Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Aug. 08, 2014 | Dec. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MAXIM INTEGRATED PRODUCTS INC | ' | ' |
Entity Central Index Key | '0000743316 | ' | ' |
Trading Symbol | 'MXIM | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--06-28 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 283,937,002 | ' |
Entity Public Float | ' | ' | $5,509,877,702 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents, at carrying value | $1,322,472 | $1,174,986 |
Short-term investments | 49,953 | 25,060 |
Total cash, cash equivalents and short-term investments | 1,372,425 | 1,200,046 |
Accounts receivable, net of allowances of $13,645 in 2013 and $12,529 in 2012 | 295,828 | 285,438 |
Inventories | 289,292 | 275,640 |
Deferred tax assets | 74,597 | 82,173 |
Other current assets | 54,560 | 96,609 |
Total current assets | 2,086,702 | 1,939,906 |
Property, plant and equipment, net | 1,331,519 | 1,373,124 |
Intangible assets, net | 360,994 | 157,146 |
Goodwill | 596,637 | 422,004 |
Other assets | 29,766 | 43,730 |
TOTAL ASSETS | 4,405,618 | 3,935,910 |
Current liabilities: | ' | ' |
Accounts payable | 102,076 | 105,322 |
Income taxes payable | 20,065 | 22,437 |
Employee-related Liabilities, Current [Abstract] | 186,732 | 187,970 |
Accrued expenses | 64,028 | 62,607 |
Deferred income on shipments to distributors | 25,734 | 26,557 |
Total current liabilities | 398,635 | 404,893 |
Long-term debt, excluding current maturities | 1,001,026 | 503,573 |
Income taxes payable | 362,802 | 282,697 |
Deferred tax liabilities | 159,879 | 206,855 |
Other liabilities | 53,365 | 29,894 |
Total liabilities | 1,975,707 | 1,427,912 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value, Authorized: 2,000 shares, issued and outstanding: none | 0 | 0 |
Common stock, $0.001 par value, Authorized: 960,000 shares, Issued and outstanding: 287,620 in 2013 and 292,732 in 2012 | 285 | 288 |
Additional paid-in capital | 23,005 | 0 |
Retained earnings | 2,423,794 | 2,523,457 |
Accumulated other comprehensive income (loss), net of tax | -17,173 | -15,747 |
Total stockholders' equity | 2,429,911 | 2,507,998 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $4,405,618 | $3,935,910 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Parentheticals) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $17,750 | $13,645 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 960,000 | 960,000 |
Common Stock, Shares, Issued | 284,441 | 287,620 |
Common Stock, Shares, Outstanding | 284,441 | 287,620 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Net revenues | $2,453,663 | $2,441,459 | $2,403,529 |
Cost of goods sold | 1,068,898 | 944,892 | 952,677 |
Gross margin | 1,384,765 | 1,496,567 | 1,450,852 |
Operating expenses: | ' | ' | ' |
Research and development | 558,168 | 534,819 | 552,379 |
Selling, general and administrative | 324,734 | 324,282 | 321,273 |
Intangible asset amortization | 17,690 | 15,525 | 16,737 |
Impairment of long-lived assets | 11,644 | 24,929 | 30,095 |
Severance and restructuring expenses | 24,902 | 2,829 | 6,785 |
Business Combination, Acquisition Related Costs | 6,983 | 0 | 0 |
Other operating expenses, net | 18,353 | 5,864 | -11,214 |
Total operating expenses | 962,474 | 908,248 | 916,055 |
Operating income | 422,291 | 588,319 | 534,797 |
Interest (expense) income and other, net | -13,065 | -18,040 | -2,064 |
Income before provision for income taxes | 409,226 | 570,279 | 532,733 |
Provision for income taxes | 54,416 | 117,970 | 177,815 |
Income (Loss) from Continuing Operations Attributable to Parent | 354,810 | 452,309 | 354,918 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 2,603 | 31,809 |
Net income | $354,810 | $454,912 | $386,727 |
Earnings per share: | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $1.25 | $1.55 | $1.21 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.01 | $0.11 |
Basic net income per share | $1.25 | $1.56 | $1.32 |
Income (Loss) from Continuing Operations, Per Diluted Share | $1.23 | $1.51 | $1.18 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.01 | $0.11 |
Diluted net income per share | $1.23 | $1.52 | $1.29 |
Shares used in the calculation of earnings per share: | ' | ' | ' |
Basic | 283,344 | 291,835 | 292,810 |
Diluted | 289,108 | 298,596 | 300,002 |
Dividends paid per share | $1.04 | $0.96 | $0.88 |
Consolidatd_Statements_of_Comp
Consolidatd Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Net income | $354,810 | $454,912 | $386,727 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 77 | -179 | -129 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 993 | -808 | -46 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 391 | 0 | 0 |
Other Comprehensive Income (Loss), Post Retirement Benefits Unrealized Gain (loss) Arising During Period, Net of Tax , | -4,535 | 1,606 | -2,603 |
Deferred tax on unrealized exchange gain (loss) on intercompany receivables | 1,648 | -932 | 1,612 |
Other Comprehensive Income (Loss), Net of Tax | -1,426 | -313 | -1,166 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 353,384 | 454,599 | 385,561 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 13 | 103 | 74 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | -195 | 98 | 26 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $1,274 | ($1,295) | $1,788 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Jun. 25, 2011 | $2,510,818 | $296 | $0 | $2,524,790 | ($14,268) |
Balance, shares at Jun. 25, 2011 | ' | 295,780,000 | ' | ' | ' |
Components of comprehensive income: | ' | ' | ' | ' | ' |
Net income | 386,727 | 0 | 0 | 386,727 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -1,166 | 0 | 0 | 0 | -1,166 |
Repurchase of common stock, shares | -9,900,000 | -9,920,000 | ' | ' | ' |
Repurcahse of common stock, value | -246,412 | -10 | -146,034 | -100,368 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 2,357,000 | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -29,648 | 2 | -29,650 | 0 | 0 |
Stock options exercised, shares | ' | 2,843,000 | ' | ' | ' |
Stock options exercised, value | 49,906 | 3 | 49,903 | 0 | 0 |
Stock based compensation | 88,958 | 0 | 88,958 | 0 | 0 |
Tax (shortfall) benefit on settlement of equity instruments | 3,112 | 0 | 3,112 | 0 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | ' | 1,672,000 | ' | ' | ' |
Common stock value issued under Employee Stock Purchase Plan | 33,713 | 2 | 33,711 | 0 | 0 |
Dividends paid | -257,731 | 0 | 0 | -257,731 | 0 |
Balance at Jun. 30, 2012 | 2,538,277 | 293 | 0 | 2,553,418 | -15,434 |
Balance, shares at Jun. 30, 2012 | ' | 292,732,000 | ' | ' | ' |
Components of comprehensive income: | ' | ' | ' | ' | ' |
Net income | 454,912 | 0 | 0 | 454,912 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -313 | 0 | 0 | 0 | -313 |
Repurchase of common stock, shares | -12,800,000 | -12,761,000 | ' | ' | ' |
Repurcahse of common stock, value | -375,135 | -13 | -170,464 | -204,658 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 2,127,000 | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -29,042 | 2 | -29,044 | 0 | 0 |
Stock options exercised, shares | ' | 3,922,000 | ' | ' | ' |
Stock options exercised, value | 71,342 | 4 | 71,338 | 0 | 0 |
Stock based compensation | 83,678 | 0 | 83,678 | 0 | 0 |
Tax (shortfall) benefit on settlement of equity instruments | 8,197 | 0 | 8,197 | 0 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | ' | 1,600,000 | ' | ' | ' |
Common stock value issued under Employee Stock Purchase Plan | 36,297 | 2 | 36,295 | 0 | 0 |
Dividends paid | -280,215 | 0 | 0 | -280,215 | 0 |
Balance at Jun. 29, 2013 | 2,507,998 | 288 | 0 | 2,523,457 | -15,747 |
Balance, shares at Jun. 29, 2013 | 287,620,000 | 287,620,000 | ' | ' | ' |
Components of comprehensive income: | ' | ' | ' | ' | ' |
Net income | 354,810 | 0 | 0 | 354,810 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -1,426 | 0 | 0 | 0 | -1,426 |
Repurchase of common stock, shares | -10,400,000 | -10,424,000 | ' | ' | ' |
Repurcahse of common stock, value | -305,314 | -10 | -145,006 | -160,298 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 1,992,000 | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -31,384 | 2 | -31,386 | 0 | 0 |
Stock options exercised, shares | ' | 3,569,000 | ' | ' | ' |
Stock options exercised, value | 69,639 | 3 | 69,636 | 0 | 0 |
Stock based compensation | 85,324 | 0 | 85,324 | 0 | 0 |
Tax (shortfall) benefit on settlement of equity instruments | -68 | 0 | -68 | 0 | 0 |
Stock Issued During Period, Value, Acquisitions | 1,698 | 0 | 1,698 | 0 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | ' | 1,684,000 | ' | ' | ' |
Common stock value issued under Employee Stock Purchase Plan | 42,809 | 2 | 42,807 | 0 | 0 |
Dividends paid | -294,175 | 0 | 0 | -294,175 | 0 |
Balance at Jun. 28, 2014 | $2,429,911 | $285 | $23,005 | $2,423,794 | ($17,173) |
Balance, shares at Jun. 28, 2014 | 284,441,000 | 284,441,000 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $354,810 | $454,912 | $386,727 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Stock-based compensation | 85,452 | 83,808 | 89,867 |
Depreciation and amortization | 244,593 | 207,136 | 211,096 |
Deferred taxes | -32,159 | 25,372 | 30,759 |
Research and Development in Process | 2,580 | 2,800 | 1,600 |
Loss (gain) from sale of property, plant and equipment | 2,187 | -1,156 | -7,648 |
Loss (gain) from sale of equity investments | 0 | 0 | -1,811 |
Tax benefit (shortfall) related to stock-based compensation | -68 | 8,197 | 3,112 |
Excess tax benefit related to stock-based compensation | -14,192 | -18,923 | -17,482 |
Net of Asset Impairment Charges | 11,644 | 24,929 | 30,645 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 10,260 | 700 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | -3,285 | -45,372 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 13,340 | 32,023 | -19,262 |
Inventories | 20,672 | -35,245 | -432 |
Other current assets | 45,557 | -21,233 | -16,757 |
Accounts payable | -11,255 | -32,510 | 25,515 |
Income taxes payable | 54,492 | 70,156 | 134,967 |
Deferred income on shipments to distributors | -823 | 277 | -10,601 |
All other accrued liabilities | -10,983 | 19,977 | -38,201 |
Net cash provided by operating activities | 776,107 | 817,935 | 756,722 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -132,523 | -216,672 | -264,348 |
Proceeds from sale of property, plant, and equipment | 5,293 | 19,196 | 16,883 |
Proceeds from Collection of Notes Receivable | 0 | 10,786 | 0 |
Acquisitions | -459,256 | -2,767 | -168,544 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | 56,607 |
Purchases of available-for-sale securities | -49,953 | 0 | -25,108 |
Payments to Acquire Investments | 0 | -500 | -3,480 |
Proceeds from Divestiture of Businesses | 0 | 585 | 3,225 |
Proceeds from sales/maturities of available-for-sale securities | 27,000 | 50,000 | 0 |
Net cash used in investing activities | -609,439 | -139,372 | -384,765 |
Cash flows from financing activities | ' | ' | ' |
Excess tax benefit from stock-based compensation plans | 14,192 | 18,923 | 17,482 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -4,705 | -13,781 | 0 |
Repayment of notes payable | -4,708 | -303,500 | -20,806 |
Long-term debt, net of issuance costs | 497,895 | 494,395 | 0 |
Payments of Debt Issuance Costs | -3,431 | -3,921 | 0 |
Proceeds from Issuance of Common Stock | -31,384 | -29,042 | -29,649 |
Proceeds from Stock Options Exercised | 69,639 | 71,342 | 49,906 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 42,809 | 36,297 | 33,772 |
Repurchase of common stock | -305,314 | -375,135 | -246,412 |
Dividends paid | -294,175 | -280,215 | -257,731 |
Net cash used in financing activities | -19,182 | -384,637 | -453,438 |
Net increase (decrease) in cash and cash equivalents | 147,486 | 293,926 | -81,481 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of year | 1,174,986 | 881,060 | 962,541 |
End of year | 1,322,472 | 1,174,986 | 881,060 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash (refunded) paid, net during the year for income taxes | -6,455 | 19,080 | 39,827 |
Cash paid for interest | 22,861 | 10,624 | 10,890 |
Noncash financing and investing activities: | ' | ' | ' |
Accounts payable related to property, plant and equipment purchases | $14,474 | $16,825 | $26,079 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Jun. 28, 2014 | |
Nature of Operations [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NATURE OF OPERATIONS | |
Maxim Integrated Products, Inc. (“Maxim Integrated”, the “Company,” “we,” “us” or “our”), incorporated in Delaware, designs, develops, manufactures, and markets a broad range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a large number of customers in diverse geographical locations. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The analog market is fragmented and characterized by diverse applications and a great number of product variations with varying product life cycles. Maxim Integrated is a global company with manufacturing facilities in the United States, testing facilities in the Philippines and Thailand, and sales and circuit design offices throughout the world. Integrated circuit assembly is performed by foreign assembly subcontractors, located in countries throughout Asia, where wafers are separated into individual integrated circuits and assembled into a variety of packages. The major end-markets the Company's products are sold in are the automotive, communications and data center, computing, consumer and industrial markets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies [Text Block] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Fiscal Year | |
The Company has a 52-to-53-week fiscal year that ends on the last Saturday of June. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal year 2014 and 2013 were 52-week fiscal years (ended on June 28, 2014 and June 29, 2013) and fiscal year 2012 was a 53-week fiscal year (ended on June 30, 2012). | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to the useful lives and fair value of fixed assets, valuation allowance for deferred tax assets, reserves relating to uncertain tax positions, allowances for doubtful accounts, customer returns and allowances, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units, accrued liabilities and reserves, assumptions related to the calculation of stock-based compensation and the value of intangibles acquired and goodwill associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condition for control of entities is the ownership of a majority voting interest and ability to otherwise exercise control over the entity. | |
Cash Equivalents and Short-term Investments | |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of demand accounts and money market funds. Short-term investments consist primarily of U.S. treasury debt securities with original maturities beyond three months at the date of purchase. | |
The Company's short-term investments are considered available-for-sale. Such securities are carried at fair market value based on market quotes and other observable inputs. Unrealized gains and losses, net of tax, on securities in this category are reported as equity in the Consolidated Statement of Comprehensive Income. Realized gains and losses on sales of investment securities are determined based on the specific identification method and are included in Interest and other income (expense), net in the Consolidated Statements of Income. | |
Derivative Instruments | |
The Company generates revenues in various global markets based on orders obtained in non-U.S. currencies, primarily the Japanese Yen, the Euro and the British Pound. The Company incurs expenditures denominated in non-U.S. currencies, principally the Philippine Peso and Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company is exposed to fluctuations in foreign currency exchange rates primarily on orders and accounts receivable from sales in these foreign currencies and cash flows for expenditures in these foreign currencies. The Company has established risk management strategies designed to reduce the impact of volatility of future cash flows caused by changes in the exchange rate for these currencies. These strategies reduce, but do not entirely eliminate, the impact of currency exchange rates movements. | |
Currency forward contracts are used to offset the currency risk of non-U.S. dollar-denominated assets and liabilities. The Company typically enters into currency forward contracts to hedge exposures associated with its expenditures denominated in Philippine Pesos and Thai Baht. The Company enters into contracts for its accounts receivable and backlog denominated in Japanese Yen, British Pound and Euro. Changes in fair value of the underlying assets and liabilities are generally offset by the changes in fair value of the related currency forward contract. | |
The Company uses currency forward contracts to hedge exposure to variability in anticipated non-U.S. dollar denominated cash flows. These contracts are designated as cash flow hedges and recorded on the Consolidated Balance Sheets at their fair market value. The maturities of these instruments are generally less than six months. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reported within the Consolidated Statements of Comprehensive Income. These amounts have been reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments that are not designated as hedging instruments, gains and losses are recognized immediately in “Interest income (expense) and other, net” in the Consolidated Statements of Income. | |
Fair Value of Financial Instruments | |
The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. See Note 5: “Financial Instruments” of these Notes to Consolidated Financial Statements for a further discussion on fair value of financial instruments. | |
Inventories | |
Inventories are stated at the lower of (i) standard cost, which approximates actual cost on a first-in-first-out basis, or (ii) market value. Because of the cyclical nature of the market, inventory levels, obsolescence of technology, and product life cycles, the Company generally writes down inventories to net realizable value based on forecasted product demand. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets, which range from 2 to 15 years for machinery and equipment and up to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of their useful lives or the remaining term of the related lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Income in the period recognized. The classification is based mainly on whether the asset is operating or not. | |
The Company evaluates the recoverability of property, plant and equipment in accordance with Accounting Standards Codification (“ASC”) No. 360, Accounting for the Property, Plant, and Equipment. (“ASC 360”). The Company performs periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property, plant and equipment exceeds their fair values. If facts and circumstances indicate that the carrying amount of property, plant and equipment might not be fully recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives are compared against their respective carrying amounts. In the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are written down to their estimated fair values. All long-lived assets classified as held for sale are reported at the lower of carrying amount or fair market value, less expected selling costs. | |
Intangible Assets and Goodwill | |
The Company accounts for intangible assets in accordance with ASC No. 350, Intangibles-Goodwill and Other, (“ASC 350”). The Company reviews goodwill and purchased intangible assets with indefinite lives for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable, such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present. | |
Intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting Measurements. Impairment is based on the excess of the carrying amount over the fair value of those assets. During fiscal years 2014, 2013 and 2012, we recorded impairment of intangible assets of $2.6 million, $2.8 million and $1.6 million, respectively, related to write-offs of acquired In-process research and development (“IPR&D”). | |
Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. In accordance with ASC 350, the Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis in the first quarter of each fiscal year or more frequently if the Company believes indicators of impairment exist. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of the Company's reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as the market approach which includes the guideline company method. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit's goodwill with the carrying value of that goodwill. In performing the goodwill impairment for the fiscal year 2014, the fair value was in excess of the carrying value. As a result, no impairment charges were recorded associated with our goodwill during fiscal years 2014, 2013 and 2012. | |
Product Warranty | |
The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product claims. In limited circumstances and for strategic customers in certain unique industries and applications, our product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and/or damages results from the defective product. | |
Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with our historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. The short-term and long-term portions of the product warranty liability are included within the balance sheet captions Accrued expenses and Other liabilities, respectively, in the accompanying Consolidated Balance Sheets. For more details please refer to Note 13: “Commitments and Contingencies” of these Notes to the Consolidated Financial Statements. | |
Retirement Benefits | |
The Company provides medical benefits to certain former and current employees pursuant to certain retirement agreements. The Company also provides retirement benefits to Philippines employees and to certain other employees in other countries. These benefits to individuals are accounted for pursuant to a documented plan under ASC No. 715, Compensation- Retirement Benefits (“ASC 715”). Unrecognized actuarial gains and losses and prior service cost are amortized on straight-line basis over the remaining estimated service period of participants. The measurement date for the plan is fiscal year end. | |
Income Taxes | |
The Company accounts for income taxes using an asset and liability approach as prescribed in ASC 740-10, Income Taxes (“ASC 740-10”). The Company records the amount of taxes payable or refundable for the current and prior years and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |
ASC 740-10 prescribes a recognition threshold and measurement framework for the financial statement reporting and disclosure of an income tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax position is recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the recognition threshold is then measured to determine the largest amount of the benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes in the Consolidated Statements of Income. | |
The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws across multiple tax jurisdictions. Although ASC 740-10 provides clarification on the accounting for uncertainty in income taxes recognized in the financial statements, the recognition threshold and measurement framework will continue to require significant judgment by management. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations. | |
Revenue Recognition | |
The Company recognizes revenue for sales to direct customers and sales to certain distributors upon shipment, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title and risk of loss has transferred, collectability of the resulting receivable is reasonably assured, there are no customer acceptance requirements and we do not have any significant post-shipment obligations. Estimated returns for sales to direct customers and certain distributors are based on historical returns rates applied against current period gross revenues. Specific customer returns and allowances are considered within this estimate. | |
Sales to certain distributors are made pursuant to agreements allowing for the possibility of certain sales price rebates or price protection and for non-warranty product return privileges. The non-warranty product return privileges include allowing certain distributors to return a small portion of our products in their inventory based on their previous purchases. Given the uncertainties associated with the levels of non-warranty product returns, sales price rebates and price protection that could be issued to certain distributors, the Company defers recognition of such revenue and related cost of goods sold until receipt of notification from these distributors that product has been sold to their end-customers. | |
Accounts receivable from direct customers and distributors (excluding those distributors discussed in the immediately preceding paragraph) are recognized and inventory is relieved upon shipment as title to inventories generally transfers upon shipment, at which point the Company has a legally enforceable right to collection under normal terms. Accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location, at which point inventory is relieved, title transfers, and the Company has a legally enforceable right to collection under the terms of our agreement with the related customers. | |
The Company estimates potential future returns and sales allowances related to current period product revenue. Management analyzes historical returns, changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances. Estimates made by the Company may differ from actual returns and sales allowances. These differences may materially impact reported revenue and amounts ultimately collected on accounts receivable. Historically, such differences have not been material. At June 28, 2014 and June 29, 2013, the Company had $16.2 million and $12.4 million reserved for returns and allowances against accounts receivable, respectively. During fiscal years 2014, 2013 and 2012, the Company recorded $75.3 million, $65.7 million and $61.0 million for estimated returns and allowances against revenues, respectively. These amounts were offset by $71.6 million, $64.6 million and $65.6 million actual returns and allowances given during fiscal years 2014, 2013 and 2012, respectively. | |
A member of our board of directors, is also a member of the board of directors of Flextronics International Ltd. During the fiscal years ended June 28, 2014, June 29, 2013, and June 30, 2012, the Company sold approximately $68.1 million, $57.7 million, and $72.3 million, respectively, in products to Flextronics International Ltd., a contract manufacturer, in the ordinary course of its business. | |
Research and Development Costs | |
Research and development costs are expensed as incurred. Such costs consist primarily of expenditures for labor and benefits, masks, prototype wafers and depreciation. | |
Shipping Costs | |
Shipping costs billed to customers are included in net revenues and the related shipping costs are included in cost of goods sold in the Consolidated Statements of Income. | |
Stock-Based Compensation | |
Stock-based compensation cost is measured at the grant date, based on the fair value of the awards ultimately expected to vest and is recognized as an expense, on a straight-line basis, over the requisite service period. ASC 718 also requires forfeitures to be estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures or vesting differ from those estimates. Such revisions could have a material effect on the Company's operating results. | |
The Company uses the Black-Scholes valuation model to measure the fair value of its stock options utilizing various inputs with respect to expected holding period, risk-free interest rates, stock price volatility and dividend yield.The assumptions the Company uses in the valuation model are based on subjective future expectations combined with management judgment. If any of the assumptions used in the Black-Scholes model changes, stock-based compensation for future awards may differ materially compared to the awards granted previously. | |
Restructuring | |
Post-employment benefits accrued for workforce reductions related to restructuring activities in the United States are accounted for under ASC No. 712, Compensation-Nonretirement Postemployment Benefits (“ASC 712”). A liability for post-employment benefits is recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In accordance with ASC No. 420, Exit or Disposal Cost Obligations, generally costs associated with restructuring activities initiated outside the United States have been recognized when they are incurred. | |
The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. | |
Foreign Currency Translation and Remeasurement | |
The U.S. dollar is the functional currency for the Company's foreign operations. Using the U.S. dollar as the functional currency, monetary assets and liabilities are remeasured at the year-end exchange rates. Certain non-monetary assets and liabilities are remeasured using historical rates. Statements of Consolidated Income are remeasured at the average exchange rates during the year. Foreign exchange gains and losses as recorded in the Consolidated Statements of Income for all periods presented were not material. | |
Earnings Per Share | |
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan. The number of incremental shares from the assumed issuance of stock options is calculated by applying the treasury stock method. See Note 7: “Earnings Per Share” of these Notes to Consolidated Financial Statements. | |
Litigation and Contingencies | |
From time to time, the Company receives notices that its products or manufacturing processes may be infringing the patent or other intellectual property rights of others, notices of stockholder litigation or other lawsuits or claims against the Company. The Company periodically assesses each matter in order to determine if a contingent liability in accordance with ASC 450, should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. The Company expenses legal fees associated with consultations and defense of lawsuits as incurred. Based on the information obtained, combined with management's judgment regarding all of the facts and circumstances of each matter, the Company determines whether a contingent loss is probable and whether the amount of such loss can be estimated. Should a loss be probable and estimable, the Company records a contingent loss in accordance with ASC 450. In determining the amount of a contingent loss, the Company takes into consideration advice received from experts in the specific matter, current status of legal proceedings, settlement negotiations which may be ongoing, prior case history and other factors. Should the judgments and estimates made by management be incorrect, the Company may need to record additional contingent losses that could materially adversely impact its results of operations. Alternatively, if the judgments and estimates made by management are incorrect and a particular contingent loss does not occur, the contingent loss recorded would be reversed thereby favorably impacting the Company's results of operations. | |
Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers and directors, as well as certain former officers and directors. Pursuant to such obligations, the Company has incurred substantial expenses related to legal fees and expenses to certain former officers of the Company subject to civil charges by the SEC in connection with Maxim Integrated's historical stock option granting practices. The Company has also incurred substantial expenses related to legal fees and expenses advanced to certain current and former officers and directors who were defendants in the civil actions described above. The Company expenses such amounts as incurred. | |
Concentration of Credit Risk | |
Due to the Company's credit evaluation and collection process, bad debt expenses have not been significant. Credit risk with respect to trade receivables is limited because a large number of geographically diverse customers make up the Company's customer base, thus spreading the credit risk. The Company derived approximately 36% of its fiscal year 2014 revenue from sales made through distributors which includes distribution sales to Samsung and catalog distributors. Our primary distributor is Avnet Electronics (“Avnet”). Avnet, like our other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. Avnet accounted for 17%, 14% and 13% of revenues in fiscal years 2014, 2013 and 2012, respectively, and 15% and 14% of accounts receivable in fiscal years 2014 and 2013, respectively. Sales to Samsung, our largest single end customer (through direct sales and distributors), accounted for approximately 20%, 28% and 20% of net revenues in fiscal years 2014, 2013 and 2012, respectively, and 20% and 24% of accounts receivable as of June 28, 2014 and June 29, 2013, respectively. No other customer accounted for more than 10% of our revenues in the fiscal year ended 2014, 2013, and 2012, and no other customer accounted for more than 10% of our accounts receivable in fiscal years 2014 and 2013. | |
The Company maintains cash, cash equivalents, and short-term investments with various high credit quality financial institutions, limits the amount of credit exposure to any one financial institution or instrument, and is exposed to credit risk in the event of default by these institutions to the extent of amounts recorded at the balance sheet date. To date, the Company has not incurred losses related to these investments. | |
Concentration of Other Risks | |
The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both in the United States and abroad; economic conditions specific to the semiconductor industry and to the analog and mixed signal portion of that industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the ability to manufacture efficiently; the availability of materials, supplies, machinery and equipment; competition; the ability to safeguard patents and other intellectual property in a rapidly evolving market; and reliance on assembly and, to a small extent, wafer fabrication subcontractors and on independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. | |
Recently Issued Accounting Pronouncements | |
(i) New Accounting Updates Recently Adopted | |
In the first quarter of fiscal year 2014, the Company adopted Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220)- Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income that requires reclassification adjustments from other comprehensive income to be presented either in the financial statements or in the notes to the financial statements. The adoption of this amended standard resulted in the presentation of the reclassification adjustments in the Notes to the Company's Condensed Consolidated Financial Statements. Refer to Note 14: “Comprehensive Income” of these Notes to Consolidated Financial Statements for the disclosure requirements provided. | |
(ii) Recent Accounting Updates Not Yet Effective | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 uses a five-step model to determine revenue recognition in contracts with customers. The Company is currently evaluating the potential impact of this standard on its financial statements. ASU 2014-09 is effective for the Company in our first quarter of fiscal year 2018 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 redefines discontinued operations as disposals representing a strategic shift in operations and having a major effect on the organization’s operations and financial results. The Company is currently evaluating the potential impact of this standard on its financial statements. The Company will be required to adopt ASU 2014-08 on a prospective basis starting in fiscal year 2016. | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires certain unrecognized tax benefits to be presented as reductions to deferred tax assets instead of liabilities on the Consolidated Balance Sheets. The Company will be required to adopt ASU 2013-11 on a prospective basis in the first quarter of fiscal year 2015; however, early adoption is permitted, as is a retrospective application. The Company is currently evaluating the impact of this new standard on its Consolidated Balance Sheets. |
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Balance Sheet Components [Text Block] | ' | |||||||
BALANCE SHEET COMPONENTS | ||||||||
Accounts receivables, net consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Accounts Receivable: | (in thousands) | |||||||
Accounts receivable | $ | 313,578 | $ | 299,083 | ||||
Returns and allowances | (17,750 | ) | (13,645 | ) | ||||
$ | 295,828 | $ | 285,438 | |||||
Inventories consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Inventories: | (in thousands) | |||||||
Raw materials | $ | 14,774 | $ | 14,055 | ||||
Work-in-process | 188,198 | 184,511 | ||||||
Finished goods | 86,320 | 77,074 | ||||||
$ | 289,292 | $ | 275,640 | |||||
Property, plant and equipment, net, consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Property, plant and equipment: | (in thousands) | |||||||
Land | $ | 62,093 | $ | 62,093 | ||||
Buildings and building improvements | 378,477 | 364,037 | ||||||
Machinery and equipment | 2,134,813 | 2,099,301 | ||||||
2,575,383 | 2,525,431 | |||||||
Less: accumulated depreciation and amortization | (1,243,864 | ) | (1,152,307 | ) | ||||
$ | 1,331,519 | $ | 1,373,124 | |||||
The Company recorded $160.7 million, $156.2 million and $155.4 million of depreciation expense in fiscal years 2014, 2013 and 2012, respectively. | ||||||||
Accrued salary and related expenses consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Accrued salary and related expenses: | (in thousands) | |||||||
Accrued bonus | $ | 88,192 | $ | 100,534 | ||||
Accrued vacation | 43,528 | 40,286 | ||||||
Accrued salaries | 18,242 | 8,184 | ||||||
Other | 36,770 | 38,966 | ||||||
$ | 186,732 | $ | 187,970 | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements [Text Block] | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows: | ||||||||||||||||||||||||||||||||
Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||||||||||
The Company's Level 1 assets consist of money market funds. | ||||||||||||||||||||||||||||||||
Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||||||
The Company's Level 2 assets and liabilities consist of U.S. treasury bills, government agency securities, foreign currency forward contracts, and certificates of deposit that are valued using quoted market prices or are determined using a yield curve model based on current market rates. As a result, the Company has classified these investments as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||||||||||||||||||||||
The Company's Level 3 liabilities consist of contingent consideration liability related to certain prior years' acquisitions. For details on inputs used in measuring fair value, please refer to Note 9: “Acquisitions” of these Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
As of June 28, 2014 | As of June 29, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Measurements Using | Total Balance | Measurements Using | Total Balance | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Money market funds (1) | $ | 971,868 | $ | — | $ | — | $ | 971,868 | $ | 402,513 | $ | — | $ | — | $ | 402,513 | ||||||||||||||||
Certificates of deposit (1) | — | — | — | — | — | 77 | — | 77 | ||||||||||||||||||||||||
Government agency securities (2) | — | — | — | — | — | 25,060 | — | 25,060 | ||||||||||||||||||||||||
U.S. treasury bills (2) | — | 49,953 | — | 49,953 | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 316 | — | 316 | — | 187 | — | 187 | ||||||||||||||||||||||||
Total Assets | $ | 971,868 | $ | 50,269 | $ | — | $ | 1,022,137 | $ | 402,513 | $ | 25,324 | $ | — | $ | 427,837 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts (4) | $ | — | $ | 438 | $ | — | $ | 438 | $ | — | $ | 1,419 | $ | — | $ | 1,419 | ||||||||||||||||
Contingent Consideration (4) | — | — | 3,215 | 3,215 | — | — | 8,577 | 8,577 | ||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 438 | $ | 3,215 | $ | 3,653 | $ | — | $ | 1,419 | $ | 8,577 | $ | 9,996 | ||||||||||||||||
(1) Included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(2) Included in Short-term investments in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(3) Included in Other current assets in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(4) Included in Accrued expenses in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The tables below present reconciliations for liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
June 28, | June 29, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Contingent Consideration | (in thousands) | |||||||||||||||||||||||||||||||
Beginning balance | $ | 8,577 | $ | 17,737 | ||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||||||||
Included in earnings | 1,739 | 4,621 | ||||||||||||||||||||||||||||||
Payments | (7,101 | ) | (13,781 | ) | ||||||||||||||||||||||||||||
Ending balance | $ | 3,215 | $ | 8,577 | ||||||||||||||||||||||||||||
Changes in unrealized losses (gains) included in earnings related to liabilities still held as of period end | $ | 1,739 | $ | 4,621 | ||||||||||||||||||||||||||||
The valuation of contingent consideration is based on a probability weighted earnout model which relies primarily on estimates of milestone achievements and discount rates applicable for the period expected payout. The most significant unobservable input used in the determination of estimated fair value of contingent consideration is the estimates on the likelihood of milestone achievements, which directly correlates to the fair value recognized in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The fair value of this liability is estimated quarterly by management based on inputs received from the Company's engineering and finance personnel. The determination of the milestone achievement is performed by the Company's business units and reviewed by the accounting department. Potential valuation adjustments are made as the progress toward achieving milestones becomes determinable, with the impact of such adjustments being recorded to Other operating expenses (income), net. | ||||||||||||||||||||||||||||||||
During the years ended June 28, 2014 and June 29, 2013, there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
There were no assets or liabilities measured at fair value on a non-recurring basis as of June 28, 2014 and June 29, 2013. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instruments [Text Block] | ' | |||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Fair values were as follows: | ||||||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Government agency securities | $ | — | $ | — | $ | — | $ | — | $ | 25,024 | $ | 36 | $ | — | $ | 25,060 | ||||||||||||||||
U.S. treasury bills | 49,853 | 100 | — | 49,953 | — | — | — | — | ||||||||||||||||||||||||
Total available-for-sale investments | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | $ | 25,024 | $ | 36 | $ | — | $ | 25,060 | ||||||||||||||||
In the years ended June 28, 2014 and June 29, 2013, the Company did not recognize any impairment charges on short-term investments. | ||||||||||||||||||||||||||||||||
As of June 28, 2014, the U.S. treasury bills outstanding mature on May 15, 2016 and June 15, 2016. | ||||||||||||||||||||||||||||||||
Derivative instruments and hedging activities | ||||||||||||||||||||||||||||||||
The Company generates revenues in various global markets based on orders obtained in non-U.S. currencies, primarily the Japanese Yen, the Euro and the British Pound. The Company incurs expenditures denominated in non-U.S. currencies, including the Philippine Peso and Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and expenditures for sales offices and research and development activities undertaken outside of the U.S. | ||||||||||||||||||||||||||||||||
The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. The Company does not use these foreign currency forward contracts for trading purposes. | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedging instruments | ||||||||||||||||||||||||||||||||
The Company designates certain forward contracts as hedging instruments pursuant to ASC 815 Derivatives and Hedging. As of June 28, 2014 and June 29, 2013, respectively, the notional amounts of the forward contracts we held to purchase U.S. Dollars in exchange for other international currencies were $60.6 million and $53.8 million, respectively, and the notional amounts of forward contracts we held to sell U.S. Dollars in exchange for other international currencies were $0.8 million and $3.2 million, respectively. | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
As of June 28, 2014 and June 29, 2013, respectively, the notional amounts of the forward contracts we held to purchase U.S. | ||||||||||||||||||||||||||||||||
Dollars in exchange for other international currencies were $31.4 million and $15.0 million, respectively, and the notional amounts of forward contracts we held to sell U.S. Dollars in exchange for other international currencies were $48.9 million and $36.5 million, respectively. The fair values of our outstanding foreign currency forward contracts and amounts included in the Consolidated Statements of Income were not material for the years ended June 28, 2014 and June 29, 2013. | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term debt: | ||||||||||||||||||||||||||||||||
June 28, | June 29, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2.5% fixed rate notes due November 2018 | $ | 500,000 | $ | — | ||||||||||||||||||||||||||||
3.375% fixed rate notes due March 2023 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
Notes denominated in Euro | ||||||||||||||||||||||||||||||||
Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 | 372 | 784 | ||||||||||||||||||||||||||||||
Term fixed rate notes (2.0%-2.5%) due up to September 2015 | 1,026 | 4,804 | ||||||||||||||||||||||||||||||
Total | 1,001,398 | 505,588 | ||||||||||||||||||||||||||||||
Less: Current portion | (372 | ) | (2,015 | ) | ||||||||||||||||||||||||||||
Total long-term debt | $ | 1,001,026 | $ | 503,573 | ||||||||||||||||||||||||||||
On November 21, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 2.5% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year. The net proceeds of this offering were approximately $494.5 million, after issuing at a discount and deducting paid expenses, and are included in the financing activities in the Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||||||||||
On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company's 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5%. Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million, after issuing at a discount and deducting paid expenses, and are included in the financing activities in the Consolidated Statement of Cash Flows. | ||||||||||||||||||||||||||||||||
The Company accounts for all the notes above based on their amortized cost. The discount and expenses are being amortized to Interest and other income (expense), net over the life of the notes. Interest expense associated with the notes was $24.7 million and $15.1 million during the years ended June 28, 2014 and June 29, 2013, respectively. The interest expense is recorded in Interest and other income (expense), net in the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
The estimated fair value of the Company's debt was approximately $992 million as of June 28, 2014. The estimated fair value of the debt is based primarily on observable market inputs and is a Level 2 measurement. | ||||||||||||||||||||||||||||||||
The Company recorded interest expense of $27.0 million, $16.4 million, and $13.1 million during the years ended June 28, 2014, June 29, 2013, and June 29, 2013, respectively. | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
The Company has access to a $350 million senior unsecured revolving credit facility with certain institutional lenders that expires on June 27, 2019. The facility fee is at a rate per annum that varies based on the Company's index debt rating and any advances under the credit agreement will accrue interest at a base rate plus a margin based on the Company's index debt rating. The credit agreement requires the Company to comply with certain covenants, including a requirement that the Company maintain a ratio of debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) of not more than 3 to 1 and a minimum interest coverage ratio (EBITDA divided by interest expense) greater than 3.5 to 1. As of June 28, 2014, the Company had not borrowed any amounts from this credit facility and was in compliance with all debt covenants. | ||||||||||||||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||||||||||||||
For the balance of the Company's financial instruments, cash equivalents, accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities. Impairment of investments in privately-held companies included in the consolidated statement of cash flows included an impairment of note receivable of $4.1 million and impairment of investments in preferred stock of $6.2 million. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation [Text Block] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
At June 28, 2014, the Company had one stock option plan and one employee stock purchase plan, including the Company's 1996 Stock Incentive Plan (the “1996 Plan”), and the 2008 Employee Stock Purchase Plan (the “2008 ESPP”). | ||||||||||||||||
The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Consolidated Statements of Income for fiscal years 2014, 2013 and 2012: | ||||||||||||||||
For the Year Ended | ||||||||||||||||
June 28, | ||||||||||||||||
2014 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 1,650 | $ | 8,466 | $ | 2,132 | $ | 12,248 | ||||||||
Research and development | 8,676 | 31,548 | 5,452 | 45,676 | ||||||||||||
Selling, general and administrative | 5,486 | 19,734 | 2,308 | 27,528 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 15,812 | $ | 59,748 | $ | 9,892 | $ | 85,452 | ||||||||
Less: income tax effect | 15,245 | |||||||||||||||
Net stock-based compensation expense | $ | 70,207 | ||||||||||||||
For the Year Ended | ||||||||||||||||
June 29, | ||||||||||||||||
2013 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 1,532 | $ | 8,862 | $ | 2,210 | $ | 12,604 | ||||||||
Research and development | 7,230 | 31,475 | 5,441 | 44,146 | ||||||||||||
Selling, general and administrative | 5,331 | 19,523 | 2,204 | 27,058 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 14,093 | $ | 59,860 | $ | 9,855 | $ | 83,808 | ||||||||
Less: income tax effect | 14,745 | |||||||||||||||
Net stock-based compensation expense | $ | 69,063 | ||||||||||||||
For the Year Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2012 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 2,014 | $ | 9,387 | $ | 1,738 | $ | 13,139 | ||||||||
Research and development | 7,844 | 35,699 | 5,525 | 49,068 | ||||||||||||
Selling, general and administrative | 6,436 | 19,493 | 1,731 | 27,660 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 16,294 | $ | 64,579 | $ | 8,994 | $ | 89,867 | ||||||||
Less: income tax effect | 20,215 | |||||||||||||||
Net stock-based compensation expense | $ | 69,652 | ||||||||||||||
Volterra Substitute Awards | ||||||||||||||||
In connection with the Volterra acquisition, the Company issued substitute awards to certain Volterra employees. Substitute awards included options to purchase approximately 673,185 shares of Maxim Integrated's common stock at a weighted-average grant date fair value of approximately $10.56 and a weighted-average exercise price of approximately $22.26 per share and also issued approximately 418,955 restricted stock units with a weighted-average grant date fair value of $29.53. The terms of these awards were substantially the same as those granted by Volterra. The intrinsic value of these awards was substantially the same immediately prior to and after the substitution as of October 1, 2013. | ||||||||||||||||
Stock Options | ||||||||||||||||
The fair value of options granted to employees under the Company’s Amended and Restated 1996 Stock Incentive Plan is estimated on the date of grant using the Black-Scholes option valuation model. | ||||||||||||||||
Expected volatilities are based on the historical volatilities from the Company’s traded common stock over a period equal to the expected term. The Company is utilizing the simplified method to estimate expected holding periods. The risk-free interest rate is based on the U.S. Treasury yield. The Company determines the dividend yield by dividing the annualized dividends per share by the prior quarter’s average stock price. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. | ||||||||||||||||
The fair value of options granted to employees in fiscal years 2014, 2013 and 2012 has been estimated at the date of grant using the Black-Scholes option valuation model and the following weighted-average assumptions: | ||||||||||||||||
Stock Options For the Year Ended (1) | ||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected holding period (in years) | 5.3 | 5.3 | 5.1 | |||||||||||||
Risk-free interest rate | 1.4 | % | 0.7 | % | 1.2 | % | ||||||||||
Expected stock price volatility | 34.6 | % | 37.7 | % | 36.9 | % | ||||||||||
Dividend yield | 3.2 | % | 3.3 | % | 3.2 | % | ||||||||||
(1) Table excludes impact from assumptions used in valuing the Volterra substitute options granted on October 1, 2013 based on an expected holding period of 3.8 years, risk-free interest rate of 1.0%, expected stock price volatility of 27.5% and dividend yield of 3.4%. | ||||||||||||||||
The weighted-average fair value of stock options granted was $7.36, $6.69 and $5.91 per share for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||||||
At June 28, 2014, the Company had 23.0 million shares of its common stock available for issuance to employees and other option recipients under its 1996 Stock Incentive Plan. | ||||||||||||||||
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of June 28, 2014 and their activity during fiscal years 2014, 2013 and 2012: | ||||||||||||||||
Options | Weighted Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) | ||||||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||||||||
Balance at June 25, 2011 | 28,332,486 | $25.62 | ||||||||||||||
Options Granted | 3,353,017 | 23.14 | ||||||||||||||
Options Exercised | (2,843,444 | ) | 16.55 | |||||||||||||
Options Cancelled | (4,607,065 | ) | 31.62 | |||||||||||||
Balance at June 30, 2012 | 24,234,994 | 25.2 | ||||||||||||||
Options Granted | 2,788,088 | 27.47 | ||||||||||||||
Options Exercised | (3,919,847 | ) | 18.17 | |||||||||||||
Options Cancelled | (3,021,896 | ) | 31.1 | |||||||||||||
Balance at June 29, 2013 | 20,081,339 | 26 | ||||||||||||||
Options Granted | 2,965,544 | 28.44 | ||||||||||||||
Volterra substitute options granted | 673,185 | 22.26 | ||||||||||||||
Options Exercised | (3,568,775 | ) | 18.6 | |||||||||||||
Options Cancelled | (3,987,649 | ) | 34.86 | |||||||||||||
Balance at June 28, 2014 | 16,163,644 | 25.74 | 3.7 | $ | 156,104,454 | |||||||||||
Exercisable at June 28, 2014 | 7,223,798 | $26.39 | 1.9 | $ | 71,554,178 | |||||||||||
Vested and expected to vest, June 28, 2014 | 15,252,343 | $25.67 | 3.6 | $ | 148,801,725 | |||||||||||
-1 | Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company's common stock on June 27, 2014, the last business day preceding the fiscal year end, multiplied by the number of option outstanding, exercisable or vested and expected to vest as of June 28, 2014. | |||||||||||||||
The following table summarizes information about stock options that were outstanding and exercisable at June 28, 2014: | ||||||||||||||||
Outstanding Options | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | |||||||||||
Outstanding at | Remaining | Average | Exercisable at | Average | ||||||||||||
28-Jun-14 | Contractual Term | Exercise | 28-Jun-14 | Exercise | ||||||||||||
(In years) | Price | Price | ||||||||||||||
$12.00 - $20.00 | 4,607,191 | 2.7 | $16.32 | 3,413,183 | $16.06 | |||||||||||
$20.01 - $30.00 | 8,410,759 | 5.1 | $26.24 | 858,901 | $25.47 | |||||||||||
$30.01 - $40.00 | 1,972,293 | 1.9 | $36.37 | 1,778,313 | $36.85 | |||||||||||
$40.01 - $51.00 | 1,173,401 | 0.5 | $41.25 | 1,173,401 | $41.25 | |||||||||||
16,163,644 | 7,223,798 | |||||||||||||||
During fiscal year 2014, the Company granted approximately 3.6 million stock options from its 1996 Plan with an estimated total grant date fair value of $26.8 million. The total intrinsic value of options exercised during fiscal years 2014, 2013 and 2012 were $47.2 million, $44.7 million and $30.7 million, respectively. The grant date fair value of options vested during fiscal years 2014, 2013 and 2012 were $16.0 million, $11.2 million and $14.7 million, respectively. As of June 28, 2014, there was $36.4 million of total unrecognized compensation costs related to 8.9 million unvested stock options expected to be recognized over a weighted average period of approximately 2.6 years. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
The fair value of Restricted Stock Units (“RSUs”) under the Company’s Amended and Restated 1996 Stock Incentive Plan is estimated using the value of the Company’s common stock on the date of grant, reduced by the present value of dividends expected to be paid on the Company’s common stock prior to vesting. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. | ||||||||||||||||
The weighted-average fair value of RSUs granted was $26.60, $25.30 and $20.80 per share for fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||||||
The following table summarizes outstanding and expected to vest RSUs as of June 28, 2014 and their activity during fiscal years 2014, 2013 and 2012: | ||||||||||||||||
Number of | Weighted Average Remaining Contractual Term | Aggregate | ||||||||||||||
Shares | (In years) | Intrinsic | ||||||||||||||
Value (1) | ||||||||||||||||
Balance at June 25, 2011 | 10,000,738 | |||||||||||||||
Restricted stock units granted | 3,645,864 | |||||||||||||||
Restricted stock units released | (3,433,989 | ) | ||||||||||||||
Restricted stock units cancelled | (1,289,159 | ) | ||||||||||||||
Balance at June 30, 2012 | 8,923,454 | |||||||||||||||
Restricted stock units granted | 3,074,466 | |||||||||||||||
Restricted stock units released | (3,097,369 | ) | ||||||||||||||
Restricted stock units cancelled | (935,019 | ) | ||||||||||||||
Balance at June 29, 2013 | 7,965,532 | |||||||||||||||
Restricted stock units granted | 3,233,300 | |||||||||||||||
Volterra substitute restricted stock units granted | 418,955 | |||||||||||||||
Restricted stock units released | (2,904,787 | ) | ||||||||||||||
Restricted stock units cancelled | (1,017,869 | ) | ||||||||||||||
Balance at June 28, 2014 | 7,695,131 | 2.6 | $ | 276,548,336 | ||||||||||||
Expected to vest at June 28, 2014 | 7,034,280 | 2.6 | $ | 243,667,458 | ||||||||||||
(1) Aggregate intrinsic value for RSUs represents the closing price per share of the Company's common stock on June 27, 2014, the last business day preceding the fiscal year end, multiplied by the number of RSUs outstanding, or expected to vest as of June 28, 2014. | ||||||||||||||||
The Company withheld shares totaling $31.4 million in value as a result of employee withholding taxes based on the value of the RSUs on their vesting date for the year ended June 28, 2014. The total payments for the employees' tax obligations to the taxing authorities are reflected as financing activities within the Consolidated Statements of Cash Flows. | ||||||||||||||||
As of June 28, 2014, there was $133.7 million of unrecognized compensation cost related to 7.7 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 2.6 years. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The fair value of rights to acquire common stock under the Company’s 2008 ESPP is estimated on the date of grant using the Black-Scholes option valuation model. | ||||||||||||||||
The Company issued 1.7 million shares of its common stock for total consideration of $42.8 million related to the ESPP plan during the fiscal year ended June 28, 2014. As of June 28, 2014, the Company had 5.1 million shares of its common stock reserved and available for future issuance under the 2008 ESPP. | ||||||||||||||||
The fair value of ESPP granted to employees in fiscal years 2014, 2013 and 2012 has been estimated at the date of grant using the Black-Scholes option valuation model and the following weighted-average assumptions: | ||||||||||||||||
ESPP For the Year Ended | ||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected holding period (in years) | 0.5 | 0.5 | 0.5 | |||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||
Expected stock price volatility | 20.7 | % | 24 | % | 25 | % | ||||||||||
Dividend yield | 3.4 | % | 3.1 | % | 3.2 | % | ||||||||||
As of June 28, 2014, there was $5.6 million of unrecognized compensation expense related to the ESPP. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Numerator for basic earnings per share and diluted earnings per share | ||||||||||||
Income from continuing operations | $ | 354,810 | $ | 452,309 | $ | 354,918 | ||||||
Income from discontinued operations, net of tax | — | 2,603 | 31,809 | |||||||||
Net income | $ | 354,810 | $ | 454,912 | $ | 386,727 | ||||||
Denominator for basic earnings per share | 283,344 | 291,835 | 292,810 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, ESPP and RSUs | 5,764 | 6,761 | 7,192 | |||||||||
Denominator for diluted earnings per share | 289,108 | 298,596 | 300,002 | |||||||||
Earnings per share: Basic | ||||||||||||
From continuing operations | $ | 1.25 | $ | 1.55 | $ | 1.21 | ||||||
From discontinued operations | — | 0.01 | 0.11 | |||||||||
Basic | $ | 1.25 | $ | 1.56 | $ | 1.32 | ||||||
Earnings per share: Diluted | ||||||||||||
From continuing operations | $ | 1.23 | $ | 1.51 | $ | 1.18 | ||||||
From discontinued operations | — | 0.01 | 0.11 | |||||||||
Diluted | $ | 1.23 | $ | 1.52 | $ | 1.29 | ||||||
Approximately 9.4 million, 10.3 million, and 13.8 million stock options were excluded from the calculation of diluted earnings per share for the fiscal years ended 2014, 2013 and 2012, respectively. These options were excluded because they were determined to be antidilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets [Text Block] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company performed the annual goodwill impairment analysis during the first quarter of fiscal year 2014 and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. | ||||||||||||||||||||||||
Activity and goodwill balances for the years ended June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 423,073 | ||||||||||||||||||||||
Divestiture | (79 | ) | ||||||||||||||||||||||
Adjustments | (990 | ) | ||||||||||||||||||||||
Balance at June 29, 2013 | 422,004 | |||||||||||||||||||||||
Acquisitions | 175,443 | |||||||||||||||||||||||
Adjustments | (810 | ) | ||||||||||||||||||||||
Balance at June 28, 2014 | $ | 596,637 | ||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The useful lives of amortizing intangible assets are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
Intellectual property | 3 months-10 years | |||||||||||||||||||||||
Customer relationships | 5-10 years | |||||||||||||||||||||||
Trade name | 3-4 years | |||||||||||||||||||||||
Backlog | 4 months | |||||||||||||||||||||||
Patents | 5 years | |||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||
Original | Accumulated Amortization | Net | Original | Accumulated Amortization | Net | |||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Intellectual property | $ | 435,962 | $ | 201,581 | $ | 234,381 | $ | 230,562 | $ | 136,870 | $ | 93,692 | ||||||||||||
Customer relationships | 120,230 | 69,064 | 51,166 | 95,230 | 54,308 | 40,922 | ||||||||||||||||||
Backlog | 1,000 | 1,000 | — | 6,400 | 6,400 | — | ||||||||||||||||||
Trade name | 8,500 | 3,269 | 5,231 | 2,100 | 1,950 | 150 | ||||||||||||||||||
Patent | 2,500 | 386 | 2,114 | — | — | — | ||||||||||||||||||
Total amortizable purchased intangible assets | 568,192 | 275,300 | 292,892 | 334,292 | 199,528 | 134,764 | ||||||||||||||||||
IPR&D | 68,102 | — | 68,102 | 22,382 | — | 22,382 | ||||||||||||||||||
Total purchased intangible assets | $ | 636,294 | $ | 275,300 | $ | 360,994 | $ | 356,674 | $ | 199,528 | $ | 157,146 | ||||||||||||
The following table presents the amortization expense of intangible assets and its presentation in the Consolidated Statements of Income: | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Cost of goods sold | $ | 64,483 | $ | 33,994 | $ | 36,693 | ||||||||||||||||||
Intangible asset amortization | 17,690 | 15,525 | 16,737 | |||||||||||||||||||||
Total intangible asset amortization expenses | $ | 82,173 | $ | 49,519 | $ | 53,430 | ||||||||||||||||||
The following table represents the estimated future amortization expense of intangible assets as of June 28, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2015 | $ | 90,443 | ||||||||||||||||||||||
2016 | 74,454 | |||||||||||||||||||||||
2017 | 61,782 | |||||||||||||||||||||||
2018 | 41,927 | |||||||||||||||||||||||
2019 | 13,277 | |||||||||||||||||||||||
Thereafter | 11,009 | |||||||||||||||||||||||
Total intangible assets | $ | 292,892 | ||||||||||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Acquisition [Abstract] | ' | |||||||||||
Acquisitions [Text Block] | ' | |||||||||||
ACQUISITIONS | ||||||||||||
Acquisitions completed in fiscal year 2014 | ||||||||||||
The Company completed two acquisitions during fiscal year 2014. | ||||||||||||
VOLTERRA | ||||||||||||
On October 1, 2013, the Company completed its acquisition of Volterra, formerly a publicly traded company that develops power management solutions. The primary reason for this acquisition was to expand the Company's available market across a wide range of end markets, including enterprise server, cloud computing, communications and energy. The results of operations of Volterra are included in the Company’s Consolidated Statements of Income, beginning in the second quarter of fiscal year 2014. Acquisition-related costs for the twelve months ended June 28, 2014 were $7.0 million. The Company is in the process of integrating the Volterra acquisition with the existing Communications and Automotive Solutions Group. | ||||||||||||
The total purchase price for Volterra was approximately $615 million and was comprised of: | ||||||||||||
(in thousands) | ||||||||||||
Cash consideration for 100% of outstanding common stock of Volterra at $23 per share | $ | 593,250 | ||||||||||
Cash consideration for vested options settlement | 21,756 | |||||||||||
Total preliminary purchase price | $ | 615,006 | ||||||||||
Volterra Substitute Awards | ||||||||||||
In connection with the acquisition, the Company issued substitute awards to certain Volterra employees. Refer to Note 6: “Stock-Based Compensation” of these Notes to Consolidated Financial Statements for further discussion on stock compensation in relation to Volterra. | ||||||||||||
The preliminary purchase price allocation as of the date of the acquisition is set forth in the table below and reflects various fair value estimates and analysis. These estimates were determined through established and generally accepted valuation techniques, including preliminary work performed by third-party valuation specialists, and are subject to change during the purchase price allocation period (up to one year from the acquisition date) as valuations are finalized. | ||||||||||||
Volterra | ||||||||||||
(in thousands) | ||||||||||||
Cash and cash equivalents and short-term investments | $ | 163,500 | ||||||||||
Accounts receivable | 23,453 | |||||||||||
Inventories | 33,339 | |||||||||||
Other tangible assets | 17,151 | |||||||||||
Accrued expenses | (35,343 | ) | ||||||||||
Income taxes payable | (23,241 | ) | ||||||||||
Other liabilities assumed | (20,149 | ) | ||||||||||
Net tangible assets | 158,710 | |||||||||||
Amortizable intangible assets | 226,900 | |||||||||||
IPR&D | 56,200 | |||||||||||
Goodwill | 174,894 | |||||||||||
Substitution of stock-based compensation awards | (1,698 | ) | ||||||||||
Total purchase price | $ | 615,006 | ||||||||||
The Company has evaluated and continues to evaluate certain pre-acquisition contingencies, including corporate income tax related payables, uncertain tax positions and certain legal contingencies, relating to Volterra that existed as of the acquisition date. Additional information, which existed as of the acquisition date but was at that time unknown to the Company, may become known to the Company during the remainder of the purchase price allocation period. | ||||||||||||
IPR&D assets relate to future technology, is capitalized until the technology is ready for its intended use and then amortized over the technology useful life. IPR&D costs incurred by the Company subsequent to the acquisition are expensed. | ||||||||||||
Goodwill was primarily attributable to the opportunities from the addition of Volterra's product portfolio which complements the Company’s suite of products, including providing integrated process solutions to customers. The goodwill is not deductible for tax purposes. | ||||||||||||
The amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives as follows: | ||||||||||||
Volterra acquisition | ||||||||||||
Fair value | Weighted average useful life (in years) | |||||||||||
( in thousands) | ||||||||||||
Intellectual property | $ | 192,500 | 4.9 | |||||||||
Customer relationships | 24,600 | 9.6 | ||||||||||
Trade name | 6,400 | 4 | ||||||||||
Backlog | 900 | 0.4 | ||||||||||
Patents | 2,500 | 4.8 | ||||||||||
Total amortizable intangible assets | $ | 226,900 | ||||||||||
Pro forma results of operations for this acquisition have not been presented because it is not material to the Company's Consolidated Statements of Income. | ||||||||||||
Refer to Note 17: “Restructuring Activities” of these Notes to Consolidated Financial Statements for a discussion on Volterra Restructuring Plan. | ||||||||||||
OTHER ACQUISITION | ||||||||||||
The Company acquired another company during the fiscal year ended June 28, 2014, which develops low power high performance analog circuits. The total cash consideration in exchange for 100% of the outstanding shares, for this acquisition was approximately $6.1 million for which the purchase price was largely attributable to the acquired developed intellectual property. Goodwill associated with this acquisition was $0.5 million. Acquisition related costs were not material for this transaction. | ||||||||||||
Acquisitions completed in fiscal year 2013 | ||||||||||||
None. | ||||||||||||
Acquisitions completed in fiscal year 2012 | ||||||||||||
The purchase price allocation for acquisitions completed in fiscal year 2012 is set forth in the table below and reflects various fair value estimates and analysis, including work performed by third-party valuation specialists. | ||||||||||||
Pro forma results of operations for these acquisitions have not been presented because they are not material to Maxim Integrated's consolidated results of income, either individually or in the aggregate. Revenue and earnings per share for the acquired businesses since the date of acquisition through June 30, 2012 were not provided as they are not material. $58 million of the SensorDynamics goodwill is deductible for Austrian tax purposes over a 15 year period. The remainder of the goodwill is not deductible for tax purposes. Acquisition costs for fiscal year 2012 were not material. | ||||||||||||
Aggregate purchase price allocation for acquisitions made by Maxim Integrated during fiscal year 2012 is as follows: | ||||||||||||
SensorDynamics | Other acquisitions | Total | ||||||||||
(in thousands) | ||||||||||||
Tangible assets | $ | 18,692 | $ | 1,159 | $ | 19,851 | ||||||
Debt assumed | (29,078 | ) | — | (29,078 | ) | |||||||
Other liabilities assumed | (37,559 | ) | (4,729 | ) | (42,288 | ) | ||||||
Net liabilities assumed | (47,945 | ) | (3,570 | ) | (51,515 | ) | ||||||
Amortizable intangible assets | 20,900 | 17,840 | 38,740 | |||||||||
IPR&D | 19,600 | — | 19,600 | |||||||||
Goodwill (1) | 130,594 | 38,392 | 168,986 | |||||||||
Total purchase price (1) | $ | 123,149 | $ | 52,662 | $ | 175,811 | ||||||
(1) Includes $11.4 million of contingent consideration relating to the other acquisitions discussed further below. | ||||||||||||
The following table presents details of the Company's intangible assets acquired through business combinations completed during fiscal year 2012 (in thousands, except years): | ||||||||||||
Fiscal Year 2012 Acquisitions | ||||||||||||
SensorDynamics | Other acquisitions | |||||||||||
Fair value | Weighted average useful life (in years) | Fair value | Weighted average useful life (in years) | |||||||||
( in thousands) | ( in thousands) | |||||||||||
Intellectual property | $ | 16,400 | 7 | $ | 15,340 | 9.2 | ||||||
Customer relationships | 4,100 | 7 | 2,500 | 3 | ||||||||
Trade name | 400 | 3 | — | 0 | ||||||||
Total amortizable intangible assets | $ | 20,900 | $ | 17,840 | ||||||||
SENSORDYNAMICS | ||||||||||||
On July 18, 2011, the Company acquired SensorDynamics, a semiconductor company that develops proprietary sensor and microelectromechanical solutions. SensorDynamics is based in Lebring, near Graz, Austria. The purpose of the acquisition was to allow the Company to combine sensors with analog products. The total cash consideration associated with the acquisition was approximately $123.1 million. | ||||||||||||
OTHER ACQUISITIONS | ||||||||||||
The Company acquired three other companies during fiscal year 2012, the biggest of which is a company that develops low power high performance analog circuits. The total cash consideration associated with the acquisition was approximately $41.3 million. The Company also recorded $11.4 million, representing the fair value of contingent consideration that would be payable in the future should certain specified project milestones be met. The contingent consideration was calculated based on probabilities that were developed regarding the likelihood that the product development milestones would be met and when the contingent payments would occur. Based on these factors, a probability weighted earnout amount was calculated and discounted (at the cost of debt) to present value. |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Jun. 28, 2014 | |
Impairment of Long Lived Assets Disclosure [Abstract] | ' |
Impairment of Long-Lived Assets [Text Block] | ' |
IMPAIRMENT OF LONG-LIVED ASSETS | |
Fiscal year 2014 impairments: | |
During the year ended June 28, 2014, the Company recorded $11.6 million in impairment of long-lived assets in the Company's Consolidated Statements of Income. | |
The impairment includes electronic design automation (“EDA”) software identified as excess primarily due to EDA assets replaced with assets that are more cost efficient. It also includes certain U.S. test operation assets identified as excess and no longer needed. These assets included primarily test manufacturing equipment which was recorded in Property, plant, and equipment, net in the Consolidated Balance Sheet. The Company also impaired fabrication tools and a building classified as held for sale. The fabrication tools were fully impaired while the building was impaired down to fair value less cost to sell. The fair value of the building was determined mainly after consideration of evidence such as broker estimates, building condition, and offers received. | |
Fiscal year 2013 impairments: | |
During the second quarter of fiscal year 2013, the Company identified certain assets as excess primarily attributable to the transition to utilizing newer, more efficient manufacturing equipment. These assets included used fabrication tools and test manufacturing equipment. In connection with these circumstances, the Company recorded a charge for the write down of equipment to its estimated fair value. The total charge of $22.2 million was included in impairment of long-lived assets in the Company's Consolidated Statements of Income. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of assets fair values. The fair value of the equipment was determined mainly after consideration of quoted market prices of similar equipment adjusted for equipment specifications and condition in addition to the current market demand and size. | |
During the first quarter of fiscal year 2013, the Company identified certain idle facilities as held for sale. In connection with these circumstances, the Company recorded a charge for the write-down of land and buildings to their estimated fair value, less cost to sell. The total charge of $2.7 million was included in Impairment of long-lived assets in the Company's Consolidated Statements of Income. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of assets fair values. The fair value of the land and buildings was determined mainly after consideration of evidence such as appraisals and offers received. | |
Fiscal year 2012 impairments: | |
During the fourth quarter of fiscal year 2012, the Company identified certain idle facilities that needed impairment. In connection with these circumstances, the Company recorded a charge for the write-down of buildings to its estimated fair value, less cost to sell. The total charge of $22.4 million was included in Impairment of long-lived assets in the Company's Consolidated Statements of Income. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of assets fair values. The fair value of the buildings was determined mainly after consideration of evidence such as appraisals and offers received. | |
During the third quarter of fiscal year 2012, the Company identified certain assets as excess primarily attributable to changes in certain manufacturing technology. These assets included fabrication used tools and certain end of line manufacturing equipment. In connection with these circumstances, the Company recorded a charge for the write down of equipment to its estimated fair value, less cost to sell. The total charge of $7.7 million was included in impairment of long-lived assets in the Company's Consolidated Statements of Income. The Company reached its conclusion regarding the asset impairment after conducting an evaluation of the recoverability of the related manufacturing assets in accordance with ASC 360-Property, Plant, and Equipment. The fair value of the equipment was determined mainly after consideration of quoted market prices of similar equipment adjusted for equipment specifications and condition in addition to the current market demand and size. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Jun. 28, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
DISCONTINUED OPERATIONS | |
Fiscal year 2013 divestiture | |
On December 31, 2012, the Company sold its video processing product line to GEO Semiconductor, Inc. | |
Fiscal year 2012 divestitures | |
In January 2012, the Company sold its clock synchronization business (the “Clocks Business”) for a total sale price of approximately $44.0 million. No further proceeds from the sale are expected. The Clock Business formed part of the Company's Comm Timing reporting unit. | |
In February 2012, the Company also sold certain future technologies, including die types that will result in future products, in the storage area. | |
As a result of the fiscal year 2012 transactions, the Company recognized a gain on sale of discontinued operations of $31.8 million, net of income taxes. This gain reflects cash received, less transaction costs and the net carrying value of assets and liabilities transferred. The Company has not disclosed and included in discontinued operations the impact of historical revenue, pre- or post- tax profit or loss related to discontinued operations for any of the prior periods presented as the impact was immaterial to the Company's consolidated financial statements. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information [Text Block] | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
The Company operates and tracks its results in one reportable segment. The Company designs, develops, manufactures and markets a broad range of linear and mixed signal integrated circuits. The Chief Executive Officer has been identified as the Chief Operating Decision Maker as defined by ASC No. 280, Segment Reporting (“ASC 280”). | ||||||||||||
The Company has three operating segments that aggregate into one reportable segment. Under ASC 280, two or more operating segments may be aggregated into a single operating segment for financial reporting purposes if aggregation is consistent with the objective and basic principles of ASC 280, if the segments have similar economic characteristics, and if the segments are similar in each of the following areas: | ||||||||||||
• | the nature of products and services; | |||||||||||
• | the nature of the production processes; | |||||||||||
• | the type or class of customer for their products and services; and | |||||||||||
• | the methods used to distribute their products or provide their services. | |||||||||||
The Company meets each of the aggregation criteria for the following reasons: | ||||||||||||
• | the sale of analog and mixed signal integrated circuits is the primary source of revenue for each of the Company's three operating segments; | |||||||||||
• | the integrated circuits sold by each of the Company's operating segments are manufactured using similar semiconductor manufacturing processes; | |||||||||||
• | the integrated circuits marketed by each of the Company's operating segments are sold to the same types of customers; and | |||||||||||
• | all of the Company's integrated circuits are sold through a centralized sales force and common wholesale distributors. | |||||||||||
All of the Company's operating segments share similar long-term financial performance as they have similar economic characteristics, including gross margins. The causes for variation among the Company's operating segments are the same and include factors such as (i) life cycle and price and cost fluctuations, (ii) number of competitors, (iii) product differentiation and (iv) size of market opportunity. Additionally, each operating segment is subject to the overall cyclical nature of the semiconductor industry. The number and composition of employees and the amounts and types of tools and materials required are similar for each operating segment. Finally, even though the Company periodically reorganizes the Company's operating segments based upon changes in customers, end-markets or products, acquisitions, long-term growth strategies, and the experience and bandwidth of the senior executives in charge, the common financial goals for each operating segment remain constant. | ||||||||||||
Enterprise-wide information is provided in accordance with ASC 280. Geographical revenue information is based on customers' ship-to location. Long-lived assets consist of property, plant and equipment. Property, plant and equipment information is based on the physical location of the assets at the end of each fiscal year. | ||||||||||||
Net revenues from unaffiliated customers by geographic region were as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States | $ | 320,282 | $ | 283,807 | $ | 287,174 | ||||||
China | 997,706 | 996,108 | 1,040,833 | |||||||||
Japan | 151,840 | 132,397 | 149,770 | |||||||||
Korea | 144,838 | 235,879 | 201,819 | |||||||||
Vietnam | 185,293 | 234,989 | 133,779 | |||||||||
Rest of Asia | 266,349 | 196,559 | 222,857 | |||||||||
Europe | 324,867 | 294,998 | 302,373 | |||||||||
Rest of World | 62,488 | 66,722 | 64,924 | |||||||||
$ | 2,453,663 | $ | 2,441,459 | $ | 2,403,529 | |||||||
Net long-lived assets by geographic region were as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
United States | $ | 1,035,699 | $ | 1,058,579 | ||||||||
Philippines | 172,823 | 183,671 | ||||||||||
Rest of World | 122,997 | 130,874 | ||||||||||
$ | 1,331,519 | $ | 1,373,124 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | ' | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||
Legal Proceedings | ||||||||||||||||||||||||||||
We are party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business, including proceedings and claims that relate to intellectual property matters. While the outcome of these matters cannot be predicted with certainty, we do not believe that the outcome of any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized or reserved, if any. | ||||||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
The Company leases certain of its facilities under various operating leases that expire at various dates through June 2025. The lease agreements generally include renewal provisions and require the Company to pay property taxes, insurance, and maintenance costs. | ||||||||||||||||||||||||||||
Future annual minimum payments for all commitments are as follows: | ||||||||||||||||||||||||||||
Payment due by period | ||||||||||||||||||||||||||||
Total | Fiscal year 2015 | Fiscal year | Fiscal year | Fiscal year | Fiscal year | Thereafter | ||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||
Contractual Obligations | (in thousands) | |||||||||||||||||||||||||||
Operating lease obligations (1) | $ | 35,051 | $ | 10,593 | $ | 8,462 | $ | 7,361 | $ | 5,012 | $ | 1,528 | $ | 2,096 | ||||||||||||||
Software license | 4,038 | 4,038 | — | — | — | — | — | |||||||||||||||||||||
Long-term debt obligations (2) | 1,001,398 | 372 | 1,026 | — | — | 500,000 | 500,000 | |||||||||||||||||||||
Interest payments associated with long-term debt obligations (3) | 201,842 | 29,397 | 29,381 | 29,375 | 29,375 | 21,736 | 62,578 | |||||||||||||||||||||
Capital equipment and inventory related purchase obligations (4) | 21,740 | 3,111 | 2,739 | 2,749 | 2,795 | 2,843 | 7,503 | |||||||||||||||||||||
Total | $ | 1,264,069 | $ | 47,511 | $ | 41,608 | $ | 39,485 | $ | 37,182 | $ | 526,107 | $ | 572,177 | ||||||||||||||
(1) The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2025. | ||||||||||||||||||||||||||||
(2) Long-term debt represents amounts primarily due for the Company's long-term notes. | ||||||||||||||||||||||||||||
(3) Interest payments associated with the Company's long-term notes. | ||||||||||||||||||||||||||||
(4) Capital equipment purchase obligations represent commitments for purchase of property, plant and equipment. The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. | ||||||||||||||||||||||||||||
Purchase orders for the purchase of the majority of our raw materials and other goods and services are not included in the table. Our purchase orders generally allow for cancellation without significant penalties. We do not have significant agreements for the purchase of raw materials or other goods specifying minimum quantities or set prices that exceed our expected short-term requirements. | ||||||||||||||||||||||||||||
Rental expense amounted to approximately $10.8 million, $9.5 million, and $17.4 million in fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Indemnification | ||||||||||||||||||||||||||||
The Company indemnifies certain customers, distributors, suppliers and subcontractors for attorney fees and damages and costs awarded against such parties in certain circumstances in which the Company's products are alleged to infringe third party intellectual property rights, including patents, registered trademarks or copyrights. The terms of the Company's indemnification obligations are generally perpetual from the effective date of the agreement. In certain cases, there are limits on and exceptions to the Company's potential liability for indemnification relating to intellectual property infringement claims. | ||||||||||||||||||||||||||||
Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers, employees and directors, as well as certain former officers and directors. | ||||||||||||||||||||||||||||
Product Warranty | ||||||||||||||||||||||||||||
The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product claims. In limited circumstances and for strategic customers in certain unique industries and applications, our product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and/or damages results from the defective product. The Company’s results of operations for the year ended June 28, 2014 include a charge of $19.8 million primarily related to a product claim with a major customer. This charge includes product replacement and the cost to remove and install replacement product. Additionally, the Company assumed $15.4 million of warranty claims from Volterra in connection with the Company’s acquisition of Volterra on October 1, 2013. | ||||||||||||||||||||||||||||
Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with our historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. Product warranty liability is included within the balance sheet captions “Accrued expenses” and “Other liabilities” in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
The changes in the Company's aggregate product warranty liabilities for the fiscal year ended June 28, 2014 were as follows: | ||||||||||||||||||||||||||||
June 28, | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Product warranty liability at June 29, 2013 | $ | 3,075 | ||||||||||||||||||||||||||
Accruals assumed from acquisition | 15,443 | |||||||||||||||||||||||||||
Accruals for warranties | 19,818 | |||||||||||||||||||||||||||
Payments | (16,189 | ) | ||||||||||||||||||||||||||
Changes in estimate | (851 | ) | ||||||||||||||||||||||||||
Product warranty liability at June 28, 2014 | $ | 21,296 | ||||||||||||||||||||||||||
Current portion at June 28, 2014 | 12,696 | |||||||||||||||||||||||||||
Non-current portion June 28, 2014 | $ | 8,600 | ||||||||||||||||||||||||||
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income [Text Block] | ' | |||||||||||||||||||||||
COMPREHENSIVE INCOME | ||||||||||||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects in the year ended June 28, 2014 were as follows: | ||||||||||||||||||||||||
(in thousands) | Unrealized gain (loss) on intercompany receivables | Unrealized gain (loss) on post-retirement benefits | Cumulative translation adjustment | Unrealized gain (loss) on cash flow hedges | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||||||||||
29-Jun-13 | $ | (7,401 | ) | $ | (5,838 | ) | $ | (1,527 | ) | $ | (1,004 | ) | $ | 23 | $ | (15,747 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | (7,244 | ) | — | (237 | ) | 64 | (7,417 | ) | |||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss) | — | 1,435 | 391 | 1,425 | — | 3,251 | ||||||||||||||||||
Tax effects | 1,648 | 1,274 | — | (195 | ) | 13 | 2,740 | |||||||||||||||||
Other comprehensive income (loss) | 1,648 | (4,535 | ) | 391 | 993 | 77 | (1,426 | ) | ||||||||||||||||
28-Jun-14 | $ | (5,753 | ) | $ | (10,373 | ) | $ | (1,136 | ) | $ | (11 | ) | $ | 100 | $ | (17,173 | ) | |||||||
Amounts reclassified out of Unrealized loss on post-retirement benefits were included in Selling, general and administrative in the Consolidated Statements of Income. Amounts reclassified out of Unrealized loss on cash flow hedges were included in Net revenues, Cost of goods sold and Other operating expenses(income), net in the Consolidated Statements of Income. |
Common_Stock_Repurchases
Common Stock Repurchases | 12 Months Ended |
Jun. 28, 2014 | |
Common Stock Repurchases [Abstract] | ' |
Common Stock Repurchases [Text Block] | ' |
COMMON STOCK REPURCHASES | |
In July 2013, the Board of Directors authorized the Company to repurchase up to $1.0 billion of the Company's common stock from time to time at the discretion of the Company's management. This stock repurchase authorization has no expiration date. All prior authorizations by the Company's Board of Directors for the repurchase of common stock were superseded by this authorization. | |
During fiscal years 2014, 2013 and 2012, the Company repurchased approximately 10.4 million, 12.8 million and 9.9 million shares of its common stock for $305.3 million, $375.1 million and $246.4 million, respectively. As of June 28, 2014, the Company had a remaining authorization of $761.9 million for future share repurchases. The number of shares to be repurchased and the timing of such repurchases will be based on several factors, including the price of the Company's common stock and general market and business conditions. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes [Text Block] | ' | |||||||||||
INCOME TAXES | ||||||||||||
Pretax income from continuing operations is as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic pre-tax income | $ | 87,630 | $ | 69,680 | $ | 184,414 | ||||||
Foreign pre-tax income | 321,596 | 500,599 | 348,319 | |||||||||
Total | $ | 409,226 | $ | 570,279 | $ | 532,733 | ||||||
The provision for income taxes from continuing operations consisted of the following: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Federal | ||||||||||||
Current | $ | 93,012 | $ | 84,996 | $ | 143,903 | ||||||
Deferred | (42,875 | ) | 13,207 | 16,767 | ||||||||
State | ||||||||||||
Current | 2,676 | 322 | 2,877 | |||||||||
Deferred | (1,465 | ) | 3,574 | 3,523 | ||||||||
Foreign | ||||||||||||
Current | 6,692 | 17,228 | 14,757 | |||||||||
Deferred | (3,624 | ) | (1,357 | ) | (4,012 | ) | ||||||
Total provision for income taxes | $ | 54,416 | $ | 117,970 | $ | 177,815 | ||||||
In addition, the Company recorded income tax of $0.7 million and $13.6 million in the fiscal years ended June 29, 2013 and June 30, 2012, respectively, related to discontinued operations that was netted against income from discontinued operations. | ||||||||||||
As of June 28, 2014, the Company's foreign subsidiaries have accumulated undistributed earnings of approximately $478.6 million that are intended to be indefinitely reinvested outside the U.S. and, accordingly, no provision for U.S. federal and state tax has been made for the distribution of these earnings. At June 28, 2014 the amount of the unrecognized deferred tax liability on the indefinitely reinvested earnings was $147.0 million. | ||||||||||||
The provision for income taxes for continuing operations differs from the amount computed by applying the statutory rate as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of federal benefit | 0.1 | 0.6 | 1.1 | |||||||||
General business credits | (0.9 | ) | (2.0 | ) | (0.5 | ) | ||||||
Effect of foreign operations | (19.1 | ) | (16.5 | ) | (3.9 | ) | ||||||
Stock-based compensation | 3.9 | 2.7 | 2.3 | |||||||||
Fixed assets federal tax basis adjustments | (8.4 | ) | — | — | ||||||||
Interest accrual for unrecognized tax benefits | 1.1 | 0.8 | 0.6 | |||||||||
Other | 1.6 | 0.1 | (1.2 | ) | ||||||||
Income tax rate | 13.3 | % | 20.7 | % | 33.4 | % | ||||||
The income tax rate benefit of 8.4% for fixed assets federal tax basis adjustments is a one-time benefit for fixed assets tax basis adjustments generated by prior year depreciation expense that did not provide a tax benefit in prior years. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company's deferred tax assets and liabilities are as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Distributor related accruals and sales return and allowance accruals | $ | 14,246 | $ | 12,847 | ||||||||
Accrued compensation | 42,300 | 44,540 | ||||||||||
Stock-based compensation | 31,609 | 47,357 | ||||||||||
Net operating loss carryovers | 48,318 | 41,183 | ||||||||||
Tax credit carryovers | 51,458 | 45,854 | ||||||||||
Other reserves and accruals not currently deductible for tax purposes | 22,019 | 16,390 | ||||||||||
Other | 16,879 | 14,243 | ||||||||||
Total deferred tax assets | $ | 226,829 | $ | 222,414 | ||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets and intangible assets cost recovery, net | (214,393 | ) | (258,717 | ) | ||||||||
Other | (11,424 | ) | (12,753 | ) | ||||||||
Net deferred tax assets /(liabilities) before valuation allowance | 1,012 | (49,056 | ) | |||||||||
Valuation allowance | (84,673 | ) | (72,898 | ) | ||||||||
Net deferred tax assets/(liabilities) | $ | (83,661 | ) | $ | (121,954 | ) | ||||||
The valuation allowance as of June 28, 2014 and June 29, 2013 primarily relates to certain state and foreign net operating loss carryforwards and certain state tax credit carryforwards. The valuation allowance increased by $11.8 million in fiscal year 2014. The increase was primarily due to valuation allowances that were established for net operating loss and credit carryforwards generated during the fiscal year 2014 and for prior year net operating loss and credit carryforwards of companies acquired during the fiscal year 2014. $37.3 million of the valuation allowance is attributable to the tax benefits of income tax deductions generated by the exercise of stock options that, when realized, will be recorded as a credit to additional paid-in-capital. | ||||||||||||
As of June 28, 2014, the Company has $29.0 million of federal net operating loss carryforwards expiring at various dates between fiscal years 2021 and 2033, $87.6 million of state net operating loss carryforwards expiring at various dates through the fiscal year 2033, $125.9 million of foreign net operating losses with no expiration date, $12.7 million of state tax credit carryforwards expiring at various dates between fiscal years 2015 and 2029 and $80.0 million of state tax credit carryforwards with no expiration date. | ||||||||||||
The Company classifies unrecognized tax benefits as (i) a current liability to the extent that payment is anticipated within one year; (ii) a non-current liability to the extent that payment is not anticipated within one year; or (iii) as a reduction to deferred tax assets to the extent that the unrecognized tax benefit relates to deferred tax assets such as operating loss or tax credit carryforwards. | ||||||||||||
A reconciliation of the change in gross unrecognized tax benefits, excluding interest, penalties and the federal benefit for state unrecognized tax benefits, is as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Balance as of beginning of year | $ | 302,904 | $ | 228,907 | ||||||||
Tax positions related to current year: | ||||||||||||
Addition | 58,035 | 61,359 | ||||||||||
Tax positions related to prior year: | ||||||||||||
Addition | 300 | 12,638 | ||||||||||
Current year acquisitions | 39,566 | — | ||||||||||
Reduction | (586 | ) | — | |||||||||
Settlements | (496 | ) | — | |||||||||
Lapses in statutes of limitations | (2,958 | ) | — | |||||||||
Balance as of end of year | $ | 396,765 | $ | 302,904 | ||||||||
The total amount of gross unrecognized tax benefits as of June 28, 2014 that, if recognized, would affect the effective tax rate and additional paid in capital is $386.1 million and $10.7 million, respectively. | ||||||||||||
Consistent with prior years, the Company reports interest and penalties related to unrecognized tax benefits as a component of income tax expense. The gross amount of interest and penalties recognized in income tax expense during fiscal years ended June 28, 2014, June 29, 2013, and June 30, 2012 was $6.6 million, $7.4 million and $7.3 million, respectively, and the total amount of interest and penalties accrued as of June 28, 2014, June 29, 2013, and June 30, 2012 was $27.9 million, $17.9 million, and $10.6 million, respectively. | ||||||||||||
The Company estimates it is reasonably possible that the liability for unrecognized tax benefits (income taxes payable), including accrued interest and penalties, could decrease within the next 12 months by $27 million due to expected settlements with various tax authorities, of which $25 million is due to the actual favorable settlement of a Singapore tax issue in the first quarter of fiscal year 2015. | ||||||||||||
The Company’s federal corporate income tax returns are audited on a recurring basis by the Internal Revenue Service (“IRS”). In fiscal year 2012 the IRS commenced an audit of the Company's federal corporate income tax returns for fiscal years 2009 through 2011, which is still ongoing. | ||||||||||||
A summary of the fiscal tax years that remain subject to examination, as of June 28, 2014, for the Company's major tax jurisdictions are as follows: | ||||||||||||
United States - Federal | 2009 | - | Forward | |||||||||
United States - Various States | 2009 | - | Forward | |||||||||
Ireland | 2010 | - | Forward | |||||||||
Japan | 2008 | - | Forward | |||||||||
Philippines | 2011 | - | Forward | |||||||||
Singapore | 2010 | - | Forward | |||||||||
Thailand | 2005 | - | Forward | |||||||||
United Kingdom | 2012 | - | Forward |
Restructuring_Activities_Notes
Restructuring Activities (Notes) | 12 Months Ended |
Jun. 28, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
RESTRUCTURING ACTIVITIES | |
Volterra Restructuring Plan | |
The Company's management approved and initiated plans to restructure the operations of Volterra, including acceleration of certain stock-based compensation awards ($2.5 million), costs to vacate duplicative facilities ($2.6 million), severance for transitional and exiting employees ($4.6 million), contract cancellation costs and other items ($1.3 million). The total cost of the plan was $11.0 million which was recorded in Severance and restructuring expenses in the Company's Consolidated Statements of Income based upon the anticipated timing of planned terminations and facility closure costs. Expected severance and retention costs for transitional employees are being accrued over the transitional period. Payments against this restructuring plan were largely paid out during the year ended June 28, 2014, and amounts accrued and future estimated costs to be incurred as of June 28, 2014 are immaterial. | |
Business Unit Reorganization | |
During the year ended June 28, 2014, the Company recorded $10.8 million in Severance and restructuring expenses in the Company's Consolidated Statements of Income, primarily related to employee severance costs, associated with the reorganization of certain business units. Multiple job classifications and locations were impacted as this was a company-wide action. The reorganization was driven by the desire to focus on specific investment areas and simplify business processes. Payments against this restructuring plan were largely paid out during the year ended June 28, 2014, and amounts accrued and future estimated costs to be incurred as of June 28, 2014 are immaterial. |
Benefits
Benefits | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||||||
Benefits [Text Block] | ' | |||||||||||||||
BENEFITS | ||||||||||||||||
Defined contribution plan: | ||||||||||||||||
U.S. employees are automatically enrolled in the Maxim Integrated 401(k) plan when they meet eligibility requirements, unless they decline participation. Under the terms of the plan Maxim Integrated matches 100% of the employee contributions for the first 3% of employee eligible compensation and an additional 50% match for the next 2% of employee eligible compensation, up to the IRS Annual Compensation Limits. Total defined contribution expense was $15.4 million, $14.1 million and $13.8 million in fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||||||
Non-U.S. Pension Benefits | ||||||||||||||||
We provide defined-benefit pension plans in certain countries. Consistent with the requirements of local law, we deposit funds for certain plans with insurance companies, with third-party trustees, or into government-managed accounts, and/or accrue for the unfunded portion of the obligation. | ||||||||||||||||
Maxim Integrated is enrolled in a retirement plan for employees in the Philippines. This plan is a non-contributory and defined benefit type that provides retirement to employees equal to one month salary for every year of credited service. The benefits are paid in a lump sum amount upon retirement or separation from the Company. Total defined benefit liability was $9.6 million and $5.5 million in fiscal years 2014 and 2013, respectively. Total other comprehensive income benefit related to this retirement plan was $3.3 million for the year ended June 28, 2014. | ||||||||||||||||
Post-Employment Benefits | ||||||||||||||||
During the fourth quarter of fiscal year 2012, the Company formalized a post-retirement benefits plan merging the former and current Maxim Integrated employees with the Dallas Semiconductor participants under one pool. The plan gained the proper approvals and, accordingly, the Company has accounted for both plans as of June 28, 2014 and June 29, 2013 under ASC 715. | ||||||||||||||||
Medical Expense & Funded Status Reconciliation | ||||||||||||||||
June 29, | Fiscal Year 2014 Expense | June 28, 2014 | Estimated Fiscal Year 2015 Expense | |||||||||||||
2013 | ||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||
Accumulated Postretirement Benefit Obligation [APBO]: | ||||||||||||||||
Retirees and beneficiaries | $ | (18,162 | ) | $ | (21,602 | ) | ||||||||||
Active participants | (2,128 | ) | (2,626 | ) | ||||||||||||
Funded status | $ | (20,290 | ) | $ | (24,228 | ) | ||||||||||
Actuarial gain (loss) | $ | (2,369 | ) | $ | (3,819 | ) | ||||||||||
Prior service cost | — | — | ||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | ||||||||||||||||
Net actuarial loss | $ | 5,500 | $ | 8,863 | ||||||||||||
Prior service cost | 2,744 | 2,387 | ||||||||||||||
Total | $ | 8,244 | $ | 11,250 | ||||||||||||
Net Periodic Postretirement Benefit Cost/(Income): | ||||||||||||||||
Interest cost | 858 | 1,002 | ||||||||||||||
Amortization: | ||||||||||||||||
Prior service cost | 356 | 356 | ||||||||||||||
Net actuarial loss (1) | 457 | 961 | ||||||||||||||
Total net periodic postretirement benefit cost | $ | 1,671 | $ | 2,319 | ||||||||||||
Employer contributions | $ | 738 | $ | 749 | ||||||||||||
Economic Assumptions: | ||||||||||||||||
Discount rate | 4.30% | 4.20% | ||||||||||||||
Medical trend | 8.5% -5% | 8.0% -5% | ||||||||||||||
(1) Unrecognized losses are amortized over average remaining service period of active participants of 6.7 years at June 28, 2014. | ||||||||||||||||
The following benefit payments are expected to be paid: | ||||||||||||||||
Non-Pension Benefits | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 749 | ||||||||||||||
2016 | 809 | |||||||||||||||
2017 | 858 | |||||||||||||||
2018 | 907 | |||||||||||||||
2019 | 961 | |||||||||||||||
Thereafter | 19,944 | |||||||||||||||
$ | 24,228 | |||||||||||||||
Dallas Semiconductor Split-Dollar Life Insurance | ||||||||||||||||
As a result of the Company's acquisition of Dallas Semiconductor in 2001, the Company assumed responsibility associated with a split-dollar life insurance policy held by a former Dallas Semiconductor officer. The policy is owned by the individual with the Company retaining a limited collateral assignment. | ||||||||||||||||
The Company had $4.2 million and $3.2 million included in Other Assets as of June 28, 2014 and June 29, 2013, respectively, associated with the limited collateral assignment to the policy. The Company had a $5.7 million and $4.8 million obligation included in Other Liabilities as of June 28, 2014 and June 29, 2013, respectively, related to the anticipated continued funding associated with the policy. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) [Text Block] | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Quarter Ended | ||||||||||||||||
Fiscal Year 2014 | 6/28/14 | 3/29/14 | 12/28/13 | 9/28/13 | ||||||||||||
(in thousands, except percentages and per share data) | ||||||||||||||||
Net revenues | $ | 642,467 | $ | 605,681 | $ | 620,274 | $ | 585,241 | ||||||||
Cost of goods sold | 273,507 | 265,744 | 291,602 | 238,045 | ||||||||||||
Gross margin | $ | 368,960 | $ | 339,937 | $ | 328,672 | $ | 347,196 | ||||||||
Gross margin % | 57.4 | % | 56.1 | % | 53 | % | 59.3 | % | ||||||||
Operating income | $ | 116,550 | $ | 106,738 | $ | 70,394 | $ | 128,609 | ||||||||
% of net revenues | 18.1 | % | 17.6 | % | 11.3 | % | 22 | % | ||||||||
Net income | $ | 84,793 | $ | 122,544 | $ | 44,353 | $ | 103,120 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.3 | $ | 0.43 | $ | 0.16 | $ | 0.36 | ||||||||
Diluted | $ | 0.29 | $ | 0.42 | $ | 0.15 | $ | 0.36 | ||||||||
Shares used in the calculation of earnings per share: | ||||||||||||||||
Basic | 283,431 | 282,627 | 282,664 | 284,654 | ||||||||||||
Diluted | 289,487 | 288,575 | 288,565 | 290,260 | ||||||||||||
Dividends declared and paid per share | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.26 | ||||||||
Quarter Ended | ||||||||||||||||
Fiscal Year 2013 | 6/29/13 | 3/30/13 | 12/29/12 | 9/29/12 | ||||||||||||
(in thousands, except percentages and per share data) | ||||||||||||||||
Net revenues | $ | 608,194 | $ | 604,884 | $ | 605,306 | $ | 623,075 | ||||||||
Cost of goods sold | 236,795 | 228,782 | 241,931 | 237,384 | ||||||||||||
Gross margin | $ | 371,399 | $ | 376,102 | $ | 363,375 | $ | 385,691 | ||||||||
Gross margin % | 61.1 | % | 62.2 | % | 60 | % | 61.9 | % | ||||||||
Operating income | $ | 151,090 | $ | 154,278 | $ | 117,548 | $ | 165,403 | ||||||||
% of net revenues | 24.8 | % | 25.5 | % | 19.4 | % | 26.5 | % | ||||||||
Income from continuing operations | $ | 119,014 | $ | 128,785 | $ | 76,622 | $ | 127,888 | ||||||||
Income from discontinued operations | — | 2,603 | — | — | ||||||||||||
Net income | $ | 119,014 | $ | 131,388 | $ | 76,622 | $ | 127,888 | ||||||||
Earnings per share: basic | ||||||||||||||||
From continuing operations | $ | 0.41 | $ | 0.44 | $ | 0.26 | $ | 0.44 | ||||||||
From discontinued operations | — | 0.01 | — | — | ||||||||||||
Basic | $ | 0.41 | $ | 0.45 | $ | 0.26 | $ | 0.44 | ||||||||
Earnings per share: diluted | ||||||||||||||||
From continuing operations | $ | 0.4 | $ | 0.43 | $ | 0.26 | $ | 0.43 | ||||||||
From discontinued operations | — | 0.01 | — | — | ||||||||||||
Diluted | $ | 0.4 | $ | 0.44 | $ | 0.26 | $ | 0.43 | ||||||||
Shares used in the calculation of earnings per share: | ||||||||||||||||
Basic | 290,146 | 292,888 | 292,075 | 292,213 | ||||||||||||
Diluted | 296,756 | 300,082 | 298,759 | 298,782 | ||||||||||||
Dividends declared and paid per share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.24 | ||||||||
Schedule_II_Valuation_and_Allo
Schedule II - Valuation and Allowance | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Balance at | Additions (Deductions) | Deductions (1) | Balance at | |||||||||||||
Beginning of | Charged (Credited) | End of | ||||||||||||||
Period | to Costs and Expenses | Period | ||||||||||||||
(in thousands) | ||||||||||||||||
Doubtful accounts | ||||||||||||||||
Year ended June 28, 2014 | $ | 1,227 | $ | 693 | $ | 339 | $ | 1,581 | ||||||||
Year ended June 29, 2013 | $ | 1,155 | $ | 126 | $ | 54 | $ | 1,227 | ||||||||
Year ended June 30, 2012 | $ | 1,705 | $ | (504 | ) | $ | 46 | $ | 1,155 | |||||||
Balance at | Additions (Deductions) | Deductions | Balance at | |||||||||||||
Beginning of | Charged (Credited) | End of | ||||||||||||||
Period | to Costs and Expenses | Period | ||||||||||||||
(in thousands) | ||||||||||||||||
Returns and Allowances | ||||||||||||||||
Year ended June 28, 2014 | $ | 12,418 | $ | 75,346 | $ | 71,595 | $ | 16,169 | ||||||||
Year ended June 29, 2013 | $ | 11,374 | $ | 65,651 | $ | 64,607 | $ | 12,418 | ||||||||
Year ended June 30, 2012 | $ | 15,992 | $ | 60,989 | $ | 65,607 | $ | 11,374 | ||||||||
(1) Uncollectible accounts written off. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Year [Policy Text Block] | ' |
The Company has a 52-to-53-week fiscal year that ends on the last Saturday of June. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal year 2014 and 2013 were 52-week fiscal years (ended on June 28, 2014 and June 29, 2013) and fiscal year 2012 was a 53-week fiscal year (ended on June 30, 2012). | |
Use of Estimates [Policy Text Block] | ' |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to the useful lives and fair value of fixed assets, valuation allowance for deferred tax assets, reserves relating to uncertain tax positions, allowances for doubtful accounts, customer returns and allowances, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units, accrued liabilities and reserves, assumptions related to the calculation of stock-based compensation and the value of intangibles acquired and goodwill associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. | |
Basis of Presentation [Policy Text Block] | ' |
The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condition for control of entities is the ownership of a majority voting interest and ability to otherwise exercise control over the entity. | |
Cash, Cash Equivalents, and Short-term Investments [Text Block] | ' |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of demand accounts and money market funds. Short-term investments consist primarily of U.S. treasury debt securities with original maturities beyond three months at the date of purchase. | |
The Company's short-term investments are considered available-for-sale. Such securities are carried at fair market value based on market quotes and other observable inputs. Unrealized gains and losses, net of tax, on securities in this category are reported as equity in the Consolidated Statement of Comprehensive Income. Realized gains and losses on sales of investment securities are determined based on the specific identification method and are included in Interest and other income (expense), net in the Consolidated Statements of Income. | |
Derivative Instruments [Policy Text Block] | ' |
The Company generates revenues in various global markets based on orders obtained in non-U.S. currencies, primarily the Japanese Yen, the Euro and the British Pound. The Company incurs expenditures denominated in non-U.S. currencies, principally the Philippine Peso and Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company is exposed to fluctuations in foreign currency exchange rates primarily on orders and accounts receivable from sales in these foreign currencies and cash flows for expenditures in these foreign currencies. The Company has established risk management strategies designed to reduce the impact of volatility of future cash flows caused by changes in the exchange rate for these currencies. These strategies reduce, but do not entirely eliminate, the impact of currency exchange rates movements. | |
Currency forward contracts are used to offset the currency risk of non-U.S. dollar-denominated assets and liabilities. The Company typically enters into currency forward contracts to hedge exposures associated with its expenditures denominated in Philippine Pesos and Thai Baht. The Company enters into contracts for its accounts receivable and backlog denominated in Japanese Yen, British Pound and Euro. Changes in fair value of the underlying assets and liabilities are generally offset by the changes in fair value of the related currency forward contract. | |
The Company uses currency forward contracts to hedge exposure to variability in anticipated non-U.S. dollar denominated cash flows. These contracts are designated as cash flow hedges and recorded on the Consolidated Balance Sheets at their fair market value. The maturities of these instruments are generally less than six months. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reported within the Consolidated Statements of Comprehensive Income. These amounts have been reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments that are not designated as hedging instruments, gains and losses are recognized immediately in “Interest income (expense) and other, net” in the Consolidated Statements of Income. | |
Fair Value of Financial Instruments [Policy Text Block] | ' |
The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. See Note 5: “Financial Instruments” of these Notes to Consolidated Financial Statements for a further discussion on fair value of financial instruments. | |
Inventories [Policy Text Block] | ' |
Inventories are stated at the lower of (i) standard cost, which approximates actual cost on a first-in-first-out basis, or (ii) market value. Because of the cyclical nature of the market, inventory levels, obsolescence of technology, and product life cycles, the Company generally writes down inventories to net realizable value based on forecasted product demand | |
Property, Plant and Equipment [Policy Text Block] | ' |
Property, plant and equipment are stated at cost. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets, which range from 2 to 15 years for machinery and equipment and up to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of their useful lives or the remaining term of the related lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Income in the period recognized. The classification is based mainly on whether the asset is operating or not. | |
The Company evaluates the recoverability of property, plant and equipment in accordance with Accounting Standards Codification (“ASC”) No. 360, Accounting for the Property, Plant, and Equipment. (“ASC 360”). The Company performs periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property, plant and equipment exceeds their fair values. If facts and circumstances indicate that the carrying amount of property, plant and equipment might not be fully recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives are compared against their respective carrying amounts. In the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are written down to their estimated fair values. All long-lived assets classified as held for sale are reported at the lower of carrying amount or fair market value, less expected selling costs. | |
Intangible Assets and Goodwill [Policy Text Block] | ' |
The Company accounts for intangible assets in accordance with ASC No. 350, Intangibles-Goodwill and Other, (“ASC 350”). The Company reviews goodwill and purchased intangible assets with indefinite lives for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable, such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present. | |
Intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting Measurements. Impairment is based on the excess of the carrying amount over the fair value of those assets. During fiscal years 2014, 2013 and 2012, we recorded impairment of intangible assets of $2.6 million, $2.8 million and $1.6 million, respectively, related to write-offs of acquired In-process research and development (“IPR&D”). | |
Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. In accordance with ASC 350, the Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis in the first quarter of each fiscal year or more frequently if the Company believes indicators of impairment exist. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of the Company's reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as the market approach which includes the guideline company method. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit's goodwill with the carrying value of that goodwill. In performing the goodwill impairment for the fiscal year 2014, the fair value was in excess of the carrying value. As a result, no impairment charges were recorded associated with our goodwill during fiscal years 2014, 2013 and 2012. | |
Product Warranty [Policy Text Block] | ' |
The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product claims. In limited circumstances and for strategic customers in certain unique industries and applications, our product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and/or damages results from the defective product. | |
Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with our historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. The short-term and long-term portions of the product warranty liability are included within the balance sheet captions Accrued expenses and Other liabilities, respectively, in the accompanying Consolidated Balance Sheets. For more details please refer to Note 13: “Commitments and Contingencies” of these Notes to the Consolidated Financial Statements. | |
Retirement Benefits [Policy Text Block] | ' |
The Company provides medical benefits to certain former and current employees pursuant to certain retirement agreements. The Company also provides retirement benefits to Philippines employees and to certain other employees in other countries. These benefits to individuals are accounted for pursuant to a documented plan under ASC No. 715, Compensation- Retirement Benefits (“ASC 715”). Unrecognized actuarial gains and losses and prior service cost are amortized on straight-line basis over the remaining estimated service period of participants. The measurement date for the plan is fiscal year end. | |
Income Taxes [Policy Text Block] | ' |
The Company accounts for income taxes using an asset and liability approach as prescribed in ASC 740-10, Income Taxes (“ASC 740-10”). The Company records the amount of taxes payable or refundable for the current and prior years and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |
ASC 740-10 prescribes a recognition threshold and measurement framework for the financial statement reporting and disclosure of an income tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax position is recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the recognition threshold is then measured to determine the largest amount of the benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes in the Consolidated Statements of Income. | |
The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws across multiple tax jurisdictions. Although ASC 740-10 provides clarification on the accounting for uncertainty in income taxes recognized in the financial statements, the recognition threshold and measurement framework will continue to require significant judgment by management. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations. | |
Revenue Recognition [Policy Text Block] | ' |
The Company recognizes revenue for sales to direct customers and sales to certain distributors upon shipment, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title and risk of loss has transferred, collectability of the resulting receivable is reasonably assured, there are no customer acceptance requirements and we do not have any significant post-shipment obligations. Estimated returns for sales to direct customers and certain distributors are based on historical returns rates applied against current period gross revenues. Specific customer returns and allowances are considered within this estimate. | |
Sales to certain distributors are made pursuant to agreements allowing for the possibility of certain sales price rebates or price protection and for non-warranty product return privileges. The non-warranty product return privileges include allowing certain distributors to return a small portion of our products in their inventory based on their previous purchases. Given the uncertainties associated with the levels of non-warranty product returns, sales price rebates and price protection that could be issued to certain distributors, the Company defers recognition of such revenue and related cost of goods sold until receipt of notification from these distributors that product has been sold to their end-customers. | |
Accounts receivable from direct customers and distributors (excluding those distributors discussed in the immediately preceding paragraph) are recognized and inventory is relieved upon shipment as title to inventories generally transfers upon shipment, at which point the Company has a legally enforceable right to collection under normal terms. Accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location, at which point inventory is relieved, title transfers, and the Company has a legally enforceable right to collection under the terms of our agreement with the related customers. | |
Revenue Recognition, Sales Returns [Policy Text Block] | ' |
The Company estimates potential future returns and sales allowances related to current period product revenue. Management analyzes historical returns, changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances. Estimates made by the Company may differ from actual returns and sales allowances. These differences may materially impact reported revenue and amounts ultimately collected on accounts receivable. Historically, such differences have not been material. | |
Research and Development Costs [Policy Text Block] | ' |
Research and development costs are expensed as incurred. Such costs consist primarily of expenditures for labor and benefits, masks, prototype wafers and depreciation. | |
Shipping Cost [Policy Text Block] | ' |
Shipping costs billed to customers are included in net revenues and the related shipping costs are included in cost of goods sold in the Consolidated Statements of Income. | |
Share-based Compensation [Policy Text Block] | ' |
Stock-based compensation cost is measured at the grant date, based on the fair value of the awards ultimately expected to vest and is recognized as an expense, on a straight-line basis, over the requisite service period. ASC 718 also requires forfeitures to be estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures or vesting differ from those estimates. Such revisions could have a material effect on the Company's operating results. | |
The Company uses the Black-Scholes valuation model to measure the fair value of its stock options utilizing various inputs with respect to expected holding period, risk-free interest rates, stock price volatility and dividend yield.The assumptions the Company uses in the valuation model are based on subjective future expectations combined with management judgment. If any of the assumptions used in the Black-Scholes model changes, stock-based compensation for future awards may differ materially compared to the awards granted previously. | |
Restructuring [Policy Text Block] | ' |
Post-employment benefits accrued for workforce reductions related to restructuring activities in the United States are accounted for under ASC No. 712, Compensation-Nonretirement Postemployment Benefits (“ASC 712”). A liability for post-employment benefits is recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In accordance with ASC No. 420, Exit or Disposal Cost Obligations, generally costs associated with restructuring activities initiated outside the United States have been recognized when they are incurred. | |
The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. | |
Foreign Currency Translations and Remeasurement [Policy Text Block] | ' |
The U.S. dollar is the functional currency for the Company's foreign operations. Using the U.S. dollar as the functional currency, monetary assets and liabilities are remeasured at the year-end exchange rates. Certain non-monetary assets and liabilities are remeasured using historical rates. Statements of Consolidated Income are remeasured at the average exchange rates during the year. Foreign exchange gains and losses as recorded in the Consolidated Statements of Income for all periods presented were not material. | |
Earnings Per Share [Policy Text Block] | ' |
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the stock purchase plan. The number of incremental shares from the assumed issuance of stock options is calculated by applying the treasury stock method. See Note 7: “Earnings Per Share” of these Notes to Consolidated Financial Statements. | |
Litigation and Contingencies [Policy Text Block] | ' |
From time to time, the Company receives notices that its products or manufacturing processes may be infringing the patent or other intellectual property rights of others, notices of stockholder litigation or other lawsuits or claims against the Company. The Company periodically assesses each matter in order to determine if a contingent liability in accordance with ASC 450, should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. The Company expenses legal fees associated with consultations and defense of lawsuits as incurred. Based on the information obtained, combined with management's judgment regarding all of the facts and circumstances of each matter, the Company determines whether a contingent loss is probable and whether the amount of such loss can be estimated. Should a loss be probable and estimable, the Company records a contingent loss in accordance with ASC 450. In determining the amount of a contingent loss, the Company takes into consideration advice received from experts in the specific matter, current status of legal proceedings, settlement negotiations which may be ongoing, prior case history and other factors. Should the judgments and estimates made by management be incorrect, the Company may need to record additional contingent losses that could materially adversely impact its results of operations. Alternatively, if the judgments and estimates made by management are incorrect and a particular contingent loss does not occur, the contingent loss recorded would be reversed thereby favorably impacting the Company's results of operations. | |
Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers and directors, as well as certain former officers and directors. Pursuant to such obligations, the Company has incurred substantial expenses related to legal fees and expenses to certain former officers of the Company subject to civil charges by the SEC in connection with Maxim Integrated's historical stock option granting practices. The Company has also incurred substantial expenses related to legal fees and expenses advanced to certain current and former officers and directors who were defendants in the civil actions described above. The Company expenses such amounts as incurred. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
The Company maintains cash, cash equivalents, and short-term investments with various high credit quality financial institutions, limits the amount of credit exposure to any one financial institution or instrument, and is exposed to credit risk in the event of default by these institutions to the extent of amounts recorded at the balance sheet date. To date, the Company has not incurred losses related to these investments. | |
Concentration of Other Risks [Policy Text Block] | ' |
The semiconductor industry is characterized by rapid technological change, competitive pricing pressures, and cyclical market patterns. The Company's results of operations are affected by a wide variety of factors, including general economic conditions, both in the United States and abroad; economic conditions specific to the semiconductor industry and to the analog and mixed signal portion of that industry; demand for the Company's products; the timely introduction of new products; implementation of new manufacturing technologies; manufacturing capacity; the ability to manufacture efficiently; the availability of materials, supplies, machinery and equipment; competition; the ability to safeguard patents and other intellectual property in a rapidly evolving market; and reliance on assembly and, to a small extent, wafer fabrication subcontractors and on independent distributors and sales representatives. As a result, the Company may experience substantial period-to-period fluctuations in future operating results due to the factors mentioned above or other factors. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Accounts receivables, net consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Accounts Receivable: | (in thousands) | |||||||
Accounts receivable | $ | 313,578 | $ | 299,083 | ||||
Returns and allowances | (17,750 | ) | (13,645 | ) | ||||
$ | 295,828 | $ | 285,438 | |||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Inventories: | (in thousands) | |||||||
Raw materials | $ | 14,774 | $ | 14,055 | ||||
Work-in-process | 188,198 | 184,511 | ||||||
Finished goods | 86,320 | 77,074 | ||||||
$ | 289,292 | $ | 275,640 | |||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment, net, consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Property, plant and equipment: | (in thousands) | |||||||
Land | $ | 62,093 | $ | 62,093 | ||||
Buildings and building improvements | 378,477 | 364,037 | ||||||
Machinery and equipment | 2,134,813 | 2,099,301 | ||||||
2,575,383 | 2,525,431 | |||||||
Less: accumulated depreciation and amortization | (1,243,864 | ) | (1,152,307 | ) | ||||
$ | 1,331,519 | $ | 1,373,124 | |||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | |||||||
Accrued salary and related expenses consist of: | ||||||||
June 28, | June 29, | |||||||
2014 | 2013 | |||||||
Accrued salary and related expenses: | (in thousands) | |||||||
Accrued bonus | $ | 88,192 | $ | 100,534 | ||||
Accrued vacation | 43,528 | 40,286 | ||||||
Accrued salaries | 18,242 | 8,184 | ||||||
Other | 36,770 | 38,966 | ||||||
$ | 186,732 | $ | 187,970 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
As of June 28, 2014 | As of June 29, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Measurements Using | Total Balance | Measurements Using | Total Balance | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Money market funds (1) | $ | 971,868 | $ | — | $ | — | $ | 971,868 | $ | 402,513 | $ | — | $ | — | $ | 402,513 | ||||||||||||||||
Certificates of deposit (1) | — | — | — | — | — | 77 | — | 77 | ||||||||||||||||||||||||
Government agency securities (2) | — | — | — | — | — | 25,060 | — | 25,060 | ||||||||||||||||||||||||
U.S. treasury bills (2) | — | 49,953 | — | 49,953 | — | — | — | — | ||||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 316 | — | 316 | — | 187 | — | 187 | ||||||||||||||||||||||||
Total Assets | $ | 971,868 | $ | 50,269 | $ | — | $ | 1,022,137 | $ | 402,513 | $ | 25,324 | $ | — | $ | 427,837 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts (4) | $ | — | $ | 438 | $ | — | $ | 438 | $ | — | $ | 1,419 | $ | — | $ | 1,419 | ||||||||||||||||
Contingent Consideration (4) | — | — | 3,215 | 3,215 | — | — | 8,577 | 8,577 | ||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 438 | $ | 3,215 | $ | 3,653 | $ | — | $ | 1,419 | $ | 8,577 | $ | 9,996 | ||||||||||||||||
(1) Included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(2) Included in Short-term investments in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(3) Included in Other current assets in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
(4) Included in Accrued expenses in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The tables below present reconciliations for liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended June 28, 2014 and June 29, 2013: | ||||||||||||||||||||||||||||||||
Fair Value Measured and Recorded Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
June 28, | June 29, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Contingent Consideration | (in thousands) | |||||||||||||||||||||||||||||||
Beginning balance | $ | 8,577 | $ | 17,737 | ||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized): | ||||||||||||||||||||||||||||||||
Included in earnings | 1,739 | 4,621 | ||||||||||||||||||||||||||||||
Payments | (7,101 | ) | (13,781 | ) | ||||||||||||||||||||||||||||
Ending balance | $ | 3,215 | $ | 8,577 | ||||||||||||||||||||||||||||
Changes in unrealized losses (gains) included in earnings related to liabilities still held as of period end | $ | 1,739 | $ | 4,621 | ||||||||||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Available-for-sale investments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Fair values were as follows: | ||||||||||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Government agency securities | $ | — | $ | — | $ | — | $ | — | $ | 25,024 | $ | 36 | $ | — | $ | 25,060 | ||||||||||||||||
U.S. treasury bills | 49,853 | 100 | — | 49,953 | — | — | — | — | ||||||||||||||||||||||||
Total available-for-sale investments | $ | 49,853 | $ | 100 | $ | — | $ | 49,953 | $ | 25,024 | $ | 36 | $ | — | $ | 25,060 | ||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term debt: | ||||||||||||||||||||||||||||||||
June 28, | June 29, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
2.5% fixed rate notes due November 2018 | $ | 500,000 | $ | — | ||||||||||||||||||||||||||||
3.375% fixed rate notes due March 2023 | 500,000 | 500,000 | ||||||||||||||||||||||||||||||
Notes denominated in Euro | ||||||||||||||||||||||||||||||||
Amortizing floating rate notes (EURIBOR plus 1.5%) due up to June 30, 2014 | 372 | 784 | ||||||||||||||||||||||||||||||
Term fixed rate notes (2.0%-2.5%) due up to September 2015 | 1,026 | 4,804 | ||||||||||||||||||||||||||||||
Total | 1,001,398 | 505,588 | ||||||||||||||||||||||||||||||
Less: Current portion | (372 | ) | (2,015 | ) | ||||||||||||||||||||||||||||
Total long-term debt | $ | 1,001,026 | $ | 503,573 | ||||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||
The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Consolidated Statements of Income for fiscal years 2014, 2013 and 2012: | ||||||||||||||||
For the Year Ended | ||||||||||||||||
June 28, | ||||||||||||||||
2014 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 1,650 | $ | 8,466 | $ | 2,132 | $ | 12,248 | ||||||||
Research and development | 8,676 | 31,548 | 5,452 | 45,676 | ||||||||||||
Selling, general and administrative | 5,486 | 19,734 | 2,308 | 27,528 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 15,812 | $ | 59,748 | $ | 9,892 | $ | 85,452 | ||||||||
Less: income tax effect | 15,245 | |||||||||||||||
Net stock-based compensation expense | $ | 70,207 | ||||||||||||||
For the Year Ended | ||||||||||||||||
June 29, | ||||||||||||||||
2013 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 1,532 | $ | 8,862 | $ | 2,210 | $ | 12,604 | ||||||||
Research and development | 7,230 | 31,475 | 5,441 | 44,146 | ||||||||||||
Selling, general and administrative | 5,331 | 19,523 | 2,204 | 27,058 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 14,093 | $ | 59,860 | $ | 9,855 | $ | 83,808 | ||||||||
Less: income tax effect | 14,745 | |||||||||||||||
Net stock-based compensation expense | $ | 69,063 | ||||||||||||||
For the Year Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2012 | ||||||||||||||||
Stock Options | Restricted Stock Units | Employee Stock Purchase Plan | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Cost of goods sold | $ | 2,014 | $ | 9,387 | $ | 1,738 | $ | 13,139 | ||||||||
Research and development | 7,844 | 35,699 | 5,525 | 49,068 | ||||||||||||
Selling, general and administrative | 6,436 | 19,493 | 1,731 | 27,660 | ||||||||||||
Pre-tax stock-based compensation expense | $ | 16,294 | $ | 64,579 | $ | 8,994 | $ | 89,867 | ||||||||
Less: income tax effect | 20,215 | |||||||||||||||
Net stock-based compensation expense | $ | 69,652 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The fair value of ESPP granted to employees in fiscal years 2014, 2013 and 2012 has been estimated at the date of grant using the Black-Scholes option valuation model and the following weighted-average assumptions: | ||||||||||||||||
ESPP For the Year Ended | ||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected holding period (in years) | 0.5 | 0.5 | 0.5 | |||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||
Expected stock price volatility | 20.7 | % | 24 | % | 25 | % | ||||||||||
Dividend yield | 3.4 | % | 3.1 | % | 3.2 | % | ||||||||||
The fair value of options granted to employees in fiscal years 2014, 2013 and 2012 has been estimated at the date of grant using the Black-Scholes option valuation model and the following weighted-average assumptions: | ||||||||||||||||
Stock Options For the Year Ended (1) | ||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Expected holding period (in years) | 5.3 | 5.3 | 5.1 | |||||||||||||
Risk-free interest rate | 1.4 | % | 0.7 | % | 1.2 | % | ||||||||||
Expected stock price volatility | 34.6 | % | 37.7 | % | 36.9 | % | ||||||||||
Dividend yield | 3.2 | % | 3.3 | % | 3.2 | % | ||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | ' | |||||||||||||||
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of June 28, 2014 and their activity during fiscal years 2014, 2013 and 2012: | ||||||||||||||||
Options | Weighted Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (1) | ||||||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||||||||
Balance at June 25, 2011 | 28,332,486 | $25.62 | ||||||||||||||
Options Granted | 3,353,017 | 23.14 | ||||||||||||||
Options Exercised | (2,843,444 | ) | 16.55 | |||||||||||||
Options Cancelled | (4,607,065 | ) | 31.62 | |||||||||||||
Balance at June 30, 2012 | 24,234,994 | 25.2 | ||||||||||||||
Options Granted | 2,788,088 | 27.47 | ||||||||||||||
Options Exercised | (3,919,847 | ) | 18.17 | |||||||||||||
Options Cancelled | (3,021,896 | ) | 31.1 | |||||||||||||
Balance at June 29, 2013 | 20,081,339 | 26 | ||||||||||||||
Options Granted | 2,965,544 | 28.44 | ||||||||||||||
Volterra substitute options granted | 673,185 | 22.26 | ||||||||||||||
Options Exercised | (3,568,775 | ) | 18.6 | |||||||||||||
Options Cancelled | (3,987,649 | ) | 34.86 | |||||||||||||
Balance at June 28, 2014 | 16,163,644 | 25.74 | 3.7 | $ | 156,104,454 | |||||||||||
Exercisable at June 28, 2014 | 7,223,798 | $26.39 | 1.9 | $ | 71,554,178 | |||||||||||
Vested and expected to vest, June 28, 2014 | 15,252,343 | $25.67 | 3.6 | $ | 148,801,725 | |||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||
The following table summarizes information about stock options that were outstanding and exercisable at June 28, 2014: | ||||||||||||||||
Outstanding Options | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | |||||||||||
Outstanding at | Remaining | Average | Exercisable at | Average | ||||||||||||
28-Jun-14 | Contractual Term | Exercise | 28-Jun-14 | Exercise | ||||||||||||
(In years) | Price | Price | ||||||||||||||
$12.00 - $20.00 | 4,607,191 | 2.7 | $16.32 | 3,413,183 | $16.06 | |||||||||||
$20.01 - $30.00 | 8,410,759 | 5.1 | $26.24 | 858,901 | $25.47 | |||||||||||
$30.01 - $40.00 | 1,972,293 | 1.9 | $36.37 | 1,778,313 | $36.85 | |||||||||||
$40.01 - $51.00 | 1,173,401 | 0.5 | $41.25 | 1,173,401 | $41.25 | |||||||||||
16,163,644 | 7,223,798 | |||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | ' | |||||||||||||||
The following table summarizes outstanding and expected to vest RSUs as of June 28, 2014 and their activity during fiscal years 2014, 2013 and 2012: | ||||||||||||||||
Number of | Weighted Average Remaining Contractual Term | Aggregate | ||||||||||||||
Shares | (In years) | Intrinsic | ||||||||||||||
Value (1) | ||||||||||||||||
Balance at June 25, 2011 | 10,000,738 | |||||||||||||||
Restricted stock units granted | 3,645,864 | |||||||||||||||
Restricted stock units released | (3,433,989 | ) | ||||||||||||||
Restricted stock units cancelled | (1,289,159 | ) | ||||||||||||||
Balance at June 30, 2012 | 8,923,454 | |||||||||||||||
Restricted stock units granted | 3,074,466 | |||||||||||||||
Restricted stock units released | (3,097,369 | ) | ||||||||||||||
Restricted stock units cancelled | (935,019 | ) | ||||||||||||||
Balance at June 29, 2013 | 7,965,532 | |||||||||||||||
Restricted stock units granted | 3,233,300 | |||||||||||||||
Volterra substitute restricted stock units granted | 418,955 | |||||||||||||||
Restricted stock units released | (2,904,787 | ) | ||||||||||||||
Restricted stock units cancelled | (1,017,869 | ) | ||||||||||||||
Balance at June 28, 2014 | 7,695,131 | 2.6 | $ | 276,548,336 | ||||||||||||
Expected to vest at June 28, 2014 | 7,034,280 | 2.6 | $ | 243,667,458 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Numerator for basic earnings per share and diluted earnings per share | ||||||||||||
Income from continuing operations | $ | 354,810 | $ | 452,309 | $ | 354,918 | ||||||
Income from discontinued operations, net of tax | — | 2,603 | 31,809 | |||||||||
Net income | $ | 354,810 | $ | 454,912 | $ | 386,727 | ||||||
Denominator for basic earnings per share | 283,344 | 291,835 | 292,810 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options, ESPP and RSUs | 5,764 | 6,761 | 7,192 | |||||||||
Denominator for diluted earnings per share | 289,108 | 298,596 | 300,002 | |||||||||
Earnings per share: Basic | ||||||||||||
From continuing operations | $ | 1.25 | $ | 1.55 | $ | 1.21 | ||||||
From discontinued operations | — | 0.01 | 0.11 | |||||||||
Basic | $ | 1.25 | $ | 1.56 | $ | 1.32 | ||||||
Earnings per share: Diluted | ||||||||||||
From continuing operations | $ | 1.23 | $ | 1.51 | $ | 1.18 | ||||||
From discontinued operations | — | 0.01 | 0.11 | |||||||||
Diluted | $ | 1.23 | $ | 1.52 | $ | 1.29 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of goodwill [Table Text Block] | ' | |||||||||||||||||||||||
Activity and goodwill balances for the years ended June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 423,073 | ||||||||||||||||||||||
Divestiture | (79 | ) | ||||||||||||||||||||||
Adjustments | (990 | ) | ||||||||||||||||||||||
Balance at June 29, 2013 | 422,004 | |||||||||||||||||||||||
Acquisitions | 175,443 | |||||||||||||||||||||||
Adjustments | (810 | ) | ||||||||||||||||||||||
Balance at June 28, 2014 | $ | 596,637 | ||||||||||||||||||||||
Useful lives of definite lived intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The useful lives of amortizing intangible assets are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
Intellectual property | 3 months-10 years | |||||||||||||||||||||||
Customer relationships | 5-10 years | |||||||||||||||||||||||
Trade name | 3-4 years | |||||||||||||||||||||||
Backlog | 4 months | |||||||||||||||||||||||
Patents | 5 years | |||||||||||||||||||||||
Schedule of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||
June 28, 2014 | June 29, 2013 | |||||||||||||||||||||||
Original | Accumulated Amortization | Net | Original | Accumulated Amortization | Net | |||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Intellectual property | $ | 435,962 | $ | 201,581 | $ | 234,381 | $ | 230,562 | $ | 136,870 | $ | 93,692 | ||||||||||||
Customer relationships | 120,230 | 69,064 | 51,166 | 95,230 | 54,308 | 40,922 | ||||||||||||||||||
Backlog | 1,000 | 1,000 | — | 6,400 | 6,400 | — | ||||||||||||||||||
Trade name | 8,500 | 3,269 | 5,231 | 2,100 | 1,950 | 150 | ||||||||||||||||||
Patent | 2,500 | 386 | 2,114 | — | — | — | ||||||||||||||||||
Total amortizable purchased intangible assets | 568,192 | 275,300 | 292,892 | 334,292 | 199,528 | 134,764 | ||||||||||||||||||
IPR&D | 68,102 | — | 68,102 | 22,382 | — | 22,382 | ||||||||||||||||||
Total purchased intangible assets | $ | 636,294 | $ | 275,300 | $ | 360,994 | $ | 356,674 | $ | 199,528 | $ | 157,146 | ||||||||||||
Allocated amortization expense of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the amortization expense of intangible assets and its presentation in the Consolidated Statements of Income: | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
June 28, | June 29, | June 30, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Cost of goods sold | $ | 64,483 | $ | 33,994 | $ | 36,693 | ||||||||||||||||||
Intangible asset amortization | 17,690 | 15,525 | 16,737 | |||||||||||||||||||||
Total intangible asset amortization expenses | $ | 82,173 | $ | 49,519 | $ | 53,430 | ||||||||||||||||||
Estimated future amortization expense of intangible assets [Table Text Block] | ' | |||||||||||||||||||||||
The following table represents the estimated future amortization expense of intangible assets as of June 28, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2015 | $ | 90,443 | ||||||||||||||||||||||
2016 | 74,454 | |||||||||||||||||||||||
2017 | 61,782 | |||||||||||||||||||||||
2018 | 41,927 | |||||||||||||||||||||||
2019 | 13,277 | |||||||||||||||||||||||
Thereafter | 11,009 | |||||||||||||||||||||||
Total intangible assets | $ | 292,892 | ||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||
Jun. 28, 2014 | Jun. 30, 2012 | |||||||||||||||||
Acquisition [Abstract] | ' | ' | ||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ' | ||||||||||||||||
The total purchase price for Volterra was approximately $615 million and was comprised of: | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Cash consideration for 100% of outstanding common stock of Volterra at $23 per share | $ | 593,250 | ||||||||||||||||
Cash consideration for vested options settlement | 21,756 | |||||||||||||||||
Total preliminary purchase price | $ | 615,006 | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ' | ||||||||||||||||
The preliminary purchase price allocation as of the date of the acquisition is set forth in the table below and reflects various fair value estimates and analysis. These estimates were determined through established and generally accepted valuation techniques, including preliminary work performed by third-party valuation specialists, and are subject to change during the purchase price allocation period (up to one year from the acquisition date) as valuations are finalized. | Aggregate purchase price allocation for acquisitions made by Maxim Integrated during fiscal year 2012 is as follows: | |||||||||||||||||
Volterra | SensorDynamics | Other acquisitions | Total | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Cash and cash equivalents and short-term investments | $ | 163,500 | Tangible assets | $ | 18,692 | $ | 1,159 | $ | 19,851 | |||||||||
Accounts receivable | 23,453 | Debt assumed | (29,078 | ) | — | (29,078 | ) | |||||||||||
Inventories | 33,339 | Other liabilities assumed | (37,559 | ) | (4,729 | ) | (42,288 | ) | ||||||||||
Net liabilities assumed | (47,945 | ) | (3,570 | ) | (51,515 | ) | ||||||||||||
Other tangible assets | 17,151 | Amortizable intangible assets | 20,900 | 17,840 | 38,740 | |||||||||||||
Accrued expenses | (35,343 | ) | IPR&D | 19,600 | — | 19,600 | ||||||||||||
Income taxes payable | (23,241 | ) | ||||||||||||||||
Other liabilities assumed | (20,149 | ) | Goodwill (1) | 130,594 | 38,392 | 168,986 | ||||||||||||
Net tangible assets | 158,710 | |||||||||||||||||
Total purchase price (1) | $ | 123,149 | $ | 52,662 | $ | 175,811 | ||||||||||||
Amortizable intangible assets | 226,900 | |||||||||||||||||
(1) Includes $11.4 million of contingent consideration relating to the other acquisitions discussed further below. | ||||||||||||||||||
IPR&D | 56,200 | |||||||||||||||||
Goodwill | 174,894 | |||||||||||||||||
Substitution of stock-based compensation awards | (1,698 | ) | ||||||||||||||||
Total purchase price | $ | 615,006 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ' | ||||||||||||||||
The amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives as follows: | The following table presents details of the Company's intangible assets acquired through business combinations completed during fiscal year 2012 (in thousands, except years): | |||||||||||||||||
Volterra acquisition | Fiscal Year 2012 Acquisitions | |||||||||||||||||
Fair value | Weighted average useful life (in years) | SensorDynamics | Other acquisitions | |||||||||||||||
( in thousands) | Fair value | Weighted average useful life (in years) | Fair value | Weighted average useful life (in years) | ||||||||||||||
Intellectual property | $ | 192,500 | 4.9 | ( in thousands) | ( in thousands) | |||||||||||||
Intellectual property | $ | 16,400 | 7 | $ | 15,340 | 9.2 | ||||||||||||
Customer relationships | 24,600 | 9.6 | ||||||||||||||||
Customer relationships | 4,100 | 7 | 2,500 | 3 | ||||||||||||||
Trade name | 6,400 | 4 | ||||||||||||||||
Trade name | 400 | 3 | — | 0 | ||||||||||||||
Backlog | 900 | 0.4 | ||||||||||||||||
Total amortizable intangible assets | $ | 20,900 | $ | 17,840 | ||||||||||||||
Patents | 2,500 | 4.8 | ||||||||||||||||
Total amortizable intangible assets | $ | 226,900 | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Revenue from External Customers by Geographical Areas [Table Text Block] | ' | |||||||||||
Net revenues from unaffiliated customers by geographic region were as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
United States | $ | 320,282 | $ | 283,807 | $ | 287,174 | ||||||
China | 997,706 | 996,108 | 1,040,833 | |||||||||
Japan | 151,840 | 132,397 | 149,770 | |||||||||
Korea | 144,838 | 235,879 | 201,819 | |||||||||
Vietnam | 185,293 | 234,989 | 133,779 | |||||||||
Rest of Asia | 266,349 | 196,559 | 222,857 | |||||||||
Europe | 324,867 | 294,998 | 302,373 | |||||||||
Rest of World | 62,488 | 66,722 | 64,924 | |||||||||
$ | 2,453,663 | $ | 2,441,459 | $ | 2,403,529 | |||||||
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | ' | |||||||||||
Net long-lived assets by geographic region were as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
United States | $ | 1,035,699 | $ | 1,058,579 | ||||||||
Philippines | 172,823 | 183,671 | ||||||||||
Rest of World | 122,997 | 130,874 | ||||||||||
$ | 1,331,519 | $ | 1,373,124 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Future Annual Minimum Payments Related to Commitments [Table Text Block] | ' | |||||||||||||||||||||||||||
Future annual minimum payments for all commitments are as follows: | ||||||||||||||||||||||||||||
Payment due by period | ||||||||||||||||||||||||||||
Total | Fiscal year 2015 | Fiscal year | Fiscal year | Fiscal year | Fiscal year | Thereafter | ||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||
Contractual Obligations | (in thousands) | |||||||||||||||||||||||||||
Operating lease obligations (1) | $ | 35,051 | $ | 10,593 | $ | 8,462 | $ | 7,361 | $ | 5,012 | $ | 1,528 | $ | 2,096 | ||||||||||||||
Software license | 4,038 | 4,038 | — | — | — | — | — | |||||||||||||||||||||
Long-term debt obligations (2) | 1,001,398 | 372 | 1,026 | — | — | 500,000 | 500,000 | |||||||||||||||||||||
Interest payments associated with long-term debt obligations (3) | 201,842 | 29,397 | 29,381 | 29,375 | 29,375 | 21,736 | 62,578 | |||||||||||||||||||||
Capital equipment and inventory related purchase obligations (4) | 21,740 | 3,111 | 2,739 | 2,749 | 2,795 | 2,843 | 7,503 | |||||||||||||||||||||
Total | $ | 1,264,069 | $ | 47,511 | $ | 41,608 | $ | 39,485 | $ | 37,182 | $ | 526,107 | $ | 572,177 | ||||||||||||||
(1) The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2025. | ||||||||||||||||||||||||||||
(2) Long-term debt represents amounts primarily due for the Company's long-term notes. | ||||||||||||||||||||||||||||
(3) Interest payments associated with the Company's long-term notes. | ||||||||||||||||||||||||||||
(4) Capital equipment purchase obligations represent commitments for purchase of property, plant and equipment. The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. | ||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||||||||||||||||||
The changes in the Company's aggregate product warranty liabilities for the fiscal year ended June 28, 2014 were as follows: | ||||||||||||||||||||||||||||
June 28, | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Product warranty liability at June 29, 2013 | $ | 3,075 | ||||||||||||||||||||||||||
Accruals assumed from acquisition | 15,443 | |||||||||||||||||||||||||||
Accruals for warranties | 19,818 | |||||||||||||||||||||||||||
Payments | (16,189 | ) | ||||||||||||||||||||||||||
Changes in estimate | (851 | ) | ||||||||||||||||||||||||||
Product warranty liability at June 28, 2014 | $ | 21,296 | ||||||||||||||||||||||||||
Current portion at June 28, 2014 | 12,696 | |||||||||||||||||||||||||||
Non-current portion June 28, 2014 | $ | 8,600 | ||||||||||||||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects in the year ended June 28, 2014 were as follows: | ||||||||||||||||||||||||
(in thousands) | Unrealized gain (loss) on intercompany receivables | Unrealized gain (loss) on post-retirement benefits | Cumulative translation adjustment | Unrealized gain (loss) on cash flow hedges | Unrealized gain (loss) on available-for-sale securities | Total | ||||||||||||||||||
29-Jun-13 | $ | (7,401 | ) | $ | (5,838 | ) | $ | (1,527 | ) | $ | (1,004 | ) | $ | 23 | $ | (15,747 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | (7,244 | ) | — | (237 | ) | 64 | (7,417 | ) | |||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss) | — | 1,435 | 391 | 1,425 | — | 3,251 | ||||||||||||||||||
Tax effects | 1,648 | 1,274 | — | (195 | ) | 13 | 2,740 | |||||||||||||||||
Other comprehensive income (loss) | 1,648 | (4,535 | ) | 391 | 993 | 77 | (1,426 | ) | ||||||||||||||||
28-Jun-14 | $ | (5,753 | ) | $ | (10,373 | ) | $ | (1,136 | ) | $ | (11 | ) | $ | 100 | $ | (17,173 | ) | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
Pretax income from continuing operations is as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic pre-tax income | $ | 87,630 | $ | 69,680 | $ | 184,414 | ||||||
Foreign pre-tax income | 321,596 | 500,599 | 348,319 | |||||||||
Total | $ | 409,226 | $ | 570,279 | $ | 532,733 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The provision for income taxes from continuing operations consisted of the following: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Federal | ||||||||||||
Current | $ | 93,012 | $ | 84,996 | $ | 143,903 | ||||||
Deferred | (42,875 | ) | 13,207 | 16,767 | ||||||||
State | ||||||||||||
Current | 2,676 | 322 | 2,877 | |||||||||
Deferred | (1,465 | ) | 3,574 | 3,523 | ||||||||
Foreign | ||||||||||||
Current | 6,692 | 17,228 | 14,757 | |||||||||
Deferred | (3,624 | ) | (1,357 | ) | (4,012 | ) | ||||||
Total provision for income taxes | $ | 54,416 | $ | 117,970 | $ | 177,815 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The provision for income taxes for continuing operations differs from the amount computed by applying the statutory rate as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | June 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of federal benefit | 0.1 | 0.6 | 1.1 | |||||||||
General business credits | (0.9 | ) | (2.0 | ) | (0.5 | ) | ||||||
Effect of foreign operations | (19.1 | ) | (16.5 | ) | (3.9 | ) | ||||||
Stock-based compensation | 3.9 | 2.7 | 2.3 | |||||||||
Fixed assets federal tax basis adjustments | (8.4 | ) | — | — | ||||||||
Interest accrual for unrecognized tax benefits | 1.1 | 0.8 | 0.6 | |||||||||
Other | 1.6 | 0.1 | (1.2 | ) | ||||||||
Income tax rate | 13.3 | % | 20.7 | % | 33.4 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company's deferred tax assets and liabilities are as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Distributor related accruals and sales return and allowance accruals | $ | 14,246 | $ | 12,847 | ||||||||
Accrued compensation | 42,300 | 44,540 | ||||||||||
Stock-based compensation | 31,609 | 47,357 | ||||||||||
Net operating loss carryovers | 48,318 | 41,183 | ||||||||||
Tax credit carryovers | 51,458 | 45,854 | ||||||||||
Other reserves and accruals not currently deductible for tax purposes | 22,019 | 16,390 | ||||||||||
Other | 16,879 | 14,243 | ||||||||||
Total deferred tax assets | $ | 226,829 | $ | 222,414 | ||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets and intangible assets cost recovery, net | (214,393 | ) | (258,717 | ) | ||||||||
Other | (11,424 | ) | (12,753 | ) | ||||||||
Net deferred tax assets /(liabilities) before valuation allowance | 1,012 | (49,056 | ) | |||||||||
Valuation allowance | (84,673 | ) | (72,898 | ) | ||||||||
Net deferred tax assets/(liabilities) | $ | (83,661 | ) | $ | (121,954 | ) | ||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
A reconciliation of the change in gross unrecognized tax benefits, excluding interest, penalties and the federal benefit for state unrecognized tax benefits, is as follows: | ||||||||||||
For the Year Ended | ||||||||||||
June 28, | June 29, | |||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Balance as of beginning of year | $ | 302,904 | $ | 228,907 | ||||||||
Tax positions related to current year: | ||||||||||||
Addition | 58,035 | 61,359 | ||||||||||
Tax positions related to prior year: | ||||||||||||
Addition | 300 | 12,638 | ||||||||||
Current year acquisitions | 39,566 | — | ||||||||||
Reduction | (586 | ) | — | |||||||||
Settlements | (496 | ) | — | |||||||||
Lapses in statutes of limitations | (2,958 | ) | — | |||||||||
Balance as of end of year | $ | 396,765 | $ | 302,904 | ||||||||
Summary of Income Tax Examinations [Table Text Block] | ' | |||||||||||
A summary of the fiscal tax years that remain subject to examination, as of June 28, 2014, for the Company's major tax jurisdictions are as follows: | ||||||||||||
United States - Federal | 2009 | - | Forward | |||||||||
United States - Various States | 2009 | - | Forward | |||||||||
Ireland | 2010 | - | Forward | |||||||||
Japan | 2008 | - | Forward | |||||||||
Philippines | 2011 | - | Forward | |||||||||
Singapore | 2010 | - | Forward | |||||||||
Thailand | 2005 | - | Forward | |||||||||
United Kingdom | 2012 | - | Forward |
Benefits_Tables
Benefits (Tables) | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | |||||||||||||||
Medical Expense & Funded Status Reconciliation | ||||||||||||||||
June 29, | Fiscal Year 2014 Expense | June 28, 2014 | Estimated Fiscal Year 2015 Expense | |||||||||||||
2013 | ||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||
Accumulated Postretirement Benefit Obligation [APBO]: | ||||||||||||||||
Retirees and beneficiaries | $ | (18,162 | ) | $ | (21,602 | ) | ||||||||||
Active participants | (2,128 | ) | (2,626 | ) | ||||||||||||
Funded status | $ | (20,290 | ) | $ | (24,228 | ) | ||||||||||
Actuarial gain (loss) | $ | (2,369 | ) | $ | (3,819 | ) | ||||||||||
Prior service cost | — | — | ||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | ||||||||||||||||
Net actuarial loss | $ | 5,500 | $ | 8,863 | ||||||||||||
Prior service cost | 2,744 | 2,387 | ||||||||||||||
Total | $ | 8,244 | $ | 11,250 | ||||||||||||
Net Periodic Postretirement Benefit Cost/(Income): | ||||||||||||||||
Interest cost | 858 | 1,002 | ||||||||||||||
Amortization: | ||||||||||||||||
Prior service cost | 356 | 356 | ||||||||||||||
Net actuarial loss (1) | 457 | 961 | ||||||||||||||
Total net periodic postretirement benefit cost | $ | 1,671 | $ | 2,319 | ||||||||||||
Employer contributions | $ | 738 | $ | 749 | ||||||||||||
Economic Assumptions: | ||||||||||||||||
Discount rate | 4.30% | 4.20% | ||||||||||||||
Medical trend | 8.5% -5% | 8.0% -5% | ||||||||||||||
(1) Unrecognized losses are amortized over average remaining service period of active participants of 6.7 years at June 28, 2014. | ||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||
The following benefit payments are expected to be paid: | ||||||||||||||||
Non-Pension Benefits | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 749 | ||||||||||||||
2016 | 809 | |||||||||||||||
2017 | 858 | |||||||||||||||
2018 | 907 | |||||||||||||||
2019 | 961 | |||||||||||||||
Thereafter | 19,944 | |||||||||||||||
$ | 24,228 | |||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
Quarter Ended | ||||||||||||||||
Fiscal Year 2014 | 6/28/14 | 3/29/14 | 12/28/13 | 9/28/13 | ||||||||||||
(in thousands, except percentages and per share data) | ||||||||||||||||
Net revenues | $ | 642,467 | $ | 605,681 | $ | 620,274 | $ | 585,241 | ||||||||
Cost of goods sold | 273,507 | 265,744 | 291,602 | 238,045 | ||||||||||||
Gross margin | $ | 368,960 | $ | 339,937 | $ | 328,672 | $ | 347,196 | ||||||||
Gross margin % | 57.4 | % | 56.1 | % | 53 | % | 59.3 | % | ||||||||
Operating income | $ | 116,550 | $ | 106,738 | $ | 70,394 | $ | 128,609 | ||||||||
% of net revenues | 18.1 | % | 17.6 | % | 11.3 | % | 22 | % | ||||||||
Net income | $ | 84,793 | $ | 122,544 | $ | 44,353 | $ | 103,120 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.3 | $ | 0.43 | $ | 0.16 | $ | 0.36 | ||||||||
Diluted | $ | 0.29 | $ | 0.42 | $ | 0.15 | $ | 0.36 | ||||||||
Shares used in the calculation of earnings per share: | ||||||||||||||||
Basic | 283,431 | 282,627 | 282,664 | 284,654 | ||||||||||||
Diluted | 289,487 | 288,575 | 288,565 | 290,260 | ||||||||||||
Dividends declared and paid per share | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.26 | ||||||||
Quarter Ended | ||||||||||||||||
Fiscal Year 2013 | 6/29/13 | 3/30/13 | 12/29/12 | 9/29/12 | ||||||||||||
(in thousands, except percentages and per share data) | ||||||||||||||||
Net revenues | $ | 608,194 | $ | 604,884 | $ | 605,306 | $ | 623,075 | ||||||||
Cost of goods sold | 236,795 | 228,782 | 241,931 | 237,384 | ||||||||||||
Gross margin | $ | 371,399 | $ | 376,102 | $ | 363,375 | $ | 385,691 | ||||||||
Gross margin % | 61.1 | % | 62.2 | % | 60 | % | 61.9 | % | ||||||||
Operating income | $ | 151,090 | $ | 154,278 | $ | 117,548 | $ | 165,403 | ||||||||
% of net revenues | 24.8 | % | 25.5 | % | 19.4 | % | 26.5 | % | ||||||||
Income from continuing operations | $ | 119,014 | $ | 128,785 | $ | 76,622 | $ | 127,888 | ||||||||
Income from discontinued operations | — | 2,603 | — | — | ||||||||||||
Net income | $ | 119,014 | $ | 131,388 | $ | 76,622 | $ | 127,888 | ||||||||
Earnings per share: basic | ||||||||||||||||
From continuing operations | $ | 0.41 | $ | 0.44 | $ | 0.26 | $ | 0.44 | ||||||||
From discontinued operations | — | 0.01 | — | — | ||||||||||||
Basic | $ | 0.41 | $ | 0.45 | $ | 0.26 | $ | 0.44 | ||||||||
Earnings per share: diluted | ||||||||||||||||
From continuing operations | $ | 0.4 | $ | 0.43 | $ | 0.26 | $ | 0.43 | ||||||||
From discontinued operations | — | 0.01 | — | — | ||||||||||||
Diluted | $ | 0.4 | $ | 0.44 | $ | 0.26 | $ | 0.43 | ||||||||
Shares used in the calculation of earnings per share: | ||||||||||||||||
Basic | 290,146 | 292,888 | 292,075 | 292,213 | ||||||||||||
Diluted | 296,756 | 300,082 | 298,759 | 298,782 | ||||||||||||
Dividends declared and paid per share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.24 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Fiscal year duration range | '52-to-53-week | ' | ' |
Frequency of 53-week fiscal year | 'fifth or sixth year | ' | ' |
Number of weeks in current fiscal year | 'P52W | 'P52W | 'P53W |
Derivative remaining maturity | '6 months | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 28, 2014 | |
Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment minimium useful life (in years) | '40 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment minimium useful life (in years) | '2 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment minimium useful life (in years) | '15 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Revenue Recognition (Details) (USD $) | 12 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 25, 2011 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Revenue from Related Parties | $68,100,000 | $57,700,000 | $72,300,000 | ' |
Allowance for Sales Returns [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Returns and allowances reserve | 16,169,000 | 12,418,000 | 11,374,000 | 15,992,000 |
Estimated returns and allowances against revenues | 75,346,000 | 65,651,000 | 60,989,000 | ' |
Valuation Allowances and Reserves, Deductions | $71,595,000 | $64,607,000 | $65,607,000 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Concentration of Credit Risk (Details) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Avnet Electronics [Member] | Net sales revenue [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 17.00% | 14.00% | 13.00% |
Avnet Electronics [Member] | Accounts receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 15.00% | 14.00% | ' |
Samsung [Member] | Net sales revenue [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 20.00% | 28.00% | 20.00% |
Samsung [Member] | Accounts receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 20.00% | 24.00% | ' |
No other customer [Member] | Net sales revenue [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 10.00% | ' | ' |
No other customer [Member] | Accounts receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 10.00% | ' | ' |
Distributors [Member] | Net sales revenue [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk | 36.00% | ' | ' |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Accounts receivable, net: | ' | ' | ' |
Accounts receivable | $313,578,000 | $299,083,000 | ' |
Allowance for doubtful accounts receivalbe, current | -17,750,000 | -13,645,000 | ' |
Accounts receivable, net | 295,828,000 | 285,438,000 | ' |
Inventory: | ' | ' | ' |
Raw materials | 14,774,000 | 14,055,000 | ' |
Work-in-process | 188,198,000 | 184,511,000 | ' |
Finished goods | 86,320,000 | 77,074,000 | ' |
Inventory, Net | 289,292,000 | 275,640,000 | ' |
Property and equipment: | ' | ' | ' |
Land | 62,093,000 | 62,093,000 | ' |
Buildings and building improvements | 378,477,000 | 364,037,000 | ' |
Machinery and equipment | 2,134,813,000 | 2,099,301,000 | ' |
Property, plant and equipment, gross | 2,575,383,000 | 2,525,431,000 | ' |
Less accumulated depreciation | -1,243,864,000 | -1,152,307,000 | ' |
Property, plant and equipment, net | 1,331,519,000 | 1,373,124,000 | ' |
Depreciation expense | 160,700,000 | 156,200,000 | 155,400,000 |
Employee-related Liabilities, net | ' | ' | ' |
Accrued Bonuses | 88,192,000 | 100,534,000 | ' |
Accrued Vacation | 43,528,000 | 40,286,000 | ' |
Accrued Salaries | 18,242,000 | 8,184,000 | ' |
Other Employee Related Liabilities, Current | 36,770,000 | 38,966,000 | ' |
Employee-related Liabilities, Current | $186,732,000 | $187,970,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 25, 2011 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Fair Value, Assets and Liabilities Class [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Certificates of Deposit [Member] | Government agency securities [Member] | Government agency securities [Member] | Government agency securities [Member] | Government agency securities [Member] | Government agency securities [Member] | Government agency securities [Member] | Government agency securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Foreign currency forward contracts [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | ||||||||||||||||||||||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fari Value Measurements Using Level 1 [Member] | Fari Value Measurements Using Level 1 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 2 [Member] | Fair Value Measurements Using Level 3 [Member] | Fair Value Measurements Using Level 3 [Member] | ||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Cash and cash equivalents, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $971,868,000 | [1] | $402,513,000 | [1] | $971,868,000 | $402,513,000 | [1] | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Cash and cash equivalents, at carrying value | 1,322,472,000 | 1,174,986,000 | 881,060,000 | 962,541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 77,000 | [1] | 0 | 0 | 0 | 77,000 | [1] | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Available-for-sale securities, fair value disclosure | 49,953,000 | 25,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 25,060,000 | [2] | 0 | 0 | 0 | 25,060,000 | [2] | 0 | 49,953,000 | [2] | 0 | [2] | 0 | 0 | 49,953,000 | 0 | [2] | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Foreign currency contract, asset, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 316,000 | [3] | 187,000 | [3] | 0 | 0 | 316,000 | 187,000 | [3] | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Assets, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | 1,022,137,000 | 427,837,000 | 971,868,000 | 402,513,000 | 50,269,000 | 25,324,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Foreign currency contract, liability, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,000 | [4] | 1,419,000 | [4] | 0 | 0 | 438,000 | 1,419,000 | [4] | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Business Acquisition, Contingent Consideration, at Fair Value, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,215,000 | [4] | 8,577,000 | [4] | 0 | 0 | 0 | 0 | 3,215,000 | 8,577,000 | [4] | |||||||||||||||
Liabilities, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | 3,653,000 | 9,996,000 | 0 | 0 | 438,000 | 1,419,000 | 3,215,000 | 8,577,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | ' | 3,215,000 | 8,577,000 | 17,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | ' | ' | ' | ' | 1,739,000 | 4,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Business acquisition,cash paid for contingent consideration | ' | ' | ' | ' | -7,101,000 | -13,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Other Income | ' | ' | ' | ' | $1,739,000 | $4,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
[1] | Included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included in Short-term investments in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included in Other current assets in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Included in Accrued expenses in the accompanying Consolidated Balance Sheets. |
Financial_Instruments_Shortter
Financial Instruments, Short-term Investments (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ' | ' |
Amortized Cost Basis | $49,853 | $25,024 |
Gross Unrealized Gains | 100 | 36 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 49,953 | 25,060 |
Government agency securities [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized Cost Basis | 0 | 25,024 |
Gross Unrealized Gains | 0 | 36 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 0 | 25,060 |
US Treasury Securities [Member] | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized Cost Basis | 49,853 | 0 |
Gross Unrealized Gains | 100 | 0 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | $49,953 | $0 |
Financial_Instruments_Balance_
Financial Instruments, Balance Sheet Location (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Millions, unless otherwise specified | ||
Forward contracts held to purchase U.S. dollars [Member] | Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of total derivatives | $60.60 | $53.80 |
Forward contracts held to purchase U.S. dollars [Member] | Not designated as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of total derivatives | 31.4 | 15 |
Forward contracts held to sell U.S. dollars [Member] | Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of total derivatives | 0.8 | 3.2 |
Forward contracts held to sell U.S. dollars [Member] | Not designated as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount of total derivatives | $48.90 | $36.50 |
Financial_Instruments_Longterm
Financial Instruments, Long-term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Jun. 29, 2013 | Jun. 28, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 27, 2014 | |
Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | Fxed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Fxed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | Term Fixed Rate Notes Due March 2013 To September 2015 At 2 Point 0 To 2 Point 5 Percent [Member] | Term Fixed Rate Notes Due March 2013 To September 2015 At 2 Point 0 To 2 Point 5 Percent [Member] | Amortizing Floating Rate Notes (EURIBOR PLUS 1.5%) Due Up To June 2014 [Member] | Amortizing Floating Rate Notes (EURIBOR PLUS 1.5%) Due Up To June 2014 [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,001,398,000 | $505,588,000 | ' | $500,000,000 | $0 | $500,000,000 | $500,000,000 | ' | $372,000 | $784,000 | $1,026,000 | $4,804,000 | ' | ' |
Net Proceeds From Issuance of Long Term Debt 4 | ' | ' | ' | 494,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | -372,000 | -2,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, excluding current maturities | 1,001,026,000 | 503,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of the Notes | ' | ' | ' | 2.50% | ' | ' | ' | 3.38% | ' | ' | ' | ' | ' | ' |
proceeds from issuance of long term debt 3 | ' | ' | ' | ' | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate of the Notes | ' | ' | ' | 2.60% | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' |
Interest expense relating to the Notes | 24,700,000 | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of long-term debt | 992,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 27,000,000 | 16,400,000 | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 |
Debt Instrument, Covenant Requirement, Ratio of Debt to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Debt Instrument, Convenant Requirement, minimum interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'EURIBOR | ' | ' | ' |
Financial_Instruments_Financia
Financial Instruments Financial Instruments, Other (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Investments, Debt and Equity Securities [Abstract] | ' |
Impaired Financing Receivable, Recorded Investment | $4.10 |
Cost-method Investments, Other than Temporary Impairment | $6.20 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,600,000 | ' | ' |
Stock-based compensation expense | $85,452,000 | $83,808,000 | $89,867,000 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Less: Income tax effect | 15,245,000 | 14,745,000 | 20,215,000 |
Net stock-based compensation expense | 70,207,000 | 69,063,000 | 69,652,000 |
Estimated Grant Date Fair Value of Options | 26,800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 47,200,000 | 44,700,000 | 30,700,000 |
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested in Period, Total Fair Value | 16,000,000 | 11,200,000 | 14,700,000 |
Cost of goods sold [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 12,248,000 | 12,604,000 | 13,139,000 |
Research and development expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 45,676,000 | 44,146,000 | 49,068,000 |
General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 27,528,000 | 27,058,000 | 27,660,000 |
Stock options [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Number of stock plans | 1 | ' | ' |
Stock-based compensation expense | 15,812,000 | 14,093,000 | 16,294,000 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 23,000,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 36,400,000 | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options, Nonvested, Number | 8,900,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 7 months 6 days | ' | ' |
Stock options [Member] | Cost of goods sold [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 1,650,000 | 1,532,000 | 2,014,000 |
Stock options [Member] | Research and development expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 8,676,000 | 7,230,000 | 7,844,000 |
Stock options [Member] | General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 5,486,000 | 5,331,000 | 6,436,000 |
Equity Option [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Options granted, weighted average fair value of stock options | $7.36 | $6.69 | $5.91 |
Restricted stock units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 59,748,000 | 59,860,000 | 64,579,000 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 133,700,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 7 months 6 days | ' | ' |
Restricted stock units [Member] | Cost of goods sold [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 8,466,000 | 8,862,000 | 9,387,000 |
Restricted stock units [Member] | Research and development expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 31,548,000 | 31,475,000 | 35,699,000 |
Restricted stock units [Member] | General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 19,734,000 | 19,523,000 | 19,493,000 |
ESP Plan [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Number of stock plans | 1 | ' | ' |
Stock-based compensation expense | 9,892,000 | 9,855,000 | 8,994,000 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 5,600,000 | ' | ' |
ESP Plan [Member] | Cost of goods sold [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,132,000 | 2,210,000 | 1,738,000 |
ESP Plan [Member] | Research and development expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 5,452,000 | 5,441,000 | 5,525,000 |
ESP Plan [Member] | General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | $2,308,000 | $2,204,000 | $1,731,000 |
StockBased_Compensation_Fair_V
Stock-Based Compensation Fair Value of Options (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | |
Stock options [Member] | Stock options [Member] | Stock options [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | ESP Plan [Member] | ESP Plan [Member] | ESP Plan [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | ||
Stock options [Member] | Stock options [Member] | Equity Option [Member] | Restricted stock units [Member] | Restricted stock units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 673,185 | ' | ' | ' | ' |
Weighted-average Assumptions Used for Fair Value of Award Granted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected holding period (in years) | ' | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years 1 month 6 days | ' | ' | ' | '6 months | '6 months | '6 months | ' | ' | ' | ' | '3 years 9 months 18 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | 1.40% | 0.70% | 1.20% | ' | ' | ' | 0.10% | 0.10% | 0.10% | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Expected stock price volatility | ' | 34.60% | 37.70% | 36.90% | ' | ' | ' | 20.70% | 24.00% | 25.00% | ' | ' | ' | ' | 27.50% | ' | ' | ' |
Dividend yield | ' | 3.20% | 3.30% | 3.20% | ' | ' | ' | 3.40% | 3.10% | 3.20% | ' | ' | ' | ' | 3.40% | ' | ' | ' |
Options granted, weighted average fair value of stock options | ' | ' | ' | ' | $7.36 | $6.69 | $5.91 | ' | ' | ' | ' | ' | ' | ' | ' | $10.56 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.60 | $25.30 | $20.80 | ' | ' | ' | $29.53 | ' |
Options granted, weighted average exercise price | ' | $28.44 | $27.47 | $23.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.26 | $22.26 | ' | ' | ' |
Restricted stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,233,300 | 3,074,466 | 3,645,864 | ' | ' | ' | 418,955 | 418,955 |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock Option Plans (Details) (USD $) | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 |
Stock options [Member] | Stock options [Member] | Stock options [Member] | ESP Plan [Member] | $12.00 -$20.00 [Member] | $20.01 - $30.00 [Member] | $30.01 - $40.00 [Member] | $40.01 - $51.00 [Member] | Volterra [Member] | Volterra [Member] | ||
plans | plans | Stock options [Member] | Stock options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock plans | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning | 16,163,644 | 20,081,339 | 24,234,994 | 28,332,486 | ' | ' | ' | ' | ' | ' | ' |
Options Granted | ' | 2,965,544 | 2,788,088 | 3,353,017 | ' | ' | ' | ' | ' | ' | 673,185 |
Options Exercised | ' | -3,568,775 | -3,919,847 | -2,843,444 | ' | ' | ' | ' | ' | ' | ' |
Options Cancelled | ' | -3,987,649 | -3,021,896 | -4,607,065 | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, ending | 16,163,644 | 16,163,644 | 20,081,339 | 24,234,994 | ' | 4,607,191 | 8,410,759 | 1,972,293 | 1,173,401 | ' | ' |
Options outstanding, weighted average exercise price, beginning | ' | $26 | $25.20 | $25.62 | ' | ' | ' | ' | ' | ' | ' |
Options granted, weighted average exercise price | ' | $28.44 | $27.47 | $23.14 | ' | ' | ' | ' | ' | $22.26 | $22.26 |
Options exercised, weighted average exercise price | ' | $18.60 | $18.17 | $16.55 | ' | ' | ' | ' | ' | ' | ' |
Options cancelled, weighted average exercise price | ' | $34.86 | $31.10 | $31.62 | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, weighted average exercise price, ending | ' | $25.74 | $26 | $25.20 | ' | $16.32 | $26.24 | $36.37 | $41.25 | ' | ' |
Options outstanding, weighted average remaining contractual term (in years) | ' | '3 years 8 months 12 days | ' | ' | ' | '2 years 8 months 12 days | '5 years 1 month 6 days | '1 year 10 months 24 days | '6 months | ' | ' |
Options outstanding, aggregate intrinsic value | ' | $156,104,454 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, number of shares | 7,223,798 | 7,223,798 | ' | ' | ' | 3,413,183 | 858,901 | 1,778,313 | 1,173,401 | ' | ' |
Options exercisable, weighted average exercise price | ' | $26.39 | ' | ' | ' | $16.06 | $25.47 | $36.85 | $41.25 | ' | ' |
Options exercisable, weighted average remaining contractual term (in years) | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, aggregate intrinsic value | ' | 71,554,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested and expected to vest, number of shares | ' | 15,252,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested and expected to vest, weighted average exercise price | ' | $25.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested and expected to vest, weighted average remaining contractual term (in years) | ' | '3 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vested and expected to vest, aggregate intrinsic value | ' | $148,801,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Outsta
Stock-Based Compensation Outstanding Options (Details) (USD $) | 12 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 25, 2011 | |
plans | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,600,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Options outstanding, number of shares | 16,163,644 | ' | ' | ' |
Options exercisable, number of shares | 7,223,798 | ' | ' | ' |
$12.00 -$20.00 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Range of exercise prices, lower | $12 | ' | ' | ' |
Range of exercise prices, upper | $20 | ' | ' | ' |
Options outstanding, number of shares | 4,607,191 | ' | ' | ' |
Options outstanding, weighted average remaining contractual term (in years) | '2 years 8 months 12 days | ' | ' | ' |
Options outstanding, weighted average exercise price | $16.32 | ' | ' | ' |
Options exercisable, number of shares | 3,413,183 | ' | ' | ' |
Options exercisable, weighted average exercise price | $16.06 | ' | ' | ' |
$20.01 - $30.00 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Range of exercise prices, lower | $20.01 | ' | ' | ' |
Range of exercise prices, upper | $30 | ' | ' | ' |
Options outstanding, number of shares | 8,410,759 | ' | ' | ' |
Options outstanding, weighted average remaining contractual term (in years) | '5 years 1 month 6 days | ' | ' | ' |
Options outstanding, weighted average exercise price | $26.24 | ' | ' | ' |
Options exercisable, number of shares | 858,901 | ' | ' | ' |
Options exercisable, weighted average exercise price | $25.47 | ' | ' | ' |
$30.01 - $40.00 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Range of exercise prices, lower | $30.01 | ' | ' | ' |
Range of exercise prices, upper | $40 | ' | ' | ' |
Options outstanding, number of shares | 1,972,293 | ' | ' | ' |
Options outstanding, weighted average remaining contractual term (in years) | '1 year 10 months 24 days | ' | ' | ' |
Options outstanding, weighted average exercise price | $36.37 | ' | ' | ' |
Options exercisable, number of shares | 1,778,313 | ' | ' | ' |
Options exercisable, weighted average exercise price | $36.85 | ' | ' | ' |
$40.01 - $51.00 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Range of exercise prices, lower | $40.01 | ' | ' | ' |
Range of exercise prices, upper | $51 | ' | ' | ' |
Options outstanding, number of shares | 1,173,401 | ' | ' | ' |
Options outstanding, weighted average remaining contractual term (in years) | '6 months | ' | ' | ' |
Options outstanding, weighted average exercise price | $41.25 | ' | ' | ' |
Options exercisable, number of shares | 1,173,401 | ' | ' | ' |
Options exercisable, weighted average exercise price | $41.25 | ' | ' | ' |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of stock plans | 1 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ' | ' | ' | ' |
Options outstanding, number of shares | 16,163,644 | 20,081,339 | 24,234,994 | 28,332,486 |
Options outstanding, weighted average remaining contractual term (in years) | '3 years 8 months 12 days | ' | ' | ' |
Options outstanding, weighted average exercise price | $25.74 | $26 | $25.20 | $25.62 |
Options exercisable, number of shares | 7,223,798 | ' | ' | ' |
Options exercisable, weighted average exercise price | $26.39 | ' | ' | ' |
Options granted, weighted average exercise price | $28.44 | $27.47 | $23.14 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Each Equity Instruments To Options Ratio | 2 | ' | ' | ' |
ESP Plan [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of stock plans | 1 | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Offering Period | '12 months | ' | ' | ' |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Units (Details) (Restricted stock units [Member], USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Jun. 28, 2014 | |
Volterra [Member] | Volterra [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $26.60 | $25.30 | $20.80 | $29.53 | ' |
Each RSU to stock options factor | 2 | ' | ' | ' | ' |
Outstanding and expected to vest RSUs [Roll Forward] | ' | ' | ' | ' | ' |
Restricted stock units outstanding, beginning | 7,965,532 | 8,923,454 | 10,000,738 | ' | ' |
Restricted stock units granted | 3,233,300 | 3,074,466 | 3,645,864 | 418,955 | 418,955 |
Restricted stock units released | -2,904,787 | -3,097,369 | -3,433,989 | ' | ' |
Restricted stock units cancelled | -1,017,869 | -935,019 | -1,289,159 | ' | ' |
Restricted stock units outstanding, ending | 7,695,131 | 7,965,532 | 8,923,454 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '2 years 7 months 6 days | ' | ' | ' | ' |
Restricted stock units outstanding, aggregate intrinsic value | $276,548,336 | ' | ' | ' | ' |
Restricted stock units expected to vest, number of shares | 7,034,280 | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term 1 | '2 years 7 months 6 days | ' | ' | ' | ' |
Restricted stock units expected to vest, aggregate intrinsic value | $243,667,458 | ' | ' | ' | ' |
Restricted stock unit shares withheld for withholding tax | 31,400,000 | ' | ' | ' | ' |
Unrecognized compensation costs related to unvested RSUs | $133,700,000 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 7 months 6 days | ' | ' | ' | ' |
StockBased_Compensation_Employ
Stock-Based Compensation Employee Stock Purchase Plan (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Consideration for common stock issued | $42,809,000 | $36,297,000 | $33,713,000 |
Stock options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years 3 months 18 days | '5 years 3 months 18 days | '5 years 1 month 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | 0.70% | 1.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 34.60% | 37.70% | 36.90% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.20% | 3.30% | 3.20% |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 36,400,000 | ' | ' |
Restricted stock units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 133,700,000 | ' | ' |
ESP Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock shares issued | 1,700,000 | ' | ' |
Consideration for common stock issued | 42,800,000 | ' | ' |
Shares for future issuance | 5,100,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 months | '6 months | '6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% | 0.10% | 0.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.70% | 24.00% | 25.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.40% | 3.10% | 3.20% |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $5,600,000 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Numerator for basic earnings per share and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | $119,014 | $128,785 | $76,622 | $127,888 | $354,810 | $452,309 | $354,918 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | 0 | 2,603 | 0 | 0 | 0 | 2,603 | 31,809 |
Net income | $84,793 | $122,544 | $44,353 | $103,120 | $119,014 | $131,388 | $76,622 | $127,888 | $354,810 | $454,912 | $386,727 |
Denominator for basic earnings per share | 283,431,000 | 282,627,000 | 282,664,000 | 284,654,000 | 290,146,000 | 292,888,000 | 292,075,000 | 292,213,000 | 283,344,000 | 291,835,000 | 292,810,000 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, RSUs, and ESPP | ' | ' | ' | ' | ' | ' | ' | ' | 5,764,000 | 6,761,000 | 7,192,000 |
Denominator for diluted earnings per share | 289,487,000 | 288,575,000 | 288,565,000 | 290,260,000 | 296,756,000 | 300,082,000 | 298,759,000 | 298,782,000 | 289,108,000 | 298,596,000 | 300,002,000 |
Income (Loss) from Continuing Operations, Per Basic Share | ' | ' | ' | ' | $0.41 | $0.44 | $0.26 | $0.44 | $1.25 | $1.55 | $1.21 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | ' | ' | ' | ' | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.11 |
Basic net income per share | $0.30 | $0.43 | $0.16 | $0.36 | $0.41 | $0.45 | $0.26 | $0.44 | $1.25 | $1.56 | $1.32 |
Income (Loss) from Continuing Operations, Per Diluted Share | ' | ' | ' | ' | $0.40 | $0.43 | $0.26 | $0.43 | $1.23 | $1.51 | $1.18 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.11 |
Diluted net income per share | $0.29 | $0.42 | $0.15 | $0.36 | $0.40 | $0.44 | $0.26 | $0.43 | $1.23 | $1.52 | $1.29 |
Antidilutive securities excluded from computation of earnings per share, amount | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | 10,300,000 | 13,800,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance | $422,004 | $423,073 |
Goodwill, Written off Related to Sale of Business Unit | ' | -79 |
Goodwill, Acquired During Period | 175,443 | ' |
Adjustments | -810 | -990 |
Balance | $596,637 | $422,004 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | $568,192 | $334,292 | ' |
Accumulated Amortization | 275,300 | 199,528 | ' |
Net | 292,892 | 134,764 | ' |
IPR&D | 68,102 | 22,382 | ' |
Gross Intangible Assets | 636,294 | 356,674 | ' |
Total purchased intangible assets | 360,994 | 157,146 | ' |
Amortization expense of intangible assets, cost of goods sold | 64,483 | 33,994 | 36,693 |
Intangible asset amortization | 17,690 | 15,525 | 16,737 |
Amortization | 82,173 | 49,519 | 53,430 |
Future amortization expense [Abstract] | ' | ' | ' |
2015 | 90,443 | ' | ' |
2016 | 74,454 | ' | ' |
2017 | 61,782 | ' | ' |
2018 | 41,927 | ' | ' |
2019 | 13,277 | ' | ' |
Thereafter | 11,009 | ' | ' |
Net | 292,892 | 134,764 | ' |
Intellectual property [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 435,962 | 230,562 | ' |
Accumulated Amortization | 201,581 | 136,870 | ' |
Net | 234,381 | 93,692 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 234,381 | 93,692 | ' |
Customer relationships [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 120,230 | 95,230 | ' |
Accumulated Amortization | 69,064 | 54,308 | ' |
Net | 51,166 | 40,922 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 51,166 | 40,922 | ' |
Backlog [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 1,000 | 6,400 | ' |
Accumulated Amortization | 1,000 | 6,400 | ' |
Net | 0 | 0 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 0 | 0 | ' |
Trade Names [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 8,500 | 2,100 | ' |
Accumulated Amortization | 3,269 | 1,950 | ' |
Net | 5,231 | 150 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Net | 5,231 | 150 | ' |
Minimum [Member] | Intellectual property [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '3 months | ' | ' |
Minimum [Member] | Customer relationships [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '5 years | ' | ' |
Maximum [Member] | Intellectual property [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '10 years | ' | ' |
Maximum [Member] | Customer relationships [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '10 years | ' | ' |
In Process Research and Development [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
IPR&D | 68,102 | 22,382 | ' |
Backlog [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '4 months | ' | ' |
Trade Names [Member] | Minimum [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '3 years | ' | ' |
Trade Names [Member] | Maximum [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '4 years | ' | ' |
Patents [Member] | ' | ' | ' |
Finite and Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Definite lived intangible assets, useful life, minimum | '5 years | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Original Cost | 2,500 | 0 | ' |
Accumulated Amortization | 386 | 0 | ' |
Net | 2,114 | 0 | ' |
Future amortization expense [Abstract] | ' | ' | ' |
Net | $2,114 | $0 | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jul. 18, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 28, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | |||||
acquisitions | acquisitions | acquisitions | Volterra [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | Volterra [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | SensorDynamics [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisition [Member] | Other Acquisitions [Member] | Total Acquisition [Member] | ||||||
Intellectual property [Member] | Customer relationships [Member] | Backlog [Member] | Trade Names [Member] | Patents [Member] | Intellectual property [Member] | Intellectual property [Member] | Customer relationships [Member] | Customer relationships [Member] | Trademarks [Member] | Trademarks [Member] | Intellectual property [Member] | Intellectual property [Member] | Customer relationships [Member] | Customer relationships [Member] | Trademarks [Member] | Trademarks [Member] | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of Businesses Acquired | 2 | 0 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Acquisition Related Costs | $6,983,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash paid | ' | ' | ' | ' | 593,250,000 | ' | ' | ' | ' | ' | 123,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 41,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition, Cash Paid for Employee's Vested Options | ' | ' | ' | ' | 21,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Consideration Transferred | ' | ' | ' | ' | 615,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash acquired | ' | ' | ' | ' | 163,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | ' | ' | 23,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | 33,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | 17,151,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Accrued Liabilities | ' | ' | ' | ' | -35,343,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Income Tax Payable | ' | ' | ' | ' | -23,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | ' | ' | -20,149,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | 158,710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortizable intangible assets acquired | ' | ' | 38,740,000 | ' | 226,900,000 | 192,500,000 | 24,600,000 | 900,000 | 6,400,000 | 2,500,000 | ' | 20,900,000 | ' | 16,400,000 | ' | 4,100,000 | ' | 400,000 | ' | 17,840,000 | ' | ' | 15,340,000 | ' | 2,500,000 | ' | 0 | 17,840,000 | ' | ||||
In-process research and development acquired | ' | ' | 19,600,000 | ' | 56,200,000 | ' | ' | ' | ' | ' | ' | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
Goodwill acquired | 596,637,000 | 422,004,000 | 423,073,000 | ' | 174,894,000 | ' | ' | ' | ' | ' | ' | 130,594,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | 38,392,000 | [1] | 168,986,000 | [1] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | -1,698,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | ' | '4 years 10 months 24 days | '9 years 7 months 6 days | '4 months 24 days | '4 years | '4 years 9 months 18 days | ' | ' | '7 years | ' | '7 years | ' | '3 years | ' | ' | ' | ' | '9 years 2 months 12 days | ' | '3 years | ' | '0 days | ' | ' | ' | ||||
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Tangible assets acquired | ' | ' | 19,851,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,159,000 | ' | ||||
Debt assumed | ' | ' | -29,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | -29,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||
Business Acquisition Purchase Price Allocation Other Liabilities Assumed | ' | ' | -42,288,000 | ' | ' | ' | ' | ' | ' | ' | ' | -37,559,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,729,000 | ' | ||||
Business Acquisition, Purchase Price Allocation, Net Tangible Liabilities | ' | ' | -51,515,000 | ' | ' | ' | ' | ' | ' | ' | ' | -47,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,570,000 | ' | ||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | ' | ' | 175,811,000 | [1] | ' | 615,006,000 | ' | ' | ' | ' | ' | ' | 123,149,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,662,000 | [1] | ' | |
Business Acquisition, Share Price | $23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Includes $11.4 million of contingent consideration relating to the other acquisitions |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2012 | Dec. 29, 2012 | Mar. 31, 2012 | Jun. 30, 2012 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | $2.70 | $22.20 | $7.70 | $22.40 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | |
Clock Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $0 | $585,000 | $3,225,000 | $44,000,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | -700,000 | -13,600,000 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | $31,800,000 | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
customers | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of Operating Segments | 3 | ' | ' |
Revenues | $2,453,663 | $2,441,459 | $2,403,529 |
Long-Lived Assets | 1,331,519 | 1,373,124 | ' |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 320,282 | 283,807 | 287,174 |
Long-Lived Assets | 1,035,699 | 1,058,579 | ' |
CHINA [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 997,706 | 996,108 | 1,040,833 |
Japan [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 151,840 | 132,397 | 149,770 |
KOREA [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 144,838 | 235,879 | 201,819 |
VIET NAM | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 185,293 | 234,989 | 133,779 |
Rest of Asia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 266,349 | 196,559 | 222,857 |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 324,867 | 294,998 | 302,373 |
Rest of World [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 62,488 | 66,722 | 64,924 |
Long-Lived Assets | 122,997 | 130,874 | ' |
Philippines [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | $172,823 | $183,671 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments (Details) (USD $) | 12 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | ||
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Long-term Debt | $1,001,398,000 | $505,588,000 | ' | |
Rental expense | 10,800,000 | 9,500,000 | 17,400,000 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | |
Product Warranty Accrual | 21,296,000 | 3,075,000 | ' | |
Product Warranty Accrual, Additions from Business Acquisition | 15,443,000 | ' | ' | |
Product Warranty Accrual, Warranties Issued | 19,818,000 | ' | ' | |
Product Warranty Accrual, Payments | -16,189,000 | ' | ' | |
Product Warranty Accrual, Preexisting, Increase (Decrease) | -851,000 | ' | ' | |
Product Warranty Accrual, Current | 12,696,000 | ' | ' | |
Product Warranty Accrual, Noncurrent | 8,600,000 | ' | ' | |
Future Minimium Payments [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 35,051,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 4,038,000 | ' | ' | |
Long-term Debt | 1,001,398,000 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 201,842,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 21,740,000 | [4] | ' | ' |
Future minimum payments for all commitments | 1,264,069,000 | ' | ' | |
Obligations Due in next twelve months [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 10,593,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 4,038,000 | ' | ' | |
Long-term Debt | 372,000 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 29,397,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 3,111,000 | [4] | ' | ' |
Future minimum payments for all commitments | 47,511,000 | ' | ' | |
Obligations Due in two years [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 8,462,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 0 | ' | ' | |
Long-term Debt | 1,026,000 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 29,381,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 2,739,000 | [4] | ' | ' |
Future minimum payments for all commitments | 41,608,000 | ' | ' | |
Obligations Due in three years [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 7,361,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 0 | ' | ' | |
Long-term Debt | 0 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 29,375,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 2,749,000 | [4] | ' | ' |
Future minimum payments for all commitments | 39,485,000 | ' | ' | |
Obligations Due in four years [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 5,012,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 0 | ' | ' | |
Long-term Debt | 0 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 29,375,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 2,795,000 | [4] | ' | ' |
Future minimum payments for all commitments | 37,182,000 | ' | ' | |
Obligations Due in five years [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 1,528,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 0 | ' | ' | |
Long-term Debt | 500,000,000 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 21,736,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 2,843,000 | [4] | ' | ' |
Future minimum payments for all commitments | 526,107,000 | ' | ' | |
More than 5 years [Member] | ' | ' | ' | |
Future Minimum Payments for Commitments [Line Items] | ' | ' | ' | |
Operating lease obligations | 2,096,000 | [1] | ' | ' |
Software License, Future Minmum Paymetns Due | 0 | ' | ' | |
Long-term Debt | 500,000,000 | [2] | ' | ' |
Interest payments associated with long-term debt obligations | 62,578,000 | [3] | ' | ' |
Capital equipment and inventory related purchase obligations | 7,503,000 | [4] | ' | ' |
Future minimum payments for all commitments | $572,177,000 | ' | ' | |
[1] | The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2025. | |||
[2] | Long-term debt represents amounts primarily due for the Company's long-term notes | |||
[3] | Interest payments associated with the Company's long-term notes. | |||
[4] | Capital equipment purchase obligations represent commitments for purchase of property, plant and equipment. The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. |
Comprehensive_Income_Accumulat
Comprehensive Income Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | ($17,173) | ($15,747) | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -7,417 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 3,251 | ' | ' |
Other Comprehensive Income (Loss), Tax | 2,740 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,426 | -313 | -1,166 |
Unrealized Holding Gains (Losses) on Intercompany Receivables [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -5,753 | -7,401 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Tax | 1,648 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 1,648 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -10,373 | -5,838 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -7,244 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,435 | ' | ' |
Other Comprehensive Income (Loss), Tax | 1,274 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -4,535 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -1,136 | -1,527 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 391 | ' | ' |
Other Comprehensive Income (Loss), Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 391 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -11 | -1,004 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -237 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,425 | ' | ' |
Other Comprehensive Income (Loss), Tax | -195 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 993 | ' | ' |
Unrealized Holding Gains (losses) on Available-for-sale Investments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | 100 | 23 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 64 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ' | ' |
Other Comprehensive Income (Loss), Tax | 13 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $77 | ' | ' |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Jul. 31, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Common Stock Repurchases [Abstract] | ' | ' | ' | ' |
Stock repurchase program, authorized amount | $1,000,000,000 | ' | ' | ' |
Shares of common stock repurchased | ' | 10.4 | 12.8 | 9.9 |
Value of common stock repurchased | ' | 305,314,000 | 375,135,000 | 246,412,000 |
Stock repurchase program, remaining authorized amount | ' | $761,900,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $87,630,000 | $69,680,000 | $184,414,000 |
Pretax income (loss) from foreign subsidiaries | 321,596,000 | 500,599,000 | 348,319,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 409,226,000 | 570,279,000 | 532,733,000 |
Federal | ' | ' | ' |
Current | 93,012,000 | 84,996,000 | 143,903,000 |
Deferred | -42,875,000 | 13,207,000 | 16,767,000 |
State | ' | ' | ' |
Current | 2,676,000 | 322,000 | 2,877,000 |
Deferred | -1,465,000 | 3,574,000 | 3,523,000 |
Foreign | ' | ' | ' |
Current | 6,692,000 | 17,228,000 | 14,757,000 |
Deferred | -3,624,000 | -1,357,000 | -4,012,000 |
Total income tax expense (benefit) | 54,416,000 | 117,970,000 | 177,815,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | 700,000 | 13,600,000 |
Indefinitely reinvested earnings from foreign subsidiaries | 478,600,000 | ' | ' |
Unrecognized deferred tax liability on indefinitely reinvested earnings | $147,000,000 | ' | ' |
Income_Taxes_Effective_Income_
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal benefit | 0.10% | 0.60% | 1.10% |
General business credits | -0.90% | -2.00% | -0.50% |
Foreign earnings and losses taxed or benefitted at different rates | -19.10% | -16.50% | -3.90% |
Stock-based compensation | 3.90% | 2.70% | 2.30% |
Effective Income Tax Rate Reconciliation, Fixed Assets Tax Basis Adjustments | -8.40% | 0.00% | 0.00% |
Interest accrual for unrecognized tax benefits | 1.10% | 0.80% | 0.60% |
Other | 1.60% | 0.10% | -1.20% |
Income tax rate | 13.30% | 20.70% | 33.40% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Deferred tax assets: [Abstract] | ' | ' |
Distributor related accruals and sales return and allowance accruals | $14,246,000 | $12,847,000 |
Accrued compensation | 42,300,000 | 44,540,000 |
Stock-based compensation | 31,609,000 | 47,357,000 |
Net operating loss carryovers | 48,318,000 | 41,183,000 |
Tax credit carryovers | 51,458,000 | 45,854,000 |
Other reserves and accruals not currently deductible for tax purposes | 22,019,000 | 16,390,000 |
Deferred tax assets, other | 16,879,000 | 14,243,000 |
Total deferred tax assets | 226,829,000 | 222,414,000 |
Deferred tax liabilities: [Abstract] | ' | ' |
Fixed assets cost recovery, net | -214,393,000 | -258,717,000 |
Deferred tax liabilities, other | -11,424,000 | -12,753,000 |
Net deferred tax assets/(liabilities) before valuation allowance | 1,012,000 | -49,056,000 |
Valuation allowance | -84,673,000 | -72,898,000 |
Net deferred tax assets/(liabilities) | -83,661,000 | -121,954,000 |
Valuation Allowance [Abstract] | ' | ' |
Increase (decrease) in valuation allowance | 11,800,000 | ' |
Valuation allowance attributable to tax benefits of income tax deductions generated by exercise of stock options | 37,300,000 | ' |
Internal Revenue Service (IRS) [Member] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ' | ' |
Net operating loss carryforwards subject to expiration | 29,000,000 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ' | ' |
Net operating loss carryforwards subject to expiration | 87,600,000 | ' |
Deferred Tax Assets, Tax Credit Carryforwards [Abstract] | ' | ' |
Tax credit carryforwards subject to expiration | 12,700,000 | ' |
Tax credit carryforwards with no expiration date | 80,000,000 | ' |
Foreign Tax Authority [Member] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ' | ' |
Net operating loss carryforwards with no expiration date | $125,900,000 | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefit (Details) (USD $) | 12 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Sep. 27, 2014 | |
Scenario, Forecast [Member] | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | $302,904,000 | $228,907,000 | ' | ' |
Additions related to current year tax positions | 58,035,000 | 61,359,000 | ' | ' |
Additions related to prior year tax positions | 300,000 | 12,638,000 | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 39,566,000 | 0 | ' | ' |
Reductions related to prior year tax positions | -586,000 | 0 | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | -496,000 | 0 | ' | ' |
Lapses in statutes of limitations | -2,958,000 | 0 | ' | ' |
Ending Balance | 396,765,000 | 302,904,000 | 228,907,000 | ' |
Unrecognized tax benefits that if recognzied would affect effective tax rate | 386,100,000 | ' | ' | ' |
Unrecognized tax benefits that if recognized would affect paid in capital | 10,700,000 | ' | ' | ' |
Interest and penalties recognized in income tax expense | 6,600,000 | 7,400,000 | 7,300,000 | ' |
Interest and penalties accrued | 27,900,000 | 17,900,000 | 10,600,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $27,000,000 | ' | ' | $25,000,000 |
Income_Taxes_Tax_Examination_D
Income Taxes Tax Examination (Details) | 12 Months Ended |
Jun. 28, 2014 | |
United States [Member] | Internal Revenue Service (IRS) [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2009 |
United States [Member] | State and Local Jurisdiction [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2009 |
Ireland | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2010 |
Japan [Member] | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2008 |
Philippines [Member] | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2011 |
Singapore | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2010 |
Thailand [Member] | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2005 |
UNITED KINGDOM | Foreign Country [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years under examination | '2012 |
Restructuring_Activities_Detai
Restructuring Activities (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and restructuring expenses | $24,902,000 | $2,829,000 | $6,785,000 |
Volterra Restructuring Plan [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance Costs | 2,500,000 | ' | ' |
Restructuring Cost to Vacate Duplicative Facilities | 2,600,000 | ' | ' |
Severance Costs | 4,600,000 | ' | ' |
Restructuring Cost, Contract Cancellation and Other | 1,300,000 | ' | ' |
Severance and restructuring expenses | 11,000,000 | ' | ' |
Business Unit Reorganization [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance and restructuring expenses | $10,800,000 | ' | ' |
Benefits_Details
Benefits (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
Defined Benefit Postretirement Life Insurance [Member] | Defined Benefit Postretirement Life Insurance [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | Foreign Pension Plan, Defined Benefit [Member] | Foreign Pension Plan, Defined Benefit [Member] | Non-Pension Benefits [Member] | Scenario, Forecast [Member] | Active Participants [Member] | Active Participants [Member] | Retirees and Beneficiaries [Member] | Retirees and Beneficiaries [Member] | |||||
Defined contribution plan 401(k) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employer matching percentage of employee contributions up to 3% of employee eligible compensation | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of employee eligible compensation with 100% matching contributions by employer | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Employer matching percentage of additional employee contributions up to 5% of employee eligible compensation | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of employee eligible compensation with 50% matching contributions by employer | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Defined contribution expense | ' | ' | ' | ' | $15,400,000 | $14,100,000 | $13,800,000 | $9,600,000 | $5,500,000 | ' | ' | ' | ' | ' | ' | ||
Accumulated Postretirement Benefit Obligation [APBO]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Retirees and beneficiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,626,000 | -2,128,000 | -21,602,000 | -18,162,000 | ||
Funded status at end of year | -24,228,000 | -20,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Actuarial loss | -3,819,000 | -2,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net actuarial loss | 8,863,000 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 2,387,000 | 2,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amounts recognized in Accumulated Other Comprehensive Income | 11,250,000 | 8,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Periodic Postretirement Benefit Cost/(Income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest cost | 858,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,002,000 | ' | ' | ' | ' | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,000 | ' | ' | ' | ' | ||
Amortization of net actuarial loss | 457,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 961,000 | [1] | ' | ' | ' | ' |
Total net periodic postretirement benefit cost | 1,671,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,319,000 | ' | ' | ' | ' | ||
Employer contributions, current period | 738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated employer contributions in next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 749,000 | ' | ' | ' | ' | ||
Economic Assumptions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Benefit obligation, discount rate | 4.20% | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Medical trend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Description of direction and pattern of change for assumed medical trend rate | '8.0% -5% | '8.5% -5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Defined Benefit Plan, Assumptions Used Calculating Unrecognized Gain Loss Amortization, Average Remaining Life Expectancy | '6 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated future benefit payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 749,000 | ' | ' | ' | ' | ' | ||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 809,000 | ' | ' | ' | ' | ' | ||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 858,000 | ' | ' | ' | ' | ' | ||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 907,000 | ' | ' | ' | ' | ' | ||
2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 961,000 | ' | ' | ' | ' | ' | ||
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,944,000 | ' | ' | ' | ' | ' | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,228,000 | ' | ' | ' | ' | ' | ||
Assets for plan benefits included in Other Assets | ' | ' | 4,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Obligations included in Other Liabilities | ' | ' | 5,700,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Unrecognized losses are amortized over average remaining service period of active participants of 6.7 years at JuneB 28, 2014. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $642,467 | $605,681 | $620,274 | $585,241 | $608,194 | $604,884 | $605,306 | $623,075 | $2,453,663 | $2,441,459 | $2,403,529 |
Cost of goods sold | 273,507 | 265,744 | 291,602 | 238,045 | 236,795 | 228,782 | 241,931 | 237,384 | 1,068,898 | 944,892 | 952,677 |
Gross margin | 368,960 | 339,937 | 328,672 | 347,196 | 371,399 | 376,102 | 363,375 | 385,691 | 1,384,765 | 1,496,567 | 1,450,852 |
Gross margin % | 57.40% | 56.10% | 53.00% | 59.30% | 61.10% | 62.20% | 60.00% | 61.90% | ' | ' | ' |
Operating income (loss) | 116,550 | 106,738 | 70,394 | 128,609 | 151,090 | 154,278 | 117,548 | 165,403 | 422,291 | 588,319 | 534,797 |
% of net revenues | 18.10% | 17.60% | 11.30% | 22.00% | 24.80% | 25.50% | 19.40% | 26.50% | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | 119,014 | 128,785 | 76,622 | 127,888 | 354,810 | 452,309 | 354,918 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | 0 | 2,603 | 0 | 0 | 0 | 2,603 | 31,809 |
Net income | $84,793 | $122,544 | $44,353 | $103,120 | $119,014 | $131,388 | $76,622 | $127,888 | $354,810 | $454,912 | $386,727 |
Earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | ' | ' | ' | ' | $0.41 | $0.44 | $0.26 | $0.44 | $1.25 | $1.55 | $1.21 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | ' | ' | ' | ' | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.11 |
Basic net income per share | $0.30 | $0.43 | $0.16 | $0.36 | $0.41 | $0.45 | $0.26 | $0.44 | $1.25 | $1.56 | $1.32 |
Income (Loss) from Continuing Operations, Per Diluted Share | ' | ' | ' | ' | $0.40 | $0.43 | $0.26 | $0.43 | $1.23 | $1.51 | $1.18 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | $0 | $0.01 | $0 | $0 | $0 | $0.01 | $0.11 |
Diluted net income per share | $0.29 | $0.42 | $0.15 | $0.36 | $0.40 | $0.44 | $0.26 | $0.43 | $1.23 | $1.52 | $1.29 |
Shares used in the calculation of earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 283,431 | 282,627 | 282,664 | 284,654 | 290,146 | 292,888 | 292,075 | 292,213 | 283,344 | 291,835 | 292,810 |
Diluted | 289,487 | 288,575 | 288,565 | 290,260 | 296,756 | 300,082 | 298,759 | 298,782 | 289,108 | 298,596 | 300,002 |
Dividends paid per share | $0.26 | $0.26 | $0.26 | $0.26 | $0.24 | $0.24 | $0.24 | $0.24 | ' | ' | ' |
Schedule_II_Valuation_and_Allo1
Schedule II - Valuation and Allowance (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |||
Allowance for Doubtful Accounts, Current [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | $1,227 | $1,155 | $1,705 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 693 | 126 | -504 | |||
Valuation Allowances and Reserves, Deductions | 339 | [1] | 54 | [1] | 46 | [1] |
Valuation Allowances and Reserves, Balance at End of Period | 1,581 | 1,227 | 1,155 | |||
Allowance for Sales Returns [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | 12,418 | 11,374 | 15,992 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 75,346 | 65,651 | 60,989 | |||
Valuation Allowances and Reserves, Deductions | 71,595 | 64,607 | 65,607 | |||
Valuation Allowances and Reserves, Balance at End of Period | $16,169 | $12,418 | $11,374 | |||
[1] | Uncollectible accounts written off. |