Lam Research (LRCX) 10-Q 3 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 27, 2015	Oct. 23, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	LRCX
Entity Registrant Name	LAM RESEARCH CORP
Entity Central Index Key	707,549
Current Fiscal Year End Date	--06-26
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		158,392,493

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Revenue	$ 1,600,043	$ 1,152,368
Cost of goods sold	877,680	646,829
Gross margin	722,363	505,539
Research and development	234,209	188,934
Selling, general and administrative	152,726	148,307
Total operating expenses	386,935	337,241
Operating income	335,428	168,298
Other expense, net	(27,121)	(5,648)
Income before income taxes	308,307	162,650
Income tax expense	(19,628)	(21,569)
Net income	$ 288,679	$ 141,081
Net income per share:
Basic	$ 1.82	$ 0.87
Diluted	$ 1.66	$ 0.80
Number of shares used in per share calculations:
Basic	158,352	161,685
Diluted	174,374	177,118
Cash dividend declared per common share	$ 0.30	$ 0.18

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Net income	$ 288,679	$ 141,081
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(7,822)	(8,959)
Cash flow hedges:
Net unrealized (losses) gains during the period	(544)	298
Net losses (gains) reclassified into earnings	341	(102)
Net change	(203)	196
Available-for-sale investments:
Net unrealized gains (losses) during the period	2,748	(1,759)
Net losses reclassified into earnings	20	379
Net change	2,768	(1,380)
Defined benefit plans, net change in unrealized component	95	66
Other comprehensive income (loss), net of tax	(5,162)	(10,077)
Comprehensive income	$ 283,517	$ 131,004

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015	[1]
ASSETS
Cash and cash equivalents	$ 1,744,325	$ 1,501,539
Investments	2,587,474	2,574,947
Accounts receivable, less allowance for doubtful accounts of $4,855 as of September 27, 2015 and $4,890 as of June 28, 2015	1,088,942	1,093,582
Inventories	916,683	943,346
Prepaid expenses and other current assets	178,557	157,435
Total current assets	6,515,981	6,270,849
Property and equipment, net	636,769	621,418
Restricted cash and investments	183,455	170,969
Goodwill	1,387,213	1,387,509
Intangible assets, net	688,951	728,140
Other assets	182,062	185,763
Total assets	9,594,431	9,364,648
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable	254,331	300,203
Accrued expenses and other current liabilities	733,233	649,438
Deferred profit	324,985	322,070
Current portion of convertible notes and capital leases	969,392	1,359,650
Total current liabilities	2,281,941	2,631,361
Senior notes, convertible notes, and capital leases, less current portion	1,400,615	1,001,382
Income taxes payable	247,448	202,930
Other long-term liabilities	127,607	184,023
Total liabilities	$ 4,057,611	$ 4,019,696
Commitments and contingencies
Temporary equity, convertible notes	$ 178,665	$ 241,808
Stockholders' equity:
Preferred stock, at par value of $0.001 per share; authorized - 5,000 shares, none outstanding
Common stock, at par value of $0.001 per share; authorized - 400,000 shares; issued and outstanding, 158,101 shares at September 27, 2015 and 158,531 shares at June 28, 2015	$ 158	$ 159
Additional paid-in capital	5,479,238	5,366,773
Treasury stock, at cost, 100,975 shares at September 27, 2015 and 99,562 shares at June 28, 2015	(4,395,980)	(4,302,847)
Accumulated other comprehensive loss	(62,958)	(57,796)
Retained earnings	4,337,697	4,096,855
Total stockholders' equity	5,358,155	5,103,144
Total liabilities and stockholders' equity	$ 9,594,431	$ 9,364,648
[1]	Derived from audited financial statements

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015	[1]
Accounts receivable, allowance for doubtful accounts	$ 4,855	$ 4,890
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	158,101,000	158,531,000
Common stock, shares outstanding	158,101,000	158,531,000
Treasury stock, shares	100,975,000	99,562,000
[1]	Derived from audited financial statements

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015		Sep. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 288,679		$ 141,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,590		67,885
Deferred income taxes	(5,563)		3,186
Equity-based compensation expense	35,774		32,040
Income tax benefit on equity-based compensation plans	3,545		9,861
Excess tax benefit on equity-based compensation plans	(3,572)		(10,404)
Amortization of note discounts and issuance costs	9,831		7,861
Gain on sale of business			(7,431)
Other, net	10,011		5,526
Changes in operating assets and liabilities	39,702		(108,444)
Net cash provided by operating activities	448,997		141,161
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets	(49,454)		(41,871)
Business acquisitions, net of cash acquired			(1,137)
Purchases of available-for-sale securities	(358,854)		(337,100)
Sales and maturities of available-for-sale securities	330,651		346,745
Proceeds from sale of business			41,212
Other	(1,500)		22
Net cash (used for) provided by investing activities	(79,157)		7,871
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations	(96)		(107)
Excess tax benefit on equity-based compensation plans	3,572		10,404
Treasury stock purchases	(98,385)		(308,422)
Dividends paid	(47,659)		(29,240)
Reissuance of treasury stock related to employee stock purchase plan	19,245		16,919
Proceeds from issuance of common stock	377		4,609
Other	(300)
Net cash used for financing activities	(123,246)		(305,837)
Effect of exchange rate changes on cash and cash equivalents	(3,808)		(2,194)
Net increase (decrease) in cash and cash equivalents	242,786		(158,999)
Cash and cash equivalents at beginning of period	1,501,539	[1]	1,452,677
Cash and cash equivalents at end of period	$ 1,744,325		$ 1,293,678
[1]	Derived from audited financial statements

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 27, 2015
BASIS OF PRESENTATION	NOTE 1 — 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 28, 2015, which are included in the Company’s Annual Report on Form 10-K as of and for the year ended June 28, 2015 (the “2015 Form 10-K”). The Company’s reports on Form 10-K, Form 10-Q and Form 8-K are available online at the Securities and Exchange Commission website on the Internet. The address of that site is www.sec.gov http://investor.lamresearch.com The 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 26, 2016 and includes 52 weeks. The quarters ended September 27, 2015 (the “September 2015 quarter”) and September 28, 2014 (the “September 2014 quarter”) included 13 weeks.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Sep. 27, 2015
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2 — RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB released Accounting Standards Update 2014-9 “Revenue from Contracts with Customers” to supersede nearly all existing revenue recognition guidance under GAAP. The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new standard defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company is required to adopt this standard starting in the first quarter of fiscal year 2019 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the standard; or (ii) retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application and providing certain additional disclosures as defined per the standard. The Company has not yet selected a transition method, and is in the process of determining the impact that the new standard will have on its consolidated financial statements. In April 2015, the FASB released Accounting Standards Update 2015-3 “Interest – Imputation of Interest.” The amendment requires that debt issuance costs related to recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company is required to adopt this standard starting in the first quarter of fiscal year 2017 and does not anticipate that implementation will have a material impact on its Consolidated Financial Statements.

EQUITY-BASED COMPENSATION PLANS

EQUITY-BASED COMPENSATION PLANS	3 Months Ended
	Sep. 27, 2015
EQUITY-BASED COMPENSATION PLANS	NOTE 3 — EQUITY-BASED COMPENSATION PLANS The Company has stock plans that provide for grants of equity-based awards to eligible participants, including stock options, restricted stock units (“RSUs”), and market-based performance RSUs (“market-based PRSUs”) of Lam Research common stock (“Common Stock”). 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 options and RSU awards typically vest over a period of three years or less, although awards assumed in connection with the acquisition of Novellus Systems, Inc. (“Novellus”), have vesting terms up to four 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 and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended September 27, September 28, (in thousands) Equity-based compensation expense $ 35,774 $ 32,040 Income tax benefit related to equity-based compensation expense $ 6,097 $ 4,724 The estimated fair value of the Company’s stock-based awards, less expected forfeitures, is amortized over the awards’ vesting term on a straight-line basis. Stock Options and RSUs The Lam Research Corporation 2007 Stock Incentive Plan, as amended and 2011 Stock Incentive Plan, as amended (collectively the “Stock Plans”) provide for the grant of non-qualified equity-based awards to eligible employees, consultants and advisors, and non-employee directors of the Company and its subsidiaries. A summary of stock plan transactions is as follows: Options Outstanding Restricted Stock Units Outstanding Number of Weighted- Number of Weighted- at Grant June 28, 2015 835,832 $ 37.44 4,954,088 $ 60.13 Granted — $ — 73,614 $ 68.99 Exercised (14,718 ) $ 25.81 N/A N/A Cancelled — $ — (21,964 ) $ 61.87 Vested restricted stock N/A N/A (652,543 ) $ 40.63 September 27, 2015 821,114 $ 37.66 4,353,195 $ 63.20 As of September 27, 2015, there was $2.5 million of total unrecognized compensation cost related to unvested stock options granted and outstanding; that cost is expected to be recognized over a weighted-average remaining vesting period of 1.9 years. As of September 27, 2015, there was $169.9 million of total unrecognized compensation expense related to unvested RSUs granted; that expense is expected to be recognized over a weighted-average remaining period of 1.9 years. ESPP The 1999 Employee Stock Purchase Plan, as amended and restated (the “1999 ESPP”), allows employees to designate a portion of their base compensation to be withheld through payroll deductions and used to purchase Common Stock at a purchase price per share equal to the lower of 85% of the fair market value of Common Stock on the first or last day of the applicable purchase period. Each offering period generally lasts up to 12 months and includes up to three interim purchase dates. Purchase rights under the 1999 ESPP were valued using the Black-Scholes option valuation model and the following weighted-average assumptions for the three and nine months ended September 27, 2015 and September 28, 2014: Three Months Ended September 27, September 28, Expected term (years) 0.68 0.68 Expected stock price volatility 31.56 % 29.07 % Risk-free interest rate 0.18 % 0.07 % Dividend Yield 0.93 % 0.29 % As of September 27, 2015, there was $14.0 million of unrecognized compensation expense related to the 1999 ESPP, which is expected to be recognized over a remaining period of approximately 11 months.

OTHER EXPENSE, NET

OTHER EXPENSE, NET	3 Months Ended
	Sep. 27, 2015
OTHER EXPENSE, NET	NOTE 4 — OTHER EXPENSE, NET The significant components of other expense, net, are as follows: Three Months Ended September 27, September 28, (in thousands) Interest income $ 5,760 $ 3,288 Interest expense (24,661 ) (15,704 ) Gains (losses) on deferred compensation plan related assets, net (5,164 ) 2,416 Foreign exchange gains (losses), net (698 ) 906 Other, net (2,358 ) 3,446 $ (27,121 ) $ (5,648 )

INCOME TAX EXPENSE

INCOME TAX EXPENSE	3 Months Ended
	Sep. 27, 2015
INCOME TAX EXPENSE	NOTE 5 — INCOME TAX EXPENSE The Company recorded an income tax expense of $19.6 million for the three months ended September 27, 2015, which yielded an effective tax rate for the three months ended September 27, 2015 of approximately 6.4%. The difference between the U.S. federal statutory tax rate of 35% and the Company’s effective tax rate for the three months ended September 27, 2015 is primarily due to estimated higher income in lower tax jurisdictions and the recognition of a discrete tax benefit of the Altera court ruling, offset by the tax effect of non-deductible stock-based compensation and unrecognized tax benefits due to uncertain tax positions. In July 2015, the United States Tax Court (the “Court”) issued an opinion favorable to Altera Corporation (“Altera”) with respect to Altera’s litigation with the Internal Revenue Service (“IRS”). The litigation relates to the treatment of stock-based compensation expense in an inter-company cost-sharing arrangement with Altera’s foreign subsidiary. In its opinion, the Court accepted Altera’s position of excluding stock based compensation from its inter-company cost-sharing arrangement. The Company has evaluated the impact of the court case and recorded a discrete tax benefit of $21.9 million in its consolidated financial statements for the three months ended September 27, 2015. However, the U.S Department of the Treasury has not withdrawn the requirement to include stock-based compensation from its regulations. The Company will continue to monitor this matter and related potential impacts to its financial statements.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Sep. 27, 2015
NET INCOME PER SHARE	NOTE 6 — NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, RSUs, and convertible notes. Dilutive shares outstanding include the effect of the 2016, 2018, and 2041 Notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share. Three Months Ended September 27, September 28, (in thousands, except per share data) Numerator: Net income $ 288,679 $ 141,081 Denominator: Basic average shares outstanding 158,352 161,685 Effect of potential dilutive securities: Employee stock plans 2,544 3,560 Convertible notes 13,120 11,867 Warrants 358 6 Diluted average shares outstanding 174,374 177,118 Net income per share - basic $ 1.82 $ 0.87 Net income per share - diluted $ 1.66 $ 0.80 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 following potentially dilutive securities were excluded: Three Months Ended September 27, September 28, (in thousands) Number of options and RSUs excluded 93 — Diluted shares outstanding do not include any effect resulting from the note hedges associated with the Company’s 2016 or 2018 Notes as their impact would have been anti-dilutive.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Sep. 27, 2015
FINANCIAL INSTRUMENTS	NOTE 7 — FINANCIAL INSTRUMENTS The Company maintains an investment portfolio of various holdings, types, and maturities. The Company’s mutual funds, which are related to the Company’s obligations under the deferred compensation plan, are classified as trading securities. Investments classified as trading securities are recorded at fair value based upon quoted market prices. Differences between the cost and fair value of trading securities are recognized as other income (expense) in the Condensed Consolidated Statements of Operations. All of the Company’s other investments are classified as available-for-sale and consequently are recorded in the Consolidated Balance Sheets at fair value with unrealized gains or losses reported as a separate component of accumulated other comprehensive income (loss), net of tax. Fair Value The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. The level of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions. Level 2: Valuations based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or model-derived valuations techniques for which all significant inputs are observable in the market or can be corroborated by observable market data, for substantially the full term of the assets or liabilities. Level 3: Valuations based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities and based on non-binding, broker-provided price quotes and may not have been corroborated by observable market data. The Company’s primary financial instruments include its cash, cash equivalents, investments, restricted cash and investments, long-term investments, accounts receivable, accounts payable, long-term debt and capital leases, and derivative instruments. The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to the short period of time to their maturities. The estimated fair values of capital lease obligations approximate their carrying value as the substantial majority of these obligations have interest rates that adjust to market rates on a periodic basis. Refer to Note 11 for additional information regarding the fair value of the Company’s convertible notes. 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 September 27, 2015 and June 28, 2015: September 27, 2015 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Restricted Other (in thousands) Cash $ 557,698 $ — $ — $ 557,698 $ 552,559 $ — $ 5,139 $ — Level 1: Time Deposit 174,933 — — 174,933 42,105 — 132,828 — Money Market Funds 1,148,450 — — 1,148,450 1,148,450 — — — U.S. Treasury and Agencies 335,120 404 (28 ) 335,496 — 290,008 45,488 — Mutual Funds 30,760 2,099 (525 ) 32,334 — — — 32,334 Level 1 Total $ 1,689,263 $ 2,503 $ (553 ) $ 1,691,213 $ 1,190,555 $ 290,008 $ 178,316 $ 32,334 Level 2: Municipal Notes and Bonds 666,992 1,122 (71 ) 668,043 — 668,043 — — U.S. Treasury and Agencies 8,057 — (82 ) 7,975 — 7,975 — — Government-Sponsored Enterprises 44,381 44 (20 ) 44,405 — 44,405 — — Foreign Government Bonds 45,562 67 (65 ) 45,564 — 45,564 — — Corporate Notes and Bonds 1,381,861 1,397 (3,320 ) 1,379,938 1,211 1,378,727 — — Mortgage Backed Securities - Residential 31,715 106 (255 ) 31,566 — 31,566 — — Mortgage Backed Securities - Commercial 121,673 65 (552 ) 121,186 — 121,186 — — Level 2 Total $ 2,300,241 $ 2,801 $ (4,365 ) $ 2,298,677 $ 1,211 $ 2,297,466 $ — $ — Total $ 4,547,202 $ 5,304 $ (4,918 ) $ 4,547,588 $ 1,744,325 $ 2,587,474 $ 183,455 $ 32,334 June 28, 2015 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Restricted Other (in thousands) Cash $ 276,663 $ — $ — $ 276,663 $ 271,452 $ — $ 5,211 $ — Level 1: Time Deposit 177,567 — — 177,567 44,738 — 132,829 — Money Market Funds 1,177,875 — — 1,177,875 1,177,875 — — — U.S. Treasury and Agencies 349,009 72 (861 ) 348,220 — 315,291 32,929 — Mutual Funds 30,584 2,926 (47 ) 33,463 — — — 33,463 Level 1 Total $ 1,735,035 $ 2,998 $ (908 ) $ 1,737,125 $ 1,222,613 $ 315,291 $ 165,758 $ 33,463 Level 2: Municipal Notes and Bonds 659,550 429 (335 ) 659,644 7,474 652,170 — — U.S. Treasury and Agencies 4,007 — (4 ) 4,003 4,003 Government-Sponsored Enterprises 53,612 2 (249 ) 53,365 53,365 — — Foreign Government Bonds 50,336 31 (161 ) 50,206 50,206 — — Corporate Notes and Bonds 1,329,587 685 (3,797 ) 1,326,475 1,326,475 — — Mortgage Backed Securities - Residential 32,231 72 (292 ) 32,011 32,011 — — Mortgage Backed Securities - Commercial $ 141,988 $ 44 $ (606 ) $ 141,426 $ 141,426 $ — $ — Level 2 Total $ 2,271,311 $ 1,263 $ (5,444 ) $ 2,267,130 $ 7,474 $ 2,259,656 $ — $ — Total $ 4,283,009 $ 4,261 $ (6,352 ) $ 4,280,918 $ 1,501,539 $ 2,574,947 $ 170,969 $ 33,463 The Company accounts for its investment portfolio at fair value. Realized gains (losses) for investment sales are specifically identified. Management assesses the fair value of investments in debt securities that are not actively traded through consideration of interest rates and their impact on the present value of the cash flows to be received from the investments. The Company also considers whether changes in the credit ratings of the issuer could impact the assessment of fair value. The Company did not recognize any losses on investments due to other-than-temporary impairments during the three months ended September 27, 2015 or September 28, 2014. Additionally, gross realized gains and gross realized (losses) from sales of investments were approximately $0.2 million and $(0.7) million, respectively, in the three months ended September 27, 2015 and $0.5 million and $(0.6) million, respectively, in the three months ended September 28, 2014. The following is an analysis of the Company’s cash, cash equivalents, investments, and restricted cash and investments in unrealized loss positions: September 27, 2015 Unrealized Losses Unrealized Losses Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Municipal Notes and Bonds $ 36,289 $ (71 ) $ — $ — $ 36,289 $ (71 ) U.S. Treasury & Agencies 87,628 (110 ) — — 87,628 (110 ) Mutual Funds 18,043 (525 ) — — 18,043 (525 ) Government-Sponsored Enterprises 6,805 (20 ) — — 6,805 (20 ) Foreign Government Bonds 21,102 (65 ) — — 21,102 (65 ) Corporate Notes and Bonds 759,706 (3,240 ) 25,380 (80 ) 785,086 (3,320 ) Mortgage Backed Securities - Residential 18,279 (165 ) 1,943 (90 ) 20,222 (255 ) Mortgage Backed Securities - Commercial 80,320 (398 ) 20,162 (154 ) 100,482 (552 ) $ 1,028,172 $ (4,594 ) $ 47,485 $ (324 ) $ 1,075,657 $ (4,918 ) The amortized cost and fair value of cash equivalents, investments and restricted investments with contractual maturities are as follows as of September 27, 2015: Cost Estimated Value (in thousands) Due in one year or less $ 1,816,857 $ 1,817,160 Due after one year through five years 1,941,115 1,940,258 Due in more than five years 200,772 200,138 $ 3,958,744 $ 3,957,556 Management 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 one year from the date of purchase nonetheless are classified as short-term on the accompanying Consolidated Balance Sheets. Derivative Instruments and Hedging The Company carries derivative financial instruments (“derivatives”) on its Consolidated Balance Sheets at their fair values. The Company enters into derivative contracts with financial institutions with the primary objective of reducing volatility of earnings and cash flows related to foreign currency exchange rate and interest rate fluctuations. The counterparties to these derivative contracts are large global financial institutions that the Company believes are creditworthy, and therefore, it does not consider the risk of counterparty nonperformance to be material. Cash Flow Hedges The Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations on non-U.S. dollar transactions or cash flows, primarily from Japanese yen-denominated revenues, and euro and Korean won-denominated expenses. The Company’s policy is to mitigate the foreign exchange risk arising from the fluctuations in the value of these non-U.S. dollar denominated transactions or cash flows through a foreign currency cash flow hedging program, using forward contracts that generally expire within 12 months and no later than 24 months. These foreign currency forward contracts are designated as cash flow hedges and are carried on the Company’s balance sheet at fair value with the effective portion of the contracts’ gains or losses included in accumulated other comprehensive income (loss) and subsequently recognized in revenue/expense in the same period the hedged items are recognized. In addition, during fiscal year ended June 28, 2015, the Company entered into and settled a series of forward-starting interest rate swap agreements, with a total notional value of $375 million, to hedge against the variability of cash flows due to changes in the benchmark interest rate of fixed rate debt. These instruments were designated as cash flow hedges at inception and were settled in conjunction with the issuance of debt during the three months ended March 29, 2015. The effective portion of the contracts’ loss is included in accumulated other comprehensive (loss) and will amortize into income as the hedged item impacts earnings. At inception and at each quarter end, hedges are tested prospectively and retrospectively for effectiveness using regression analysis. Changes in the fair value of the forward contracts due to changes in time value are excluded from the assessment of effectiveness and are recognized in revenue or expense in the current period. The change in time value related to these contracts was not material for all reported periods. To qualify for hedge accounting, the hedge relationship must meet criteria relating both to the derivative instrument and the hedged item. These criteria include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows will be measured. There were no material gains or losses during the three months ended September 27, 2015 or September 28, 2014 associated with ineffectiveness or forecasted transactions that failed to occur. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and the hedges must be tested to demonstrate an expectation of providing highly effective offsetting changes to future cash flows on hedged transactions. When derivative instruments are designated and qualify as effective cash flow hedges, the Company recognizes effective changes in the fair value of the hedging instrument within accumulated other comprehensive income (loss) until the hedged exposure is realized. Consequently, with the exception of excluded time value and hedge ineffectiveness recognized, the Company’s results of operations are not subject to fluctuation as a result of changes in the fair value of the derivative instruments. If hedges are not highly effective or if the Company does not believe that the underlying hedged forecasted transactions will occur, the Company may not be able to account for its derivative instruments as cash flow hedges. If this were to occur, future changes in the fair values of the Company’s derivative instruments would be recognized in earnings. Additionally, related amounts previously recorded in other comprehensive income would be reclassified to income immediately. As of September 27, 2015, the Company had losses of $3.1 million accumulated in other comprehensive income, net of tax, related to interest rate contracts which it expects to reclassify from other comprehensive income into earnings over the next 9.5 years. Balance Sheet Hedges The Company also enters into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily third party accounts receivables, accounts payables and intercompany receivables and payables. These forward contracts are not designated for hedge accounting treatment. Therefore, the change in fair value of these derivatives is recorded as a component of other income (expense) and offsets the change in fair value of the foreign currency denominated assets and liabilities, which are also recorded in other income (expense). As of September 27, 2015, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program: Notional Value Derivatives Designated as Derivatives Not Designated as Hedging Instruments: (in thousands) Foreign Currency Forward Contracts Buy Contracts Sell Contracts Buy Contracts Sell Contracts Japanese yen $ — $ 76,362 $ — $ 60,791 Swiss franc — — 2,866 — Euro 21,929 — — 14,535 Korean won 4,048 — 16,837 — Taiwan dollar — — 26,577 — $ 25,977 $ 76,362 $ 46,280 $ 75,326 The fair value of derivative instruments in the Company’s Consolidated Balance Sheets as of September 27, 2015 and June 28, 2015 were as follows: September 27, 2015 June 28, 2015 Fair Value of Derivative Instruments (Level 2) Fair Value of Derivative Instruments (Level 2) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives 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 forward contracts Prepaid expense $ 1,801 Accrued $ 573 Prepaid expense $ 3,388 Accrued $ 957 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expense 619 Accrued 3,080 Prepaid expense 8 Accrued 960 Total derivatives $ 2,420 $ 3,653 $ 3,396 $ 1,917 Under the master netting agreements with the respective counterparties to the Company’s derivative contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. However, the Company has elected to present the derivative assets and derivative liabilities on a gross basis on its balance sheet. As of September 27, 2015, the potential effect of rights of off-set associated with the above foreign exchange contracts would be an offset to assets and liabilities by $1.8 million, resulting in a net derivative asset of $0.7 million and net derivative liability of $1.9 million. As of June 28, 2015, the potential effect of rights of set-off associated with the above foreign exchange contracts would be an offset to both assets and liabilities by $1.9 million, resulting in a net derivative asset of $1.5 million. The Company is not required to pledge, nor is the Company entitled to receive, cash collateral for these derivative transactions. 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 27, 2015 Three Months Ended September 28, 2014 Effective Portion Ineffective Portion Effective Portion Ineffective Portion Location of Gain (Loss) (Loss) Gain (Loss) Gain (Loss) in Income Gain (Loss) Gain (Loss) Reclassified Gain (Loss) Derivatives Designated (in thousands) (in thousands) Foreign Exchange Contracts Revenue $ (69 ) $ (1,378 ) $ 32 $ 3,024 $ 469 $ 42 Foreign Exchange Contracts Cost of goods sold (415 ) 1,505 (22 ) (2,023 ) (276 ) (6 ) Foreign Exchange Contracts Selling, general, and (173 ) 258 (7 ) (866 ) (105 ) (1 ) Interest Rate Contracts Other expense, net — (94 ) — — — — $ (657 ) $ 291 $ 3 $ 135 $ 88 $ 35 The effect of derivative instruments not designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations was as follows: Three Months Ended September 27, 2015 September 28, 2014 Derivatives Not Designated as Hedging Instruments: Location of Gain Gain Recognized Gain Recognized (in thousands) Foreign Exchange Contracts Other income $ 6,007 $ 968 Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, restricted cash and investments, trade accounts receivable, and derivative financial instruments used in hedging activities. Cash is placed on deposit at large global financial institutions. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold the Company’s cash are creditworthy and, accordingly, minimal credit risk exists with respect to these balances. The Company’s overall portfolio of available-for-sale securities must maintain an average minimum rating of “AA-” or “Aa3” as rated by Standard and Poor’s, Moody’s Investor Services, or Fitch Ratings. To ensure diversification and minimize concentration, the Company’s policy limits the amount of credit exposure with any one financial institution or commercial issuer. The Company is exposed to credit losses in the event of nonperformance by counterparties on foreign currency forward hedge contracts that are used to mitigate the effect of exchange rate fluctuations, and on contracts related to structured share repurchase arrangements. These counterparties are large global financial institutions and, to date, no such counterparty has failed to meet its financial obligations to the Company. Credit risk evaluations, including trade references, bank references and Dun & Bradstreet ratings, are performed on all new customers and the Company monitors its customers’ financial condition and payment performance. In general, the Company does not require collateral on sales.

INVENTORIES

INVENTORIES	3 Months Ended
	Sep. 27, 2015
INVENTORIES	NOTE 8 — INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) or market. System shipments to Japanese customers, 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 27, June 28, (in thousands) Raw materials $ 553,740 $ 566,645 Work-in-process 132,134 141,264 Finished goods 230,809 235,437 $ 916,683 $ 943,346

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Sep. 27, 2015
GOODWILL AND INTANGIBLE ASSETS	NOTE 9 — GOODWILL AND INTANGIBLE ASSETS Goodwill The balance of Goodwill is approximately $1.4 billion as of September 27, 2015 and June 28, 2015. Of the $1.4 billion goodwill balance, $61 million 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 as of September 27, 2015: Gross Accumulated Net (in thousands) Customer relationships $ 615,437 $ (251,410 ) $ 364,027 Existing technology 643,803 (335,090 ) 308,713 Patents 33,553 (26,964 ) 6,589 Other intangible assets 35,914 (35,392 ) 522 Intangible assets subject to amortization 1,328,707 (648,856 ) 679,851 Development rights 9,100 9,100 Intangible assets not subject to amortization 9,100 9,100 Total intangible assets $ 1,337,807 $ (648,856 ) $ 688,951 The following table provides the Company’s intangible assets as of June 28, 2015: Gross Accumulated Net (in thousands) Customer relationships $ 615,490 $ (234,968 ) $ 380,522 Existing technology 643,919 (313,071 ) 330,848 Patents 33,553 (26,431 ) 7,122 Other intangible assets 35,914 (35,366 ) 548 Intangible assets subject to amortization 1,328,877 (609,836 ) 719,040 Development rights 9,100 9,100 Intangible assets not subject to amortization 9,100 9,100 Total intangible assets $ 1,337,976 $ (609,836 ) $ 728,140 The Company recognized $39.0 million and $39.2 million in intangible asset amortization expense during the three months ended September 27, 2015 and September 28, 2014, respectively. The estimated future amortization expense of intangible assets, excluding those with indefinite lives, as of September 27, 2015 was as follows: Fiscal Year Amount (in thousands) 2016 (9 months) $ 117,042 2017 154,139 2018 152,935 2019 114,864 2020 49,981 Thereafter 90,890 $ 679,851

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Sep. 27, 2015
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 10 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: September 27, June 28, (in thousands) Accrued compensation $ 326,638 $ 314,516 Warranty reserves 98,968 93,209 Income and other taxes payable 72,506 39,275 Dividend payable 47,896 47,659 Other 187,225 154,779 $ 733,233 $ 649,438

LONG-TERM DEBT AND OTHER BORROW

LONG-TERM DEBT AND OTHER BORROWINGS	3 Months Ended
	Sep. 27, 2015
LONG-TERM DEBT AND OTHER BORROWINGS	NOTE 11 — LONG-TERM DEBT AND OTHER BORROWINGS Convertible Senior Notes In May 2011, the Company issued and sold $450 million in aggregate principal amount of 0.50% Convertible Senior Notes due May 2016 (the “2016 Notes”) at par. At the same time, the Company issued and sold $450 million in aggregate principal amount of 1.25% Convertible Senior Notes due May 2018 (the “2018 Notes”) at par. The Company pays cash interest at an annual rate of 0.50% and 1.25%, respectively, on the 2016 Notes and the 2018 Notes, on a semi-annual basis on May 15 and November 15 of each year. In June 2012, with the acquisition of Novellus, the Company assumed $700 million in aggregate principal amount of 2.625% Convertible Senior Notes due May 2041 (the “2041 Notes,” and collectively with the 2016 Notes and the 2018 Notes, the “Convertible Notes”). The Company pays cash interest at an annual rate of 2.625%, on a semi-annual basis on May 15 and November 15 of each year on the 2041 Notes. The 2041 Notes also have a contingent interest payment provision that may require the Company to pay additional interest, up to 0.60% per year, based on certain thresholds, beginning with the semi-annual interest payment on May 15, 2021, and upon the occurrence of certain events, as outlined in the indenture governing the 2041 Notes. The Company separately accounts for the liability and equity components of the Convertible Notes. The initial debt components of the Convertible Notes were valued based on the present value of the future cash flows using the Company’s borrowing rate at the date of the issuance or assumption for similar debt instruments without the conversion feature, which equals the effective interest rate on the liability component disclosed in the following table, respectively. Under certain circumstances, the Convertible Notes may be converted into shares of the Company’s Common Stock. The number of shares each debenture is convertible into is based on conversion rates, disclosed in the following table. The conversion rates are adjusted for certain corporate events, including dividends on the Company’s Common Stock. The Company will settle any conversion of the Convertible Notes in cash up to the face value, and any amount in excess of face value will be settled in Common Stock. At September 27, 2015, the market value of the Company’s Common Stock was greater than 130% of the 2041 Notes conversion prices for 20 or more of the 30 consecutive trading days preceding the quarter end. As a result, the 2041 Notes are convertible at the option of the bondholder. The carrying amount of the 2041 Notes was classified in current liabilities and a portion of the equity component, representing the unamortized debt discount, was classified in temporary equity on the Company’s Consolidated Balance Sheets. Upon closure of the conversion period, 2041 Notes not converted will be reclassified back into noncurrent liabilities, and the temporary equity will be reclassified into permanent equity. The conversion window closed for the 2016 Notes and 2018 Notes as of September 27, 2015. As such, the 2018 Notes were reclassified into noncurrent liabilities, and the temporary equity for the 2016 Notes and 2018 Notes was reclassified back into permanent equity. As of September 27, 2015 and June 28, 2015, the Convertible Notes consisted of the following: September 27, 2015 June 28, 2015 2016 Notes 2018 Notes 2041 Notes 2016 Notes 2018 Notes 2041 Notes (in thousands, except years, percentages, conversion rate, and conversion price) Carrying value, long-term $ — $ 406,189 $ — $ — $ — $ — Carrying value, current portion 439,583 — 521,270 435,493 402,320 520,313 Unamortized discount 10,417 43,811 178,665 14,507 47,680 179,622 Principal amount $ 450,000 $ 450,000 $ 699,935 $ 450,000 $ 450,000 $ 699,935 Carrying amount of permanent equity component, net of tax $ 76,230 $ 104,895 $ 149,444 $ 61,723 $ 57,215 $ 148,487 Carrying amount of temporary equity component, net of tax $ — $ — $ 178,665 $ 14,507 $ 47,680 $ 179,622 Remaining amortization period (years) 0.6 2.6 25.6 Effective interest rate on liability component 4.29 % 5.27 % 4.28 % Fair Value of Notes (Level 2) $ 498,375 $ 545,625 $ 1,362,241 Conversion rate (shares of common stock per $1,000 principal amount of notes) 16.1481 16.1481 28.9797 Conversion price (per share of common stock) $ 61.93 $ 61.93 $ 34.51 If-converted value in excess of par value $ 8,381 $ 8,381 $ 579,574 Estimated share dilution using average quarterly stock price $73.74/share 1,164 1,164 10,792 Convertible Note Hedges and Warrants Concurrent with the issuance of the 2016 Notes and 2018 Notes, the Company purchased a convertible note hedge and sold warrants. At expiration, the Company may, at its option, elect to settle the warrants on a net share basis. As of September 27, 2015, the warrants had not been exercised and remained outstanding. The exercise price is adjusted for certain corporate events, including dividends on the Company’s Common Stock. In conjunction with the convertible note hedge, counterparties agreed to sell to the Company shares of Common Stock equal to the number of shares issuable upon conversion of the 2016 Notes and 2018 Notes in full. The convertible note hedge transactions will be settled in net shares and will terminate upon the earlier of the maturity date or the first day none of the respective notes remain outstanding due to conversion or otherwise. Settlement of the convertible note hedge in net shares, based on the number of shares issued upon conversion of the 2016 and 2018 Notes, on the expiration date would result in the Company receiving net shares equivalent to the number of shares issuable by the Company upon conversion of the 2016 Notes and 2018 Notes. The exercise price is adjusted for certain corporate events, including dividends on the Company’s Common Stock. The following table presents the details of the warrants and convertible note hedge arrangements as of September 27, 2015: 2016 Notes 2018 Notes (shares in thousands) Warrants: Underlying shares 7,267 7,267 Estimated share dilution using average quarterly stock price $73.74/share 358 — Exercise price $ 70.11 $ 74.78 Expiration date range August 15 - August 15 - Convertible Note Hedge: Number of shares available from counterparties 7,267 7,267 Exercise price $ 61.93 $ 61.93 Senior Notes On March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company’s Senior Notes due March 2020 (the “2020 Notes”) and $500 million aggregate principal amount of the Company’s Senior Notes due March 2025 (the “2025 Notes” and, together with the 2020 Notes, the “Senior Notes”). The Company will pay interest at an annual rate of 2.75% and 3.80%, respectively, on the 2020 Notes and 2025 Notes, on a semi-annual basis on March 15 and September 15 of each year, beginning September 15, 2015. The Company may redeem the Senior Notes at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect of the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes and before December 15, 2024, for the 2025 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020 for the 2020 Notes and on or after December 24, 2024 for the 2025 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the Senior Notes, plus accrued and unpaid interest. As of September 27, 2015 and June 28, 2015 the Senior Notes consisted of the following: September 27, 2015 June 28, 2015 2020 Notes 2025 Notes 2020 Notes 2025 Notes (in thousands, except years) Carrying value, long-term $ 497,200 $ 496,966 $ 497,053 $ 496,907 Unamortized discount 2,800 3,034 2,947 3,093 Principal amount $ 500,000 $ 500,000 $ 500,000 $ 500,000 Remaining amortization period (years) 4.5 9.5 Fair Value of Notes (Level 2) $ 488,460 $ 486,870 Interest Cost The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes and the Convertible Notes during the three months ended September 27, 2015 and September 28, 2014. Three Months Ended September 27, September 28, 2015 2014 (in thousands) Contractual interest coupon $ 14,451 $ 6,562 Amortization of interest discount 9,122 8,509 Amortization of issuance costs 652 591 Amortization of interest rate contract 94 — Total interest cost recognized $ 24,319 $ 15,662 Revolving Credit Facility On March 12, 2014, the Company entered into a $300 million revolving unsecured credit facility with a syndicate of lenders. The facility matures on March 12, 2019. The facility includes an option, subject to certain requirements, for the Company to request an increase in the facility of up to an additional $200 million, for a potential total commitment of $500 million. Proceeds from the credit facility can be used for general corporate purposes. Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (i) a base rate, defined as the greatest of (a) prime rate, (b) Federal Funds rate plus 0.5%, or (c) one-month LIBOR plus 1.0%, plus a spread of 0.0% to 0.5%, or (ii) LIBOR plus a spread of 0.9% to 1.5%, in each case as the applicable spread is determined based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt. Principal and any accrued and unpaid interest is due and payable upon maturity. Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company’s rating described above. The credit facility contains certain restrictive covenants including maintaining a total consolidated indebtedness to consolidated capitalization ratio of no more than 0.5 to 1.0 and maintaining unrestricted or unencumbered cash and investments of no less than $1.0 billion. As of September 27, 2015, the Company had no borrowings outstanding under the credit facility and was in compliance with all financial covenants.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 27, 2015
COMMITMENTS AND CONTINGENCIES	NOTE 12 — COMMITMENTS AND CONTINGENCIES Operating Leases and Related Guarantees The Company leases certain of its administrative, research and development (“R&D”) and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable operating leases. Certain of the Company’s facility leases for buildings located at its Fremont, California headquarters and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities. Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation. The Company has operating leases regarding certain improved properties in Fremont and Livermore, California (the “Operating Leases”). The Company was required to maintain cash collateral in an aggregate of approximately $132.8 million in separate interest-bearing accounts, and marketable securities collateral in an aggregate of approximately $45.5 million, as security for the Company’s obligations. These amounts are recorded with other restricted cash and investments in the Company’s Consolidated Balance Sheet as of September 27, 2015. During the term of the Operating Leases and when the terms of the Operating Leases expire, the property subject to those Operating Leases may be remarketed. The Company has guaranteed to the lessor that each property will have a certain minimum residual value. The aggregate guarantee made by the Company under the Operating Leases is generally no more than approximately $191.2 million; however, under certain default circumstances, the guarantee with regard to an Operating Lease may be 100% of the lessor’s aggregate investment in the applicable property, which in no case will exceed $220 million, in the aggregate. Other 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 certain insurance contracts that are intended to limit its exposure to such indemnifications. As of September 27, 2015, the Company had not recorded any liability in connection with these indemnifications, as it does not believe, based on information available, that it is probable that any 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, based on information available, 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 27, 2015, the maximum potential amount of future payments that it could be required to make under these arrangements and letters of credit was $15.3 million. The Company does not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid. 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. Changes in the Company’s product warranty reserves were as follows: Three Months Ended September 27, September 28, (in thousands) Balance at beginning of period $ 93,209 $ 69,385 Warranties issued during the period 34,203 24,536 Settlements made during the period (28,458 ) (24,068 ) Changes in liability for pre-existing warranties 14 599 Balance at end of period $ 98,968 $ 70,452 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. To the extent there is a reasonable possibility that the losses could exceed the amounts already accrued, the Company believes that the amount of any such additional loss would be immaterial to the Company’s business, financial condition, and results of operations.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	3 Months Ended
	Sep. 27, 2015
STOCK REPURCHASE PROGRAM	NOTE 13 — STOCK REPURCHASE PROGRAM On April 29, 2014, the Board of Directors authorized the repurchase of up to $850 million of Common Stock. 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. Repurchases will be funded using the Company’s on-shore cash and on-shore cash generation. 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 Average Price Amount (in thousands, except per share data) Available balance as of June 28, 2015 $ 316,587 Quarter ended September 27, 2015 1,205 $ 87,493 $ 72.61 $ 229,094 In addition to shares repurchased under the Board-authorized repurchase program shown above, during the three months ended September 27, 2015, the Company acquired 208,624 shares at a total cost of $15.3 million, which the Company withheld through net share 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Sep. 27, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 14 — ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive income (loss), net of tax at the end of the period, as well as the activity during the period, were as follows: Accumulated foreign Accumulated Accumulated for-sale investments Accumulated Total (in thousands) Balance as of June 28, 2015 $ (35,125 ) $ (2,859 ) $ (3,761 ) $ (16,051 ) $ (57,796 ) Other comprehensive income (loss) before reclassifications (7,707 ) (544 ) 2,748 95 (5,408 ) (Gains) losses reclassified from accumulated other comprehensive income (loss) to net income (115 ) 341 (1) 20 (2) — 246 Net current-period other comprehensive income (loss) $ (7,822 ) $ (203 ) $ 2,768 $ 95 $ (5,162 ) Balance as of September 27, 2015 $ (42,947 ) $ (3,062 ) $ (993 ) $ (15,956 ) $ (62,958 ) (1) Amount of after tax gain reclassified from AOCI into net income located in revenue: $1,225 gain; cost of goods sold: $1,312 loss; selling, general and administrative expenses: $195 loss; and other income and expense: $59 Loss (2) Amount of after tax gain reclassified from accumulated other comprehensive income into net income located in other expense, net

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Sep. 27, 2015
BUSINESS COMBINATIONS	NOTE 15 – BUSINESS COMBINATIONS On October 20, 2015, the Company entered into an Agreement and Plan of Merger and Reorganization with KLA-Tencor Corporation (“KLA-Tencor”), under which KLA-Tencor will ultimately become (assuming satisfaction or waiver of all conditions to closing) a direct or indirect wholly-owned subsidiary of Lam Research. Under the terms of the agreement, the Company will acquire KLA-Tencor for approximately $5.0 billion in aggregate cash consideration and approximately 80 million shares of Common Stock, valued at approximately $5.6 billion as of October 20, 2015. Following the merger, KLA-Tencor stockholders are expected to own approximately 32% of the combined company on a pro forma basis. Each KLA-Tencor stockholder may elect to receive, for all shares of KLA-Tencor common stock they hold at the closing of the transaction, one of the following, determined on a per-share basis: (1) mixed consideration , The Company intends to fund the cash consideration from cash on hand from the combined companies and approximately $3.9 billion in debt financing, the Company has obtained a commitment for $4.2 billion of bridge financing from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC. The Company intends to provide a direct, unconditional guarantee of KLA-Tencor’s senior notes, upon the closing, and plans to repay KLA-Tencor’s term loan from the proceeds of the new debt financing.

EQUITY-BASED COMPENSATION PLA22

EQUITY-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Sep. 27, 2015
Recognized Equity Based Compensation Expense and Related Income Tax Benefit	The Company recognized the following equity-based compensation expense and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended September 27, September 28, (in thousands) Equity-based compensation expense $ 35,774 $ 32,040 Income tax benefit related to equity-based compensation expense $ 6,097 $ 4,724
Summary of Stock Plan Activity	A summary of stock plan transactions is as follows: Options Outstanding Restricted Stock Units Outstanding Number of Weighted- Number of Weighted- at Grant June 28, 2015 835,832 $ 37.44 4,954,088 $ 60.13 Granted — $ — 73,614 $ 68.99 Exercised (14,718 ) $ 25.81 N/A N/A Cancelled — $ — (21,964 ) $ 61.87 Vested restricted stock N/A N/A (652,543 ) $ 40.63 September 27, 2015 821,114 $ 37.66 4,353,195 $ 63.20
Schedule of ESPP Weighted-Average Assumptions	Purchase rights under the 1999 ESPP were valued using the Black-Scholes option valuation model and the following weighted-average assumptions for the three and nine months ended September 27, 2015 and September 28, 2014: Three Months Ended September 27, September 28, Expected term (years) 0.68 0.68 Expected stock price volatility 31.56 % 29.07 % Risk-free interest rate 0.18 % 0.07 % Dividend Yield 0.93 % 0.29 %

OTHER EXPENSE, NET (Tables)

OTHER EXPENSE, NET (Tables)	3 Months Ended
	Sep. 27, 2015
Components of Other Expense, Net	The significant components of other expense, net, are as follows: Three Months Ended September 27, September 28, (in thousands) Interest income $ 5,760 $ 3,288 Interest expense (24,661 ) (15,704 ) Gains (losses) on deferred compensation plan related assets, net (5,164 ) 2,416 Foreign exchange gains (losses), net (698 ) 906 Other, net (2,358 ) 3,446 $ (27,121 ) $ (5,648 )

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share	The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share. Three Months Ended September 27, September 28, (in thousands, except per share data) Numerator: Net income $ 288,679 $ 141,081 Denominator: Basic average shares outstanding 158,352 161,685 Effect of potential dilutive securities: Employee stock plans 2,544 3,560 Convertible notes 13,120 11,867 Warrants 358 6 Diluted average shares outstanding 174,374 177,118 Net income per share - basic $ 1.82 $ 0.87 Net income per share - diluted $ 1.66 $ 0.80
Schedule of Potentially Dilutive Securities Excluded from EPS Calculations	The following potentially dilutive securities were excluded: Three Months Ended September 27, September 28, (in thousands) Number of options and RSUs excluded 93 —

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Sep. 27, 2015
Cash, Cash Equivalents, 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 September 27, 2015 and June 28, 2015: September 27, 2015 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Restricted Other (in thousands) Cash $ 557,698 $ — $ — $ 557,698 $ 552,559 $ — $ 5,139 $ — Level 1: Time Deposit 174,933 — — 174,933 42,105 — 132,828 — Money Market Funds 1,148,450 — — 1,148,450 1,148,450 — — — U.S. Treasury and Agencies 335,120 404 (28 ) 335,496 — 290,008 45,488 — Mutual Funds 30,760 2,099 (525 ) 32,334 — — — 32,334 Level 1 Total $ 1,689,263 $ 2,503 $ (553 ) $ 1,691,213 $ 1,190,555 $ 290,008 $ 178,316 $ 32,334 Level 2: Municipal Notes and Bonds 666,992 1,122 (71 ) 668,043 — 668,043 — — U.S. Treasury and Agencies 8,057 — (82 ) 7,975 — 7,975 — — Government-Sponsored Enterprises 44,381 44 (20 ) 44,405 — 44,405 — — Foreign Government Bonds 45,562 67 (65 ) 45,564 — 45,564 — — Corporate Notes and Bonds 1,381,861 1,397 (3,320 ) 1,379,938 1,211 1,378,727 — — Mortgage Backed Securities - Residential 31,715 106 (255 ) 31,566 — 31,566 — — Mortgage Backed Securities - Commercial 121,673 65 (552 ) 121,186 — 121,186 — — Level 2 Total $ 2,300,241 $ 2,801 $ (4,365 ) $ 2,298,677 $ 1,211 $ 2,297,466 $ — $ — Total $ 4,547,202 $ 5,304 $ (4,918 ) $ 4,547,588 $ 1,744,325 $ 2,587,474 $ 183,455 $ 32,334 June 28, 2015 (Reported Within) Cost Unrealized Unrealized Fair Value Cash and Investments Restricted Other (in thousands) Cash $ 276,663 $ — $ — $ 276,663 $ 271,452 $ — $ 5,211 $ — Level 1: Time Deposit 177,567 — — 177,567 44,738 — 132,829 — Money Market Funds 1,177,875 — — 1,177,875 1,177,875 — — — U.S. Treasury and Agencies 349,009 72 (861 ) 348,220 — 315,291 32,929 — Mutual Funds 30,584 2,926 (47 ) 33,463 — — — 33,463 Level 1 Total $ 1,735,035 $ 2,998 $ (908 ) $ 1,737,125 $ 1,222,613 $ 315,291 $ 165,758 $ 33,463 Level 2: Municipal Notes and Bonds 659,550 429 (335 ) 659,644 7,474 652,170 — — U.S. Treasury and Agencies 4,007 — (4 ) 4,003 4,003 Government-Sponsored Enterprises 53,612 2 (249 ) 53,365 53,365 — — Foreign Government Bonds 50,336 31 (161 ) 50,206 50,206 — — Corporate Notes and Bonds 1,329,587 685 (3,797 ) 1,326,475 1,326,475 — — Mortgage Backed Securities - Residential 32,231 72 (292 ) 32,011 32,011 — — Mortgage Backed Securities - Commercial $ 141,988 $ 44 $ (606 ) $ 141,426 $ 141,426 $ — $ — Level 2 Total $ 2,271,311 $ 1,263 $ (5,444 ) $ 2,267,130 $ 7,474 $ 2,259,656 $ — $ — Total $ 4,283,009 $ 4,261 $ (6,352 ) $ 4,280,918 $ 1,501,539 $ 2,574,947 $ 170,969 $ 33,463
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 27, 2015 Unrealized Losses Unrealized Losses Total Fair Value Gross Fair Value Gross Fair Value Gross (in thousands) Municipal Notes and Bonds $ 36,289 $ (71 ) $ — $ — $ 36,289 $ (71 ) U.S. Treasury & Agencies 87,628 (110 ) — — 87,628 (110 ) Mutual Funds 18,043 (525 ) — — 18,043 (525 ) Government-Sponsored Enterprises 6,805 (20 ) — — 6,805 (20 ) Foreign Government Bonds 21,102 (65 ) — — 21,102 (65 ) Corporate Notes and Bonds 759,706 (3,240 ) 25,380 (80 ) 785,086 (3,320 ) Mortgage Backed Securities - Residential 18,279 (165 ) 1,943 (90 ) 20,222 (255 ) Mortgage Backed Securities - Commercial 80,320 (398 ) 20,162 (154 ) 100,482 (552 ) $ 1,028,172 $ (4,594 ) $ 47,485 $ (324 ) $ 1,075,657 $ (4,918 )
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 27, 2015: Cost Estimated Value (in thousands) Due in one year or less $ 1,816,857 $ 1,817,160 Due after one year through five years 1,941,115 1,940,258 Due in more than five years 200,772 200,138 $ 3,958,744 $ 3,957,556
Schedule of Outstanding Foreign Currency Forward Contracts	As of September 27, 2015, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program: Notional Value Derivatives Designated as Derivatives Not Designated as Hedging Instruments: (in thousands) Foreign Currency Forward Contracts Buy Contracts Sell Contracts Buy Contracts Sell Contracts Japanese yen $ — $ 76,362 $ — $ 60,791 Swiss franc — — 2,866 — Euro 21,929 — — 14,535 Korean won 4,048 — 16,837 — Taiwan dollar — — 26,577 — $ 25,977 $ 76,362 $ 46,280 $ 75,326
Schedule of Fair Value of Derivatives Instruments	The fair value of derivative instruments in the Company’s Consolidated Balance Sheets as of September 27, 2015 and June 28, 2015 were as follows: September 27, 2015 June 28, 2015 Fair Value of Derivative Instruments (Level 2) Fair Value of Derivative Instruments (Level 2) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives 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 forward contracts Prepaid expense $ 1,801 Accrued $ 573 Prepaid expense $ 3,388 Accrued $ 957 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expense 619 Accrued 3,080 Prepaid expense 8 Accrued 960 Total derivatives $ 2,420 $ 3,653 $ 3,396 $ 1,917
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 27, 2015 Three Months Ended September 28, 2014 Effective Portion Ineffective Portion Effective Portion Ineffective Portion Location of Gain (Loss) (Loss) Gain (Loss) Gain (Loss) in Income Gain (Loss) Gain (Loss) Reclassified Gain (Loss) Derivatives Designated (in thousands) (in thousands) Foreign Exchange Contracts Revenue $ (69 ) $ (1,378 ) $ 32 $ 3,024 $ 469 $ 42 Foreign Exchange Contracts Cost of goods sold (415 ) 1,505 (22 ) (2,023 ) (276 ) (6 ) Foreign Exchange Contracts Selling, general, and (173 ) 258 (7 ) (866 ) (105 ) (1 ) Interest Rate Contracts Other expense, net — (94 ) — — — — $ (657 ) $ 291 $ 3 $ 135 $ 88 $ 35 The effect of derivative instruments not designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations was as follows: Three Months Ended September 27, 2015 September 28, 2014 Derivatives Not Designated as Hedging Instruments: Location of Gain Gain Recognized Gain Recognized (in thousands) Foreign Exchange Contracts Other income $ 6,007 $ 968

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Inventories	Inventories consist of the following: September 27, June 28, (in thousands) Raw materials $ 553,740 $ 566,645 Work-in-process 132,134 141,264 Finished goods 230,809 235,437 $ 916,683 $ 943,346

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Intangible Assets	The following table provides the Company’s intangible assets as of September 27, 2015: Gross Accumulated Net (in thousands) Customer relationships $ 615,437 $ (251,410 ) $ 364,027 Existing technology 643,803 (335,090 ) 308,713 Patents 33,553 (26,964 ) 6,589 Other intangible assets 35,914 (35,392 ) 522 Intangible assets subject to amortization 1,328,707 (648,856 ) 679,851 Development rights 9,100 9,100 Intangible assets not subject to amortization 9,100 9,100 Total intangible assets $ 1,337,807 $ (648,856 ) $ 688,951 The following table provides the Company’s intangible assets as of June 28, 2015: Gross Accumulated Net (in thousands) Customer relationships $ 615,490 $ (234,968 ) $ 380,522 Existing technology 643,919 (313,071 ) 330,848 Patents 33,553 (26,431 ) 7,122 Other intangible assets 35,914 (35,366 ) 548 Intangible assets subject to amortization 1,328,877 (609,836 ) 719,040 Development rights 9,100 9,100 Intangible assets not subject to amortization 9,100 9,100 Total intangible assets $ 1,337,976 $ (609,836 ) $ 728,140
Estimated Future Amortization Expense of Intangible Assets	The estimated future amortization expense of intangible assets, excluding those with indefinite lives, as of September 27, 2015 was as follows: Fiscal Year Amount (in thousands) 2016 (9 months) $ 117,042 2017 154,139 2018 152,935 2019 114,864 2020 49,981 Thereafter 90,890 $ 679,851

ACCRUED EXPENSES AND OTHER CU28

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 27, June 28, (in thousands) Accrued compensation $ 326,638 $ 314,516 Warranty reserves 98,968 93,209 Income and other taxes payable 72,506 39,275 Dividend payable 47,896 47,659 Other 187,225 154,779 $ 733,233 $ 649,438

LONG-TERM DEBT AND OTHER BORR29

LONG-TERM DEBT AND OTHER BORROWINGS (Tables)	3 Months Ended
	Sep. 27, 2015
Components of Convertible Notes	As of September 27, 2015 and June 28, 2015, the Convertible Notes consisted of the following: September 27, 2015 June 28, 2015 2016 Notes 2018 Notes 2041 Notes 2016 Notes 2018 Notes 2041 Notes (in thousands, except years, percentages, conversion rate, and conversion price) Carrying value, long-term $ — $ 406,189 $ — $ — $ — $ — Carrying value, current portion 439,583 — 521,270 435,493 402,320 520,313 Unamortized discount 10,417 43,811 178,665 14,507 47,680 179,622 Principal amount $ 450,000 $ 450,000 $ 699,935 $ 450,000 $ 450,000 $ 699,935 Carrying amount of permanent equity component, net of tax $ 76,230 $ 104,895 $ 149,444 $ 61,723 $ 57,215 $ 148,487 Carrying amount of temporary equity component, net of tax $ — $ — $ 178,665 $ 14,507 $ 47,680 $ 179,622 Remaining amortization period (years) 0.6 2.6 25.6 Effective interest rate on liability component 4.29 % 5.27 % 4.28 % Fair Value of Notes (Level 2) $ 498,375 $ 545,625 $ 1,362,241 Conversion rate (shares of common stock per $1,000 principal amount of notes) 16.1481 16.1481 28.9797 Conversion price (per share of common stock) $ 61.93 $ 61.93 $ 34.51 If-converted value in excess of par value $ 8,381 $ 8,381 $ 579,574 Estimated share dilution using average quarterly stock price $73.74/share 1,164 1,164 10,792
Warrants and Convertible Note Hedge Arrangements	The following table presents the details of the warrants and convertible note hedge arrangements as of September 27, 2015: 2016 Notes 2018 Notes (shares in thousands) Warrants: Underlying shares 7,267 7,267 Estimated share dilution using average quarterly stock price $73.74/share 358 — Exercise price $ 70.11 $ 74.78 Expiration date range August 15 - August 15 - Convertible Note Hedge: Number of shares available from counterparties 7,267 7,267 Exercise price $ 61.93 $ 61.93
Components of Senior Notes	As of September 27, 2015 and June 28, 2015 the Senior Notes consisted of the following: September 27, 2015 June 28, 2015 2020 Notes 2025 Notes 2020 Notes 2025 Notes (in thousands, except years) Carrying value, long-term $ 497,200 $ 496,966 $ 497,053 $ 496,907 Unamortized discount 2,800 3,034 2,947 3,093 Principal amount $ 500,000 $ 500,000 $ 500,000 $ 500,000 Remaining amortization period (years) 4.5 9.5 Fair Value of Notes (Level 2) $ 488,460 $ 486,870
Schedule of Recognized Interest Cost Relating to Both Contractual Interest Coupon and Amortization of Discount on Liability Component of Notes	The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes and the Convertible Notes during the three months ended September 27, 2015 and September 28, 2014. Three Months Ended September 27, September 28, 2015 2014 (in thousands) Contractual interest coupon $ 14,451 $ 6,562 Amortization of interest discount 9,122 8,509 Amortization of issuance costs 652 591 Amortization of interest rate contract 94 — Total interest cost recognized $ 24,319 $ 15,662

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Changes in Product Warranty Reserves	Changes in the Company’s product warranty reserves were as follows: Three Months Ended September 27, September 28, (in thousands) Balance at beginning of period $ 93,209 $ 69,385 Warranties issued during the period 34,203 24,536 Settlements made during the period (28,458 ) (24,068 ) Changes in liability for pre-existing warranties 14 599 Balance at end of period $ 98,968 $ 70,452

STOCK REPURCHASE PROGRAM (Table

STOCK REPURCHASE PROGRAM (Tables)	3 Months Ended
	Sep. 27, 2015
Schedule of Repurchases under Repurchase Program	Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Total Cost of Average Price Amount (in thousands, except per share data) Available balance as of June 28, 2015 $ 316,587 Quarter ended September 27, 2015 1,205 $ 87,493 $ 72.61 $ 229,094

ACCUMULATED OTHER COMPREHENSI32

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Sep. 27, 2015
Components of Accumulated Other Comprehensive Income or Loss	The components of accumulated other comprehensive income (loss), net of tax at the end of the period, as well as the activity during the period, were as follows: Accumulated foreign Accumulated Accumulated for-sale investments Accumulated Total (in thousands) Balance as of June 28, 2015 $ (35,125 ) $ (2,859 ) $ (3,761 ) $ (16,051 ) $ (57,796 ) Other comprehensive income (loss) before reclassifications (7,707 ) (544 ) 2,748 95 (5,408 ) (Gains) losses reclassified from accumulated other comprehensive income (loss) to net income (115 ) 341 (1) 20 (2) — 246 Net current-period other comprehensive income (loss) $ (7,822 ) $ (203 ) $ 2,768 $ 95 $ (5,162 ) Balance as of September 27, 2015 $ (42,947 ) $ (3,062 ) $ (993 ) $ (15,956 ) $ (62,958 ) (1) Amount of after tax gain reclassified from AOCI into net income located in revenue: $1,225 gain; cost of goods sold: $1,312 loss; selling, general and administrative expenses: $195 loss; and other income and expense: $59 Loss (2) Amount of after tax gain reclassified from accumulated other comprehensive income into net income located in other expense, net

Equity Based Compensation Plans

Equity Based Compensation Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Sep. 27, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period, years	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period for recognition, years	11 months
ESPP purchase price per share as percentage of fair market value	85.00%
Unrecognized compensation expense	$ 14
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock option	$ 2.5
Weighted average remaining period for recognition, years	1 year 10 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period for recognition, years	1 year 10 months 24 days
Unrecognized compensation expense	$ 169.9
Novellus Systems Incorporated
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period, years	4 years

Recognized Equity Based Compens

Recognized Equity Based Compensation Expenses and Related Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 35,774	$ 32,040
Income tax benefit related to equity-based compensation expense	6,097	4,724
Equity-based compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 35,774	$ 32,040

Summary of Stock Plan Activity

Summary of Stock Plan Activity (Detail)	3 Months Ended
	Sep. 27, 2015$ / sharesshares
Options Outstanding Number of Shares
Beginning balance | shares	835,832
Granted | shares	0
Exercised | shares	(14,718)
Cancelled | shares	0
Ending balance | shares	821,114
Weighted-Average Exercise Price
Beginning balance	$ 37.44
Granted	0
Exercised	25.81
Canceled	0
Ending balance	$ 37.66
Restricted stock units outstanding number of shares
Beginning balance | shares	4,954,088
Granted | shares	73,614
Canceled | shares	(21,964)
Vested restricted stock | shares	(652,543)
Ending balance | shares	4,353,195
Restricted Stock Units Outstanding Number of Shares Weighted-Average FMV at Grant
Beginning balance	$ 60.13
Granted	68.99
Canceled	61.87
Vested restricted stock	40.63
Ending balance	$ 63.20

Schedule of ESPP Weighted-Avera

Schedule of ESPP Weighted-Average Assumptions (Detail) - Employee Stock Purchase Plan	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	8 months 5 days	8 months 5 days
Expected stock price volatility	31.56%	29.07%
Risk-free interest rate	0.18%	0.07%
Dividend Yield	0.93%	0.29%

Components of Other Expense, Ne

Components of Other Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Component Of Other Expense Income Nonoperating [Line Items]
Interest income	$ 5,760	$ 3,288
Interest expense	(24,661)	(15,704)
Gains (losses) on deferred compensation plan related assets,net	(5,164)	2,416
Foreign exchange gains (losses)	(698)	906
Other, net	(2,358)	3,446
Other income (expense), net	$ (27,121)	$ (5,648)

Income taxes - Additional Infor

Income taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Income Taxes [Line Items]
Income tax (benefit) expense	$ 19,628	$ 21,569
Effective income tax rate	6.40%
U.S. federal statutory tax rate	35.00%
Discrete tax benefit	$ 21,900

Schedule of Numerators and Deno

Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 288,679	$ 141,081
Basic average shares outstanding	158,352	161,685
Employee stock plans	2,544	3,560
Convertible notes	13,120	11,867
Warrants	358	6
Diluted average shares outstanding	174,374	177,118
Net income per share - basic	$ 1.82	$ 0.87
Net income per share - diluted	$ 1.66	$ 0.80

Schedule of Potentially Dilutiv

Schedule of Potentially Dilutive Securities Excluded from EPS Calculations (Detail) shares in Thousands	3 Months Ended
	Sep. 27, 2015shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of potential dilutive securities excluded	93

Cash, Cash Equivalents, Investm

Cash, Cash Equivalents, Investments, Restricted Cash and Investments and Other Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Financial Instruments [Line Items]
Cost	$ 4,547,202	$ 4,283,009
Unrealized Gain	5,304	4,261
Unrealized Loss	(4,918)	(6,352)
Fair Value	4,547,588	4,280,918
Cash and Cash Equivalents	1,744,325	1,501,539
Investments	2,587,474	2,574,947
Restricted Cash & Investments	183,455	170,969
Other Assets	32,334	33,463
Fair Value Level 1
Financial Instruments [Line Items]
Cost	1,689,263	1,735,035
Unrealized Gain	2,503	2,998
Unrealized Loss	(553)	(908)
Fair Value	1,691,213	1,737,125
Cash and Cash Equivalents	1,190,555	1,222,613
Investments	290,008	315,291
Restricted Cash & Investments	178,316	165,758
Other Assets	32,334	33,463
Fair Value Level 2
Financial Instruments [Line Items]
Cost	2,300,241	2,271,311
Unrealized Gain	2,801	1,263
Unrealized Loss	(4,365)	(5,444)
Fair Value	2,298,677	2,267,130
Cash and Cash Equivalents	1,211	7,474
Investments	2,297,466	2,259,656
Fair Value Level 2 | Municipal Notes And Bonds
Financial Instruments [Line Items]
Cost	666,992	659,550
Unrealized Gain	1,122	429
Unrealized Loss	(71)	(335)
Fair Value	668,043	659,644
Cash and Cash Equivalents		7,474
Investments	668,043	652,170
Fair Value Level 2 | Corporate Notes And Bonds
Financial Instruments [Line Items]
Cost	1,381,861	1,329,587
Unrealized Gain	1,397	685
Unrealized Loss	(3,320)	(3,797)
Fair Value	1,379,938	1,326,475
Cash and Cash Equivalents	1,211
Investments	1,378,727	1,326,475
Cash
Financial Instruments [Line Items]
Cost	557,698	276,663
Fair Value	557,698	276,663
Cash and Cash Equivalents	552,559	271,452
Restricted Cash & Investments	5,139	5,211
Time Deposits | Fair Value Level 1
Financial Instruments [Line Items]
Cost	174,933	177,567
Fair Value	174,933	177,567
Cash and Cash Equivalents	42,105	44,738
Restricted Cash & Investments	132,828	132,829
Money Market Funds | Fair Value Level 1
Financial Instruments [Line Items]
Cost	1,148,450	1,177,875
Fair Value	1,148,450	1,177,875
Cash and Cash Equivalents	1,148,450	1,177,875
U.S Treasury and Agencies | Fair Value Level 1
Financial Instruments [Line Items]
Cost	335,120	349,009
Unrealized Gain	404	72
Unrealized Loss	(28)	(861)
Fair Value	335,496	348,220
Investments	290,008	315,291
Restricted Cash & Investments	45,488	32,929
U.S Treasury and Agencies | Fair Value Level 2
Financial Instruments [Line Items]
Cost	8,057	4,007
Unrealized Loss	(82)	(4)
Fair Value	7,975	4,003
Investments	7,975	4,003
Mutual Funds | Fair Value Level 1
Financial Instruments [Line Items]
Cost	30,760	30,584
Unrealized Gain	2,099	2,926
Unrealized Loss	(525)	(47)
Fair Value	32,334	33,463
Other Assets	32,334	33,463
Government-Sponsored Enterprises | Fair Value Level 2
Financial Instruments [Line Items]
Cost	44,381	53,612
Unrealized Gain	44	2
Unrealized Loss	(20)	(249)
Fair Value	44,405	53,365
Investments	44,405	53,365
Foreign Government Bonds | Fair Value Level 2
Financial Instruments [Line Items]
Cost	45,562	50,336
Unrealized Gain	67	31
Unrealized Loss	(65)	(161)
Fair Value	45,564	50,206
Investments	45,564	50,206
Mortgage Backed Securities - Residential | Fair Value Level 2
Financial Instruments [Line Items]
Cost	31,715	32,231
Unrealized Gain	106	72
Unrealized Loss	(255)	(292)
Fair Value	31,566	32,011
Investments	31,566	32,011
Mortgage Backed Securities - Commercial | Fair Value Level 2
Financial Instruments [Line Items]
Cost	121,673	141,988
Unrealized Gain	65	44
Unrealized Loss	(552)	(606)
Fair Value	121,186	141,426
Investments	$ 121,186	$ 141,426

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Jun. 28, 2015
Financial Instruments [Line Items]
Other than temporary impairment included in net realized gains (losses)	$ 0	$ 0
Gains realized from sales of investments	200,000	500,000
Losses realized from sales of investments	$ (700,000)	$ (600,000)
Investment classified as short term, contractual maturity period	1 year
Gains (losses) accumulated in other comprehensive income expected to reclassify from other comprehensive income into earnings	$ (3,100,000)
Forward-starting interest rate swap agreements
Financial Instruments [Line Items]
Derivative notional amount			$ 375,000,000
Foreign Exchange Forward Contracts | Cash flow hedging
Financial Instruments [Line Items]
Potential effect of rights of set-off under master netting agreements for derivative contracts assets	1,800,000		1,900,000
Potential effect of rights of set-off under master netting agreements for derivative contracts liabilities	1,800,000		1,900,000
Net derivative asset from master netting agreements	700,000		$ 1,500,000
Net derivative liabilities from master netting agreements	$ 1,900,000
Maximum
Financial Instruments [Line Items]
Foreign currency forward contract, expiration period	24 months
Maximum | Majority of Contracts
Financial Instruments [Line Items]
Foreign currency forward contract, expiration period	12 months

Schedule of Cash, Cash Equivale

Schedule of Cash, Cash Equivalents, Investments and Restricted Cash and Investments Unrealized Loss Positions (Detail) $ in Thousands	Sep. 27, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	$ 1,028,172
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(4,594)
Unrealized Losses 12 Months or Greater - Fair Value	47,485
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(324)
Total - Fair Value	1,075,657
Total - Gross Unrealized Loss	(4,918)
Municipal Notes And Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	36,289
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(71)
Total - Fair Value	36,289
Total - Gross Unrealized Loss	(71)
Corporate Notes And Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	759,706
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(3,240)
Unrealized Losses 12 Months or Greater - Fair Value	25,380
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(80)
Total - Fair Value	785,086
Total - Gross Unrealized Loss	(3,320)
U.S Treasury and Agencies
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	87,628
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(110)
Total - Fair Value	87,628
Total - Gross Unrealized Loss	(110)
Mutual Funds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	18,043
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(525)
Total - Fair Value	18,043
Total - Gross Unrealized Loss	(525)
Government-Sponsored Enterprises
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	6,805
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(20)
Total - Fair Value	6,805
Total - Gross Unrealized Loss	(20)
Foreign Government Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	21,102
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(65)
Total - Fair Value	21,102
Total - Gross Unrealized Loss	(65)
Mortgage Backed Securities - Residential
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	18,279
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(165)
Unrealized Losses 12 Months or Greater - Fair Value	1,943
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(90)
Total - Fair Value	20,222
Total - Gross Unrealized Loss	(255)
Mortgage Backed Securities - Commercial
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	80,320
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(398)
Unrealized Losses 12 Months or Greater - Fair Value	20,162
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(154)
Total - Fair Value	100,482
Total - Gross Unrealized Loss	$ (552)

Schedule of Amortized Cost and

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Investments, and Restricted Cash and Investments with Contractual Maturities (Detail) $ in Thousands	Sep. 27, 2015USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due in one year or less, cost	$ 1,816,857
Due after one year through five years, cost	1,941,115
Due in more than five years, cost	200,772
Cost	3,958,744
Due in one year or less, estimated fair value	1,817,160
Due after one year through five years, estimated fair value	1,940,258
Due in more than five years, estimated fair value	200,138
Estimated fair value due, Total	$ 3,957,556

Schedule of Outstanding Foreign

Schedule of Outstanding Foreign Currency Forward Contracts (Detail) - Foreign Currency Forward Contracts	Sep. 27, 2015USD ($)
Derivatives Designated as Hedging Instruments | Buy Contracts
Derivative [Line Items]
Derivative notional amount	$ 25,977,000
Derivatives Designated as Hedging Instruments | Buy Contracts | Euro
Derivative [Line Items]
Derivative notional amount	21,929,000
Derivatives Designated as Hedging Instruments | Buy Contracts | Korea (South), Won
Derivative [Line Items]
Derivative notional amount	4,048,000
Derivatives Designated as Hedging Instruments | Sell Contracts
Derivative [Line Items]
Derivative notional amount	76,362,000
Derivatives Designated as Hedging Instruments | Sell Contracts | Japanese Yen
Derivative [Line Items]
Derivative notional amount	76,362,000
Derivatives Not Designated as Hedging Instruments | Buy Contracts
Derivative [Line Items]
Derivative notional amount	46,280,000
Derivatives Not Designated as Hedging Instruments | Buy Contracts | Swiss Francs
Derivative [Line Items]
Derivative notional amount	2,866,000
Derivatives Not Designated as Hedging Instruments | Buy Contracts | Korea (South), Won
Derivative [Line Items]
Derivative notional amount	16,837,000
Derivatives Not Designated as Hedging Instruments | Buy Contracts | Taiwan Dollar
Derivative [Line Items]
Derivative notional amount	26,577,000
Derivatives Not Designated as Hedging Instruments | Sell Contracts
Derivative [Line Items]
Derivative notional amount	75,326,000
Derivatives Not Designated as Hedging Instruments | Sell Contracts | Japanese Yen
Derivative [Line Items]
Derivative notional amount	60,791,000
Derivatives Not Designated as Hedging Instruments | Sell Contracts | Euro
Derivative [Line Items]
Derivative notional amount	$ 14,535,000

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Detail) - Fair Value Level 2 - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 2,420	$ 3,396
Accrued expenses and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	3,653	1,917
Derivatives Designated as Hedging Instruments | Prepaid Expenses and Other Current Assets | Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	1,801	3,388
Derivatives Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	573	957
Derivatives Not Designated as Hedging Instruments | Prepaid Expenses and Other Current Assets | Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	619	8
Derivatives Not Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	$ 3,080	$ 960

Schedule of Derivative Instrume

Schedule of Derivative Instruments Designated as Cash Flow Hedges in Statements of Operations Including Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	$ (657)	$ 135
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	291	88
Gain (Loss) Recognized (Excluded from Effectiveness)	3	35
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized	6,007	968
Foreign Exchange Forward Contracts | Located in revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	(69)	3,024
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1,378)	469
Gain (Loss) Recognized (Excluded from Effectiveness)	32	42
Foreign Exchange Forward Contracts | Cost of Sales
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	(415)	(2,023)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,505	(276)
Gain (Loss) Recognized (Excluded from Effectiveness)	(22)	(6)
Foreign Exchange Forward Contracts | Located in selling, general, and administrative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	(173)	(866)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	258	(105)
Gain (Loss) Recognized (Excluded from Effectiveness)	(7)	$ (1)
Interest Rate contracts | Other Expenses,net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ (94)

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Inventory [Line Items]
Raw materials	$ 553,740	$ 566,645
Work-in-process	132,134	141,264
Finished goods	230,809	235,437
Total inventories	$ 916,683	$ 943,346	[1]
[1]	Derived from audited financial statements

Goodwill and Intangible Asset49

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014	Jun. 28, 2015	[1]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 1,387,213		$ 1,387,509
Tax deductible goodwill	61,000
Intangible asset amortization expense	$ 39,000	$ 39,200
[1]	Derived from audited financial statements

Schedule of Intangible Assets (

Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	$ 1,328,707	$ 1,328,877
Total gross intangible assets	1,337,807	1,337,976
Accumulated Amortization	(648,856)	(609,836)
Net intangible assets subject to amortization	679,851	719,040
Intangible assets, net	688,951	728,140	[1]
Intangible assets not subject to amortization	9,100	9,100
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	615,437	615,490
Accumulated Amortization	(251,410)	(234,968)
Net intangible assets subject to amortization	364,027	380,522
Existing Technology
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	643,803	643,919
Accumulated Amortization	(335,090)	(313,071)
Net intangible assets subject to amortization	308,713	330,848
Patents
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	33,553	33,553
Accumulated Amortization	(26,964)	(26,431)
Net intangible assets subject to amortization	6,589	7,122
Other Intangible Assets
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	35,914	35,914
Accumulated Amortization	(35,392)	(35,366)
Net intangible assets subject to amortization	522	548
Development Rights
Goodwill And Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 9,100	$ 9,100
[1]	Derived from audited financial statements

Estimated Future Amortization E

Estimated Future Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Finite-Lived Intangible Assets [Line Items]
2016 (9 months)	$ 117,042
2,017	154,139
2,018	152,935
2,019	114,864
2,020	49,981
Thereafter	90,890
Net intangible assets subject to amortization	$ 679,851	$ 719,040

Schedule of Accrued Expenses an

Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 27, 2015	Jun. 28, 2015
Schedule of Accrued Liabilities [Line Items]
Accrued compensation	$ 326,638	$ 314,516
Warranty reserves	98,968	93,209
Income and other taxes payable	72,506	39,275
Dividend payable	47,896	47,659
Other	187,225	154,779
Accrued expenses and other current liabilities	$ 733,233	$ 649,438	[1]
[1]	Derived from audited financial statements

Long Term Debt and Other Borrow

Long Term Debt and Other Borrowings - Additional Information (Detail)	Mar. 12, 2015USD ($)	Sep. 27, 2015USD ($)d	Jun. 28, 2015USD ($)	Mar. 12, 2014USD ($)	Jun. 30, 2012USD ($)	May. 31, 2011USD ($)
Senior Notes
Debt Instrument [Line Items]
Percentage of principal amount of debt redeemed	100.00%
Senior notes, debt description	The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020 for the 2020 Notes and on or after December 24, 2024 for the 2025 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the Senior Notes, plus accrued and unpaid interest.
Revolving credit facility
Debt Instrument [Line Items]
Revolving unsecured credit facility				$ 300,000,000
Credit Facility Maturity Period		Mar. 12, 2019
Additional increase in the facility				200,000,000
Revolving unsecured credit facility maximum borrowing capacity				$ 500,000,000
Consolidated debt to liquidity		$ 1,000,000,000
Credit facility outstanding amount		$ 0
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Total consolidated indebtedness to capitalization ratio		50.00%
Revolving credit facility | Prime Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.50%
Revolving credit facility | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.50%
Revolving credit facility | One-month LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.00%
Revolving credit facility | One-month LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.00%
Revolving credit facility | One-month LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.50%
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.90%
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.50%
2.625% Notes due 2041
Debt Instrument [Line Items]
Notes due		$ 699,935,000	$ 699,935,000		$ 700,000,000
Senior notes interest rate percentage					2.625%
Debt instruments maturity date		2,041
Maximum amount of contingent interest rate		0.60%
Stock price percentage of conversion price		130.00%
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the preceding the quarter | d		20
Number of consecutive trading days period required		30 days
2.75% Notes due March 15, 2020
Debt Instrument [Line Items]
Notes due	$ 500,000,000	$ 500,000,000	500,000,000
Senior notes interest rate percentage	2.75%
Debt instruments maturity date	Mar. 15, 2020
Debt instrument redemption date	Feb. 15, 2020
3.80% Notes due March 15, 2025
Debt Instrument [Line Items]
Notes due	$ 500,000,000	500,000,000	500,000,000
Senior notes interest rate percentage	3.80%
Debt instruments maturity date	Mar. 15, 2025
Debt instrument redemption date	Dec. 15, 2024
0.50% Notes due 2016
Debt Instrument [Line Items]
Notes due		$ 450,000,000	450,000,000			$ 450,000,000
Senior notes interest rate percentage						0.50%
Debt instruments maturity date		2,016
1.25% Notes due 2018
Debt Instrument [Line Items]
Notes due		$ 450,000,000	$ 450,000,000			$ 450,000,000
Senior notes interest rate percentage						1.25%
Debt instruments maturity date		2,018

Components of Convertible Notes

Components of Convertible Notes (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 27, 2015USD ($)$ / shares	Jun. 28, 2015USD ($)	Jun. 30, 2012USD ($)	May. 31, 2011USD ($)
0.50% Notes due 2016
Debt Instrument [Line Items]
Carrying value, current portion	$ 439,583	$ 435,493
Unamortized discount	10,417	14,507
Principal amount	$ 450,000	450,000		$ 450,000
Remaining amortization period (years)	7 months 6 days
Effective interest rate on liability component	4.29%
Fair Value of Notes (Level 2)	$ 498,375
Conversion rate (shares of common stock per $1,000 principal amount of notes)	16.1481
Conversion price (per share of common stock) | $ / shares	$ 61.93
If-converted value in excess of par value	$ 8,381
Estimated share dilution using average quarterly stock price $73.74/share | $ / shares	$ 1,164
0.50% Notes due 2016 | Permanent Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax	$ 76,230	61,723
0.50% Notes due 2016 | Temporary Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax		14,507
1.25% Notes due 2018
Debt Instrument [Line Items]
Carrying value, long-term	406,189
Carrying value, current portion		402,320
Unamortized discount	43,811	47,680
Principal amount	$ 450,000	450,000		$ 450,000
Remaining amortization period (years)	2 years 7 months 6 days
Effective interest rate on liability component	5.27%
Fair Value of Notes (Level 2)	$ 545,625
Conversion rate (shares of common stock per $1,000 principal amount of notes)	16.1481
Conversion price (per share of common stock) | $ / shares	$ 61.93
If-converted value in excess of par value	$ 8,381
Estimated share dilution using average quarterly stock price $73.74/share | $ / shares	$ 1,164
1.25% Notes due 2018 | Permanent Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax	$ 104,895	57,215
1.25% Notes due 2018 | Temporary Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax		47,680
2.625% Notes due 2041
Debt Instrument [Line Items]
Carrying value, current portion	521,270	520,313
Unamortized discount	178,665	179,622
Principal amount	$ 699,935	699,935	$ 700,000
Remaining amortization period (years)	25 years 7 months 6 days
Effective interest rate on liability component	4.28%
Fair Value of Notes (Level 2)	$ 1,362,241
Conversion rate (shares of common stock per $1,000 principal amount of notes)	28.9797
Conversion price (per share of common stock) | $ / shares	$ 34.51
If-converted value in excess of par value	$ 579,574
Estimated share dilution using average quarterly stock price $73.74/share | $ / shares	$ 10,792
2.625% Notes due 2041 | Permanent Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax	$ 149,444	148,487
2.625% Notes due 2041 | Temporary Equity
Debt Instrument [Line Items]
Carrying amount of equity component, net of tax	$ 178,665	$ 179,622

Components of Convertible Not55

Components of Convertible Notes (Parenthetical) (Detail) - USD ($)	Sep. 27, 2015	Jun. 28, 2015
0.50% Notes due 2016
Debt Instrument [Line Items]
Principal amount of convertible debt conversion increments	$ 1,000	$ 1,000
Stock price per share	$ 73.74
1.25% Notes due 2018
Debt Instrument [Line Items]
Principal amount of convertible debt conversion increments	$ 1,000	1,000
Stock price per share	$ 73.74
2.625% Notes due 2041
Debt Instrument [Line Items]
Principal amount of convertible debt conversion increments	$ 1,000	$ 1,000
Stock price per share	$ 73.74

Warrants and Convertible Note H

Warrants and Convertible Note Hedge Arrangements (Detail) shares in Thousands	3 Months Ended
	Sep. 27, 2015$ / sharesshares
0.50% Notes due 2016
Class of Warrant or Right [Line Items]
Estimated share dilution using average quarterly stock price $73.74/share	$ 1,164
0.50% Notes due 2016 | Warrants
Class of Warrant or Right [Line Items]
Underlying shares | shares	7,267
Estimated share dilution using average quarterly stock price $73.74/share	$ 358
Exercise price	$ 70.11
Expiration date range	August 15 - October 21, 2016
0.50% Notes due 2016 | Convertible Note Hedge
Class of Warrant or Right [Line Items]
Number of shares available from counterparties | shares	7,267
Exercise price	$ 61.93
1.25% Notes due 2018
Class of Warrant or Right [Line Items]
Estimated share dilution using average quarterly stock price $73.74/share	$ 1,164
1.25% Notes due 2018 | Warrants
Class of Warrant or Right [Line Items]
Underlying shares | shares	7,267
Exercise price	$ 74.78
Expiration date range	August 15 - October 23, 2018
1.25% Notes due 2018 | Convertible Note Hedge
Class of Warrant or Right [Line Items]
Number of shares available from counterparties | shares	7,267
Exercise price	$ 61.93

Components of Senior Notes (Det

Components of Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Jun. 28, 2015	Mar. 12, 2015
2.75% Notes due March 15, 2020
Debt Instrument [Line Items]
Carrying value, long-term	$ 497,200	$ 497,053
Unamortized discount	2,800	2,947
Principal amount	$ 500,000	500,000	$ 500,000
Remaining amortization period (years)	4 years 6 months
Fair Value of Notes (Level 2)	$ 488,460
3.80% Notes due March 15, 2025
Debt Instrument [Line Items]
Carrying value, long-term	496,966	496,907
Unamortized discount	3,034	3,093
Principal amount	$ 500,000	$ 500,000	$ 500,000
Remaining amortization period (years)	9 years 6 months
Fair Value of Notes (Level 2)	$ 486,870

Schedule of Recognized Interest

Schedule of Recognized Interest Cost Relating to Both Contractual Interest Coupon and Amortization of Discount on Liability Component of Notes (Detail) - 2016, 2018, 2020, 2025 and 2041 Notes - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Debt Instrument [Line Items]
Contractual interest coupon	$ 14,451	$ 6,562
Amortization of interest discount	9,122	8,509
Amortization of issuance costs	652	591
Amortization of interest rate contract	94
Total interest cost recognized	$ 24,319	$ 15,662

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Jun. 28, 2015	[1]
Commitments and Contingencies [Line Items]
Restricted cash and investments	$ 183,455	$ 170,969
Standby Letters of Credit
Commitments and Contingencies [Line Items]
Guarantee Obligation Maximum Exposure	15,300
Operating Lease Cash Collateral
Commitments and Contingencies [Line Items]
Restricted cash and investments	132,800
Operating Lease Marketable Securities Collateral
Commitments and Contingencies [Line Items]
Restricted cash and investments	45,500
Operating Leases
Commitments and Contingencies [Line Items]
Operating Lease residual value of guarantee, maximum	$ 191,200
Maximum percentage of aggregate investment value guaranteed	100.00%
Guarantee Obligation Maximum Exposure	$ 220,000
[1]	Derived from audited financial statements

Schedule of Changes in Product

Schedule of Changes in Product Warranty Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Product Warranty Liability [Line Items]
Balance at beginning of period	$ 93,209	$ 69,385
Warranties issued during the period	34,203	24,536
Settlements made during the period	(28,458)	(24,068)
Changes in liability for pre-existing warranties	14	599
Balance at end of period	$ 98,968	$ 70,452

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 27, 2015	Apr. 29, 2014
Stock Repurchase Program [Line Items]
Net shares of settlements to cover tax withholding obligations	208,624
Amount paid for shares under net share settlements	$ 15.3
Maximum
Stock Repurchase Program [Line Items]
Authorized repurchase of Company common stock		$ 850

Schedule of Repurchases under R

Schedule of Repurchases under Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2015	Jun. 28, 2015
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased	1,205
Total Cost of Repurchase	$ 87,493
Average Price Paid Per Share	$ 72.61
Amount Available Under Repurchase Program	$ 229,094	$ 316,587

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended
		Sep. 27, 2015	Sep. 28, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of June 28, 2015	[1]	$ (57,796)
Other comprehensive income (loss) before reclassifications		(5,408)
(Gains) losses reclassified from accumulated other comprehensive income (loss) to net income		246
Other comprehensive income (loss), net of tax		(5,162)	$ (10,077)
Balance as of September 27, 2015		(62,958)
Accumulated Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of June 28, 2015		(35,125)
Other comprehensive income (loss) before reclassifications		(7,707)
(Gains) losses reclassified from accumulated other comprehensive income (loss) to net income		(115)
Other comprehensive income (loss), net of tax		(7,822)
Balance as of September 27, 2015		(42,947)
Accumulated Unrealized Holding Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of June 28, 2015		(2,859)
Other comprehensive income (loss) before reclassifications		(544)
(Gains) losses reclassified from accumulated other comprehensive income (loss) to net income	[2]	341
Other comprehensive income (loss), net of tax		(203)
Balance as of September 27, 2015		(3,062)
Accumulated Unrealized Holding Gains (Losses) on Available-For-Sale Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of June 28, 2015		(3,761)
Other comprehensive income (loss) before reclassifications		2,748
(Gains) losses reclassified from accumulated other comprehensive income (loss) to net income	[3]	20
Other comprehensive income (loss), net of tax		2,768
Balance as of September 27, 2015		(993)
Accumulated Unrealized Components of Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of June 28, 2015		(16,051)
Other comprehensive income (loss) before reclassifications		95
Other comprehensive income (loss), net of tax		95
Balance as of September 27, 2015		$ (15,956)
[1]	Derived from audited financial statements
[2]	Amount of after tax gain reclassified from AOCI into net income located in revenue: $1,225 gain; cost of goods sold: $1,312 loss; selling, general and administrative expenses: $195 loss; and other income and expense: $59 Loss
[3]	Amount of after tax gain reclassified from accumulated other comprehensive income into net income located in other expense, net

Components of Accumulated Oth64

Components of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2015	Sep. 28, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Revenue	$ 1,600,043	$ 1,152,368
Cost of goods sold	877,680	646,829
Selling, general and administrative	152,726	148,307
Other expense, net	(27,121)	$ (5,648)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Revenue	1,225
Cost of goods sold	1,312
Selling, general and administrative	195
Other expense, net	$ (59)

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - KLA-Tencor Corporation - Subsequent Event $ / shares in Units, shares in Millions, $ in Billions	Oct. 20, 2015USD ($)$ / sharesshares
Business Acquisition [Line Items]
Cash payments	$ 5
Shares issued | shares	80
Shares issued, value	$ 5.6
Business acquisition ownership percentage	32.00%
Converted stock multiplier, mixed consideration	0.5
Conversion amount, mixed consideration | $ / shares	$ 32
Converted stock multiplier, all stock consideration	0.5
Converted amount multiplier, all stock consideration | $ / shares	$ 32
Measurement period	5 days
Conversion amount | $ / shares	$ 32
Converted stock multiplier	0.5
Debt financing	$ 3.9
Bridge financing	$ 4.2