FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 23, 2012

Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurement at December 23, 2012
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	884,982	$	884,982	$	—	$	—
Municipal Notes and Bonds		270,486		—		270,486		—
US Treasury and Agencies		177,584		173,974		3,610		—
Government-Sponsored Enterprises		94,120		—		94,120		—
Foreign Government Bonds		20,568		—		20,568		—
Corporate Notes and Bonds		805,112		164,885		640,227		—
Mortgage Backed Securities—Residential		32,608		—		32,608		—
Mortgage Backed Securities—Commercial		96,405		—		96,405		—

Total Short-Term Investments	$	2,381,865	$	1,223,841	$	1,158,024	$	—
Equities		4,545		4,545		—		—
Mutual Funds		20,940		20,940		—		—
Derivative Assets		3,645		—		3,645		—

Total Assets	$	2,410,995	$	1,249,326	$	1,161,669	$	—

Liabilities
Derivative Liabilities	$	715	$	—	$	465	$	250

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurement at June 24, 2012
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	1,318,812	$	1,318,812	$	—	$	—
Municipal Notes and Bonds		322,567		—		322,567		—
US Treasury and Agencies		137,446		130,624		6,822		—
Government-Sponsored Enterprises		123,268		—		123,268		—
Foreign Government Bond		6,358		—		6,358		—
Corporate Notes and Bonds		768,901		164,885		604,016		—
Mortgage Backed Securities—Residential		25,972		—		25,972		—
Mortgage Backed Securities—Commercial		84,853		—		84,853		—

Total Short-Term Investments	$	2,788,177	$	1,614,321	$	1,173,856	$	—
Equities		5,913		5,913		—		—
Mutual Funds		17,754		17,754		—		—
Derivative Assets		5,020		—		5,020		—

Total Assets	$	2,816,864	$	1,637,988	$	1,178,876	$	—

Liabilities
Derivative Liabilities	$	4,529	$	—	$	4,328	$	201

Schedule Of Assets And Liabilities Measured At Fair Value As Reported In Consolidated Balance Sheet

The amounts in the table above are reported in the Consolidated Balance Sheet as of December 23, 2012 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported Within:
Cash Equivalents	$	886,482	$	884,982	$	1,500	$	—
Short-Term Investments		1,330,498		173,974		1,156,524		—
Restricted Cash and Investments		164,885		164,885		—		—
Prepaid Expenses and Other Current Assets		3,645		—		3,645		—
Other Assets		25,485		25,485		—		—

Total Assets	$	2,410,995	$	1,249,326	$	1,161,669	$	—

Accrued Expenses and Other Current Liabilities	$	465	$	—	$	465	$	—
Other Non-current Liabilities		250		—		—		250

Total Liabilities	$	715	$	—	$	465	$	250

The amounts in the table above are reported in the Consolidated Balance Sheet as of June 24, 2012 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported Within:
Cash Equivalents	$	1,325,361	$	1,318,812	$	6,549	$	—
Short-Term Investments		1,297,931		130,624		1,167,307		—
Restricted Cash and Investments		164,885		164,885		—		—
Prepaid Expenses and Other Current Assets		5,020		—		5,020		—
Other Assets		23,667		23,667		—		—

Total Assets	$	2,816,864	$	1,637,988	$	1,178,876	$	—

Accrued Expenses and Other Current Liabilities	$	4,328	$	—	$	4,328	$	—
Other Non-current Liabilities		201		—		—		201

Total Liabilities	$	4,529	$	—	$	4,328	$	201

Summary of Investment

The following tables summarize the Company’s investments (in thousands):


	December 23, 2012									June 24, 2012
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
Cash	$	304,988	$	—	$	—		$	304,988	$	240,841	$	—	$	—		$	240,841
Fixed Income Money Market Funds		884,982		—		—			884,982		1,318,812		—		—			1,318,812
Municipal Notes and Bonds		269,347		1,185		(46	)		270,486		321,001		1,574		(8	)		322,567
US Treasury and Agencies		177,520		92		(28	)		177,584		137,516		43		(113	)		137,446
Government-Sponsored Enterprises		93,953		169		(2	)		94,120		123,269		67		(68	)		123,268
Foreign Government Bonds		20,470		103		(5	)		20,568		6,315		43		—			6,358
Corporate Notes and Bonds		802,788		2,603		(279	)		805,112		767,847		1,443		(389	)		768,901
Mortgage Backed Securities—Residential		32,558		107		(57	)		32,608		25,857		121		(6	)		25,972
Mortgage Backed Securities—Commercial		96,118		673		(386	)		96,405		84,682		555		(384	)		84,853

Total Cash and Short -Term Investments	$	2,682,724	$	4,932	$	(803	)	$	2,686,853	$	3,026,140	$	3,846	$	(968	)	$	3,029,018

Publicly Traded Equity Security	$	9,321	$	—	$	(4,776	)	$	4,545	$	9,320	$	—	$	(3,407	)	$	5,913
Private Equity Security		5,000		—		—			5,000		5,000		—		—			5,000
Mutual Funds		19,635		1,305		—			20,940		17,459		366		(71	)		17,754

Total Financial Instruments	$	2,716,680	$	6,237	$	(5,579	)	$	2,717,338	$	3,057,919	$	4,212	$	(4,446	)	$	3,057,685

Reported Within
Cash and Cash Equivalents	$	1,190,189	$	—	$	—		$	1,190,189	$	1,564,752	$	—	$	—		$	1,564,752
Short-Term Investments		1,326,369		4,932		(803	)		1,330,498		1,295,053		3,846		(968	)		1,297,931
Restricted Cash and Investments		166,166		—		—			166,166		166,335		—		—			166,335
Other assets		33,956		1,305		(4,776	)		30,485		31,779		366		(3,478	)		28,667

Total	$	2,716,680	$	6,237	$	(5,579	)	$	2,717,338	$	3,057,919	$	4,212	$	(4,446	)	$	3,057,685

Schedule Of Fixed Income Securities In Unrealized Loss Positions

The following is an analysis of the Company’s fixed income securities in unrealized loss positions (in thousands):


	December 23, 2012
	Unrealized Losses					Unrealized Losses
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Short-Term Investments
Municipal Notes and Bonds	$	39,212	$	(46	)	$	—	$	—		$	39,212	$	(46	)
US Treasury and Agencies		33,860		(28	)		—		—			33,860		(28	)
Government-Sponsored Enterprises		3,513		(2	)		—		—			3,513		(2	)
Foreign Government Bonds		7,601		(5	)		—		—			7,601		(5	)
Corporate Notes and Bonds		184,816		(279	)		295		—			185,111		(279	)
Mortgage Backed Securities—Residential		3,746		(57	)		—		—			3,746		(57	)
Mortgage Backed Securities—Commercial		53,576		(348	)		2,056		(38	)		55,632		(386	)

Total Short-Term Investments	$	326,324	$	(765	)	$	2,351	$	(38	)	$	328,675	$	(803	)

Schedule Of Amortized Cost And Fair Value Of Cash Equivalents, Short-Term Investments, And Restricted Cash And Investments With Contractual Maturities

The amortized cost and fair value of cash equivalents, short-term investments, and restricted cash and investments with contractual maturities are as follows as of December 23, 2012:


	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	1,299,524	$	1,299,915
Due after one year through five years		905,888		909,053
Due in more than five years		172,324		172,897

	$	2,377,736	$	2,381,865

Schedule Of Outstanding Foreign Currency Forward Contracts

As of December 23, 2012, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program:


	Derivatives Designated as Hedging Instruments:				Derivatives Not Designated as Hedging Instruments:
	(in thousands)
	Buy Contracts		Sell Contracts		Buy Contracts		Sell Contracts
Foreign Currency Forward Contracts
Japanese Yen	$	—	$	47,126	$	—	$	42,593
Swiss Francs		—		—		16,159		—
British Pound Sterling		—		—		4,614		—
Euro		60,477		—		782		—

	$	60,477	$	47,126	$	21,555	$	42,593

Schedule Of Fair Value Of Derivatives Instruments

The fair value of derivative instruments in the Company’s Consolidated Balance Sheet as of December 23, 2012 was as follows:

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair Value

Balance Sheet
Location

Fair Value

(in thousands)

Derivatives designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

3,458

Accrued liabilities

Derivatives not designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

187

Accrued liabilities

395

Total derivatives

3,645

465

The fair value of derivative instruments in the Company’s Consolidated Balance Sheet as of June 24, 2012 was as follows:

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair Value

Balance Sheet
Location

Fair Value

(in thousands)

Derivatives designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

3,358

Accrued liabilities

3,403

Derivatives not designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

1,662

Accrued liabilities

925

Total derivatives

5,020

4,328

Schedule Of Derivative Instruments In Statements Of Operations

The effect of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations was as follows:


	Three Months Ended December 23, 2012										Six Months Ended December 23, 2012
	Gain (Loss) Recognized (Effective Portion) (1)		Gain (Loss) Recognized (Effective Portion) (2)			Gain (Loss) Recognized (Ineffective Portion) (3)		Gain (Loss) Recognized (Excluded from Effectiveness Testing) (4)			Gain (Loss) Recognized (Effective Portion) (1)		Gain (Loss) Recognized (Effective Portion) (2)			Gain (Loss) Recognized (Ineffective Portion) (3)		Gain (Loss) Recognized (Excluded from Effectiveness Testing) (4)
	(in thousands)
Derivatives Designated as Hedging Instruments:
Foreign exchange forward contracts	$	2,347	$	(363	)	$	8	$	(26	)	$	1,628	$	(2,289	)	$	—	$	(47	)


	Three Months Ended December 25, 2011											Six Months Ended December 25, 2011
	Gain (Loss) Recognized (Effective Portion) (1)			Gain (Loss) Recognized (Effective Portion) (2)			Gain (Loss) Recognized (Ineffective Portion) (3)			Gain (Loss) Recognized (Excluded from Effectiveness Testing) (4)		Gain (Loss) Recognized (Effective Portion) (1)			Gain (Loss) Recognized (Effective Portion) (2)			Gain (Loss) Recognized (Ineffective Portion) (3)			Gain (Loss) Recognized (Excluded from Effectiveness Testing) (4)
	(in thousands)
Derivatives Designated as Hedging Instruments:
Foreign exchange forward contracts	$	(3,581	)	$	(2,906	)	$	(1	)	$	223	$	(11,793	)	$	(5,513	)	$	(2	)	$	754

(1)	Amount recognized in other comprehensive income (loss) (effective portion).

(2)	Amount of gain (loss) reclassified from accumulated other comprehensive income into income (loss) (effective portion) located in revenue.

(3)	Amount of gain (loss) recognized in income on derivative (ineffective portion) located in other expense, net.

(4)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) located in other expense, net.

The effect of derivative instruments not designated as cash flow hedges on the Company’s Condensed Consolidated Statement of Operations was as follows:


	Three Months Ended					Six Months Ended
	December 23, 2012		December 25, 2011			December 23, 2012		December 25, 2011
	Gain (Loss) Recognized (5)		Gain (Loss) Recognized (5)			Gain (Loss) Recognized (5)		Gain (Loss) Recognized (5)
	(in thousands)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange forward contracts	$	5,667	$	(20,411	)	$	286	$	(42,823	)

(5)	Amount of gain (loss) recognized in income located in other income (expense), net.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details