Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Mar. 31, 2018 | Apr. 13, 2018 | |
DEI [Abstract] | ||
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS INC | |
Entity Central Index Key | 743,316 | |
Trading Symbol | MXIM | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 279,677,763 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 24, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,629,593 | $ 2,246,121 |
Short-term Investments | 1,094,801 | 498,718 |
Total cash, cash equivalents and short-term investments | 2,724,394 | 2,744,839 |
Accounts receivable, net | 320,553 | 256,454 |
Inventories | 273,616 | 247,242 |
Other assets current | 22,275 | 57,059 |
Total current assets | 3,340,838 | 3,305,594 |
Property, plant and equipment, net | 589,177 | 606,581 |
Intangible assets, net | 90,848 | 90,867 |
Goodwill | 532,904 | 491,015 |
Other assets noncurrent | 69,428 | 76,176 |
TOTAL ASSETS | 4,623,195 | 4,570,233 |
Current liabilities: | ||
Accounts payable | 84,407 | 77,373 |
Income taxes payable | 24,339 | 3,688 |
Accrued salary and related expenses | 147,771 | 145,299 |
Accrued expenses | 48,384 | 37,663 |
Deferred income on shipments to distributors | 0 | 14,974 |
Short-term Debt | 499,050 | 0 |
Total current liabilities | 803,951 | 278,997 |
Long term debt | 990,787 | 1,487,678 |
Income taxes payable | 817,969 | 557,498 |
Other liabilities | 59,497 | 43,366 |
Total liabilities | 2,672,204 | 2,367,539 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock and capital in excess of par value | 283 | 283 |
Retained earnings | 1,963,912 | 2,212,301 |
Accumulated other comprehensive loss | (13,204) | (9,890) |
Total stockholders' equity | 1,950,991 | 2,202,694 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 4,623,195 | $ 4,570,233 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 24, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 125,761 | $ 46,575 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Net revenues | $ 648,599 | $ 581,216 | $ 1,846,913 | $ 1,693,610 |
Cost of goods sold | 224,653 | 214,312 | 639,460 | 640,796 |
Gross margin | 423,946 | 366,904 | 1,207,453 | 1,052,814 |
Operating expenses: | ||||
Research and development | 114,390 | 113,163 | 338,886 | 339,966 |
Selling, general and administrative | 81,304 | 73,987 | 240,308 | 216,382 |
Amortization of Intangible Assets | 876 | 2,348 | 3,623 | 7,139 |
Asset Impairment Charges | 0 | 1,000 | 892 | 7,517 |
Impairment of Long-Lived Assets to be Disposed of | 42 | 797 | ||
Severance and Restructuring Charges | 2,272 | 450 | 14,227 | 11,279 |
Other Operating Income (Expense), Net | 266 | 1,704 | (1,535) | (24,868) |
Total operating expenses | 199,108 | 192,652 | 596,401 | 557,415 |
Operating income | 224,838 | 174,252 | 611,052 | 495,399 |
Interest and other expense, net | (2,534) | (3,884) | (9,868) | (11,390) |
Income before provision for income taxes | 222,304 | 170,368 | 601,184 | 484,009 |
Provision for income taxes | 28,677 | 30,155 | 328,038 | 75,705 |
Net income | $ 193,627 | $ 140,213 | $ 273,146 | $ 408,304 |
Earnings per share: | ||||
Basic (per share) | $ 0.69 | $ 0.50 | $ 0.97 | $ 1.44 |
Diluted (per share) | $ 0.68 | $ 0.49 | $ 0.95 | $ 1.42 |
Shares used in the calculation of earnings per share: | ||||
Basic (in shares) | 280,850 | 282,903 | 281,525 | 283,348 |
Diluted (in shares) | 285,881 | 287,882 | 286,221 | 288,209 |
Dividends paid per share | $ 0.42 | $ 0.33 | $ 1.14 | $ 0.99 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Statements of Income and Comprehensive Income [Abstract] | ||||
Net income | $ 193,627 | $ 140,213 | $ 273,146 | $ 408,304 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (1,213) | 349 | (3,433) | (1,408) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (217) | 1,648 | 133 | 927 |
Unrealized gains (losses) on post-retirement benefits, net of tax benefit (expense) | 18 | 59 | (14) | 4,965 |
Other Comprehensive Income (Loss), Net of Tax | (1,412) | 2,056 | (3,314) | 4,484 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 192,215 | 142,269 | 269,832 | 412,788 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 274 | 0 | 274 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 6 | (590) | (45) | (273) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (4) | $ (28) | $ (168) | $ (2,861) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 273,146 | $ 408,304 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 58,932 | 53,493 |
Depreciation and amortization | 109,768 | 126,098 |
Deferred taxes | 6,257 | (9,592) |
Loss on sale of property, plant and equipment | 572 | 9,359 |
Gain (Loss) on Disposition of Business | 0 | (26,620) |
Impairment of Long-Lived Assets to be Disposed of | 42 | 797 |
Impairment of long-lived assets to be disposed of_investments in privately held companies | 850 | 6,720 |
Changes in assets and liabilities: | ||
Accounts receivable | (60,194) | (1,061) |
Inventories | (23,326) | (15,500) |
Other current assets and income tax refund receivable | 31,703 | (2,820) |
Accounts payable | 3,429 | (970) |
Income taxes payable | 280,664 | 38,179 |
Deferred income on shipments to distributors | (14,974) | (3,055) |
Increase (Decrease) in Employee Related Liabilities | 1,826 | (30,996) |
Increase (Decrease) in Other Accrued Liabilities | 4,110 | (15,607) |
Net cash provided by operating activities | (672,805) | (536,729) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (53,664) | (38,371) |
Proceeds from sale of property, plant, and equipment | 5,761 | 3,216 |
Proceeds from sale of available-for-sale securities | 100,004 | 50,994 |
Proceeds from maturity of available-for-sale securities | 422,500 | 25,000 |
Payments to Acquire Businesses, Net of Cash Acquired | (57,773) | |
Proceeds from Divestiture of Businesses | 0 | 42,199 |
Payments to Acquire Available-for-sale Securities | (1,122,291) | (400,244) |
Payments to Acquire Investments | (3,356) | (2,825) |
Net cash used in investing activities | (708,819) | (320,031) |
Cash flows from financing activities: | ||
Repayments of Notes Payable | 0 | (250,000) |
Net issuance of restricted stock units | (21,162) | (17,713) |
Proceeds from stock options exercised | 26,383 | 44,568 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 14,975 | 14,464 |
Repurchase of common stock | (279,944) | (175,943) |
Dividends paid | (320,766) | (280,576) |
Net cash used in financing activities | (580,514) | (665,200) |
Net decrease in cash and cash equivalents | (616,528) | (448,502) |
Cash and cash equivalents: | ||
Beginning of period | 2,246,121 | 2,105,229 |
End of period | 1,629,593 | 1,656,727 |
Supplemental disclosures of cash flow information: | ||
Cash paid (refunded), net during the period for income taxes | 17,281 | 57,952 |
Cash paid for interest | 31,750 | 23,125 |
Noncash investing and financing activities: | ||
Accounts payable related to property, plant, and equipment purchases | $ 6,798 | $ 12,542 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Maxim Integrated Products, Inc. and all of its majority-owned subsidiaries (collectively, the “Company” or “Maxim Integrated”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for fair presentation have been included. The year-end condensed consolidated balance sheet data were derived from audited consolidated financial statements but do not include all disclosures required by GAAP. The results of operations for the nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for the entire year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 24, 2017 . The Company has a 52-to-53-week fiscal year that ends on the last Saturday in June. Accordingly, every fifth or sixth fiscal year will be a 53-week fiscal year. Fiscal year 2017 was a 52-week fiscal year and fiscal year 2018 is a 53-week fiscal year. The second quarter of fiscal year 2017 was a 13-week quarter and the second quarter of fiscal year 2018 was a 14-week quarter. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements [Text Block] | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (i) New Accounting Updates Recently Adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) , which is intended to improve accounting for hedging activities by expanding and refining hedge accounting for both nonfinancial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company early-adopted ASU 2017-12 in the first quarter of fiscal year 2018. There was no material change to the Company's consolidated financial statements as a result of this adoption. This adoption was on a prospective basis and therefore had no impact on prior periods. (ii) Recent Accounting Updates Not Yet Effective In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) . This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. ASU 2014-09 is effective for the Company in the first quarter of fiscal year 2019 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within 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. The Company expects to select the modified retrospective transition method. As of the second quarter of fiscal year 2018, the Company recognizes all revenue from distributors on a sell-in basis of accounting. The Company does not expect the new guidance to materially impact the timing of recognition of future revenue, but continues to evaluate and prepare for impacts of the new standard on financial statements and disclosures, operational processes including internal controls, and business systems. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. This ASU will be effective for the Company beginning in the first quarter of fiscal year 2019. The application of this ASU will be by means of a cumulative-effect adjustment to the balance sheet. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) will be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the lease accounting requirements in Topic 840. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. This guidance is effective beginning in the first quarter of fiscal year 2020 on a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016-16 requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is sold. ASU 2016-16 is effective beginning in the first quarter of fiscal 2019, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting . This update provides guidance for reporting by an employee benefit plan for its interest in a master trust. The guidance is effective beginning in the first quarter of fiscal year 2020 on a retrospective basis, with early application permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires employers that offer or maintain defined benefit plans to disaggregate the service component from the other components of net benefit cost and provides guidance on presentation of the service component and the other components of net benefit cost in the statement of operations. The new standard is effective beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this standard provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this standard are effective beginning in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220) . This standard provides guidance about the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for the Company in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: March 31, June 24, Inventories: (in thousands) Raw materials $ 18,791 $ 11,779 Work-in-process 176,748 151,614 Finished goods 78,077 83,849 $ 273,616 $ 247,242 Property, plant and equipment, net consists of: March 31, June 24, Property, plant and equipment, net: (in thousands) Land $ 17,731 $ 18,952 Buildings and building improvements 254,157 254,513 Machinery and equipment 1,306,626 1,286,031 1,578,514 1,559,496 Less: accumulated depreciation (989,337 ) (952,915 ) $ 589,177 $ 606,581 Accrued salary and related expenses consist of: March 31, June 24, Accrued salary and related expenses: (in thousands) Accrued vacation $ 28,717 $ 29,621 Accrued bonus 71,829 85,600 Accrued salaries 13,509 14,528 ESPP Withholding 15,213 3,514 Other 18,503 12,036 $ 147,771 $ 145,299 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements [Text Block] | FAIR VALUE MEASUREMENTS The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company’s Level 1 assets consist of money market funds. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. The Company’s Level 2 assets and liabilities consist of U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, commercial paper, foreign currency forward contracts and long-term debt that are valued using quoted market prices or are determined using a yield curve model based on current market rates. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's Level 3 assets and liabilities consist of contingent consideration liabilities related to an acquisition during the three months ended March 31, 2018 . Assets and liabilities measured at fair value on a recurring basis were as follows: As of March 31, 2018 As of June 24, 2017 Fair Value Measurements Using Total Balance Fair Value Measurements Using Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 107,956 $ — $ — $ 107,956 $ 952,462 $ — $ — $ 952,462 Commercial paper — 13,681 — 13,681 — — — — Corporate debt securities — 5,307 — 5,307 — — — — U.S Treasury securities — 24,906 — 24,906 — — — — Short term investments Certificates of deposit — 40,375 — 40,375 — — — — Commercial paper — 43,584 — 43,584 — — — — Corporate debt securities — 453,716 — 453,716 — — — — U.S. Treasury securities — 557,126 — 557,126 — 498,718 — 498,718 Other current assets Foreign currency forward contracts — 559 — 559 — 848 — 848 Total assets $ 107,956 $ 1,139,254 $ — $ 1,247,210 $ 952,462 $ 499,566 $ — $ 1,452,028 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 260 $ — $ 260 $ — $ 386 $ — $ 386 Contingent consideration — — 8,000 8,000 — — — — Other liabilities Contingent consideration — — 8,000 8,000 — — — — Total Liabilities $ — $ 260 $ 16,000 $ 16,260 $ — $ 386 $ — $ 386 During the nine months ended March 31, 2018 and the year ended June 24, 2017 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. There were no assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2018 and June 24, 2017 other than impairments of long-lived assets. For details, please refer to Note 15: “Impairment of long-lived assets”. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: March 31, June 24, 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 Certificates of deposit $ 40,375 $ — $ — $ 40,375 $ — $ — $ — $ — Commercial paper 43,584 — — 43,584 — — — — Corporate debt securities 456,301 38 (2,623 ) 453,716 — — — — U.S. Treasury securities 559,479 10 (2,363 ) 557,126 499,952 — (1,234 ) 498,718 Total available-for-sale investments $ 1,099,739 $ 48 $ (4,986 ) $ 1,094,801 $ 499,952 $ — $ (1,234 ) $ 498,718 In the nine months ended March 31, 2018 and the year ended June 24, 2017 , the Company did not recognize any impairment charges on short-term investments. All available-for-sale investments have maturity dates between April 5, 2018 and March 12, 2021. The Company invests in various financial instruments including U.S. Treasury securities, corporate debt securities, commercial paper, and certificates of deposit which include instruments issued or managed by industrial, financial, and utility institutions and U.S. Treasury securities which include U.S. government Treasury bills and Treasury notes. Derivative instruments and hedging activities In the first quarter of fiscal year 2018, the Company early-adopted ASU 2017-12, Derivatives and Hedging (Topic 815) , which is intended to improve accounting for hedging activities by expanding and refining hedge accounting for both nonfinancial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. There was no material change to the Company's consolidated financial statements as a result of this adoption. This adoption was on a prospective basis and therefore had no impact on prior periods. The Company incurs expenditures denominated in non-U.S. currencies, primarily the Philippine Peso and the Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and the European Euro, Indian Rupee, Japanese Yen, Taiwan New Dollar, South Korean Won, and Chinese Yuan, 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 Accounting Standards Codification (“ASC”) No. 815-Derivatives and Hedging (“ASC 815”). As of March 31, 2018 and June 24, 2017 , the notional amounts of the forward contracts the Company held to purchase international currencies were $37.3 million and $36.2 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $0.6 million and $0.2 million , respectively. Derivatives not designated as hedging instruments As of March 31, 2018 and June 24, 2017 , the notional amounts of the forward contracts the Company held to purchase international currencies were $19.4 million and $44.5 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $27.0 million and $21.6 million , respectively. The fair values of our outstanding foreign currency forward contracts and gain (loss) included in the Condensed Consolidated Statements of Income were not material for the three and nine months ended March 31, 2018 and the year ended June 24, 2017 . Effect of hedge accounting on the Condensed Consolidated Statements of Income The following table summarizes the gains and (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 31, Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 648,599 $ 224,653 $ 199,108 $ 1,846,913 $ 639,460 $ 596,401 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ (11 ) $ 165 $ 356 $ (64 ) $ 116 $ 1,781 Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: March 31, June 24, (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 2.5% fixed rate notes due November 2018 500,000 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,500,000 1,500,000 Less: Current portion (included in "Current portion of debt") (499,050 ) — Less: Reduction for unamortized discount and debt issuance costs (10,163 ) (12,322 ) Total long-term debt $ 990,787 $ 1,487,678 On June 15, 2017, the Company completed a public offering of $500 million aggregate principal amount of the Company's 3.45% senior unsecured and unsubordinated notes due in June 2027 (“2027 Notes”), with an effective interest rate of 3.5% . Interest on the 2027 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. The net proceeds of this offering were approximately $495.2 million , after issuing at a discount and deducting paid expenses. On November 21, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 2.5% 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, commencing on May 15, 2014. The net proceeds of this offering were approximately $494.5 million , after issuing at a discount and deducting paid expenses. 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, commencing on September 15, 2013. The net proceeds of this offering were approximately $490 million , after issuing at a discount and deducting paid expenses. The debt indentures that govern the 2027 Notes, the 2023 Notes and the 2018 Notes, respectively, include covenants that limit the Company's ability to grant liens on its facilities and to enter into sale and leaseback transactions, which could limit the Company's ability to secure additional debt funding in the future. In circumstances involving a change of control of the Company followed by a downgrade of the rating of the 2027 Notes, the 2023 Notes or the 2018 Notes, the Company would be required to make an offer to repurchase the affected notes at a purchase price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest. 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 in the Condensed Consolidated Statements of Income over the life of the notes. The interest expense is recorded in Interest and other income (expense), net in the Condensed Consolidated Statements of Income. Amortized discount and expenses, as well as interest expense associated with the notes, were $12.4 million and $7.9 million during the three months ended March 31, 2018 and March 25, 2017 , respectively. Amortized discount and expenses, as well as interest expense associated with the notes, were $37.1 million and $26.3 million during the nine months ended March 31, 2018 and March 25, 2017 , respectively. The estimated fair value of the Company’s outstanding debt obligations was approximately $1,485 million as of March 31, 2018 . 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 $12.5 million and $8.1 million during the three months ended March 31, 2018 , and March 25, 2017 , respectively. The Company recorded interest expense of $37.6 million and $26.8 million during the nine months ended March 31, 2018 and March 25, 2017 , respectively. Credit Facility Revolving 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 March 31, 2018 , 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. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation [Text Block] | STOCK-BASED COMPENSATION At March 31, 2018 , the Company had one stock incentive plan, the Company's 1996 Stock Incentive Plan (the “1996 Plan”) and one employee stock purchase plan, the 2008 Employee Stock Purchase Plan (the “2008 ESPP”). The 1996 Plan was adopted by the board of directors to provide the grant of incentive stock options, non-statutory stock options, restricted stock units (“RSUs”), and market stock units (“MSUs”) to employees, directors, and consultants. Pursuant to the 1996 Plan, the exercise price for incentive stock options and non-statutory stock options is determined to be the fair market value of the underlying shares on the date of grant. Options typically vest ratably over a four-year period measured from the date of grant. Options generally expire no later than seven years after the date of grant, subject to earlier termination upon an optionee's cessation of employment or service. RSUs granted to employees typically vest over a four-year period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. RSUs granted after August 2017 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. MSUs granted to employees typically vest over a four-year cliff period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. The number of shares that are released at the end of the performance period can range from zero to a maximum cap depending on the Company's performance. For MSUs granted prior to September 2017, the performance metrics of this program are based on relative performance of the Company’s stock price as compared to the Semiconductor Exchange Traded Fund index SPDR S&P (the “XSD”). For MSUs granted in September 2017, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD; these MSUs vest based upon annual performance subject to continued service through the end of the four-year cliff period. MSUs granted after August 2017 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three and nine months ended March 31, 2018 and March 25, 2017 , respectively: Three Months Ended March 31, 2018 March 25, 2017 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 35 $ 2,003 $ 537 $ 2,575 $ 105 $ 1,660 $ 494 $ 2,259 Research and development 13 8,725 1,339 10,077 462 7,602 1,251 9,315 Selling, general and administrative 51 7,218 684 7,953 296 5,820 609 6,725 Pre-tax stock-based compensation expense $ 99 $ 17,946 $ 2,560 $ 20,605 $ 863 $ 15,082 $ 2,354 $ 18,299 Less: income tax effect 2,053 2,659 Net stock-based compensation expense $ 18,552 $ 15,640 Nine Months Ended March 31, 2018 March 25, 2017 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 196 $ 5,783 $ 1,482 $ 7,461 $ 440 $ 5,000 $ 1,491 $ 6,931 Research and development 507 24,212 3,342 28,061 1,305 22,293 3,536 27,134 Selling, general and administrative 636 21,004 1,770 23,410 1,115 16,557 1,756 19,428 Pre-tax stock-based compensation expense $ 1,339 $ 50,999 $ 6,594 $ 58,932 $ 2,860 $ 43,850 $ 6,783 $ 53,493 Less: income tax effect 6,830 8,551 Net stock-based compensation expense $ 52,102 $ 44,942 The expenses included in the Condensed Consolidated Statements of Income for RSUs include expenses related to MSUs of $2.2 million and $1.1 million for the three months ended March 31, 2018 and March 25, 2017 , respectively and $5.8 million and $2.5 million for the nine months ended March 31, 2018 and March 25, 2017 , respectively. Stock Options The fair value of options granted to employees under the 1996 Plan is estimated on the date of grant using the Black-Scholes option valuation model. There were no stock options granted in the three and nine months ended March 31, 2018 and March 25, 2017 . The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of March 31, 2018 and their activity for the nine months ended March 31, 2018 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 24, 2017 2,800,007 $ 26.92 Options Granted — — Options Exercised (1,031,144 ) 25.94 Options Cancelled (21,591 ) 25.81 Balance at March 31, 2018 1,747,272 $ 27.65 2.0 $ 54,470,797 Exercisable, March 31, 2018 1,740,428 $ 27.63 2.0 $ 54,281,147 Vested and expected to vest, March 31, 2018 1,747,119 $ 27.64 2.0 $ 54,466,463 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 31, 2018. As of March 31, 2018 , there was less than $0.1 million of total unrecognized stock compensation cost related to less than 0.1 million unvested stock options, which is expected to be recognized over a weighted average period of approximately 0.3 years. Restricted Stock Units and Other Awards The fair value of RSUs and other awards under the Company’s 1996 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 and other awards granted was $54.81 and $42.30 per share for the three months ended March 31, 2018 and March 25, 2017 , respectively and $44.49 and $37.02 per share for the nine months ended March 31, 2018 and March 25, 2017 , respectively. The following table summarizes the outstanding and expected to vest RSUs and other awards as of March 31, 2018 and their activity during the nine months ended March 31, 2018 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 24, 2017 5,942,123 Restricted stock units and other awards granted 1,933,510 Restricted stock units and other awards released (1,315,630 ) Restricted stock units and other awards cancelled (500,528 ) Balance at March 31, 2018 6,059,475 2.8 $ 357,928,876 Outstanding and expected to vest, March 31, 2018 5,061,864 2.7 $ 297,738,815 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of March 31, 2018. The Company withheld shares totaling $9.6 million and $21.2 million in value as a result of employee withholding taxes based on the value of the RSUs on their vesting date for the three and nine months ended March 31, 2018 . The total payments for the employees’ tax obligations to the taxing authorities are reflected as financing activities within the Condensed Consolidated Statements of Cash Flows. As of March 31, 2018 , there was $156.4 million of unrecognized compensation expense related to 6.1 million unvested RSUs and other awards, which is expected to be recognized over a weighted average period of approximately 2.8 years. Market Stock Units (MSUs) The Company grants MSUs to senior members of management in lieu of granting stock options. For MSUs granted prior to September 2017, the performance metrics of this program are based on relative performance of the Company’s stock price as compared to the Semiconductor Exchange Traded Fund index SPDR S&P (the “XSD”). For MSUs granted in September 2017, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD. The fair value of MSUs is estimated using a Monte Carlo simulation model on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. Compensation expense is recognized based on the initial valuation and is not subsequently adjusted as a result of the Company’s performance relative to that of the XSD or the TSR of the companies included in the XSD, as applicable. Vesting for MSUs is contingent upon both service and market conditions and has a four-year vesting cliff period. MSUs granted in September 2017 vest based upon annual performance and are subject to continued service through the end of the four-year period, but will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The weighted-average fair value of MSUs granted was $51.03 and $37.29 per share for the nine months ended March 31, 2018 and March 25, 2017 , respectively. The following table summarizes the number of MSUs outstanding and expected to vest as of March 31, 2018 and their activity during the nine months ended March 31, 2018 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 24, 2017 818,028 Market stock units granted 292,336 Market stock units released — Market stock units cancelled (10,028 ) Balance at March 31, 2018 1,100,336 2.8 $ 64,721,764 Outstanding and expected to vest, March 31, 2018 680,029 2.7 $ 39,999,293 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 31, 2018. As of March 31, 2018 , there was $24.4 million of unrecognized compensation expense related to 1.1 million unvested MSUs, which is expected to be recognized over a weighted average period of approximately 2.8 years. Employee Stock Purchase Plan Employees are granted rights to acquire common stock under the 2008 ESPP. The fair value of ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, 2017 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 1.1% - 1.5% 0.5% 0.8% - 1.5% 0.5% - 0.7% Expected stock price volatility 20.5% - 20.7% 27.2% - 28.2% 19.1% - 24.7% 22.1% - 30.4% Dividend yield 3.0% - 3.1% 3.5% - 3.6% 3.0% - 3.4% 3.4% - 3.6% As of March 31, 2018 and March 25, 2017 , there was $3.9 million and $3.6 million , respectively, of unrecognized compensation expense related to the 2008 ESPP. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings (loss) per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and other awards as well as MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands, except per share data) Numerator for basic earnings (loss) per share and diluted earnings (loss) per share Net income (loss) $ 193,627 $ 140,213 $ 273,146 $ 408,304 Denominator for basic earnings (loss) per share 280,850 282,903 281,525 283,348 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 5,031 4,979 4,696 4,861 Denominator for diluted earnings (loss) per share 285,881 287,882 286,221 288,209 Earnings (loss) per share Basic $ 0.69 $ 0.50 $ 0.97 $ 1.44 Diluted $ 0.68 $ 0.49 $ 0.95 $ 1.42 For the three months ended March 31, 2018 and March 25, 2017 and the nine months ended March 31, 2018 and March 25, 2017 , no stock awards were determined to be anti-dilutive and therefore none were excluded from the calculation of diluted earnings per share. |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | SEGMENT INFORMATION The Company designs, develops, manufactures and markets a broad range of linear and mixed signal integrated circuits. All of the Company's products are designed through a centralized R&D function, manufactured using centralized manufacturing (internal and external), and sold through a centralized sales force and shared wholesale distributors. one operating segment and reportable segment. In accordance with ASC No. 280, Segment Reporting (“ASC 280”), the Company considers operating segments to be components of the Company’s business for which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker, assessed and determined to be the CEO, in deciding how to allocate resources and in assessing performance. The CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. 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: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands) United States $ 75,760 $ 65,698 $ 223,021 $ 199,234 China 219,160 209,437 662,114 635,763 Rest of Asia 222,207 186,468 586,109 534,896 Europe 114,254 105,126 329,939 282,048 Rest of World 17,218 14,487 45,730 41,669 $ 648,599 $ 581,216 $ 1,846,913 $ 1,693,610 Net long-lived assets by geographic region were as follows: March 31, June 24, (in thousands) United States $ 362,637 $ 374,775 Philippines 125,825 128,241 Rest of World 100,715 103,565 $ 589,177 $ 606,581 |
Comprehensive Income Loss
Comprehensive Income Loss | 9 Months Ended |
Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income [Text Block] | COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component and related tax effects in the nine months ended March 31, 2018 and March 25, 2017 were as follows: (in thousands) Unrealized Gains and Losses on Intercompany Receivables Unrealized Gains and Losses on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-For-Sale Securities Total June 24, 2017 $ (6,280 ) $ (1,258 ) $ (1,136 ) $ 18 $ (1,234 ) $ (9,890 ) Other comprehensive income (loss) before reclassifications — — — 2,012 (3,707 ) (1,695 ) Amounts reclassified out of accumulated other comprehensive loss (income) — 154 — (1,834 ) — (1,680 ) Tax effects — (168 ) — (45 ) 274 61 Other comprehensive income (loss) — (14 ) — 133 (3,433 ) (3,314 ) March 31, 2018 $ (6,280 ) $ (1,272 ) $ (1,136 ) $ 151 $ (4,667 ) $ (13,204 ) (in thousands) Unrealized Gains and Losses on Intercompany Receivables Unrealized Gains and Losses on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-For-Sale Securities Total June 25, 2016 $ (6,280 ) $ (6,800 ) $ (1,136 ) $ (492 ) $ 489 $ (14,219 ) Other comprehensive income (loss) before reclassifications — 7,563 — (1,266 ) 3,043 9,340 Amounts reclassified out of accumulated other comprehensive loss (income) — 263 — 2,466 (4,451 ) (1,722 ) Tax effects — (2,861 ) — (273 ) — (3,134 ) Other comprehensive income (loss) — 4,965 — 927 (1,408 ) 4,484 March 25, 2017 $ (6,280 ) $ (1,835 ) $ (1,136 ) $ 435 $ (919 ) $ (9,735 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), was enacted. The primary impact of the Act in fiscal year 2018 is a reduction of the Company’s federal statutory tax rate from 35% to 28.1% (average of a 35% rate for the first half of fiscal year 2018 and a 21% rate for the second half of fiscal year 2018) and taxation of the higher of the accumulated unremitted earnings of the Company’s foreign subsidiaries as of November 2, 2017 or December 31, 2017 (“Repatriation Tax”). Accumulated unremitted earnings are taxed at a rate of 15.5% to the extent of the aggregate foreign cash position of the Company’s foreign subsidiaries and a rate of 8% to the extent that accumulated unremitted earnings exceeds the aggregate foreign cash position. The Act allows the Company to elect to pay the Repatriation Tax in eight annual interest free installments beginning in September 2018, although for accounting purposes the entire tax was recorded in the second quarter of fiscal year 2018. The Act has other provisions that will significantly impact the Company beginning in fiscal year 2019, including a further reduction of the federal statutory tax rate to 21% and provisions that impact taxation of the Company’s international earnings. The Company is still considering the impact of these provisions on its effective tax rate in fiscal year 2019 and future years. Securities and Exchange Commission Staff Accounting Bulletin No. 118 allowed the use of provisional amounts (reasonable estimates) if accounting for the income tax effects of the Act were not completed when the Company’s financial statements for the second quarter of fiscal year 2018 were issued. Provisional amounts must be adjusted during the measurement period as accounting for the income tax effects of the Act is completed. The measurement period began on December 22, 2017, the enactment date of the Act, and lasts no longer than one year. In the second quarter of fiscal year 2018, the Company recorded a $236.9 million discrete provisional charge for the Repatriation Tax and a $13.7 million discrete charge to remeasure deferred tax assets and liabilities as of the enactment date of the Act to reflect the federal statutory tax rate reduction. To determine the amount of the Repatriation Tax, we must determine the accumulated unremitted earnings of the Company’s foreign subsidiaries and the amount of foreign income tax paid on such earnings. The Company made a reasonable estimate of the Repatriation Tax and therefore recorded a provisional Repatriation Tax charge of $236.9 million in the second quarter of fiscal year 2018. No adjustment to the provisional Repatriation Tax charge was made in the third quarter of fiscal year 2018 as the Company continues to gather information and analyze the available guidance to more precisely compute the amount of the Repatriation Tax. In the three and nine months ended March 31, 2018, the Company recorded an income tax provision of $28.7 million and $328.0 million , respectively, compared to $30.2 million and $75.7 million for the three and nine months ended March 25, 2017, respectively. The Company’s effective tax rate for the three and nine months ended March 31, 2018 was 12.9% and 54.6% , respectively, compared to 17.7% and 15.6% for the three and nine months ended March 25, 2017, respectively. The Company’s federal statutory tax rate for fiscal year 2018 is 28.1% . The Company’s effective tax rate for the three months ended March 31, 2018 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates, and $4.6 million of discrete excess tax benefits generated by the settlement of share-based awards, partially offset by $5.1 million of discrete interest accruals for unrecognized tax benefits. The Company’s effective tax rate for the nine months ended March 31, 2018 was higher than the statutory rate primarily due to a $236.9 million discrete provisional charge for the Repatriation Tax, a $13.7 million discrete charge to remeasure deferred taxes as of the enactment date of the Act, and $13.1 million of discrete interest accruals for unrecognized tax benefits, partially offset by earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates and $8.3 million of discrete excess tax benefits generated by the settlement of share-based awards. The Company’s federal statutory tax rate for the fiscal year 2017 was 35% . The Company’s effective tax rate for the three and nine months ended March 25, 2017 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates, and $4.3 million and $9.5 million of discrete excess tax benefits generated by the settlement of share-based awards in the three and nine months ended March 25, 2017, respectively, partially offset by stock-based compensation for which no tax benefit is expected and $3.6 million and $10.4 million of discrete interest accruals for unrecognized tax benefits in the three and nine months ended March 25, 2017, respectively. The Company’s federal corporate income tax returns are audited on a recurring basis by the Internal Revenue Service (“IRS”). The IRS has concluded its field examination of the Company’s federal corporate income tax returns for fiscal years 2009 through 2011 and issued an IRS Revenue Agent’s Report in July 2016 that includes proposed adjustments for transfer pricing issues related to cost sharing and buy-in license payments for the use of intangible property by one of the Company’s international subsidiaries. The Company disagrees with the proposed transfer pricing adjustments and related penalties, and in September 2016, the Company filed a protest to challenge the proposed adjustments and requested a conference with the Appeals Office of the IRS, which is expected to begin in the fourth quarter of fiscal year 2018. The Company believes that its reserves for unrecognized tax benefits are sufficient to cover any potential assessments that may result from the final resolution of these transfer pricing issues. In fiscal year 2017, the IRS commenced an audit of the Company’s federal corporate income tax returns for fiscal years 2012 through 2014, which is ongoing. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party or subject to various 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, the Company does 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. Indemnification The Company indemnifies certain customers, distributors, suppliers and subcontractors for attorney fees, 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 accrues for specific and estimated product claims resulting from defects in materials, workmanship and material non-conformance to the Company’s specifications. The Company's aggregate product warranty liabilities as of March 31, 2018 and March 25, 2017 were $6.1 million and $5.3 million , respectively. |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Mar. 31, 2018 | |
Common Stock Repurchases [Abstract] | |
Common Stock Repurchases [Text Block] | COMMON STOCK REPURCHASES On July 20, 2017, the board of directors of the Company authorized the repurchase of up to $1 billion of the Company's common stock. The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as current stock price, levels of cash generation from operations, cash requirements, and other factors. All prior repurchase authorizations by the Company’s board of directors for the repurchase of common stock were cancelled and superseded by this new repurchase authorization. During the nine months ended March 31, 2018 , the Company repurchased approximately 5.3 million shares of its common stock for $279.9 million . As of March 31, 2018 , the Company had remaining authorization of $746.4 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. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITION On January 26, 2018, the Company acquired a privately-held corporation specializing in the development of high performance USB and video extension technology. Total cash consideration paid in connection with this acquisition was $57.8 million , net of cash acquired. The company also agreed to pay up to an additional $16.0 million if the acquired business achieves certain financial milestones for the annual periods ending August 31, 2018 and August 31, 2019. The acquired assets included $26.0 million of developed technology and $10.5 million of other intangible assets. The Company also recorded $41.9 million of goodwill in connection with this acquisition. The goodwill is not deductible for tax purposes. The purchase price allocation as of the date of the acquisition reflects various fair value estimates and analysis performed by the Company with the assistance of third-party valuation specialists. The Company may revise its preliminary purchase price allocation during the remainder of the measurement period, which will not exceed 12 months from the acquisition date. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2018 | |
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. Activity and goodwill balances for the nine months ended March 31, 2018 were as follows: Goodwill (in thousands) Balance at June 24, 2017 $ 491,015 Acquisition 41,889 Balance at March 31, 2018 $ 532,904 No indicators or instances of impairment were identified in the nine months and fiscal year ended March 31, 2018 and June 24, 2017 , respectively. Intangible assets consisted of the following: March 31, June 24, Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 479,645 $ 412,111 $ 67,534 $ 451,885 $ 377,806 $ 74,079 Customer relationships 116,334 102,596 13,738 115,634 99,812 15,822 Trade name 9,340 8,535 805 8,500 8,086 414 Patents 2,500 2,339 161 2,500 1,948 552 Total amortizable purchased intangible assets 607,819 525,581 82,238 578,519 487,652 90,867 IPR&D 8,610 — 8,610 — — — Total purchased intangible assets $ 616,429 $ 525,581 $ 90,848 $ 578,519 $ 487,652 $ 90,867 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands) Cost of goods sold $ 12,101 $ 11,064 $ 34,305 $ 35,420 Intangible asset amortization 876 2,348 3,623 7,139 Total intangible asset amortization expenses $ 12,977 $ 13,412 $ 37,928 $ 42,559 The following table represents the estimated future amortization expense of intangible assets as of March 31, 2018 : Fiscal Year Amount (in thousands) Remaining three months of 2018 $ 12,395 2019 23,348 2020 13,692 2021 11,992 2022 6,313 Thereafter 14,498 Total intangible assets $ 82,238 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets (Notes) | 9 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Fiscal year 2018: The Company did not record any impairment of long-lived assets during the three months ended March 31, 2018 . During the nine months ended March 31, 2018 , the Company recorded $0.9 million of impairment of long-lived assets in the Company's Condensed Consolidated Statements of Income. The impairment was primarily associated with certain investments in privately held companies. The Company uses various inputs to evaluate investments in privately held companies, including valuations of recent financing events as well as other information regarding the privately held companies' historical and forecasted performance. The Company reached its conclusion regarding the asset impairment due to changes, during the nine months ended March 31, 2018 , in the financial condition of certain investments in privately held companies which indicated an other than temporary impairment. Fiscal year 2017: During the three and nine months ended March 25, 2017 , the Company recorded $1.0 million and $7.5 million , respectively, in impairment of long-lived assets in the Company’s Condensed Consolidated Statements of Income. The impairment was primarily associated with certain investments in privately held companies. The Company reached its conclusion regarding the asset impairment after the determination was made that due to factors during the nine months ended March 25, 2017 , the financial condition of the privately held companies indicated an other than temporary impairment. During the second quarter of fiscal year 2016, the Company classified the micro-electromechanical systems (MEMS) business line, including associated tangible assets and goodwill, as held for sale but no impairment charge was recorded as the carrying value of the product lines' associated assets approximated or was less than the fair value, less cost to sell. The fair values of the assets were determined after consideration of quoted market prices of similar equipment and offers received. During the first quarter of fiscal year 2017, the Company completed the sale of this business line for approximately $42.2 million , resulting in a gain of $26.6 million , included in Other operating income (expenses), net in the Condensed Consolidated Statements of Income. |
Restructuring Activities (Notes
Restructuring Activities (Notes) | 9 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING ACTIVITIES Fiscal year 2018: During the three and nine months ended March 31, 2018 , the Company recorded $2.3 million and $14.2 million , respectively, in “Severance and restructuring expenses” in the Condensed Consolidated Statements of Income related to various restructuring plans designed to reduce costs. These charges were primarily associated with continued reorganization of certain business units and functions, which impacted multiple job classifications and locations, as well as employee enrollments in voluntary separation programs. Fiscal year 2017: During the three and nine months ended March 25, 2017 , the Company recorded $0.5 million and $11.3 million , respectively, in “Severance and restructuring expenses” in the Condensed Consolidated Statements of Income related to various restructuring plans designed to reduce costs. These charges were primarily associated with continued reorganization of certain business units and functions and the closure of the Dallas wafer level packaging (“WLP”) manufacturing facilities. Multiple job classifications and locations were impacted by these activities. As the Company completed the closure of its Dallas, Texas campus, including ceasing operations of its WLP manufacturing facility in the third quarter of fiscal year 2017, the Company recorded accelerated depreciation charges of $1.1 million and $4.2 million during the three and nine months ended March 25, 2017 , respectively. Restructuring Accruals The Company has accruals for severance and restructuring payments within Accrued salary and related expenses in the accompanying Condensed Consolidated Balance Sheets. The following table summarizes changes in the accruals associated with these restructuring activities during the nine months ended March 31, 2018 : Balance, June 24, 2017 Nine Months Ended March 31, 2018 Balance, March 31, 2018 Charges Cash Payments Change in Estimates (in thousands) Severance - All plans (1) $ 526 $ 14,491 $ (9,426 ) $ (264 ) $ 5,327 (1) Charges and change in estimates are included in Severance and restructuring expenses in the accompanying Condensed Consolidated Statements of Income. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: March 31, June 24, Inventories: (in thousands) Raw materials $ 18,791 $ 11,779 Work-in-process 176,748 151,614 Finished goods 78,077 83,849 $ 273,616 $ 247,242 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consists of: March 31, June 24, Property, plant and equipment, net: (in thousands) Land $ 17,731 $ 18,952 Buildings and building improvements 254,157 254,513 Machinery and equipment 1,306,626 1,286,031 1,578,514 1,559,496 Less: accumulated depreciation (989,337 ) (952,915 ) $ 589,177 $ 606,581 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued salary and related expenses consist of: March 31, June 24, Accrued salary and related expenses: (in thousands) Accrued vacation $ 28,717 $ 29,621 Accrued bonus 71,829 85,600 Accrued salaries 13,509 14,528 ESPP Withholding 15,213 3,514 Other 18,503 12,036 $ 147,771 $ 145,299 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis were as follows: As of March 31, 2018 As of June 24, 2017 Fair Value Measurements Using Total Balance Fair Value Measurements Using Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 107,956 $ — $ — $ 107,956 $ 952,462 $ — $ — $ 952,462 Commercial paper — 13,681 — 13,681 — — — — Corporate debt securities — 5,307 — 5,307 — — — — U.S Treasury securities — 24,906 — 24,906 — — — — Short term investments Certificates of deposit — 40,375 — 40,375 — — — — Commercial paper — 43,584 — 43,584 — — — — Corporate debt securities — 453,716 — 453,716 — — — — U.S. Treasury securities — 557,126 — 557,126 — 498,718 — 498,718 Other current assets Foreign currency forward contracts — 559 — 559 — 848 — 848 Total assets $ 107,956 $ 1,139,254 $ — $ 1,247,210 $ 952,462 $ 499,566 $ — $ 1,452,028 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 260 $ — $ 260 $ — $ 386 $ — $ 386 Contingent consideration — — 8,000 8,000 — — — — Other liabilities Contingent consideration — — 8,000 8,000 — — — — Total Liabilities $ — $ 260 $ 16,000 $ 16,260 $ — $ 386 $ — $ 386 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Available-for-sale investments [Table Text Block] | Fair values were as follows: March 31, June 24, 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 Certificates of deposit $ 40,375 $ — $ — $ 40,375 $ — $ — $ — $ — Commercial paper 43,584 — — 43,584 — — — — Corporate debt securities 456,301 38 (2,623 ) 453,716 — — — — U.S. Treasury securities 559,479 10 (2,363 ) 557,126 499,952 — (1,234 ) 498,718 Total available-for-sale investments $ 1,099,739 $ 48 $ (4,986 ) $ 1,094,801 $ 499,952 $ — $ (1,234 ) $ 498,718 |
Schedule of long-term debt [Table Text Block] | The following table summarizes the Company’s outstanding debt obligations: March 31, June 24, (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 2.5% fixed rate notes due November 2018 500,000 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,500,000 1,500,000 Less: Current portion (included in "Current portion of debt") (499,050 ) — Less: Reduction for unamortized discount and debt issuance costs (10,163 ) (12,322 ) Total long-term debt $ 990,787 $ 1,487,678 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the gains and (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 31, Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 648,599 $ 224,653 $ 199,108 $ 1,846,913 $ 639,460 $ 596,401 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ (11 ) $ 165 $ 356 $ (64 ) $ 116 $ 1,781 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
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 Condensed Consolidated Statements of Income for the three and nine months ended March 31, 2018 and March 25, 2017 , respectively: Three Months Ended March 31, 2018 March 25, 2017 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 35 $ 2,003 $ 537 $ 2,575 $ 105 $ 1,660 $ 494 $ 2,259 Research and development 13 8,725 1,339 10,077 462 7,602 1,251 9,315 Selling, general and administrative 51 7,218 684 7,953 296 5,820 609 6,725 Pre-tax stock-based compensation expense $ 99 $ 17,946 $ 2,560 $ 20,605 $ 863 $ 15,082 $ 2,354 $ 18,299 Less: income tax effect 2,053 2,659 Net stock-based compensation expense $ 18,552 $ 15,640 Nine Months Ended March 31, 2018 March 25, 2017 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 196 $ 5,783 $ 1,482 $ 7,461 $ 440 $ 5,000 $ 1,491 $ 6,931 Research and development 507 24,212 3,342 28,061 1,305 22,293 3,536 27,134 Selling, general and administrative 636 21,004 1,770 23,410 1,115 16,557 1,756 19,428 Pre-tax stock-based compensation expense $ 1,339 $ 50,999 $ 6,594 $ 58,932 $ 2,860 $ 43,850 $ 6,783 $ 53,493 Less: income tax effect 6,830 8,551 Net stock-based compensation expense $ 52,102 $ 44,942 |
Share-based Compensation Arrangements 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 March 31, 2018 and their activity for the nine months ended March 31, 2018 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 24, 2017 2,800,007 $ 26.92 Options Granted — — Options Exercised (1,031,144 ) 25.94 Options Cancelled (21,591 ) 25.81 Balance at March 31, 2018 1,747,272 $ 27.65 2.0 $ 54,470,797 Exercisable, March 31, 2018 1,740,428 $ 27.63 2.0 $ 54,281,147 Vested and expected to vest, March 31, 2018 1,747,119 $ 27.64 2.0 $ 54,466,463 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 31, 2018. |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the outstanding and expected to vest RSUs and other awards as of March 31, 2018 and their activity during the nine months ended March 31, 2018 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 24, 2017 5,942,123 Restricted stock units and other awards granted 1,933,510 Restricted stock units and other awards released (1,315,630 ) Restricted stock units and other awards cancelled (500,528 ) Balance at March 31, 2018 6,059,475 2.8 $ 357,928,876 Outstanding and expected to vest, March 31, 2018 5,061,864 2.7 $ 297,738,815 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of March 31, 2018. |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the number of MSUs outstanding and expected to vest as of March 31, 2018 and their activity during the nine months ended March 31, 2018 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 24, 2017 818,028 Market stock units granted 292,336 Market stock units released — Market stock units cancelled (10,028 ) Balance at March 31, 2018 1,100,336 2.8 $ 64,721,764 Outstanding and expected to vest, March 31, 2018 680,029 2.7 $ 39,999,293 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 30, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 31, 2018. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, 2017 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 1.1% - 1.5% 0.5% 0.8% - 1.5% 0.5% - 0.7% Expected stock price volatility 20.5% - 20.7% 27.2% - 28.2% 19.1% - 24.7% 22.1% - 30.4% Dividend yield 3.0% - 3.1% 3.5% - 3.6% 3.0% - 3.4% 3.4% - 3.6% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
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 (loss) per share: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands, except per share data) Numerator for basic earnings (loss) per share and diluted earnings (loss) per share Net income (loss) $ 193,627 $ 140,213 $ 273,146 $ 408,304 Denominator for basic earnings (loss) per share 280,850 282,903 281,525 283,348 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 5,031 4,979 4,696 4,861 Denominator for diluted earnings (loss) per share 285,881 287,882 286,221 288,209 Earnings (loss) per share Basic $ 0.69 $ 0.50 $ 0.97 $ 1.44 Diluted $ 0.68 $ 0.49 $ 0.95 $ 1.42 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
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: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands) United States $ 75,760 $ 65,698 $ 223,021 $ 199,234 China 219,160 209,437 662,114 635,763 Rest of Asia 222,207 186,468 586,109 534,896 Europe 114,254 105,126 329,939 282,048 Rest of World 17,218 14,487 45,730 41,669 $ 648,599 $ 581,216 $ 1,846,913 $ 1,693,610 |
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | Net long-lived assets by geographic region were as follows: March 31, June 24, (in thousands) United States $ 362,637 $ 374,775 Philippines 125,825 128,241 Rest of World 100,715 103,565 $ 589,177 $ 606,581 |
Comprehensive Income Loss (Tabl
Comprehensive Income Loss (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive income (loss) by component and related tax effects in the nine months ended March 31, 2018 and March 25, 2017 were as follows: (in thousands) Unrealized Gains and Losses on Intercompany Receivables Unrealized Gains and Losses on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-For-Sale Securities Total June 24, 2017 $ (6,280 ) $ (1,258 ) $ (1,136 ) $ 18 $ (1,234 ) $ (9,890 ) Other comprehensive income (loss) before reclassifications — — — 2,012 (3,707 ) (1,695 ) Amounts reclassified out of accumulated other comprehensive loss (income) — 154 — (1,834 ) — (1,680 ) Tax effects — (168 ) — (45 ) 274 61 Other comprehensive income (loss) — (14 ) — 133 (3,433 ) (3,314 ) March 31, 2018 $ (6,280 ) $ (1,272 ) $ (1,136 ) $ 151 $ (4,667 ) $ (13,204 ) (in thousands) Unrealized Gains and Losses on Intercompany Receivables Unrealized Gains and Losses on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and Losses on Cash Flow Hedges Unrealized Gains and Losses on Available-For-Sale Securities Total June 25, 2016 $ (6,280 ) $ (6,800 ) $ (1,136 ) $ (492 ) $ 489 $ (14,219 ) Other comprehensive income (loss) before reclassifications — 7,563 — (1,266 ) 3,043 9,340 Amounts reclassified out of accumulated other comprehensive loss (income) — 263 — 2,466 (4,451 ) (1,722 ) Tax effects — (2,861 ) — (273 ) — (3,134 ) Other comprehensive income (loss) — 4,965 — 927 (1,408 ) 4,484 March 25, 2017 $ (6,280 ) $ (1,835 ) $ (1,136 ) $ 435 $ (919 ) $ (9,735 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets Disclosure [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. Activity and goodwill balances for the nine months ended March 31, 2018 were as follows: Goodwill (in thousands) Balance at June 24, 2017 $ 491,015 Acquisition 41,889 Balance at March 31, 2018 $ 532,904 No indicators or instances of impairment were identified in the nine months and fiscal year ended March 31, 2018 and June 24, 2017 , respectively. Intangible assets consisted of the following: March 31, June 24, Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 479,645 $ 412,111 $ 67,534 $ 451,885 $ 377,806 $ 74,079 Customer relationships 116,334 102,596 13,738 115,634 99,812 15,822 Trade name 9,340 8,535 805 8,500 8,086 414 Patents 2,500 2,339 161 2,500 1,948 552 Total amortizable purchased intangible assets 607,819 525,581 82,238 578,519 487,652 90,867 IPR&D 8,610 — 8,610 — — — Total purchased intangible assets $ 616,429 $ 525,581 $ 90,848 $ 578,519 $ 487,652 $ 90,867 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands) Cost of goods sold $ 12,101 $ 11,064 $ 34,305 $ 35,420 Intangible asset amortization 876 2,348 3,623 7,139 Total intangible asset amortization expenses $ 12,977 $ 13,412 $ 37,928 $ 42,559 The following table represents the estimated future amortization expense of intangible assets as of March 31, 2018 : Fiscal Year Amount (in thousands) Remaining three months of 2018 $ 12,395 2019 23,348 2020 13,692 2021 11,992 2022 6,313 Thereafter 14,498 Total intangible assets $ 82,238 |
Schedule of Goodwill [Table Text Block] | he 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. Activity and goodwill balances for the nine months ended March 31, 2018 were as follows: Goodwill (in thousands) Balance at June 24, 2017 $ 491,015 Acquisition 41,889 Balance at March 31, 2018 $ 532,904 |
Schedule of intangible assets [Table Text Block] | Intangible assets consisted of the following: March 31, June 24, Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 479,645 $ 412,111 $ 67,534 $ 451,885 $ 377,806 $ 74,079 Customer relationships 116,334 102,596 13,738 115,634 99,812 15,822 Trade name 9,340 8,535 805 8,500 8,086 414 Patents 2,500 2,339 161 2,500 1,948 552 Total amortizable purchased intangible assets 607,819 525,581 82,238 578,519 487,652 90,867 IPR&D 8,610 — 8,610 — — — Total purchased intangible assets $ 616,429 $ 525,581 $ 90,848 $ 578,519 $ 487,652 $ 90,867 |
Schedule of amortization expense allocation of intangible assets [Table Text Block] | The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 25, March 31, March 25, (in thousands) Cost of goods sold $ 12,101 $ 11,064 $ 34,305 $ 35,420 Intangible asset amortization 876 2,348 3,623 7,139 Total intangible asset amortization expenses $ 12,977 $ 13,412 $ 37,928 $ 42,559 |
Estimated future amortization expense of intangible assets [Table Text Block] | The following table represents the estimated future amortization expense of intangible assets as of March 31, 2018 : Fiscal Year Amount (in thousands) Remaining three months of 2018 $ 12,395 2019 23,348 2020 13,692 2021 11,992 2022 6,313 Thereafter 14,498 Total intangible assets $ 82,238 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The Company has accruals for severance and restructuring payments within Accrued salary and related expenses in the accompanying Condensed Consolidated Balance Sheets. The following table summarizes changes in the accruals associated with these restructuring activities during the nine months ended March 31, 2018 : Balance, June 24, 2017 Nine Months Ended March 31, 2018 Balance, March 31, 2018 Charges Cash Payments Change in Estimates (in thousands) Severance - All plans (1) $ 526 $ 14,491 $ (9,426 ) $ (264 ) $ 5,327 (1) Charges and change in estimates are included in Severance and restructuring expenses in the accompanying Condensed Consolidated Statements of Income. |
Recently Issued Accounting Pr32
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Discrete income tax benefit generated by the settlement of share-based awards | $ 4,600 | $ 4,300 | $ 8,300 | $ 9,500 |
Cash flow from operating activities operating activities | 672,805 | 536,729 | ||
Cash flow from financing activities | $ (580,514) | $ (665,200) |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 24, 2017 |
Inventories: | ||
Raw materials | $ 18,791 | $ 11,779 |
Work-in-process | 176,748 | 151,614 |
Finished goods | 78,077 | 83,849 |
Inventory, net | 273,616 | 247,242 |
Property, plant and equipment: | ||
Land | 17,731 | 18,952 |
Buildings and building improvements | 254,157 | 254,513 |
Machinery and equipment | 1,306,626 | 1,286,031 |
Property, plant and equipment, gross | 1,578,514 | 1,559,496 |
Less: accumulated depreciation and amortization | (989,337) | (952,915) |
Property, plant and equipment, net | 589,177 | 606,581 |
Employee-related Liabilities, Current [Abstract] | ||
Accrued Vacation | 28,717 | 29,621 |
Accrued Bonuses | 71,829 | 85,600 |
Accrued Salaries | 13,509 | 14,528 |
Accrued Employee Stock Purchase Program Withholding | 15,213 | 3,514 |
Other | 18,503 | 12,036 |
Accrued salary and related expenses | $ 147,771 | $ 145,299 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | Jun. 24, 2017 | Jun. 25, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest Expense, Debt | $ 12,400 | $ 7,900 | $ 37,100 | $ 26,300 | |||
Cash and cash equivalents | 1,629,593 | $ 1,656,727 | 1,629,593 | $ 1,656,727 | $ 2,246,121 | $ 2,105,229 | |
Available-for-sale Securities | 1,094,801 | 1,094,801 | 498,718 | ||||
Business Combination, Contingent Consideration, Liability | 16,000 | 16,000 | |||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total Assets | 1,247,210 | 1,247,210 | 1,452,028 | ||||
Total Liabilities | 16,260 | 16,260 | 386 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total Assets | 107,956 | 107,956 | 952,462 | ||||
Total Liabilities | 0 | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total Assets | 1,139,254 | 1,139,254 | 499,566 | ||||
Total Liabilities | 260 | 260 | 386 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total Assets | 0 | 0 | 0 | ||||
Total Liabilities | 16,000 | 16,000 | 0 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | [1] | 107,956 | 107,956 | 952,462 | |||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 107,956 | 107,956 | 952,462 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Commercial paper | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | [1] | 13,681 | 13,681 | ||||
Available-for-sale Securities | [2] | 43,584 | 43,584 | ||||
Commercial paper | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 13,681 | 13,681 | |||||
Available-for-sale Securities | 43,584 | 43,584 | |||||
Corporate debt securities | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | [1] | 5,307 | 5,307 | ||||
Available-for-sale Securities | [2] | 453,716 | 453,716 | ||||
Corporate debt securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 5,307 | 5,307 | |||||
Available-for-sale Securities | 453,716 | 453,716 | |||||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | [1] | 24,906 | 24,906 | ||||
Available-for-sale Securities | [2] | 557,126 | 557,126 | 498,718 | |||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale Securities | 0 | 0 | 0 | ||||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 24,906 | 24,906 | |||||
Available-for-sale Securities | 557,126 | 557,126 | 498,718 | ||||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale Securities | 0 | 0 | 0 | ||||
Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Foreign currency forward contracts | [3] | 559 | 559 | 848 | |||
Foreign currency forward contracts | [4] | 260 | 260 | 386 | |||
Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Foreign currency forward contracts | 0 | 0 | 0 | ||||
Foreign currency forward contracts | 0 | 0 | 0 | ||||
Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Foreign currency forward contracts | 559 | 559 | 848 | ||||
Foreign currency forward contracts | 260 | 260 | 386 | ||||
Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Foreign currency forward contracts | 0 | 0 | 0 | ||||
Foreign currency forward contracts | 0 | 0 | $ 0 | ||||
Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | [4] | 8,000 | 8,000 | ||||
Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | 8,000 | 8,000 | |||||
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale Securities | [2] | 40,375 | 40,375 | ||||
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale Securities | 40,375 | 40,375 | |||||
Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | [4] | 8,000 | 8,000 | ||||
Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | $ 8,000 | $ 8,000 | |||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZlNzU0MGNmOTNmNzQxOWE5ZDdiOTQ1MzllM2FkYWZifFRleHRTZWxlY3Rpb246MUE5OEFEQzNDN0VGQkM4QTMyMjc0NDk2RUUzMTg0RTgM} | ||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZlNzU0MGNmOTNmNzQxOWE5ZDdiOTQ1MzllM2FkYWZifFRleHRTZWxlY3Rpb246QTY2NkEyNjhDMjI2M0Y1MDc1ODU0NDk2RUUyMjRENEUM} | ||||||
[3] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZlNzU0MGNmOTNmNzQxOWE5ZDdiOTQ1MzllM2FkYWZifFRleHRTZWxlY3Rpb246MDJDODk0NkI1QjM4NzJEQ0MxRUU0NDk2RURFN0VBMDMM} | ||||||
[4] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZlNzU0MGNmOTNmNzQxOWE5ZDdiOTQ1MzllM2FkYWZifFRleHRTZWxlY3Rpb246ODMzMjQxRDI4M0RFODkyRjNEMDM0NDk2RUU0OTAzQTQM} |
Financial Instruments, Short-te
Financial Instruments, Short-term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 24, 2017 |
Available-for-sale Securities [Abstract] | ||
Amortized Cost | $ 1,099,739 | $ 499,952 |
Gross Unrealized Gain | 48 | 0 |
Gross Unrealized Loss | (4,986) | (1,234) |
Estimated Fair Value | 1,094,801 | 498,718 |
Certificates of deposit | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 40,375 | 0 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 40,375 | 0 |
Commercial paper | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 43,584 | 0 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 43,584 | 0 |
Corporate debt securities | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 456,301 | 0 |
Gross Unrealized Gain | 38 | 0 |
Gross Unrealized Loss | (2,623) | 0 |
Estimated Fair Value | 453,716 | 0 |
U.S. Treasury securities | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 559,479 | 499,952 |
Gross Unrealized Gain | 10 | 0 |
Gross Unrealized Loss | (2,363) | (1,234) |
Estimated Fair Value | $ 557,126 | $ 498,718 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Securities Received as Consideration (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Jun. 24, 2017 | |
Investment [Line Items] | |||
Shares received as consideration | $ 1,099,739 | $ 499,952 | |
Proceeds from sale of shares | 100,004 | $ 50,994 | |
Estimated Fair Value | 1,094,801 | 498,718 | |
Gross Unrealized Gain | 48 | 0 | |
Not Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | |||
Investment [Line Items] | |||
Derivative, Notional Amount | 19,400 | 44,500 | |
Not Designated as Hedging Instrument [Member] | Forward contracts held to sell U.S. dollars [Member] | |||
Investment [Line Items] | |||
Derivative, Notional Amount | 27,000 | 21,600 | |
Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | Cash Flow Hedging [Member] | |||
Investment [Line Items] | |||
Derivative, Notional Amount | 37,300 | 36,200 | |
Designated as Hedging Instrument [Member] | Forward contracts held to sell U.S. dollars [Member] | Cash Flow Hedging [Member] | |||
Investment [Line Items] | |||
Derivative, Notional Amount | $ 600 | $ 200 |
Financial Instruments, Balance
Financial Instruments, Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jun. 24, 2017 |
Derivatives designated as hedging instruments [Member] | Cash Flow Hedging [Member] | Forward contracts held to purchase U.S. dollars [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 37.3 | $ 36.2 |
Derivatives designated as hedging instruments [Member] | Cash Flow Hedging [Member] | Forward contracts held to sell U.S. dollars [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 0.6 | 0.2 |
Derivatives not designated as hedging instruments [Member] | Forward contracts held to purchase U.S. dollars [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | 19.4 | 44.5 |
Derivatives not designated as hedging instruments [Member] | Forward contracts held to sell U.S. dollars [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 27 | $ 21.6 |
Financial Instruments, Long-ter
Financial Instruments, Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | Jun. 24, 2017 | Dec. 28, 2013 | Mar. 30, 2013 | |
Debt Instrument [Line Items] | |||||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||
Short-term Debt | (499,050) | (499,050) | 0 | ||||
Amortization of Debt Issuance Costs | (10,163) | (12,322) | |||||
Long-term debt, excluding current portion | 990,787 | 990,787 | $ 1,487,678 | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||||
Interest expense relating to the Notes | 12,400 | $ 7,900 | 37,100 | $ 26,300 | |||
Estimated fair value of long-term debt | 1,485,000 | 1,485,000 | |||||
Interest Expense | 12,500 | $ 8,100 | 37,600 | $ 26,800 | |||
Fixed Rate Note Due June 2027 at 3 Point 45 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 500,000 | 500,000 | $ 500,000 | ||||
Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||
Stated interest rate of the notes | 2.50% | 2.50% | 2.50% | 2.50% | |||
Effective interest rate of the Notes | 2.60% | ||||||
Net Proceeds From Issuance of Long Term Debt 4 | $ 494,500 | ||||||
Fxed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||
Effective interest rate of the Notes | 3.50% | ||||||
proceeds from issuance of long term debt 3 | $ 490,000 | ||||||
FixedRateNoteDueJune2027at3Point450Percent[Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate of the notes | 3.45% | 3.45% | 3.45% | ||||
Fixed Rate Note Due June 2027 at 3 Point 50 Percent [Member] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate of the Notes | 3.50% | ||||||
Fixed Rate Note Due June 2027 at 3 Point 50 Percent [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net Proceeds From Issuance of Long Term Debt 5 | $ 495,200 | ||||||
Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate of the notes | 3.375% | 3.375% | 3.375% | 3.375% |
Financial Instruments Financi39
Financial Instruments Financial Instruments, Credit Facility (Details) - Unsecured Revolving Credit Facility [Member] $ in Millions | 12 Months Ended | |
Jun. 24, 2017 | Jun. 27, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 | |
Debt Instrument, Covenant Requirement, Ratio of Debt to EBITDA | 3 | |
Debt Instrument, Convenant Requirement, minimum interest coverage ratio | 3.5 |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) from Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Derivative [Line Items] | ||||
Sales Revenue, Goods, Net | $ 648,599 | $ 581,216 | $ 1,846,913 | $ 1,693,610 |
Cost of Goods Sold | 224,653 | 214,312 | 639,460 | 640,796 |
Operating Expenses | 199,108 | $ 192,652 | 596,401 | 557,415 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,680 | $ 1,722 | ||
Accumulated Net Gain (Loss) from Cost of Good Solds Attributable to Parent [Member] [Member] | ||||
Derivative [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 165 | 116 | ||
Accumulated Net Gain (Loss) from Operating Expense Attributable to Parent [Member] [Member] [Member] | ||||
Derivative [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 356 | 1,781 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Derivative [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (11) | $ (64) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | $ 20,605 | $ 18,299 | $ 58,932 | $ 53,493 |
Less: Income tax effect | 2,053 | 2,659 | 6,830 | 8,551 |
Net stock-based compensation expense | 18,552 | 15,640 | 52,102 | 44,942 |
Cost of Sales [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 2,575 | 2,259 | 7,461 | 6,931 |
Research and Development Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 10,077 | 9,315 | 28,061 | 27,134 |
General and Administrative Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 7,953 | 6,725 | 23,410 | 19,428 |
Stock options [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 99 | 863 | 1,339 | 2,860 |
Stock options [Member] | Cost of Sales [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 35 | 105 | 196 | 440 |
Stock options [Member] | Research and Development Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 13 | 462 | 507 | 1,305 |
Stock options [Member] | General and Administrative Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 51 | 296 | 636 | 1,115 |
Restricted stock units [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 17,946 | 15,082 | 50,999 | 43,850 |
Restricted stock units [Member] | Cost of Sales [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 2,003 | 1,660 | 5,783 | 5,000 |
Restricted stock units [Member] | Research and Development Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 8,725 | 7,602 | 24,212 | 22,293 |
Restricted stock units [Member] | General and Administrative Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 7,218 | 5,820 | 21,004 | 16,557 |
ESP Plan [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 2,560 | 2,354 | 6,594 | 6,783 |
ESP Plan [Member] | Cost of Sales [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 537 | 494 | 1,482 | 1,491 |
ESP Plan [Member] | Research and Development Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 1,339 | 1,251 | 3,342 | 3,536 |
ESP Plan [Member] | General and Administrative Expense [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | 684 | 609 | 1,770 | 1,756 |
Market stock units [Member] | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Allocated Share-based Compensation Expense | $ 2,200 | $ 1,100 | $ 5,800 | $ 2,500 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plans (Details) - Stock options [Member] | 9 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, beginning | 2,800,007 |
Options Granted | 0 |
Options Exercised | (1,031,144) |
Options Cancelled | (21,591) |
Options outstanding, ending | 1,747,272 |
Options exercisable, number of shares | 1,740,428 |
Options vested and expected to vest, number of shares | 1,747,119 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options outstanding, weighted average exercise price, beginning (per share) | $ / shares | $ 26.92 |
Options granted, weighted average exercise price (per share) | $ / shares | 0 |
Options exercised, weighted average exercise price (per share) | $ / shares | 25.94 |
Options cancelled, weighted average exercise price (per share) | $ / shares | 25.81 |
Options outstanding, weighted average exercise price, ending (per share) | $ / shares | 27.65 |
Options exercisable, weighted average exercise price (per share) | $ / shares | 27.63 |
Options vested and expected to vest, weighted average exercise price (per share) | $ / shares | $ 27.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options outstanding, weighted average remaining contractual term (in years) | 2 years 4 days |
Options exercisable, weighted average remaining contractual term (in years) | 2 years |
Options vested and expected to vest, weighted average remaining contractual term (in years) | 2 years |
Options outstanding, aggregate intrinsic value | $ | $ 54,470,797 |
Options exercisable, aggregate intrinsic value | $ | 54,281,147 |
Options vested and expected to vest, aggregate intrinsic value | $ | 54,466,463 |
Unrecognized compensation costs related to unvested units | $ | $ 100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 100,000 |
Weighted average period of recognition for unrecognized compensation costs (in years) | 3 months 9 days |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Units (Details) - Restricted stock units [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (per share) | $ 54.81 | $ 42.30 | $ 44.49 | $ 37.02 |
Outstanding and expected to vest RSUs [Roll Forward] | ||||
Outstanding, beginning | 5,942,123 | |||
Granted | 1,933,510 | |||
Released | (1,315,630) | |||
Cancelled | (500,528) | |||
Outstanding, ending | 6,059,475 | 6,059,475 | ||
Expected to vest, number of shares | 5,061,864 | 5,061,864 | ||
Outstanding, weighted average remaining contractual term (in years) | 2 years 7 months 80 days | |||
Restricted stock units vested and expected to vest, weighted average remaining contractual term 1 | 2 years 8 months 9 days | |||
Outstanding, aggregate intrinsic value | $ 357,928,876 | $ 357,928,876 | ||
Restricted stock units expected to vest, aggregate intrinsic value | 297,738,815 | 297,738,815 | ||
Value of restricted stock unit shares withheld for withholding tax | 9,600,000 | 21,200,000 | ||
Unrecognized compensation costs related to unvested units | $ 156,400,000 | $ 156,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 6,100,000 | 6,100,000 | ||
Weighted average period of recognition for unrecognized compensation costs (in years) | 2 years 9 months |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation, Market Stock Units (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 20,605,000 | $ 18,299,000 | $ 58,932,000 | $ 53,493,000 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 2,200,000 | $ 1,100,000 | $ 5,800,000 | $ 2,500,000 |
Market Stock Units [Member] | ||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Weighted average grant date fair value (per share) | $ 51.03 | $ 37.29 | ||
Outstanding, beginning | 818,028 | |||
Granted | 292,336 | |||
Released | 0 | |||
Cancelled | (10,028) | |||
Outstanding, ending | 1,100,336 | 1,100,336 | ||
Expected to vest, number of shares | 680,029 | 680,029 | ||
Outstanding, weighted average remaining contractual term (in years) | 2 years 9 months | |||
Outstanding and expected to Vest, weighted average remaining contractual term 3 | 2 years 8 months 30 days | |||
Outstanding, aggregate intrinsic value | $ 64,721,764 | $ 64,721,764 | ||
Outstanding and expected to vest, aggregate intrinsic value | 39,999,293 | 39,999,293 | ||
Unrecognized compensation costs related to unvested units | $ 24,400,000 | $ 24,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,100,000 | 1,100,000 | ||
Weighted average period of recognition for unrecognized compensation costs (in years) | 2 years 9 months |
Stock-Based Compensation, Emplo
Stock-Based Compensation, Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | Jun. 24, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 20,605 | $ 18,299 | $ 58,932 | $ 53,493 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,053 | 2,659 | 6,830 | 8,551 | |
Allocated Share-based Compensation Expense, Net of Tax | 18,552 | 15,640 | 52,102 | 44,942 | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 2,200 | 1,100 | $ 5,800 | 2,500 | |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,747,272 | 1,747,272 | 2,800,007 | ||
Allocated Share-based Compensation Expense | $ 99 | 863 | $ 1,339 | 2,860 | |
Unrecognized compensation costs related to unvested units | $ 100 | $ 100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 100,000 | 100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 months 9 days | ||||
ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 2,560 | $ 2,354 | $ 6,594 | $ 6,783 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 months | 6 months | 6 months | 6 months | |
Unrecognized compensation costs related to unvested units | $ 3,900 | $ 3,600 | $ 3,900 | $ 3,600 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 17,946 | $ 15,082 | 50,999 | $ 43,850 | |
Unrecognized compensation costs related to unvested units | $ 156,400 | $ 156,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 6,100,000 | 6,100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months | ||||
Minimum [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 1.12% | 0.50% | 0.78% | 0.50% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.49% | 27.20% | 19.11% | 22.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.04% | 3.50% | 3.04% | 3.40% | |
Maximum [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free interest rate | 1.46% | 0.50% | 1.46% | 0.70% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.72% | 28.20% | 24.73% | 30.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.14% | 3.60% | 3.37% | 3.60% | |
Cost of Sales [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 2,575 | $ 2,259 | $ 7,461 | $ 6,931 | |
Cost of Sales [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 35 | 105 | 196 | 440 | |
Cost of Sales [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 537 | 494 | 1,482 | 1,491 | |
Cost of Sales [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 2,003 | 1,660 | 5,783 | 5,000 | |
Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 10,077 | 9,315 | 28,061 | 27,134 | |
Research and Development Expense [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 13 | 462 | 507 | 1,305 | |
Research and Development Expense [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 1,339 | 1,251 | 3,342 | 3,536 | |
Research and Development Expense [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 8,725 | 7,602 | 24,212 | 22,293 | |
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 7,953 | 6,725 | 23,410 | 19,428 | |
General and Administrative Expense [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 51 | 296 | 636 | 1,115 | |
General and Administrative Expense [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 684 | 609 | 1,770 | 1,756 | |
General and Administrative Expense [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 7,218 | $ 5,820 | $ 21,004 | $ 16,557 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Numerator for basic earnings per share and diluted earnings per share | ||||
Net income | $ 193,627 | $ 140,213 | $ 273,146 | $ 408,304 |
Denominator for basic earnings per share | 280,850 | 282,903 | 281,525 | 283,348 |
Effect of dilutive securities | ||||
Stock options, ESPP and RSUs | 5,031 | 4,979 | 4,696 | 4,861 |
Denominator for diluted earnings per share | 285,881 | 287,882 | 286,221 | 288,209 |
Earnings per share, Basic (per share) | $ 0.69 | $ 0.50 | $ 0.97 | $ 1.44 |
Earnings per share, Diluted (per share) | $ 0.68 | $ 0.49 | $ 0.95 | $ 1.42 |
Antidilutive securities excluded from computation of earnings per share | 0 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018USD ($) | Mar. 25, 2017USD ($) | Mar. 31, 2018USD ($)customers | Mar. 25, 2017USD ($) | Jun. 24, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | customers | 1 | ||||
Revenues | $ 648,599 | $ 581,216 | $ 1,846,913 | $ 1,693,610 | |
Long-lived assets | 589,177 | 589,177 | $ 606,581 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 75,760 | 65,698 | 223,021 | 199,234 | |
Long-lived assets | 362,637 | 362,637 | 374,775 | ||
China [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 219,160 | 209,437 | 662,114 | 635,763 | |
Rest of Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 222,207 | 186,468 | 586,109 | 534,896 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 114,254 | 105,126 | 329,939 | 282,048 | |
Philippines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | 125,825 | 125,825 | 128,241 | ||
Rest of World [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,218 | $ 14,487 | 45,730 | $ 41,669 | |
Long-lived assets | $ 100,715 | $ 100,715 | $ 103,565 |
Comprehensive Income Loss Accum
Comprehensive Income Loss Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (9,890) | $ (14,219) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,695) | 9,340 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,680) | (1,722) | ||
Other Comprehensive Income (Loss), Tax | 61 | (3,134) | ||
Other Comprehensive Income (Loss), Net of Tax | $ (1,412) | $ 2,056 | (3,314) | 4,484 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (13,204) | (9,735) | (13,204) | (9,735) |
Unrealized Holding Gains (Losses) on Intercompany Receivables [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,280) | (6,280) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,280) | (6,280) | (6,280) | (6,280) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,258) | (6,800) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 7,563 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 154 | 263 | ||
Other Comprehensive Income (Loss), Tax | (168) | (2,861) | ||
Other Comprehensive Income (Loss), Net of Tax | (14) | 4,965 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,272) | (1,835) | (1,272) | (1,835) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,136) | (1,136) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,136) | (1,136) | (1,136) | (1,136) |
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 | 18 | (492) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,012 | (1,266) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,834) | 2,466 | ||
Other Comprehensive Income (Loss), Tax | (45) | (273) | ||
Other Comprehensive Income (Loss), Net of Tax | 133 | 927 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 151 | 435 | 151 | 435 |
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 | (1,234) | 489 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (3,707) | 3,043 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (4,451) | ||
Other Comprehensive Income (Loss), Tax | 274 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | (3,433) | (1,408) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (4,667) | $ (919) | $ (4,667) | $ (919) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 25, 2017 | Sep. 24, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | Jun. 29, 2019 | |
Effective Income Tax Rate Reconcilliation, Share-based Compensation, Excess Tax Benefit, Amount [Line Items] | ||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 5,100 | $ 3,600 | $ 13,100 | $ 10,400 | ||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | 4,600 | 4,300 | 8,300 | 9,500 | ||
Provision for income taxes | $ 28,677 | $ 30,155 | $ 328,038 | $ 75,705 | ||
Effective Income Tax Rate Reconciliation, Percent | 12.90% | 17.70% | 54.60% | 15.60% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 28.10% | 35.00% | 21.00% | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 236,900 | |||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 13,700 | |||||
Accumulated unremitted earnings tax rate to the extent of the aggregate foreign cash position | 15.50% | |||||
Accumulated unremitted earnings tax rate exceed the aggregate foreign cash position | 8.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 25, 2017 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 16 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Standard and Extended Product Warranty Accrual | 6.1 | $ 5.3 |
Standard and Extended Product Warranty Accrual | $ 6.1 | $ 5.3 |
Common Stock Repurchases (Detai
Common Stock Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Mar. 31, 2018 | Jul. 20, 2017 | |
Common Stock Repurchases [Abstract] | ||
Stock repurchase program, authorized amount | $ 1,000 | |
Shares of common stock repurchased | 5.3 | |
Value of common stock repurchased | $ 279.9 | |
Stock repurchase program, remaining authorized amount | $ 746.4 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Jun. 24, 2017 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 57,773 | |
Business Combination, Contingent Consideration, Liability | 16,000 | |
Goodwill | 532,904 | $ 491,015 |
Icron [Domain] | ||
Business Acquisition [Line Items] | ||
Goodwill | 41,889 | |
Intellectual Property [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 26,000 | |
In Process Research and Development [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 10,500 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 24, 2017 |
Goodwill [Line Items] | ||
Goodwill | $ 532,904 | $ 491,015 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets Useful Lives of Amortizable Intangible Assets (Details) | 9 Months Ended |
Mar. 31, 2018 | |
Intellectual Property [Member] | Minimum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 1 year |
Intellectual Property [Member] | Maximum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 10 years |
Customer relationships [Member] | Minimum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 3 years |
Customer relationships [Member] | Maximum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 10 years |
Tradename [Member] | Minimum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 1 year |
Tradename [Member] | Maximum [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 4 years |
Patents [Member] | |
Amortizable intangible assets, useful life, minimum (in years) | 5 years |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | Jun. 24, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | $ 607,819 | $ 607,819 | $ 578,519 | ||
Accumulated Amortization | 525,581 | 525,581 | 487,652 | ||
Net | 82,238 | 82,238 | 90,867 | ||
Intangible Assets, Gross | 616,429 | 616,429 | 578,519 | ||
Total purchased intangible assets | 90,848 | 90,848 | 90,867 | ||
Cost of goods sold, amortization | 12,101 | $ 11,064 | 34,305 | $ 35,420 | |
Amortization of Intangible Assets | 876 | 2,348 | 3,623 | 7,139 | |
Intangible Asset Amortization Expense | 12,977 | $ 13,412 | 37,928 | $ 42,559 | |
Future amortization expense [Abstract] | |||||
Remaining three months of 2017 | 12,395 | 12,395 | |||
2,019 | 23,348 | 23,348 | |||
2,020 | 13,692 | 13,692 | |||
2,021 | 11,992 | 11,992 | |||
2,022 | 6,313 | 6,313 | |||
Thereafter | 14,498 | 14,498 | |||
Net | 82,238 | 82,238 | 90,867 | ||
Intellectual Property [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 479,645 | 479,645 | 451,885 | ||
Accumulated Amortization | 412,111 | 412,111 | 377,806 | ||
Net | 67,534 | 67,534 | 74,079 | ||
Future amortization expense [Abstract] | |||||
Net | 67,534 | 67,534 | 74,079 | ||
Customer relationships [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 116,334 | 116,334 | 115,634 | ||
Accumulated Amortization | 102,596 | 102,596 | 99,812 | ||
Net | 13,738 | 13,738 | 15,822 | ||
Future amortization expense [Abstract] | |||||
Net | 13,738 | 13,738 | 15,822 | ||
Tradename [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 9,340 | 9,340 | 8,500 | ||
Accumulated Amortization | 8,535 | 8,535 | 8,086 | ||
Net | 805 | 805 | 414 | ||
Future amortization expense [Abstract] | |||||
Net | 805 | $ 805 | 414 | ||
Patents [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Amortizable intangible assets, useful life, minimum (in years) | 5 years | ||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 2,500 | $ 2,500 | 2,500 | ||
Accumulated Amortization | 2,339 | 2,339 | 1,948 | ||
Net | 161 | 161 | 552 | ||
Future amortization expense [Abstract] | |||||
Net | 161 | 161 | 552 | ||
In Process Research and Development [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
IPR&D | $ 8,610 | $ 8,610 | $ 0 |
Impairment of Long-Lived Asse56
Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 25, 2017 | Sep. 24, 2016 | Mar. 31, 2018 | Mar. 25, 2017 | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 1,000 | $ 892 | $ 7,517 | |
Impairment of Long-Lived Assets to be Disposed of | 42 | 797 | |||
Gain (Loss) on Disposition of Property Plant Equipment | (572) | (9,359) | |||
Gain (Loss) on Disposition of Business | $ 0 | $ 26,620 | |||
MEMS [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Proceeds from Sale of Other Property, Plant, and Equipment | $ 42,200 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,600 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Earnings per share, Diluted (per share) | $ 0.68 | $ 0.49 | $ 0.95 | $ 1.42 | |
Other Restructuring Plans [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | $ 526 | ||||
Payments for Restructuring | (9,426) | ||||
Restructuring Reserve, Accrual Adjustment | (264) | ||||
Restructuring Reserve | [1] | $ 5,327 | 5,327 | ||
Dallas Manufacturing Facility Accelerated Depreciation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Accelerated Depreciation | $ 1,100 | $ 4,200 | |||
Employee Severance [Member] | Other Restructuring Plans [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charge, Charges and Change in Estimates | $ 2,300 | $ 500 | $ 14,200 | $ 11,300 | |
[1] | Charges and change in estimates are included in Severance and restructuring expenses in the accompanying Condensed Consolidated Statements of Income. |
Restructuring Activities Change
Restructuring Activities Change in Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 31, 2018 | Mar. 25, 2017 | |
Change in Accounting Estimate [Line Items] | ||||
Operating Income (Loss) | $ 224,838 | $ 174,252 | $ 611,052 | $ 495,399 |
Net income | $ 193,627 | $ 140,213 | $ 273,146 | $ 408,304 |
Basic (per share) | $ 0.69 | $ 0.50 | $ 0.97 | $ 1.44 |
Diluted (per share) | $ 0.68 | $ 0.49 | $ 0.95 | $ 1.42 |
Other Restructuring Plans [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Restructuring Charges | $ 14,491 | |||
Employee Severance [Member] | Other Restructuring Plans [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Restructuring Charge, Charges and Change in Estimates | $ 2,300 | $ 500 | $ 14,200 | $ 11,300 |