three Months Ended September 24, September 25, Memory 38 % 52 % Foundry 36 % 34 % Logic/integrated device manufacturing 26 % 14 %
Schedule of Contract Transaction Price Not Yet Recognized as Revenue	The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of September 24, 2023 and when the Company expects to recognize the amounts as revenue: Less than 1 Year 1-3 Years More than 3 Years Total (In thousands) Deferred revenue $ 1,421,440 $ 226,972 (1) $ 42,035 (1) $ 1,690,447 (1) This amount is reported in Deferred profit on the Company's Condensed Consolidated Balance Sheets as the customers can demand the liability to be performed at any time.

EQUITY-BASED COMPENSATION PLA_2

EQUITY-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Sep. 24, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Recognized Equity Based Compensation Expenses and Benefits	The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended September 24, September 25, (in thousands) Equity-based compensation expense $ 67,211 $ 71,110 Income tax benefit recognized related to equity-based compensation expense $ 9,564 $ 11,528

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	3 Months Ended
	Sep. 24, 2023
Other Income and Expenses [Abstract]
Schedule of Components of Other Income (Expense), Net	The significant components of other income (expense), net, are as follows: Three Months Ended September 24, September 25, (in thousands) Interest income $ 56,564 $ 15,056 Interest expense (45,331) (46,052) (Losses) gains on deferred compensation plan-related assets, net (2,901) (12,726) Foreign exchange gains (losses), net 1,269 6,821 Other, net (7,000) (6,194) $ 2,601 $ (43,095)

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	3 Months Ended
	Sep. 24, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The Company’s provision for income taxes and effective tax rate are as follows: Three Months Ended September 24, September 25, (in thousands, except percentages) Income tax expense $ 138,232 $ 228,866 Effective tax rate 13.5 % 13.8 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Sep. 24, 2023
Earnings Per Share [Abstract]
Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share	The following table reconciles the inputs to the basic and diluted computations for net income per share. Three Months Ended September 24, September 25, (in thousands, except per share data) Numerator: Net income $ 887,398 $ 1,425,879 Denominator: Basic average shares outstanding 132,584 136,891 Effect of potential dilutive securities: Employee stock plans 582 317 Diluted average shares outstanding 133,166 137,208 Net income per share - basic $ 6.69 $ 10.42 Net income per share - diluted $ 6.66 $ 10.39

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Sep. 24, 2023
Fair Value Disclosures [Abstract]
Schedule of Cash, Cash Equivalents, Investments, and Other Assets Measured at Fair Value on Recurring Basis	The following tables set forth the Company’s cash, cash equivalents, investments, and other assets measured at fair value on a recurring basis as of September 24, 2023, and June 25, 2023: September 24, 2023 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Other (in thousands) Level 1: Money market funds $ 1,657,890 $ — $ — $ 1,657,890 $ 1,657,890 $ — $ — Mutual funds 100,113 16,826 (1,973) 114,966 — — 114,966 Level 1 Total 1,758,003 16,826 (1,973) 1,772,856 1,657,890 — 114,966 Level 2: Corporate notes and bonds 30,727 2 (172) 30,557 — 30,557 — Level 2 Total 30,727 2 (172) 30,557 — 30,557 — Total subject to fair value hierarchy $ 1,788,730 $ 16,828 $ (2,145) $ 1,803,413 Cash $ 1,772,866 $ 1,772,207 $ — $ 659 Time deposits 1,696,053 1,696,053 — — Total $ 5,272,332 $ 5,126,150 $ 30,557 $ 115,625 June 25, 2023 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Other (in thousands) Level 1: Money market funds $ 2,223,642 $ — $ — $ 2,223,642 $ 2,223,642 $ — $ — Mutual funds 96,646 12,092 (2,069) 106,669 — — 106,669 Level 1 Total 2,320,288 12,092 (2,069) 2,330,311 2,223,642 — 106,669 Level 2: Corporate notes and bonds 38,033 — (392) 37,641 — 37,641 — Level 2 Total 38,033 — (392) 37,641 — 37,641 — Total subject to fair value hierarchy $ 2,358,321 $ 12,092 $ (2,461) $ 2,367,952 Cash $ 2,132,811 $ 2,132,522 $ — $ 289 Time deposits 1,230,919 980,892 — 250,027 Total $ 5,731,682 $ 5,337,056 $ 37,641 $ 356,985
Schedule of Investments in Unrealized Loss Positions	The following is an analysis of the Company’s investments in unrealized loss positions: September 24, 2023 Unrealized Losses Unrealized Losses Total Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in thousands) Mutual funds $ 599 $ (6) $ 21,788 $ (1,967) $ 22,387 $ (1,973) Corporate notes and bonds 5,378 (1) 17,834 (171) 23,212 (172) $ 5,977 $ (7) $ 39,622 $ (2,138) $ 45,599 $ (2,145)
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 as of September 24, 2023 are as follows: Cost Fair (in thousands) Due in one year or less $ 3,384,670 $ 3,384,500 Due after one year through five years — — $ 3,384,670 $ 3,384,500

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Sep. 24, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 24, June 25, (in thousands) Raw materials $ 3,202,468 $ 3,196,988 Work-in-process 300,408 325,611 Finished goods 1,244,905 1,293,591 $ 4,747,781 $ 4,816,190

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Other Than Goodwill	The following table provides the Company’s intangible assets, other than goodwill: September 24, 2023 June 25, 2023 Gross Accumulated Net Gross Accumulated Net (in thousands) Customer relationships $ 644,103 $ (632,279) $ 11,824 $ 644,138 $ (631,420) $ 12,718 Existing technology 734,885 (677,619) 57,266 717,331 (674,549) 42,782 Patents and other intangible assets 201,215 (125,134) 76,081 199,532 (116,659) 82,873 Intangible assets subject to amortization 1,580,203 (1,435,032) 145,171 1,561,001 (1,422,628) 138,373 In process research and development 12,447 — 12,447 30,081 — 30,081 Total intangible assets $ 1,592,650 $ (1,435,032) $ 157,618 $ 1,591,082 $ (1,422,628) $ 168,454
Schedule of Estimated Future Amortization Expense of Intangible Assets	The estimated future amortization expense of intangible assets as of September 24, 2023, is reflected in the table below. The table excludes $18.8 million of capitalized costs for intangible assets that have not been placed into service. Fiscal Year Amount (in thousands) 2024 (remaining 9 months) $ 32,556 2025 30,544 2026 20,100 2027 15,360 2028 11,842 Thereafter 15,928 $ 126,330

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Sep. 24, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 24, June 25, (in thousands) Accrued compensation $ 485,419 $ 481,354 Warranty reserves 240,550 256,781 Income and other taxes payable (1) 587,410 460,630 Dividend payable 265,040 231,267 Restructuring 3,095 8,014 Other 538,541 572,591 $ 2,120,055 $ 2,010,637 (1) The balance in income and other taxes payable includes an accrual of $180.0 million related to federal estimated taxes for which payment is deferred until our quarter ending December 24, 2023, under the IRS Federal tax relief for California disaster area taxpayers.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Sep. 24, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Product Warranty Reserves	Changes in the Company’s product warranty reserves were as follows: Three Months Ended September 24, September 25, (in thousands) Balance at beginning of period $ 286,663 $ 256,258 Warranties issued during the period 44,519 88,213 Settlements made during the period (52,236) (64,896) Changes in liability for warranties issued during the period (50) (1,269) Changes in liability for pre-existing warranties (13,522) 5,208 Balance at end of period $ 265,374 $ 283,514

STOCK REPURCHASE PROGRAM (Table

STOCK REPURCHASE PROGRAM (Tables)	3 Months Ended
	Sep. 24, 2023
Equity [Abstract]
Schedule of Repurchases Under the Repurchase Program	Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Total Cost of Repurchase (2) Average Price Share (1,2) Amount (in thousands, except per share data) Available balance as of June 25, 2023 $ 3,537,217 Quarter ended September 24, 2023 1,257 $ 829,874 $ 660.01 $ 2,707,343 (1) Average price paid per share excludes the effect of accelerated share repurchase activities. (2) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.

RESTRUCTURING CHARGES, NET (Tab

RESTRUCTURING CHARGES, NET (Tables)	3 Months Ended
	Sep. 24, 2023
Restructuring and Related Activities [Abstract]
Summary of the Activity Related to the Restructuring Plan	The following table is a summary of the activity related to the restructuring plan: Severance and Benefits Other Total (in thousands) Restructuring liability as of June 25, 2023 $ 7,989 $ 246 $ 8,235 Restructuring expense 5,474 4,487 9,961 Cash payments (10,525) (4,262) (14,787) Non-cash activities 54 16 70 Restructuring liability as of September 24, 2023 $ 2,992 $ 487 $ 3,479

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 24, 2023 USD ($) region primary_market segment	Jun. 25, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable business segment | segment	1
Number of operating geographic regions | region	7
Number of primary markets | primary_market	3
Revenue recognized	$ 561.8
Deferred revenue		$ 1,837.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-26
Revenue from Contract with Customer [Abstract]
Percentage of deferred revenue		31%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of deferred revenue		31%

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 3,482,062	$ 5,074,121
China
Disaggregation of Revenue [Line Items]
Revenue	1,687,311	1,530,475
Korea
Disaggregation of Revenue [Line Items]
Revenue	547,945	855,378
Japan
Disaggregation of Revenue [Line Items]
Revenue	324,520	458,693
United States
Disaggregation of Revenue [Line Items]
Revenue	282,224	304,977
Taiwan
Disaggregation of Revenue [Line Items]
Revenue	242,490	1,120,946
Europe
Disaggregation of Revenue [Line Items]
Revenue	238,469	262,588
Southeast Asia
Disaggregation of Revenue [Line Items]
Revenue	159,103	541,064
Systems revenue
Disaggregation of Revenue [Line Items]
Revenue	2,056,655	3,181,987
Customer support-related revenue and other
Disaggregation of Revenue [Line Items]
Revenue	$ 1,425,407	$ 1,892,134

REVENUE - Schedule of System Re

REVENUE - Schedule of System Revenues of Primary Markets (Details) - Equipment and upgrade revenue - Revenue	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Memory
Concentration Risk [Line Items]
Concentration	38%	52%
Foundry
Concentration Risk [Line Items]
Concentration	36%	34%
Logic/integrated device manufacturing
Concentration Risk [Line Items]
Concentration	26%	14%

REVENUE - Summary of Contract T

REVENUE - Summary of Contract Transaction Price Not Yet Recognized as Revenue (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1,690,447
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition period		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1,421,440
Recognition period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 226,972
Recognition period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 42,035
Recognition period

EQUITY-BASED COMPENSATION PLA_3

EQUITY-BASED COMPENSATION PLANS - Additional Information (Details)	3 Months Ended
	Sep. 24, 2023
Share-Based Payment Arrangement [Abstract]
Vesting period (in years)	3 years

EQUITY-BASED COMPENSATION PLA_4

EQUITY-BASED COMPENSATION PLANS - Recognized Equity-Based Compensation Expenses and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Share-Based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 67,211	$ 71,110
Income tax benefit recognized related to equity-based compensation expense	$ 9,564	$ 11,528

OTHER INCOME (EXPENSE), NET - C

OTHER INCOME (EXPENSE), NET - Components of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Other Income and Expenses [Abstract]
Interest income	$ 56,564	$ 15,056
Interest expense	(45,331)	(46,052)
(Losses) gains on deferred compensation plan-related assets, net	(2,901)	(12,726)
Foreign exchange gains (losses), net	1,269	6,821
Other, net	(7,000)	(6,194)
Other income (expense), net	$ 2,601	$ (43,095)

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 138,232	$ 228,866
Effective tax rate	13.50%	13.80%
Tax examinations or lapses of statute of limitation
Income Tax Contingency [Line Items]
Estimated unrecognized tax benefits reduction (up to)	$ 9,800

NET INCOME PER SHARE - Schedule

NET INCOME PER SHARE - Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Numerator:
Net income	$ 887,398	$ 1,425,879
Denominator:
Basic average shares outstanding (in shares)	132,584	136,891
Effect of potential dilutive securities:
Employee stock plans (in shares)	582	317
Diluted average shares outstanding (in shares)	133,166	137,208
Net income per share - basic (in dollars per share)	$ 6.69	$ 10.42
Net income per share - diluted (in dollars per share)	$ 6.66	$ 10.39

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents, Investments, and Other Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023		Sep. 25, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, Cost	$ 3,384,670
Debt securities, Fair Value	3,384,500
Cash and Cash Equivalents	5,126,150	$ 5,337,056	[1]	$ 4,256,499
Investments	30,557	37,641	[1]
Other Assets	115,625	356,985
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	1,772,207	2,132,522
Investments	0	0
Other Assets	659	289
Time deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	1,696,053	980,892
Investments	0	0
Other Assets	0	250,027
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost	1,788,730	2,358,321
Unrealized Gain	16,828	12,092
Unrealized (Loss)	(2,145)	(2,461)
Fair Value	1,803,413	2,367,952
Fair Value	5,272,332	5,731,682
Recurring | Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,772,866	2,132,811
Recurring | Time deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,696,053	1,230,919
Level 1:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	1,657,890	2,223,642
Investments	0	0
Other Assets	114,966	106,669
Level 1: | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	1,657,890	2,223,642
Investments	0	0
Other Assets	0	0
Level 1: | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Other Assets	114,966	106,669
Level 1: | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cost	1,758,003	2,320,288
Unrealized Gain	16,826	12,092
Unrealized (Loss)	(1,973)	(2,069)
Fair Value	1,772,856	2,330,311
Level 1: | Recurring | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, Cost	1,657,890	2,223,642
Debt securities, Unrealized Gain	0	0
Debt securities, Unrealized (Loss)	0	0
Debt securities, Fair Value	1,657,890	2,223,642
Level 1: | Recurring | Mutual funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading securities, Cost	100,113	96,646
Trading securities, Unrealized Gain	16,826	12,092
Trading securities, Unrealized (Loss)	(1,973)	(2,069)
Trading securities, Fair Value	114,966	106,669
Level 2:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0	0
Investments	30,557	37,641
Other Assets	0	0
Level 2: | Corporate notes and bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents	0	0
Investments	30,557	37,641
Other Assets	0	0
Level 2: | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, Cost	30,727	38,033
Debt securities, Unrealized Gain	2	0
Debt securities, Unrealized (Loss)	(172)	(392)
Debt securities, Fair Value	30,557	37,641
Level 2: | Recurring | Corporate notes and bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, Cost	30,727	38,033
Debt securities, Unrealized Gain	2	0
Debt securities, Unrealized (Loss)	(172)	(392)
Debt securities, Fair Value	$ 30,557	$ 37,641
[1]Derived from audited financial statements

FINANCIAL INSTRUMENTS - Sched_2

FINANCIAL INSTRUMENTS - Schedule of Investments in Unrealized Loss Positions (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Fair Value
Unrealized Losses Less than 12 Months	$ 5,977
Unrealized Losses 12 Months or Greater	39,622
Fair Value	45,599
Gross Unrealized Loss
Unrealized Losses Less than 12 Months	(7)
Gross Unrealized Loss	(2,138)
Gross Unrealized Loss	(2,145)
Mutual funds
Fair Value
Unrealized Losses Less than 12 Months, trading	599
Unrealized Losses 12 Months or Greater, trading	21,788
Trading , Fair Value	22,387
Gross Unrealized Loss
Unrealized Losses Less than 12 Months, trading	(6)
Unrealized Losses 12 Months or Greater, trading	(1,967)
Gross Unrealized Loss, trading	(1,973)
Corporate notes and bonds
Fair Value
Unrealized Losses Less than 12 Months, available for sale	5,378
Unrealized Losses 12 Months or Greater, available for sale	17,834
Available for sale, Fair Value	23,212
Gross Unrealized Loss
Unrealized Losses Less than 12 Months, available for sale	(1)
Unrealized Losses 12 Months or Greater, available for sale	(171)
Gross Unrealized Loss, available for sale	$ (172)

FINANCIAL INSTRUMENTS - Sched_3

FINANCIAL INSTRUMENTS - Schedule of Amortized Cost and Fair Value of Cash Equivalents, Investments, and Restricted Cash and Investments with Contractual Maturities (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Cost
Due in one year or less	$ 3,384,670
Due after one year through five years	0
Debt securities, Cost	3,384,670
Fair Value
Due in one year or less	3,384,500
Due after one year through five years	0
Fair Value	$ 3,384,500

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,202,468	$ 3,196,988
Work-in-process	300,408	325,611
Finished goods	1,244,905	1,293,591
Total inventories	$ 4,747,781	$ 4,816,190	[1]
[1]Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,626,382		$ 1,622,489	[1]
Tax deductible goodwill	65,400		$ 65,400
Intangible asset amortization expense	14,000	$ 11,600
Capitalized costs for internal-use software	$ 18,800
[1]Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,580,203	$ 1,561,001
Accumulated Amortization	(1,435,032)	(1,422,628)
Net	145,171	138,373
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,592,650	1,591,082
Accumulated Amortization	(1,435,032)	(1,422,628)
Net	157,618	168,454	[1]
In process research and development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	12,447	30,081
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	644,103	644,138
Accumulated Amortization	(632,279)	(631,420)
Net	11,824	12,718
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(632,279)	(631,420)
Existing technology
Finite-Lived Intangible Assets [Line Items]
Gross	734,885	717,331
Accumulated Amortization	(677,619)	(674,549)
Net	57,266	42,782
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(677,619)	(674,549)
Patents and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	201,215	199,532
Accumulated Amortization	(125,134)	(116,659)
Net	76,081	82,873
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (125,134)	$ (116,659)
[1]Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Fiscal Year
2024 (remaining 9 months)	$ 32,556
2025	30,544
2026	20,100
2027	15,360
2028	11,842
Thereafter	15,928
Net	$ 126,330

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023
Income Tax Holiday [Line Items]
Accrued compensation	$ 485,419	$ 481,354
Warranty reserves	240,550	256,781
Income and other taxes payable	587,410	460,630
Dividend payable	265,040	231,267
Restructuring	3,095	8,014
Other	538,541	572,591
Accrued expenses and other current liabilities	2,120,055	$ 2,010,637	[1]
Federal
Income Tax Holiday [Line Items]
Income and other taxes payable	$ 180,000
[1]Derived from audited financial statements

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2023	Jun. 25, 2023
Improved properties
Guarantor Obligations [Line Items]
Payments to acquire assets	$ 250.5
Land
Guarantor Obligations [Line Items]
Payments to acquire assets	40.5
Buildings and improvements
Guarantor Obligations [Line Items]
Payments to acquire assets	$ 210
Cash collateral
Guarantor Obligations [Line Items]
Restricted cash and investments		$ 250
California Facility Leases
Guarantor Obligations [Line Items]
Maximum residual value		$ 298.4

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Jun. 25, 2023	Sep. 25, 2022	Jun. 26, 2022
Loss Contingencies [Line Items]
Warranty reserves	$ 265,374	$ 286,663	$ 283,514	$ 256,258
Other long-term liabilities
Loss Contingencies [Line Items]
Warranty reserves	24,800
Letters of Credit
Loss Contingencies [Line Items]
Maximum potential amount of future payments	$ 197,900

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Changes in Product Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Changes in Product Warranty Reserve
Balance at beginning of period	$ 286,663	$ 256,258
Warranties issued during the period	44,519	88,213
Settlements made during the period	(52,236)	(64,896)
Changes in liability for warranties issued during the period	(50)	(1,269)
Changes in liability for pre-existing warranties	(13,522)	5,208
Balance at end of period	$ 265,374	$ 283,514

STOCK REPURCHASE PROGRAM - Addi

STOCK REPURCHASE PROGRAM - Additional Information (Details) - USD ($) shares in Thousands	1 Months Ended	3 Months Ended
	May 31, 2022	Sep. 24, 2023
Equity, Class of Treasury Stock [Line Items]
Net shares of settlements to cover tax withholding obligations (in shares)		9
Amount paid for shares under net share settlements		$ 5,500,000
Stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Increase in authorized amount	$ 5,000,000,000

STOCK REPURCHASE PROGRAM - Repu

STOCK REPURCHASE PROGRAM - Repurchases Under the Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Jun. 25, 2023
Equity, Class of Treasury Stock [Line Items]
Total Cost of Repurchase	$ 835,520	$ 109,821
Stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased (in shares)	1,257
Total Cost of Repurchase	$ 829,874
Average Price Paid Per Share (in dollars per share)	$ 660.01
Amount Available Under Repurchase Program	$ 2,707,343		$ 3,537,217

RESTRUCTURING CHARGES, NET - Ad

RESTRUCTURING CHARGES, NET - Additional Information (Details)	3 Months Ended
	Sep. 24, 2023 USD ($) employee	Sep. 25, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Headcount reduction | employee	1,650
Restructuring charges, net - cost of goods sold	$ 7,940,000	$ 0
Restructuring charges, net - operating expenses	2,021,000	$ 0
Anticipated incremental restructuring charges	7,000,000
Cumulative cost	$ 130,300,000

RESTRUCTURING CHARGES, NET - Su

RESTRUCTURING CHARGES, NET - Summary of the Activity Related to the Restructuring Plan (Details) $ in Thousands	3 Months Ended
	Sep. 24, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	$ 8,235
Restructuring expense	9,961
Cash payments	(14,787)
Non-cash activities	70
Restructuring liability as of September 24, 2023	3,479
Severance and Benefits
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	7,989
Restructuring expense	5,474
Cash payments	(10,525)
Non-cash activities	54
Restructuring liability as of September 24, 2023	2,992
Other
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	246
Restructuring expense	4,487
Cash payments	(4,262)
Non-cash activities	16
Restructuring liability as of September 24, 2023	$ 487