Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Sep. 28, 2019 | Oct. 15, 2019 | |
DEI [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-34192 | |
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS, INC. | |
Entity Address, Address Line One | 160 Rio Robles | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 601-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0000743316 | |
Trading Symbol | MXIM | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 28, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Current Fiscal Year End Date | --06-27 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 270,609,296 | |
Entity Tax Identification Number | 94-2896096 | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 |
Finite-Lived Intangible Assets, Gross | $ 619,115 | $ 616,325 |
Current assets: | ||
Cash and cash equivalents | 1,695,191 | 1,757,342 |
Short-term Investments | 98,176 | 140,990 |
Total cash, cash equivalents and short-term investments | 1,793,367 | 1,898,332 |
Allowance for Doubtful Accounts Receivable, Current | 99 | 148 |
Accounts receivable, net | 370,316 | 360,016 |
Inventories | 235,959 | 246,512 |
Other assets current | 24,982 | 34,640 |
Total current assets | 2,424,624 | 2,539,500 |
Property, plant and equipment, net | 574,097 | 577,722 |
Intangible assets, net | 52,376 | 56,242 |
Goodwill | 532,251 | 532,251 |
Other assets noncurrent | 97,439 | 38,267 |
TOTAL ASSETS | 3,680,787 | 3,743,982 |
Current liabilities: | ||
Accounts payable | 81,794 | 84,335 |
Price adjustment and other revenue reserves | 90,206 | 100,490 |
Income taxes payable | 31,704 | 33,765 |
Accrued salary and related expenses | 96,168 | 118,704 |
Accrued expenses | 42,644 | 33,873 |
Total current liabilities | 342,516 | 371,167 |
Long term debt | 992,944 | 992,584 |
Income taxes payable | 446,138 | 469,418 |
Other liabilities | 117,903 | 65,537 |
Total liabilities | 1,899,501 | 1,898,706 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock and capital in excess of par value | 271 | 272 |
Retained earnings | 1,793,012 | 1,856,358 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (11,997) | (11,354) |
Total stockholders' equity | 1,781,286 | 1,845,276 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 3,680,787 | 3,743,982 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 490,136 | $ 487,346 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 99 | $ 148 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Interest Expense | $ 9,300 | $ 12,600 |
Interest Expense, Debt | 8,900 | 12,400 |
Allocated Share-based Compensation Expense | 24,672 | 20,498 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,888 | 1,964 |
Allocated Share-based Compensation Expense, Net of Tax | 21,784 | 18,534 |
Revenue from Contract with Customer, Excluding Assessed Tax | 533,040 | 638,495 |
Net revenues | 533,040 | 638,495 |
Cost of goods sold | 189,717 | 208,259 |
Gross margin | 343,323 | 430,236 |
Operating expenses: | ||
Research and development | 108,989 | 112,708 |
Selling, general and administrative | 76,115 | 81,518 |
Intangible asset amortization | 756 | 773 |
Severance and Restructuring Charges | 1,434 | 994 |
Other operating expenses (income), net | 25 | 60 |
Total operating expenses | 187,319 | 196,053 |
Operating income | 156,004 | 234,183 |
Interest and other income (expense), net | 1,829 | (546) |
Income before provision for income taxes | 157,833 | 233,637 |
Income tax provision | 17,677 | 36,214 |
Net income | $ 140,156 | $ 197,423 |
Earnings per share: | ||
Basic | $ 0.52 | $ 0.71 |
Diluted | $ 0.51 | $ 0.70 |
Shares used in the calculation of earnings per share: | ||
Basic | 271,388 | 278,045 |
Diluted | 274,436 | 282,454 |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 80 | $ 77 |
Restricted Stock Units (RSUs) [Member] | ||
Allocated Share-based Compensation Expense | 21,718 | 18,098 |
ESP Plan [Member] | ||
Allocated Share-based Compensation Expense | 2,874 | 2,323 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | 2,958 | 2,278 |
Cost of Sales [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 9 | 10 |
Cost of Sales [Member] | Restricted Stock Units (RSUs) [Member] | ||
Allocated Share-based Compensation Expense | 2,280 | 1,761 |
Cost of Sales [Member] | ESP Plan [Member] | ||
Allocated Share-based Compensation Expense | 669 | 507 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 10,884 | 9,858 |
Research and Development Expense [Member] | Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 4 | 11 |
Research and Development Expense [Member] | Restricted Stock Units (RSUs) [Member] | ||
Allocated Share-based Compensation Expense | 9,485 | 8,692 |
Research and Development Expense [Member] | ESP Plan [Member] | ||
Allocated Share-based Compensation Expense | $ 1,395 | $ 1,155 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Statements of Income and Comprehensive Income [Abstract] | ||
Net income | $ 140,156 | $ 197,423 |
Change in net unrealized gains and losses on available-for-sale securities, net of tax benefit (expense) of $(14) and $(27), respectively | 118 | 1,092 |
Change in net unrealized gains and losses on cash flow hedges, net of tax benefit (expense) of $165 and $(214), respectively | (859) | 1,095 |
Change in net unrealized gains and losses on post-retirement benefits, net of tax benefit (expense) of $(22) and $(19), respectively | 98 | 78 |
Other comprehensive income (loss), net | (643) | 2,265 |
Total comprehensive income | 139,513 | 199,688 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | (14) | (27) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 165 | (214) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (22) | $ (19) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) shares in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common Stock, Shares, Outstanding | 278,664 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 29, 2018 | $ (12,720,000) | $ (12,720,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 197,423,000 | $ 197,423,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 2,265,000 | 2,265,000 | |||
Shares of common stock repurchased | (1,862) | ||||
Value of common stock repurchased | $ (112,498,000) | $ 0 | $ 19,563,000 | 92,935,000 | 0 |
Stockholders' Equity, Other Shares | 0 | ||||
Adjustment to Retained Earnings ASU 2016-01 | $ 2,487,000 | 2,487,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 297 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7,528,000) | $ 0 | (7,528,000) | 0 | 0 |
Stock Issued During Period, Shares, Other | 331 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 6,608,000 | $ 0 | 6,608,000 | 0 | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 20,483,000 | 0 | 20,483,000 | 0 | 0 |
Dividends | 0.46 | ||||
Dividends, Common Stock, Cash | (127,857,000) | 0 | 0 | (127,857,000) | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 29, 2019 | (11,354,000) | ||||
Stockholders' Equity, Other | $ 1,845,276,000 | 272,000 | 1,856,358,000 | (11,354,000) | |
Common Stock, Shares, Outstanding | 277,430 | ||||
Common Stock, Par or Stated Value Per Share | $ 279,000 | ||||
Retained Earnings (Accumulated Deficit) | 1,924,764,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | $ 1,912,323,000 | ||||
Shares, Outstanding | 271,852 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Sep. 28, 2019 | (11,997,000) | (11,997,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 140,156,000 | 140,156,000 | |||
Other Comprehensive Income (Loss), Net of Tax | (643,000) | ||||
Shares of common stock repurchased | (1,622) | ||||
Value of common stock repurchased | $ (93,552,000) | $ 1,000 | 22,235,000 | 71,316,000 | 0 |
Stockholders' Equity, Other Shares | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,964,000) | (1,964,000) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 387 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (9,943,000) | $ 0 | (9,943,000) | 0 | 0 |
Stock Issued During Period, Shares, Other | 266 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 7,482,000 | $ 0 | 7,482,000 | 0 | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 24,696,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 0 | (130,222,000) | |||
Dividends | 0.48 | ||||
Dividends, Common Stock, Cash | $ (130,222,000) | 0 | $ (24,696,000) | 0 | $ 0 |
Common Stock, Shares, Outstanding | 270,883 | ||||
Common Stock, Par or Stated Value Per Share | $ 271,000 | ||||
Retained Earnings (Accumulated Deficit) | $ 1,793,012,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | $ 1,781,286,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Other Operating Activities, Cash Flow Statement | $ 27 | $ (117) |
Cash flows from operating activities: | ||
Net income | 140,156 | 197,423 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 24,671 | 20,497 |
Depreciation and amortization | 23,921 | 31,191 |
Deferred taxes | 453 | (3,032) |
Gain (Loss) on Disposition of Property Plant Equipment | 376 | 621 |
Changes in assets and liabilities: | ||
Accounts receivable | (20,584) | (23,604) |
Inventories | 10,578 | 7,002 |
Other current assets | (52,443) | (12,625) |
Accounts payable | 1,242 | (5,263) |
Income taxes payable | (25,341) | 33,743 |
Accrued salary and related expenses | (22,536) | (45,408) |
All other accrued liabilities | 60,750 | 6,757 |
Net cash provided by (used in) operating activities | 141,270 | 207,185 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (20,631) | (18,316) |
Proceeds from sale of property, plant, and equipment | 43 | 1 |
Proceeds from sale of available-for-sale securities | 0 | 8,438 |
Proceeds from maturity of available-for-sale securities | 42,921 | 301,834 |
Payment in connection with business acquisition, net of cash acquired | 0 | (2,949) |
Purchases of available-for-sale securities | 0 | (190,880) |
Purchases of private company investments | 0 | (750) |
Payments for (Proceeds from) Investments | 516 | 0 |
Payments for (Proceeds from) Other Investing Activities | (35) | 0 |
Net cash provided by (used in) investing activities | 22,814 | 97,378 |
Cash flows from financing activities: | ||
Contingent consideration paid | 0 | (8,000) |
Payments of Stock Issuance Costs | (9,943) | (7,528) |
Proceeds from stock options exercised | 7,482 | 6,608 |
Repurchase of common stock | (93,552) | (112,498) |
Payments of Dividends | (130,222) | (127,857) |
Net cash provided by (used in) financing activities | (226,235) | (249,275) |
Net increase (decrease) in cash and cash equivalents | (62,151) | 55,288 |
Cash and cash equivalents: | ||
Beginning of period | 1,757,342 | 1,543,484 |
End of period | 1,695,191 | 1,598,772 |
Supplemental disclosures of cash flow information: | ||
Cash paid (refunded), net during the period for income taxes | 32,156 | 10,988 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 8,438 | 8,438 |
Noncash investing and financing activities: | ||
Accounts payable related to property, plant, and equipment purchases | $ 8,307 | $ 5,590 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 28, 2019 | |
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 statement 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 three months ended September 28, 2019 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 29, 2019 . 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 years 2019 and 2020 are 52-week fiscal years. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Sep. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Pronouncements (i) New Accounting Updates Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 (ASU 2016-02), Leases (Topic 842) . Topic 842 states that lessees will recognize a lease liability for the commitment to make lease payments and a right-of-use asset for the underlying asset, for the duration of the lease. The FASB also issued ASU 2018-10 and ASU 2018-11 which provide improvements to ASU 2016-02 and an additional transition method option, respectively. This transition method allows a Company to apply the new lease accounting standard on adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company adopted ASU 2016-02 in the first quarter of fiscal year 2020. The Company adopted the new standard using the modified retrospective method and electing the optional transition method practical expedient. Under the optional transition method, the Company recognized a cumulative-effect adjustment to the consolidated balance sheet and did not adjust comparative prior period information. The Company elected multiple practical expedients permitted: • the hindsight practical expedient, in which the Company elected to use hindsight up until the effective date in determining the lease term and assessing impairment of right-of-use assets; • the practical expedient package that allows the Company to carry forward its determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard; and • the practical expedient to combine lease and non-lease components. The Company also elected an accounting policy in which it will not apply the recognition requirements to leases with an initial term of 12 months or less. Effective June 30, 2019, the first day of adoption, the Company recognized $61.0 million of operating lease right-of-use assets and $65.2 million of operating lease liabilities on its Consolidated Balance Sheet. The adoption of the standard had an immaterial impact on retained earnings. Updated Lease Accounting Policy The Company determines if an arrangement is, or contains, a lease at inception. Lease right-of-use (ROU) assets are recorded as other assets, short-term lease obligations are recorded as accrued expenses and long-term lease obligations are recorded as other liabilities on the Company's Consolidated Balance Sheet. The Company’s classes of assets include real estate leases, equipment leases, and vehicle leases. Lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Sep. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: September 28, June 29, (in thousands) Raw materials $ 17,085 $ 16,121 Work-in-process 148,350 160,273 Finished goods 70,524 70,118 Total inventories $ 235,959 $ 246,512 Property, plant and equipment, net, consist of: September 28, June 29, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 287,437 265,191 Machinery, equipment and software 1,360,956 1,367,606 Total 1,666,113 1,650,517 Less: accumulated depreciation (1,092,016 ) (1,072,795 ) Total property, plant and equipment, net $ 574,097 $ 577,722 Accrued salary and related expenses consist of: September 28, June 29, (in thousands) Accrued vacation $ 29,958 $ 30,251 Accrued bonus 20,078 71,466 Accrued salaries 16,209 8,329 Accrued fringe benefits 5,222 4,807 Other 24,701 3,851 Total accrued salary and related expenses $ 96,168 $ 118,704 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 28, 2019 | |
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 and foreign currency forward contracts 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 acquisition-related contingent consideration liabilities. Assets and liabilities measured at fair value on a recurring basis were as follows: September 28, 2019 June 29, 2019 Fair Value Measurements Using Total 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 $ 176,919 $ — $ — $ 176,919 $ 186,819 $ — $ — $ 186,819 Short-term investments Certificates of deposit — — — — — 1,000 — 1,000 Corporate debt securities — 98,176 — 98,176 — 139,990 — 139,990 Other current assets Foreign currency forward contracts — 104 — 104 — 651 — 651 Total assets $ 176,919 $ 98,280 $ — $ 275,199 $ 186,819 $ 141,641 $ — $ 328,460 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 638 $ — $ 638 $ — $ 148 $ — $ 148 Contingent consideration — — 9,052 9,052 — — 9,052 9,052 Total Liabilities $ — $ 638 $ 9,052 $ 9,690 $ — $ 148 $ 9,052 $ 9,200 During the three months ended September 28, 2019 and the year ended June 29, 2019 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. There were no assets or liabilities measured at fair value on a non-recurring basis as of September 28, 2019 and June 29, 2019 other than impairments of long-lived assets. As of September 28, 2019 and June 29, 2019 , the fair market value of private company investments amounted to $20.2 million and $20.7 million , respectively. The aggregate amount of unrealized losses recognized from these investments were $3.6 million and $3.6 million , respectively, as of September 28, 2019 and June 29, 2019 . Unrealized gains (losses) on private company investments were not material during the three months ended September 28, 2019 and September 29, 2018 . |
Financial Instruments
Financial Instruments | 3 Months Ended |
Sep. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: September 28, 2019 June 29, 2019 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 $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 98,099 83 (6 ) 98,176 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 98,099 $ 83 $ (6 ) $ 98,176 $ 141,031 $ 68 $ (109 ) $ 140,990 In the three months ended September 28, 2019 and September 29, 2018 , the Company did not recognize any impairment charges on short-term investments. All available-for-sale investments have maturity dates between September 29, 2019 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 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, Chinese Yuan and Canadian Dollar, 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”) 815, Derivatives and Hedging (“ASC 815”). As of September 28, 2019 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $43.0 million and $48.5 million , respectively. As of September 28, 2019 and June 29, 2019 , the Company did not hold any forward contracts to sell international currencies. Derivatives not designated as hedging instruments As of September 28, 2019 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $21.7 million and $19.6 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $21.9 million and $21.1 million , respectively. The Company's foreign currency forward contract gains or losses included in the Condensed Consolidated Statements of Income were not material for the three months ended September 28, 2019 and September 29, 2018 . Effect of hedge accounting on the Condensed Consolidated Statements of Income The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended September 28, 2019 September 29, 2018 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 $ 533,040 $ 189,717 $ 187,319 $ 638,495 $ 208,259 $ 196,053 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 120 $ (370 ) $ 39 $ (514 ) $ (1,225 ) Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: September 28, 2019 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (7,056 ) (7,416 ) Total long-term debt $ 992,944 $ 992,584 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% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, 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. In November of 2018, the Company repaid the entire $500 million in principal and any outstanding interest, related to these outstanding notes. On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5% . Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million , after issuing at a discount and deducting paid expenses. The debt indentures that govern the 2027 Notes and the 2023 Notes 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 or the 2023 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 $8.9 million and $12.4 million during the three months ended September 28, 2019 and September 29, 2018 , respectively. The estimated fair value of the Company’s outstanding debt obligations was approximately $1.03 billion as of September 28, 2019 . 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 $9.3 million and $12.6 million during the three months ended September 28, 2019 , and September 29, 2018 , respectively. Other Financial Instruments |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 28, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation [Text Block] | STOCK-BASED COMPENSATION At September 28, 2019 , 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 ratably 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. 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 months ended September 28, 2019 and September 29, 2018 , respectively: Three Months Ended Three Months Ended September 28, 2019 September 29, 2018 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 $ 9 $ 2,280 $ 669 $ 2,958 $ 10 $ 1,761 $ 507 $ 2,278 Research and development 4 9,485 1,395 10,884 11 8,692 1,155 9,858 Selling, general and administrative 67 9,953 810 10,830 56 7,645 661 8,362 Pre-tax stock-based compensation expense $ 80 $ 21,718 $ 2,874 $ 24,672 $ 77 $ 18,098 $ 2,323 $ 20,498 Less: income tax effect 2,888 1,964 Net stock-based compensation expense $ 21,784 $ 18,534 The expenses included in the Condensed Consolidated Statements of Income for RSUs include expenses related to MSUs of $4.4 million and $2.4 million for the three months ended September 28, 2019 and September 29, 2018 , 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 months ended September 28, 2019 and September 29, 2018 . The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of September 28, 2019 and related activity for the three months ended September 28, 2019 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 29, 2019 777,413 $ 28.30 Options Granted — — Options Exercised (253,017 ) 27.99 Options Cancelled (16,575 ) 27.30 Balance at September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 Exercisable, September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 Vested and expected to vest, September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on September 27, 2019, 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 September 28, 2019. As of September 28, 2019 , there was no unrecognized stock compensation from unvested stock options. 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 $47.61 and $54.98 per share for the three months ended September 28, 2019 and September 29, 2018 , respectively. The following table summarizes the outstanding and expected to vest RSUs and other awards as of September 28, 2019 and related activity during the three months ended September 28, 2019 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 29, 2019 4,918,306 Restricted stock units and other awards granted 1,427,637 Restricted stock units and other awards released (393,643 ) Restricted stock units and other awards cancelled (124,175 ) Balance at September 28, 2019 5,828,125 3.0 $ 333,485,313 Outstanding and expected to vest, September 28, 2019 4,806,421 2.9 $ 275,023,419 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on September 27, 2019, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 28, 2019. The Company withheld shares totaling $9.9 million in value as a result of employee withholding taxes based on the value of RSUs on their vesting date for the three months ended September 28, 2019 . Total payments for employees’ tax obligations to taxing authorities are reflected as financing activities within the Condensed Consolidated Statements of Cash Flows. As of September 28, 2019 , there was $193.4 million of unrecognized compensation expense related to 5.8 million unvested RSUs and other awards, which is expected to be recognized over a weighted average period of approximately 3.0 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 and after, 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 after August 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 $54.70 and $75.48 per share for the three months ended September 28, 2019 and September 29, 2018 , respectively. The following table summarizes the number of MSUs outstanding and expected to vest as of September 28, 2019 and their activity during the three months ended September 28, 2019 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (98,418 ) Balance at September 28, 2019 1,026,124 3.0 $ 58,714,815 Outstanding and expected to vest, September 28, 2019 404,928 2.9 $ 23,169,973 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on September 27, 2019, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of September 28, 2019. As of September 28, 2019 , there was $37.1 million of unrecognized compensation expense related to 1.0 million unvested MSUs, which is expected to be recognized over a weighted average period of approximately 3.0 years . Employee Stock Purchase Plan Employees are granted rights to acquire common stock under the 2008 ESPP. The fair value of 2008 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 September 28, 2019 September 29, 2018 Expected holding period (in years) 0.5 years 0.5 years Risk-free interest rate 2.3% - 2.7% 1.6% - 2.1% Expected stock price volatility 29.5 % - 31.3% 19.6% - 32.7% Dividend yield 3.1% - 3.4% 2.8% - 3.1% As of September 28, 2019 , there was $4.0 million of unrecognized compensation expense related to the 2008 ESPP. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings 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 per share: Three Months Ended September 28, September 29, (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 140,156 $ 197,423 Denominator for basic earnings per share 271,388 278,045 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 3,048 4,409 Denominator for diluted earnings per share 274,436 282,454 Earnings per share Basic $ 0.52 $ 0.71 Diluted $ 0.51 $ 0.70 For the three months ended September 28, 2019 and September 29, 2018 no stock awards were determined to be anti-dilutive. Therefore, none were excluded from the calculation of diluted earnings per share. |
Segment Information
Segment Information | 3 Months Ended |
Sep. 28, 2019 | |
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 in deciding how to allocate resources and in assessing performance. The Chief Operating Decision Maker for the Company was assessed and determined to be the CEO. The CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment. 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 September 28, September 29, (in thousands) United States $ 55,799 $ 72,129 China 197,299 219,298 Rest of Asia 169,914 220,381 Europe 95,940 111,369 Rest of World 14,088 15,318 $ 533,040 $ 638,495 Net long-lived assets by geographic region were as follows: September 28, June 29, (in thousands) United States $ 379,053 $ 379,308 Philippines 99,518 102,634 Rest of World 95,526 95,780 $ 574,097 $ 577,722 |
Comprehensive Income Loss
Comprehensive Income Loss | 3 Months Ended |
Sep. 28, 2019 | |
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 three months ended September 28, 2019 and September 29, 2018 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 29, 2019 $ (6,280 ) $ (4,322 ) $ (1,136 ) $ 425 $ (41 ) $ (11,354 ) Other comprehensive income (loss) before reclassifications — — — (1,274 ) 132 (1,142 ) Amounts reclassified out of accumulated other comprehensive (income) loss — 120 — 250 — 370 Tax effects — (22 ) — 165 (14 ) 129 Other comprehensive income (loss), net — 98 — (859 ) 118 (643 ) September 28, 2019 $ (6,280 ) $ (4,224 ) $ (1,136 ) $ (434 ) $ 77 $ (11,997 ) (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 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Other comprehensive income (loss) before reclassifications — — — (391 ) 1,119 728 Amounts reclassified out of accumulated other comprehensive (income) loss — 97 — 1,700 — 1,797 Tax effects — (19 ) — (214 ) (27 ) (260 ) Other comprehensive income (loss), net — 78 — 1,095 1,092 2,265 September 29, 2018 $ (6,280 ) $ (2,438 ) $ (1,136 ) $ (288 ) $ (2,578 ) $ (12,720 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES In the three months ended September 28, 2019 and September 29, 2018 , the Company recorded an income tax provision of $17.7 million and $36.2 million , respectively. The Company’s effective tax rate for the three months ended September 28, 2019 and September 29, 2018 was 11.2% and 15.5% , respectively. The Company’s federal statutory tax rate is 21% . The Company’s effective tax rate for the three months ended September 28, 2019 and September 29, 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, partially offset by U.S. tax expense related to Global Intangible Low-Taxed Income. The Company’s federal corporate income tax returns are audited on a recurring basis by the Internal Revenue Service (“IRS”). 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. The Company expects that in fiscal year 2020 the IRS will commence an audit of the Company's federal corporate income tax returns for fiscal years 2015 through 2017. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 28, 2019 | |
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. |
Common Stock Repurchases
Common Stock Repurchases | 3 Months Ended |
Sep. 28, 2019 | |
Common Stock Repurchases [Abstract] | |
Common Stock Repurchases [Text Block] | COMMON STOCK REPURCHASES On October 30, 2018, the Board of Directors of the Company authorized the repurchase of up to $ 1.5 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 repurchase authorization. During the three months ended September 28, 2019 , the Company repurchased approximately 1.6 million shares of its common stock for $93.6 million . As of September 28, 2019 , the Company had remaining authorization of $1.0 billion 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) | 3 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | LEASES The Company's lease obligations consist of operating leases for domestic and international office facilities, data centers, and equipment. These leases expire at various dates through fiscal year 2031. For the three months ended September 28, 2019 , the Company recorded operating lease expense of $2.9 million . Leases are included in the following Condensed Consolidated Balance Sheet lines: September 28, 2019 (in thousands) Other assets $ 58,881 Accrued expenses $ 10,024 Other liabilities $ 53,099 Future minimum lease payments under non-cancelable operating leases as of September 28, 2019 are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 9,051 2021 11,647 2022 10,665 2023 9,549 2024 8,215 Thereafter 22,064 Total 71,191 Less imputed interest 8,204 Total $ 62,987 Other information related to leases as of September 28, 2019 are as follows: Three Months Ended September 28, 2019 Supplemental cash flow information (in thousands) Operating cash flows used for operating leases $ 2,863 Weighted-average remaining lease term - operating leases, in years 7 Weighted-average discount rate - operating leases 3.45 % The incremental borrowing rate used by the Company is based on the most recent June 2017 debt offering of the Company's 3.450% |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Sep. 28, 2019 | |
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. There were no changes to goodwill for the three months ended September 28, 2019 . No indicators or instances of impairment were identified in the three months and fiscal year ended September 28, 2019 and June 29, 2019 , respectively. Intangible Assets Intangible assets consisted of the following: September 28, 2019 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 448,668 $ 41,468 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 106,573 9,932 116,505 105,901 10,604 Trade name 9,974 8,998 976 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 566,739 52,376 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 566,739 $ 52,376 $ 619,115 $ 562,873 $ 56,242 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended September 28, September 29, (in thousands) Cost of goods sold $ 3,111 $ 6,915 Intangible asset amortization 756 773 Total intangible asset amortization expenses $ 3,867 $ 7,688 The following table represents the estimated future amortization expense of intangible assets as of September 28, 2019 : Amount Fiscal Year (in thousands) Remaining nine months of 2020 $ 11,600 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 52,376 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: September 28, June 29, (in thousands) Raw materials $ 17,085 $ 16,121 Work-in-process 148,350 160,273 Finished goods 70,524 70,118 Total inventories $ 235,959 $ 246,512 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consist of: September 28, June 29, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 287,437 265,191 Machinery, equipment and software 1,360,956 1,367,606 Total 1,666,113 1,650,517 Less: accumulated depreciation (1,092,016 ) (1,072,795 ) Total property, plant and equipment, net $ 574,097 $ 577,722 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued salary and related expenses consist of: September 28, June 29, (in thousands) Accrued vacation $ 29,958 $ 30,251 Accrued bonus 20,078 71,466 Accrued salaries 16,209 8,329 Accrued fringe benefits 5,222 4,807 Other 24,701 3,851 Total accrued salary and related expenses $ 96,168 $ 118,704 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
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: September 28, 2019 June 29, 2019 Fair Value Measurements Using Total 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 $ 176,919 $ — $ — $ 176,919 $ 186,819 $ — $ — $ 186,819 Short-term investments Certificates of deposit — — — — — 1,000 — 1,000 Corporate debt securities — 98,176 — 98,176 — 139,990 — 139,990 Other current assets Foreign currency forward contracts — 104 — 104 — 651 — 651 Total assets $ 176,919 $ 98,280 $ — $ 275,199 $ 186,819 $ 141,641 $ — $ 328,460 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 638 $ — $ 638 $ — $ 148 $ — $ 148 Contingent consideration — — 9,052 9,052 — — 9,052 9,052 Total Liabilities $ — $ 638 $ 9,052 $ 9,690 $ — $ 148 $ 9,052 $ 9,200 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended September 28, 2019 September 29, 2018 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 $ 533,040 $ 189,717 $ 187,319 $ 638,495 $ 208,259 $ 196,053 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 120 $ (370 ) $ 39 $ (514 ) $ (1,225 ) |
Available-for-sale investments [Table Text Block] | Fair values were as follows: September 28, 2019 June 29, 2019 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 $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 98,099 83 (6 ) 98,176 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 98,099 $ 83 $ (6 ) $ 98,176 $ 141,031 $ 68 $ (109 ) $ 140,990 |
Schedule of long-term debt [Table Text Block] | The following table summarizes the Company’s outstanding debt obligations: September 28, 2019 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (7,056 ) (7,416 ) Total long-term debt $ 992,944 $ 992,584 |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: September 28, 2019 June 29, 2019 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 $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 98,099 83 (6 ) 98,176 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 98,099 $ 83 $ (6 ) $ 98,176 $ 141,031 $ 68 $ (109 ) $ 140,990 In the three months ended September 28, 2019 and September 29, 2018 , the Company did not recognize any impairment charges on short-term investments. All available-for-sale investments have maturity dates between September 29, 2019 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 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, Chinese Yuan and Canadian Dollar, 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”) 815, Derivatives and Hedging (“ASC 815”). As of September 28, 2019 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $43.0 million and $48.5 million , respectively. As of September 28, 2019 and June 29, 2019 , the Company did not hold any forward contracts to sell international currencies. Derivatives not designated as hedging instruments As of September 28, 2019 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $21.7 million and $19.6 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $21.9 million and $21.1 million , respectively. The Company's foreign currency forward contract gains or losses included in the Condensed Consolidated Statements of Income were not material for the three months ended September 28, 2019 and September 29, 2018 . Effect of hedge accounting on the Condensed Consolidated Statements of Income The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended September 28, 2019 September 29, 2018 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 $ 533,040 $ 189,717 $ 187,319 $ 638,495 $ 208,259 $ 196,053 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 120 $ (370 ) $ 39 $ (514 ) $ (1,225 ) Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: September 28, 2019 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (7,056 ) (7,416 ) Total long-term debt $ 992,944 $ 992,584 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% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, 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. In November of 2018, the Company repaid the entire $500 million in principal and any outstanding interest, related to these outstanding notes. On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5% . Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million , after issuing at a discount and deducting paid expenses. The debt indentures that govern the 2027 Notes and the 2023 Notes 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 or the 2023 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 $8.9 million and $12.4 million during the three months ended September 28, 2019 and September 29, 2018 , respectively. The estimated fair value of the Company’s outstanding debt obligations was approximately $1.03 billion as of September 28, 2019 . 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 $9.3 million and $12.6 million during the three months ended September 28, 2019 , and September 29, 2018 , respectively. Other Financial Instruments |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
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 months ended September 28, 2019 and September 29, 2018 , respectively: Three Months Ended Three Months Ended September 28, 2019 September 29, 2018 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 $ 9 $ 2,280 $ 669 $ 2,958 $ 10 $ 1,761 $ 507 $ 2,278 Research and development 4 9,485 1,395 10,884 11 8,692 1,155 9,858 Selling, general and administrative 67 9,953 810 10,830 56 7,645 661 8,362 Pre-tax stock-based compensation expense $ 80 $ 21,718 $ 2,874 $ 24,672 $ 77 $ 18,098 $ 2,323 $ 20,498 Less: income tax effect 2,888 1,964 Net stock-based compensation expense $ 21,784 $ 18,534 |
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 September 28, 2019 and related activity for the three months ended September 28, 2019 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 29, 2019 777,413 $ 28.30 Options Granted — — Options Exercised (253,017 ) 27.99 Options Cancelled (16,575 ) 27.30 Balance at September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 Exercisable, September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 Vested and expected to vest, September 28, 2019 507,821 $ 28.34 1.0 $ 14,665,580 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on September 27, 2019, 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 September 28, 2019. |
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 September 28, 2019 and related activity during the three months ended September 28, 2019 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 29, 2019 4,918,306 Restricted stock units and other awards granted 1,427,637 Restricted stock units and other awards released (393,643 ) Restricted stock units and other awards cancelled (124,175 ) Balance at September 28, 2019 5,828,125 3.0 $ 333,485,313 Outstanding and expected to vest, September 28, 2019 4,806,421 2.9 $ 275,023,419 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on September 27, 2019, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 28, 2019. |
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 September 28, 2019 and their activity during the three months ended September 28, 2019 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (98,418 ) Balance at September 28, 2019 1,026,124 3.0 $ 58,714,815 Outstanding and expected to vest, September 28, 2019 404,928 2.9 $ 23,169,973 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on September 27, 2019, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of September 28, 2019. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of 2008 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 September 28, 2019 September 29, 2018 Expected holding period (in years) 0.5 years 0.5 years Risk-free interest rate 2.3% - 2.7% 1.6% - 2.1% Expected stock price volatility 29.5 % - 31.3% 19.6% - 32.7% Dividend yield 3.1% - 3.4% 2.8% - 3.1% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 28, September 29, (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 140,156 $ 197,423 Denominator for basic earnings per share 271,388 278,045 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 3,048 4,409 Denominator for diluted earnings per share 274,436 282,454 Earnings per share Basic $ 0.52 $ 0.71 Diluted $ 0.51 $ 0.70 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
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 September 28, September 29, (in thousands) United States $ 55,799 $ 72,129 China 197,299 219,298 Rest of Asia 169,914 220,381 Europe 95,940 111,369 Rest of World 14,088 15,318 $ 533,040 $ 638,495 |
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | Net long-lived assets by geographic region were as follows: September 28, June 29, (in thousands) United States $ 379,053 $ 379,308 Philippines 99,518 102,634 Rest of World 95,526 95,780 $ 574,097 $ 577,722 |
Comprehensive Income Loss (Tabl
Comprehensive Income Loss (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
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 three months ended September 28, 2019 and September 29, 2018 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 29, 2019 $ (6,280 ) $ (4,322 ) $ (1,136 ) $ 425 $ (41 ) $ (11,354 ) Other comprehensive income (loss) before reclassifications — — — (1,274 ) 132 (1,142 ) Amounts reclassified out of accumulated other comprehensive (income) loss — 120 — 250 — 370 Tax effects — (22 ) — 165 (14 ) 129 Other comprehensive income (loss), net — 98 — (859 ) 118 (643 ) September 28, 2019 $ (6,280 ) $ (4,224 ) $ (1,136 ) $ (434 ) $ 77 $ (11,997 ) (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 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Other comprehensive income (loss) before reclassifications — — — (391 ) 1,119 728 Amounts reclassified out of accumulated other comprehensive (income) loss — 97 — 1,700 — 1,797 Tax effects — (19 ) — (214 ) (27 ) (260 ) Other comprehensive income (loss), net — 78 — 1,095 1,092 2,265 September 29, 2018 $ (6,280 ) $ (2,438 ) $ (1,136 ) $ (288 ) $ (2,578 ) $ (12,720 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 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. There were no changes to goodwill for the three months ended September 28, 2019 . No indicators or instances of impairment were identified in the three months and fiscal year ended September 28, 2019 and June 29, 2019 , respectively. Intangible Assets Intangible assets consisted of the following: September 28, 2019 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 448,668 $ 41,468 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 106,573 9,932 116,505 105,901 10,604 Trade name 9,974 8,998 976 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 566,739 52,376 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 566,739 $ 52,376 $ 619,115 $ 562,873 $ 56,242 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended September 28, September 29, (in thousands) Cost of goods sold $ 3,111 $ 6,915 Intangible asset amortization 756 773 Total intangible asset amortization expenses $ 3,867 $ 7,688 The following table represents the estimated future amortization expense of intangible assets as of September 28, 2019 : Amount Fiscal Year (in thousands) Remaining nine months of 2020 $ 11,600 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 52,376 | |
Schedule of intangible assets [Table Text Block] | Intangible assets consisted of the following: September 28, 2019 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 448,668 $ 41,468 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 106,573 9,932 116,505 105,901 10,604 Trade name 9,974 8,998 976 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 566,739 52,376 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 566,739 $ 52,376 $ 619,115 $ 562,873 $ 56,242 | |
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 September 28, September 29, (in thousands) Cost of goods sold $ 3,111 $ 6,915 Intangible asset amortization 756 773 Total intangible asset amortization expenses $ 3,867 $ 7,688 | |
Estimated future amortization expense of intangible assets [Table Text Block] | The following table represents the estimated future amortization expense of intangible assets as of September 28, 2019 : Amount Fiscal Year (in thousands) Remaining nine months of 2020 $ 11,600 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 52,376 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 28, 2019 | |
Balance Sheet Items Related to Leases [Abstract] | |
Balance sheet items related to leases [Table Text Block] | September 28, 2019 (in thousands) Other assets $ 58,881 Accrued expenses $ 10,024 Other liabilities $ 53,099 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 9,051 2021 11,647 2022 10,665 2023 9,549 2024 8,215 Thereafter 22,064 Total 71,191 Less imputed interest 8,204 Total $ 62,987 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Accounts Receivable, Net, Current | $ 370,316 | $ 360,016 | |
Cash flow from operating activities operating activities | 141,270 | $ 207,185 | |
Price adjustment and other revenue reserves | $ 90,206 | $ 100,490 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 |
Inventories: | ||
Raw materials | $ 17,085 | $ 16,121 |
Work-in-process | 148,350 | 160,273 |
Finished goods | 70,524 | 70,118 |
Inventory, net | 235,959 | 246,512 |
Property, plant and equipment: | ||
Land | 17,720 | 17,720 |
Buildings and building improvements | 287,437 | 265,191 |
Machinery and equipment | 1,360,956 | 1,367,606 |
Property, plant and equipment, gross | 1,666,113 | 1,650,517 |
Less: accumulated depreciation and amortization | (1,092,016) | (1,072,795) |
Property, plant and equipment, net | 574,097 | 577,722 |
Employee-related Liabilities, Current [Abstract] | ||
Accrued Vacation | 29,958 | 30,251 |
Accrued Bonuses | 20,078 | 71,466 |
Accrued Salaries | 16,209 | 8,329 |
Accrued Employee Benefits | 5,222 | 4,807 |
Other | 24,701 | 3,851 |
Accrued salary and related expenses | $ 96,168 | $ 118,704 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest Expense, Debt | $ 8,900 | $ 12,400 | ||
Cash and cash equivalents | 1,695,191 | $ 1,598,772 | $ 1,757,342 | $ 1,543,484 |
Available-for-sale Securities | 140,990 | |||
Business Combination, Contingent Consideration, Liability | 9,052 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Assets | 275,199 | 328,460 | ||
Total Liabilities | 9,690 | 9,200 | ||
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 | 176,919 | 186,819 | ||
Total Liabilities | 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 | 98,280 | 141,641 | ||
Total Liabilities | 638 | 148 | ||
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 | ||
Total Liabilities | 9,052 | 9,052 | ||
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, Fair Value Disclosure | 176,919 | 186,819 | ||
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 | 176,919 | 186,819 | ||
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 | |||
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 | |||
Corporate debt securities | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 98,176 | 139,990 | ||
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] | ||||
Available-for-sale Securities | 98,176 | 139,990 | ||
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 | 104 | 651 | ||
Foreign currency forward contracts | 638 | 148 | ||
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 | |||
Foreign currency forward contracts | 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 | 104 | 651 | ||
Foreign currency forward contracts | 638 | 148 | ||
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 | |||
Foreign currency forward contracts | 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 | 9,052 | 9,052 | ||
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 | 9,052 | |||
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 | 0 | 1,000 | ||
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 | $ 0 | $ 1,000 |
Financial Instruments, Short-te
Financial Instruments, Short-term Investments (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 |
Debt Securities, Available-for-sale [Abstract] | ||
Estimated Fair Value | $ 140,990 | |
Debt Securities, Available-for-sale, Amortized Cost | $ 98,099 | 141,031 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 83 | 68 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6 | 109 |
Debt Securities, Available-for-sale | 98,176 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 0 | 1,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 1,000 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 98,099 | 140,031 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 83 | 68 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6 | 109 |
Debt Securities, Available-for-sale | $ 98,176 | $ 139,990 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Securities Received as Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | |
Investment [Line Items] | |||
Proceeds from sale of shares | $ 0 | $ 8,438 | |
Estimated Fair Value | $ 140,990 | ||
Not Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | |||
Investment [Line Items] | |||
Derivative Asset, Notional Amount | 21,700 | 19,600 | |
Not Designated as Hedging Instrument [Member] | Forward contracts held to sell U.S. dollars [Member] | |||
Investment [Line Items] | |||
Derivative Asset, Notional Amount | 21,900 | 21,100 | |
Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | Cash Flow Hedging [Member] | |||
Investment [Line Items] | |||
Derivative Asset, Notional Amount | $ 43,000 | $ 48,500 |
Financial Instruments, Long-ter
Financial Instruments, Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 24, 2017 | Jun. 29, 2019 | Mar. 30, 2013 | |
Debt Instrument [Line Items] | |||||
Debt, Long-term and Short-term, Combined Amount | $ 1,000,000 | $ 1,000,000 | |||
Less: Reduction for unamortized discount and debt issuance costs | (7,056) | $ (7,416) | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||
Interest expense relating to the Notes | 8,900 | 12,400 | |||
Estimated fair value of long-term debt | 1,030,000 | ||||
Interest Expense | 9,300 | $ 12,600 | |||
Secured Long-term Debt, Noncurrent | 992,944 | 992,584 | |||
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 | ||||
Stated interest rate of the notes | 0.00% | 2.50% | |||
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 | ||
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% |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) from Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Derivative [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 533,040 | $ 638,495 |
Cost of goods sold | 189,717 | 208,259 |
Revenues | 533,040 | 638,495 |
Operating Expenses | 187,319 | 196,053 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (370) | (1,797) |
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 | 120 | (514) |
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 | (370) | (1,225) |
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 | $ 0 | $ 39 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | $ 24,672 | $ 20,498 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,888 | 1,964 |
Net stock-based compensation expense | 21,784 | 18,534 |
Cost of Sales [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 2,958 | 2,278 |
Research and Development Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 10,884 | 9,858 |
General and Administrative Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 10,830 | 8,362 |
Stock options [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 80 | 77 |
Stock options [Member] | Cost of Sales [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 9 | 10 |
Stock options [Member] | Research and Development Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 4 | 11 |
Stock options [Member] | General and Administrative Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 67 | 56 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 21,718 | 18,098 |
Restricted Stock Units (RSUs) [Member] | Cost of Sales [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 2,280 | 1,761 |
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 9,485 | 8,692 |
Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 9,953 | 7,645 |
ESP Plan [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 2,874 | 2,323 |
ESP Plan [Member] | Cost of Sales [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 669 | 507 |
ESP Plan [Member] | Research and Development Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 1,395 | 1,155 |
ESP Plan [Member] | General and Administrative Expense [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | 810 | 661 |
Market stock units [Member] | ||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | $ 4,400 | $ 2,400 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plans (Details) - USD ($) | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Unrecognized compensation costs related to unvested units | $ 193,400,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | 3 years | 3 years |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding, beginning | 777,413 | |
Options Granted | 0 | |
Options Exercised | (253,017) | |
Options Cancelled | (16,575) | |
Options outstanding, ending | 507,821 | |
Options exercisable, number of shares | 507,821 | |
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) | $ 28.30 | |
Options granted, weighted average exercise price (per share) | 0 | |
Options exercised, weighted average exercise price (per share) | 27,990 | |
Options cancelled, weighted average exercise price (per share) | 27,300 | |
Options outstanding, weighted average exercise price, ending (per share) | 28,340 | |
Options exercisable, weighted average exercise price (per share) | 28,340 | |
Options vested and expected to vest, weighted average exercise price (per share) | $ 28,340 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average remaining contractual term (in years) | 1 year | |
Options exercisable, weighted average remaining contractual term (in years) | 1 year | |
Options vested and expected to vest, weighted average remaining contractual term (in years) | 1 year | |
Options outstanding, aggregate intrinsic value | $ 14,665,580 | |
Options exercisable, aggregate intrinsic value | 14,665,580 | |
Options vested and expected to vest, aggregate intrinsic value | 14,665,580 | |
Unrecognized compensation costs related to unvested units | $ 0 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Units (Details) - USD ($) | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Outstanding and expected to vest RSUs [Roll Forward] | ||
Unrecognized compensation costs related to unvested units | $ 193,400,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | 3 years | 3 years |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (per share) | $ 47.61 | $ 54.98 |
Outstanding and expected to vest RSUs [Roll Forward] | ||
Outstanding, beginning | 4,918,306 | |
Granted | 1,427,637 | |
Released | (393,643) | |
Cancelled | (124,175) | |
Outstanding, ending | 5,828,125 | |
Expected to vest, number of shares | 4,806,421 | |
Outstanding, weighted average remaining contractual term (in years) | 3 years | |
Restricted stock units vested and expected to vest, weighted average remaining contractual term 1 | 2 years 10 months 24 days | |
Outstanding, aggregate intrinsic value | $ 333,485,313 | |
Restricted stock units expected to vest, aggregate intrinsic value | 275,023,419 | |
Value of restricted stock unit shares withheld for withholding tax | $ 9,900,000 | |
Restricted Stock [Member] | ||
Outstanding and expected to vest RSUs [Roll Forward] | ||
Outstanding, ending | 5,800,000 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation, Market Stock Units (Details) - USD ($) | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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 September 28, 2019 and their activity during the three months ended September 28, 2019 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (98,418 ) Balance at September 28, 2019 1,026,124 3.0 $ 58,714,815 Outstanding and expected to vest, September 28, 2019 404,928 2.9 $ 23,169,973 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on September 27, 2019, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of September 28, 2019. | |
Allocated Share-based Compensation Expense | $ 24,672,000 | $ 20,498,000 |
Outstanding and expected to vest MSUs [Roll Forward] | ||
Unrecognized compensation costs related to unvested units | $ 193,400,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | 3 years | 3 years |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 4,400,000 | $ 2,400,000 |
Market Stock Units [Member] | ||
Outstanding and expected to vest MSUs [Roll Forward] | ||
Weighted average grant date fair value (per share) | $ 54.70 | $ 75.48 |
Outstanding, beginning | 1,048,532 | |
Granted | 259,984 | |
Released | (183,974) | |
Cancelled | (98,418) | |
Outstanding, ending | 1,026,124 | |
Expected to vest, number of shares | 404,928 | |
Outstanding, weighted average remaining contractual term (in years) | 3 years | |
Outstanding and expected to Vest, weighted average remaining contractual term 3 | 2 years 10 months 24 days | |
Outstanding, aggregate intrinsic value | $ 58,714,815 | |
Outstanding and expected to vest, aggregate intrinsic value | 23,169,973 | |
Unrecognized compensation costs related to unvested units | $ 37,100,000 | |
Market Stock Units (MSU) [Member] [Domain] | ||
Outstanding and expected to vest MSUs [Roll Forward] | ||
Outstanding, ending | 1,000,000 |
Stock-Based Compensation, Emplo
Stock-Based Compensation, Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 24,672 | $ 20,498 | |
Risk-free interest rate | 2.30% | 1.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.10% | 2.80% | |
Unrecognized compensation costs related to unvested units | $ 193,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | 3 years | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2,888 | $ 1,964 | |
Allocated Share-based Compensation Expense, Net of Tax | $ 21,784 | $ 18,534 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.70% | 2.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 29.50% | 19.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 31.25% | 32.70% | |
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Maximum | 3.43% | 3.10% | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 4,400 | $ 2,400 | |
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 | 507,821 | 777,413 | |
Allocated Share-based Compensation Expense | $ 80 | 77 | |
Unrecognized compensation costs related to unvested units | 0 | ||
ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2,874 | $ 2,323 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 15 days | 15 days | |
Unrecognized compensation costs related to unvested units | $ 4,000 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 21,718 | $ 18,098 | |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 2,958 | 2,278 | |
Cost of Sales [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 9 | 10 | |
Cost of Sales [Member] | ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 669 | 507 | |
Cost of Sales [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 2,280 | 1,761 | |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 10,884 | 9,858 | |
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 | 4 | 11 | |
Research and Development Expense [Member] | ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,395 | 1,155 | |
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 | 9,485 | 8,692 | |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 10,830 | 8,362 | |
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 | 67 | 56 | |
General and Administrative Expense [Member] | ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 810 | 661 | |
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 | $ 9,953 | $ 7,645 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Numerator for basic earnings per share and diluted earnings per share | ||
Net income | $ 140,156 | $ 197,423 |
Denominator for basic earnings per share | 271,388,000 | 278,045,000 |
Effect of dilutive securities | ||
Stock options, ESPP and RSUs | 3,048,000 | 4,409,000 |
Denominator for diluted earnings per share | 274,436,000 | 282,454,000 |
Earnings per share, Basic (per share) | $ 0.52 | $ 0.71 |
Earnings per share, Diluted (per share) | $ 0.51 | $ 0.70 |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 |
Earnings Per Share EPS (Details
Earnings Per Share EPS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 140,156 | $ 197,423 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019USD ($)customers | Sep. 29, 2018USD ($) | Jun. 29, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | customers | 1 | ||
Revenues | $ 533,040 | $ 638,495 | |
Long-lived assets | 574,097 | $ 577,722 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 55,799 | 72,129 | |
Long-lived assets | 379,053 | 379,308 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 197,299 | 219,298 | |
Rest of Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 169,914 | 220,381 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 95,940 | 111,369 | |
Philippines [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 99,518 | 102,634 | |
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,088 | $ 15,318 | |
Long-lived assets | $ 95,526 | $ 95,780 |
Comprehensive Income Loss Accum
Comprehensive Income Loss Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (11,354) | $ (14,985) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,142) | 728 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 370 | 1,797 |
Other Comprehensive Income (Loss), Tax | 129 | (260) |
Other comprehensive income (loss), net | (643) | 2,265 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (11,997) | (12,720) |
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 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (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 | (4,322) | (2,516) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 120 | 97 |
Other Comprehensive Income (Loss), Tax | (22) | (19) |
Other comprehensive income (loss), net | 98 | 78 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,224) | (2,438) |
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 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (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 | 425 | (1,383) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,274) | (391) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 250 | 1,700 |
Other Comprehensive Income (Loss), Tax | 165 | (214) |
Other comprehensive income (loss), net | (859) | 1,095 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (434) | (288) |
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 | (41) | (3,670) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 132 | 1,119 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Other Comprehensive Income (Loss), Tax | (14) | (27) |
Other comprehensive income (loss), net | 118 | 1,092 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 77 | $ (2,578) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Effective Income Tax Rate Reconcilliation, Share-based Compensation, Excess Tax Benefit, Amount [Line Items] | ||
Income tax provision | $ 17,677 | $ 36,214 |
Effective Income Tax Rate Reconciliation, Percent | 11.20% | 15.50% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Income Taxes Income Tax Disclos
Income Taxes Income Tax Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 17,677 | $ 36,214 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Contingent Consideration, Liability | $ 9,052 |
Common Stock Repurchases (Detai
Common Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Oct. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 1.6 | ||
Stock Repurchased During Period, Value | $ 93,600 | ||
Stock repurchase program, authorized amount | $ 1,500,000 | ||
Value of common stock repurchased | 93,552 | $ 112,498 | |
Stock repurchase program, remaining authorized amount | $ 1,000,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 2,949 | |
Business Combination, Contingent Consideration, Liability | $ 9,052 | ||
Goodwill | $ 532,251 | $ 532,251 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Jun. 29, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 532,251 | $ 532,251 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Jun. 29, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Gross | $ 619,115 | $ 616,325 | |
Accumulated Amortization | 566,739 | 562,873 | |
Net | 52,376 | 53,452 | |
Intangible Assets, Gross | 619,115 | 619,115 | |
Total purchased intangible assets | 52,376 | 56,242 | |
Cost, Amortization | 3,111 | $ 6,915 | |
Intangible asset amortization | 756 | 773 | |
Intangible Asset Amortization Expense | 3,867 | $ 7,688 | |
Future amortization expense [Abstract] | |||
Remaining three months of 2017 | 11,600 | ||
2019 | 13,767 | ||
2020 | 8,088 | ||
2021 | 7,604 | ||
2022 | 4,628 | ||
Thereafter | 6,689 | ||
Net | 52,376 | 53,452 | |
Intellectual Property [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 490,136 | 487,346 | |
Accumulated Amortization | 448,668 | 445,558 | |
Net | 41,468 | 41,788 | |
Future amortization expense [Abstract] | |||
Net | 41,468 | 41,788 | |
Customer relationships [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 116,505 | 116,505 | |
Accumulated Amortization | 106,573 | 105,901 | |
Net | 9,932 | 10,604 | |
Future amortization expense [Abstract] | |||
Net | 9,932 | 10,604 | |
Tradename [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 9,974 | 9,974 | |
Accumulated Amortization | 8,998 | 8,914 | |
Net | 976 | 1,060 | |
Future amortization expense [Abstract] | |||
Net | 976 | 1,060 | |
Patents [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 2,500 | 2,500 | |
Accumulated Amortization | 2,500 | 2,500 | |
Net | 0 | 0 | |
Future amortization expense [Abstract] | |||
Net | 0 | 0 | |
In Process Research and Development [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
IPR&D | $ 0 | $ 2,790 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Long Lived Assets Held-for-sale [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ (376) | $ (621) |
Restructuring Activities (Detai
Restructuring Activities (Details) - $ / shares | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Earnings per share, Diluted (per share) | $ 0.51 | $ 0.70 |
Restructuring Activities Change
Restructuring Activities Change in Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Change in Accounting Estimate [Line Items] | ||
Operating Income (Loss) | $ 156,004 | $ 234,183 |
Net income | $ 140,156 | $ 197,423 |
Basic | $ 0.52 | $ 0.71 |
Diluted | $ 0.51 | $ 0.70 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2019 | Jun. 29, 2019 | Jun. 24, 2017 | |
Weighted Average Discount Rate [Line Items] | |||
Operating Lease, Payments | $ 2,863 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | ||
Lessee, Operating Lease, Discount Rate | 3.45% | ||
Operating Leases, Rent Expense | $ 2,900 | ||
FixedRateNoteDueJune2027at3Point450Percent[Member] [Member] | |||
Weighted Average Discount Rate [Line Items] | |||
Leases, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% |
Leases Leases - Schedule of Mat
Leases Leases - Schedule of Maturities (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Leases - schedule of maturities [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due | $ 9,051 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,647 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10,665 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,549 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 8,215 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 22,064 |
Lessee, Operating Lease, Liability, Payments, Due | 71,191 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 8,204 |
Operating Lease, Liability | $ 62,987 |
Leases Balance Sheet Items Rela
Leases Balance Sheet Items Related to Leases (Details) $ in Thousands | Sep. 28, 2019USD ($) |
Balance Sheet Items Related to Leases [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 58,881 |
Operating Lease, Liability, Current | 10,024 |
Operating Lease, Liability, Noncurrent | $ 53,099 |
Uncategorized Items - maximq120
Label | Element | Value |
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | $ 1,930,940,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | (14,985,000) |
Common Stock [Member] | ||
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | 279,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | $ 1,945,646,000 |