Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 03, 2018 | Dec. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS INC | ||
Entity Central Index Key | 743,316 | ||
Trading Symbol | MXIM | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 278,019,068 | ||
Entity Public Float | $ 11,175,629,181 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 24, 2017 |
Current assets: | ||
Cash and cash equivalents, at carrying value | $ 1,543,484 | $ 2,246,121 |
Short-term investments | 1,082,915 | 498,718 |
Total cash, cash equivalents and short-term investments | 2,626,399 | 2,744,839 |
Accounts receivable, net of allowances of $46,575 in 2017 and $32,108 in 2016 | 280,072 | 256,454 |
Inventories | 282,390 | 247,242 |
Other current assets | 21,548 | 57,059 |
Total current assets | 3,210,409 | 3,305,594 |
Property, plant and equipment, net | 579,364 | 606,581 |
Intangible assets, net | 78,246 | 90,867 |
Goodwill | 532,251 | 491,015 |
Other assets | 51,291 | 76,176 |
TOTAL ASSETS | 4,451,561 | 4,570,233 |
Current liabilities: | ||
Accounts payable | 92,572 | 77,373 |
Income taxes payable | 17,961 | 3,688 |
Employee-related Liabilities, Current [Abstract] | 151,682 | 145,299 |
Accrued liabilities | 35,774 | 37,663 |
Deferred income on shipments to distributors | 0 | 14,974 |
Short-term Debt | 499,406 | 0 |
Total current liabilities | 797,395 | 278,997 |
Long-term debt, excluding current maturities | 991,147 | 1,487,678 |
Income taxes payable | 661,336 | 557,498 |
Other liabilities | 70,743 | 43,366 |
Total liabilities | 2,520,621 | 2,367,539 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, Authorized: 2,000 shares, issued and outstanding: none | 0 | 0 |
Common stock, $0.001 par value, Authorized: 960,000 shares, Issued and outstanding: 282,912 in 2017 and 283,909 in 2016 | 279 | 283 |
Additional paid-in capital | 0 | 0 |
Retained earnings | 1,945,646 | 2,212,301 |
Accumulated other comprehensive income (loss), net of tax | (14,985) | (9,890) |
Total stockholders' equity | 1,930,940 | 2,202,694 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 4,451,561 | $ 4,570,233 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2018 | Jun. 24, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 140,296 | $ 46,575 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 960,000 | 960,000 |
Common Stock, Shares, Issued | 278,664 | 282,912 |
Common Stock, Shares, Outstanding | 278,664 | 282,912 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Income Statement [Abstract] | |||
Net revenues | $ 2,480,066 | $ 2,295,615 | $ 2,194,719 |
Cost of goods sold | 853,945 | 849,135 | 950,331 |
Gross margin | 1,626,121 | 1,446,480 | 1,244,388 |
Operating expenses: | |||
Research and development | 450,943 | 453,977 | 467,161 |
Selling, general and administrative | 322,918 | 291,511 | 288,899 |
Intangible asset amortization | 4,467 | 9,189 | 12,205 |
Impairment of long-lived assets | 892 | 7,517 | 160,582 |
Goodwill and Intangible Asset Impairment | 0 | 0 | 27,602 |
Severance and restructuring expenses | 15,060 | 12,453 | 24,479 |
Other Operating Income | (1,607) | (22,944) | (50,389) |
Total operating expenses | 792,673 | 751,703 | 930,539 |
Operating income (loss) | 833,448 | 694,777 | 313,849 |
Other Nonoperating Income (Expense) | (8,563) | (15,188) | (28,795) |
Income before provision for income taxes | 824,885 | 679,589 | 285,054 |
Provision for income taxes | 357,567 | 107,976 | 57,579 |
Net income | $ 467,318 | $ 571,613 | $ 227,475 |
Earnings per share: | |||
Basic net income per share | $ 1.66 | $ 2.02 | $ 0.80 |
Diluted net income per share | $ 1.64 | $ 1.98 | $ 0.79 |
Shares used in the calculation of earnings per share: | |||
Basic | 280,979 | 283,147 | 285,081 |
Diluted | 285,674 | 287,974 | 289,479 |
Dividends paid per share | $ 1.56 | $ 1.32 | $ 1.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Net income | $ 467,318 | $ 571,613 | $ 227,475 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (2,436) | (1,723) | 356 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1,401) | 510 | (545) |
Other Comprehensive Income (Loss), Post Retirement Benefits Unrealized Gain (loss) Arising During Period, Net of Tax , | (1,258) | 5,542 | 3,204 |
Other Comprehensive Income (Loss), Net of Tax | (5,095) | 4,329 | 3,015 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 462,223 | 575,942 | 230,490 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 184 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (291) | (137) | (202) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 115 | $ 2,988 | $ 455 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | ||||
Balance, shares at Jun. 27, 2015 | 284,823 | ||||
Balance at Jun. 27, 2015 | $ 2,290,020 | $ 283 | $ 27,859 | $ 2,279,112 | $ (17,234) |
Components of comprehensive income: | |||||
Net income | 227,475 | 0 | 0 | 227,475 | 0 |
Other Comprehensive Income (Loss), Net of Tax | $ 3,015 | $ 0 | 0 | 0 | 3,015 |
Repurchase of common stock, shares | (6,800) | (6,811) | |||
Repurcahse of common stock, value | $ (237,086) | $ (7) | (194,264) | (42,815) | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,416 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (24,084) | $ 2 | (24,086) | 0 | 0 |
Stock options exercised, shares | 3,200 | ||||
Stock options exercised, value | 79,608 | $ 4 | 79,604 | 0 | 0 |
Stock based compensation | 69,539 | 0 | 69,539 | 0 | 0 |
Tax (shortfall) benefit on settlement of equity instruments | 7,375 | $ 0 | 7,375 | 0 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | 1,281 | ||||
Common stock value issued under Employee Stock Purchase Plan | 33,975 | $ 2 | 33,973 | 0 | 0 |
Dividends paid | (342,023) | $ 0 | 0 | (342,023) | 0 |
Balance, shares at Jun. 25, 2016 | 283,909 | ||||
Balance at Jun. 25, 2016 | $ 2,107,814 | $ 284 | 0 | 2,121,749 | (14,219) |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.32 | ||||
Components of comprehensive income: | |||||
Net income | $ 571,613 | 0 | 0 | 571,613 | 0 |
Other Comprehensive Income (Loss), Net of Tax | $ 4,329 | $ 0 | 0 | 0 | 4,329 |
Repurchase of common stock, shares | (6,100) | (6,057) | |||
Repurcahse of common stock, value | $ (251,799) | $ (6) | (143,309) | (108,484) | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,275 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (25,183) | $ 1 | (25,184) | 0 | 0 |
Stock options exercised, shares | 2,741 | ||||
Stock options exercised, value | 63,003 | $ 3 | 63,000 | 0 | 0 |
Stock based compensation | 71,225 | 0 | 71,225 | 0 | 0 |
Tax (shortfall) benefit on settlement of equity instruments | 1,394 | $ 0 | 0 | 1,394 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | 1,044 | ||||
Common stock value issued under Employee Stock Purchase Plan | 34,269 | $ 1 | 34,268 | 0 | 0 |
Dividends paid | $ (373,971) | $ 0 | 0 | (373,971) | 0 |
Balance, shares at Jun. 24, 2017 | 282,912 | 282,912 | |||
Balance at Jun. 24, 2017 | $ 2,202,694 | $ 283 | 0 | 2,212,301 | (9,890) |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.56 | ||||
Components of comprehensive income: | |||||
Net income | $ 467,318 | 0 | 0 | 467,318 | 0 |
Other Comprehensive Income (Loss), Net of Tax | $ (5,095) | $ 0 | 0 | 0 | (5,095) |
Repurchase of common stock, shares | (7,500) | (7,487) | |||
Repurcahse of common stock, value | $ (407,968) | $ (7) | (112,075) | (295,886) | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,241 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (30,310) | $ 1 | (30,311) | 0 | 0 |
Stock options exercised, shares | 1,090 | ||||
Stock options exercised, value | 28,009 | $ 1 | 28,008 | 0 | 0 |
Stock based compensation | 78,058 | $ 0 | 78,058 | 0 | 0 |
Common stock shares issued under Employee Stock Purchase Plan | 908 | ||||
Common stock value issued under Employee Stock Purchase Plan | 36,321 | $ 1 | 36,320 | 0 | 0 |
Dividends paid | $ (438,087) | $ 0 | 0 | (438,087) | 0 |
Balance, shares at Jun. 30, 2018 | 278,664 | 278,664 | |||
Balance at Jun. 30, 2018 | $ 1,930,940 | $ 279 | $ 0 | $ 1,945,646 | $ (14,985) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 467,318,000 | $ 571,613,000 | $ 227,475,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 78,685,000 | 71,117,000 | 69,701,000 |
Depreciation and amortization | 144,974,000 | 164,292,000 | 244,637,000 |
Deferred taxes | 27,715,000 | (7,895,000) | (48,138,000) |
Research and Development in Process | 0 | 0 | 27,602,000 |
Loss (gain) from sale of property, plant and equipment | 995,000 | 16,365,000 | 2,283,000 |
Tax benefit (shortfall) related to stock-based compensation | 0 | 0 | 7,375,000 |
Excess tax benefit related to stock-based compensation | 0 | 0 | (9,550,000) |
Impairment of Long-Lived Assets to be Disposed of | 42,000 | 1,462,000 | 160,153,000 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 850,000 | 6,720,000 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (26,620,000) | (58,944,000) |
Changes in assets and liabilities: | |||
Accounts receivable | (19,714,000) | 78,000 | 22,313,000 |
Inventories | (32,776,000) | (21,215,000) | 44,086,000 |
Other current assets | 32,368,000 | (3,547,000) | 2,943,000 |
Accounts payable | 9,560,000 | (6,205,000) | (3,676,000) |
Income taxes payable | 117,654,000 | 60,798,000 | 56,641,000 |
Deferred income on shipments to distributors | (14,974,000) | (23,805,000) | 8,452,000 |
All other accrued liabilities | 6,767,000 | (29,501,000) | (31,468,000) |
Net cash provided by operating activities | 819,464,000 | 773,657,000 | 721,885,000 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (65,782,000) | (51,421,000) | (69,369,000) |
Proceeds from sale of property, plant, and equipment | 5,823,000 | 10,792,000 | 85,142,000 |
Acquisitions | (57,773,000) | 0 | 0 |
Proceeds from Divestiture of Businesses | 0 | 42,199,000 | 105,000,000 |
Purchases of available-for-sale securities | (1,447,354,000) | (450,135,000) | (99,948,000) |
Payments to Acquire Investments | (5,520,000) | (2,825,000) | (10,483,000) |
Proceeds from Sale of Available-for-sale Securities | 107,291,000 | 50,994,000 | 0 |
Proceeds from sales/maturities of available-for-sale securities | 753,249,000 | 75,000,000 | 50,000,000 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 2,380,000 |
Net cash used in investing activities | (710,066,000) | (325,396,000) | 62,722,000 |
Cash flows from financing activities | |||
Excess tax benefit from stock-based compensation plans | 0 | 0 | 9,550,000 |
Repayment of notes payable | 0 | (250,000,000) | 0 |
Proceeds from Issuance of Debt | 0 | 500,000,000 | 250,000,000 |
Payments of Debt Issuance Costs | 0 | (3,688,000) | (283,000) |
Payments of Stock Issuance Costs | (30,310,000) | (25,183,000) | (24,084,000) |
Proceeds from Stock Options Exercised | 28,009,000 | 63,003,000 | 79,608,000 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 36,321,000 | 34,269,000 | 33,975,000 |
Repurchase of common stock | (407,968,000) | (251,799,000) | (237,086,000) |
Dividends paid | (438,087,000) | (373,971,000) | (342,023,000) |
Net cash used in financing activities | (812,035,000) | (307,369,000) | (230,343,000) |
Net increase (decrease) in cash and cash equivalents | (702,637,000) | 140,892,000 | 554,264,000 |
Cash and cash equivalents: | |||
Beginning of year | 2,246,121,000 | 2,105,229,000 | |
End of year | 1,543,484,000 | 2,246,121,000 | |
Supplemental disclosures of cash flow information: | |||
Cash (refunded) paid, net during the year for income taxes | 189,100,000 | 76,243,000 | 43,898,000 |
Cash paid for interest | 46,625,000 | 29,375,000 | 29,381,000 |
Noncash financing and investing activities: | |||
Accounts payable related to property, plant and equipment purchases | 8,833,000 | 3,853,000 | 2,810,000 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 0 | $ 0 | $ 40,000,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Jun. 30, 2018 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | NATURE OF OPERATIONS Maxim Integrated Products, Inc. (“Maxim Integrated”, the “Company,” “we,” “us” or “our”), incorporated in Delaware, designs, develops, manufactures, and markets a broad range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a large number of customers in diverse geographical locations. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The analog market is fragmented and characterized by diverse applications and a great number of product variations with varying product life cycles. Maxim Integrated is a global company with a manufacturing facility in the United States, testing facilities in the Philippines and Thailand, and sales and circuit design offices throughout the world. Integrated circuit assembly is performed by foreign assembly subcontractors, located in countries throughout Asia, where wafers are separated into individual integrated circuits and assembled into a variety of packages. The major end-markets the Company's products are sold in are the automotive, communications and data center, computing, consumer and industrial markets. The Company has a 52-to-53-week fiscal year that ends on the last Saturday of June. Accordingly, every fifth or sixth year will be a 53-week fiscal year. Fiscal year 2018 was a 53-week fiscal year (ended on June 30, 2018 ). Fiscal years 2017 and 2016 were each 52-week fiscal years (ended on June 24, 2017 , and June 25, 2016 , respectively). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to the useful lives and fair value of fixed assets, valuation allowance for deferred tax assets, reserves relating to uncertain tax positions, allowances for doubtful accounts, customer returns and allowances, allowance for distributor credits, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units, accrued liabilities and reserves, assumptions related to the calculation of stock-based compensation and the value of intangibles acquired and goodwill associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. Basis of Presentation The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Cash Equivalents and Short-term Investments The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of demand accounts, money market funds, U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, and commercial paper. Short-term investments consist primarily of U.S. treasury debt securities with original maturities beyond three months at the date of purchase, agency securities, corporate debt securities, certificates of deposit, and commercial paper. The Company's short-term investments are considered available-for-sale and classified as short-term as these investments generally consist of highly marketable securities that are available to meet near-term cash requirements. Such securities are carried at fair market value based on market quotes and other observable inputs. Unrealized gains and losses, net of tax, on securities in this category are reported as equity in the Consolidated Statement of Comprehensive Income. Realized gains and losses on sales of investment securities are determined based on the specific identification method and are included in Interest and other income (expense), net in the Consolidated Statements of Income. Derivative Instruments The Company 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 European Euro, Indian Rupee, Taiwan New Dollar, South Korean Won, Chinese Yuan, Japanese Yen, Singapore Dollar, and Canadian Dollar expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company is exposed to fluctuations in foreign currency exchange rates for cash flows for expenditures and on orders and accounts receivable from sales in these foreign currencies. The Company has established risk management strategies designed to reduce the impact of volatility of future cash flows caused by changes in the exchange rate for these currencies. These strategies reduce, but do not entirely eliminate, the impact of currency exchange rates movements. Currency forward contracts are used to offset the currency risk of non-U.S. dollar-denominated assets and liabilities. The Company typically enters into currency forward contracts to hedge exposures associated with its expenditures denominated in European Euro, Philippine Peso and South Korean Won. The Company also hedges smaller expense exposures in several other foreign currencies. The Company enters into currency forward contracts to hedge its accounts receivable and backlog denominated in European Euro, Japanese Yen and British Pound. Changes in fair value of the underlying assets and liabilities are generally offset by the changes in fair value of the related currency forward contract. The Company uses currency forward contracts to hedge exposure to variability in anticipated non-U.S. dollar denominated cash flows. These contracts are designated as cash flow hedges and recorded on the Consolidated Balance Sheets at their fair market value. The maturities of these instruments are generally less than six months . For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reported within the Consolidated Statements of Comprehensive Income. These amounts have been reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments that are not designated as hedging instruments, gains and losses are recognized immediately in “Interest income (expense) and other, net” in the Consolidated Statements of Income. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Inventories Inventories are stated at the lower of (i) standard cost, which approximates actual cost on a first-in-first-out basis, or (ii) net realizable value. The Company's standard cost revision policy is to monitor manufacturing variances and revise standard costs on a quarterly basis. Because of the cyclical nature of the market, inventory levels, obsolescence of technology, and product life cycles, the Company generally writes down inventories to net realizable value based on forecasted product demand. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets, which range from 2 to 15 years for machinery, equipment and software and up to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of their useful lives or the remaining term of the related lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Income. The classification is based mainly on whether the asset is operating or not. The Company evaluates the recoverability of property, plant and equipment in accordance with Accounting Standards Codification (“ASC”) No. 360, Property, Plant, and Equipment (“ASC 360”). The Company performs periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property, plant and equipment are not recoverable and exceed their fair values. If facts and circumstances indicate that the carrying amounts of property, plant and equipment might not be fully recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives are compared against their respective carrying amounts. In the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are written down to their estimated fair values based on their expected discounted future cash flows attributable to those assets. All long-lived assets classified as held for sale are reported at the lower of carrying amount or fair market value, less expected selling costs. Intangible Assets and Goodwill The Company accounts for intangible assets in accordance with ASC No. 350, Intangibles-Goodwill and Other (“ASC 350”). The Company reviews goodwill and purchased intangible assets for impairment annually in the fourth fiscal quarter and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable, such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present. Intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting Measurements . Impairment is based on the excess of the carrying amount over the fair value of those assets. Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. In accordance with ASC 350, the Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis or more frequently if the Company believes indicators of impairment exist. In accordance with ASC 350-20-35-3, the Company's performs a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs the quantitative goodwill impairment test. This test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company determines the fair value of the Company's reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as the market approach which includes the guideline company method. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, the Company recognizes an impairment of goodwill measured as the amount by which a reporting unit’s carrying value exceeds its fair value with the loss recognized not to exceed the total amount of goodwill allocated to the reporting unit. Product Warranty The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product claims. In limited circumstances and for strategic customers in certain unique industries and applications, the Company's product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and/or damages result from the defective product. Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with the Company's historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. The short-term and long-term portions of the product warranty liability are included within the balance sheet captions Accrued expenses and Other liabilities, respectively, in the accompanying Consolidated Balance Sheets. Retirement Benefits The Company provides medical benefits to certain former and current employees pursuant to certain retirement agreements. The Company also provides retirement benefits to Philippines employees and to certain other employees in other countries. These benefits to individuals are accounted for pursuant to a documented plan under ASC No. 715, Compensation-Retirement Benefits (“ASC 715”) . Unrecognized actuarial gains and losses and prior service cost are amortized on a straight-line basis over the remaining estimated service period of participants. The measurement date for the plan is fiscal year end. Income Taxes The Company accounts for income taxes using an asset and liability approach as prescribed in ASC No. 740-10, Income Taxes (“ASC 740-10”). The Company records the amount of taxes payable or refundable for the current and prior years and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. ASC 740-10 prescribes a recognition threshold and measurement framework for the financial statement reporting and disclosure of an income tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax position is recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the recognition threshold is then measured to determine the largest amount of the benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes in the Consolidated Statements of Income. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws across multiple tax jurisdictions. Although ASC 740-10 provides clarification on the accounting for uncertainty in income taxes recognized in the financial statements, the recognition threshold and measurement framework will continue to require significant judgment by management. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations. Revenue Recognition The Company recognizes revenue for sales to direct customers and sales to distributors upon shipment, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title and risk of loss has transferred, collectability of the resulting receivable is reasonably assured, there are no customer acceptance requirements and the Company does not have any significant post-shipment obligations. Estimated returns for sales to direct customers and distributors are based on historical returns rates applied against current period gross revenues. Specific customer returns and allowances are considered within this estimate. Accounts receivable from direct customers and distributors are recognized and inventory is relieved upon shipment as title to inventories generally transfers upon shipment, at which point the Company has a legally enforceable right to collection under normal terms. Accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location, at which point inventory is relieved, title transfers, and the Company has a legally enforceable right to collection under the terms of the Company's agreement with the related customers. The Company estimates potential future returns and sales allowances related to current period product revenue. Management analyzes historical returns, changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances. Estimates made by the Company may differ from actual returns and sales allowances. These differences may materially impact reported revenue and amounts ultimately collected on accounts receivable. Historically, such differences have not been material. An allowance for distributor credits covering price adjustments is estimated based on our historical experience rates and also considering economic conditions and contractual terms. To date, actual distributor claim activity has been materially consistent with the provisions we have made based on our historical experience rates. The Company had historically recognized a portion of revenue through certain distributors at the time the distributor resold the product to its end customer (also referred to as the sell-through basis of revenue recognition) given the difficulty in estimating the ultimate price of these product shipments and amount of potential returns. The Company continuously reassesses its ability to reliably estimate the ultimate price of these products and the amount of potential returns and, over the past several years, has made investments in its systems and updates to processes around its distribution channel to improve the quality of the information for preparing such estimates. As a result of this continuous reassessment, the Company recognizes all revenue from distributors upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition) as of second quarter of fiscal year 2018. Related Party Transactions A member of the Company's board of directors is also a member of the board of directors of Flextronics International Ltd. During the fiscal years ended June 30, 2018 , June 24, 2017 , and June 25, 2016 , the Company sold approximately $61.6 million , $70.4 million , and $73.8 million , respectively, in products to Flextronics International Ltd, a contract manufacturer, in the ordinary course of its business. Research and Development Costs Research and development costs are expensed as incurred. Such costs consist primarily of expenditures for labor and benefits, masks, prototype wafers and depreciation. Shipping Costs Shipping costs billed to customers are included in net revenues and the related shipping costs are included in cost of goods sold in the Consolidated Statements of Income. Stock-Based Compensation Stock-based compensation cost is measured at the grant date, based on the fair value of the awards ultimately expected to vest and is recognized as an expense, on a straight-line basis, over the requisite service period. ASC No. 718, Compensation-Stock Compensation, allows forfeitures to be either expensed as incurred or estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures or vesting differ from those estimates. The Company has elected to estimate forfeitures at the time of grant and update if necessary. Such updates could have a material effect on the Company's operating results. The Company uses the Monte Carlo simulation model to measure the fair value of its market stock units on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. Restructuring Post-employment benefits accrued for workforce reductions related to restructuring activities in the United States are accounted for under ASC No. 712, Compensation-Nonretirement Postemployment Benefits . A liability for post-employment benefits is recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In accordance with ASC No. 420, Exit or Disposal Cost Obligations , generally costs associated with restructuring activities initiated outside the United States have been recognized when they are incurred. The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. Foreign Currency Translation and Remeasurement The U.S. dollar is the functional currency for the Company's foreign operations. Using the U.S. dollar as the functional currency, monetary assets and liabilities are remeasured at the year-end exchange rates. Certain non-monetary assets and liabilities are remeasured using historical rates. Consolidated Statements of Income are remeasured at the average exchange rates during the year. Foreign exchange gains and losses as recorded in the Consolidated Statements of Income for all periods presented were not material. Earnings Per Share Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units and market stock units, and the assumed issuance of common stock under the stock purchase plan. The number of incremental shares from the assumed issuance of stock options is calculated by applying the treasury stock method. Litigation and Contingencies From time to time, the Company receives notices that its products or manufacturing processes may be infringing the patent or other intellectual property rights of others, notices of stockholder litigation or other lawsuits or claims against the Company. The Company periodically assesses each matter in order to determine if a contingent liability in accordance with ASC No. 450, Contingencies ("ASC 450") should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. The Company expenses legal fees associated with consultations and defense of lawsuits as incurred. Based on the information obtained, combined with management's judgment regarding all of the facts and circumstances of each matter, the Company determines whether a contingent loss is probable and whether the amount of such loss can be estimated. Should a loss be probable and estimable, the Company records a contingent loss in accordance with ASC No. 450. In determining the amount of a contingent loss, the Company takes into consideration advice received from experts in the specific matter, current status of legal proceedings, settlement negotiations which may be ongoing, prior case history and other factors. Should the judgments and estimates made by management be incorrect, the Company may need to record additional contingent losses that could materially adversely impact its results of operations. Alternatively, if the judgments and estimates made by management are incorrect and a particular contingent loss does not occur, the contingent loss recorded would be reversed thereby favorably impacting the Company's results of operations. Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers and directors, as well as certain former officers and directors. The indemnification agreements provide, among other things, that the Company will indemnify each of its directors and officers, under the circumstances and to the extent provided therein, for expenses, damages, judgments, fines, and settlements each may be required to pay in actions or proceedings to which he or she may be made a party by reason of his or her position or positions as a director, officer or other agent of the Company, and otherwise to the fullest extent permitted under Delaware law and the Company’s bylaws. Concentration of Credit Risk Due to the Company's credit evaluation and collection process, bad debt expenses have not been significant. Credit risk with respect to trade receivables is limited because a large number of geographically diverse customers make up the Company's customer base, thus spreading the credit risk. The Company derived approximately 47% of its fiscal year 2018 revenue from sales made through distributors which includes distribution sales to Samsung and catalog distributors. The Company's primary distributor is Avnet Electronics (“Avnet”). Avnet, like the Company's other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. Avnet accounted for 25% , 22% and 19% of revenues in fiscal years 2018 , 2017 and 2016 , respectively, and 22% and 22% of accounts receivable as of June 30, 2018 and June 24, 2017 , respectively. Sales to Samsung, the Company's largest single end customer (through direct sales and distributors), accounted for approximately 10% , 10% and 14% of net revenues in fiscal years 2018 , 2017 and 2016 , respectively, and 12% and 11% of accounts receivable as of June 30, 2018 and June 24, 2017 , respectively. No other customer accounted for 10% or more of the Company's revenues in the fiscal years 2018 , 2017 , and 2016 . No other customer accounted for 10% or more of the Company's accounts receivable as of June 30, 2018 and June 24, 2017 . The Company maintains cash, cash equivalents, and short-term investments with various high credit quality financial institutions, limits the amount of credit exposure to any one financial institution or instrument, and is exposed to credit risk in the event of default by these institutions to the extent of amounts recorded at the balance sheet date. To date, the Company has not incurred losses related to these investments. Recently Issued Accounting Pronouncements (i) New Accounting Updates Recently Adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) , which is intended to improve accounting for hedging activities by expanding and refining hedge accounting for both nonfinancial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company early-adopted ASU 2017-12 in the first quarter of fiscal year 2018. There was no material change to the Company's consolidated financial statements as a result of this adoption. This adoption was on a prospective basis and therefore had no impact on prior periods. (ii) Recent Accounting Updates Not Yet Effective In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Non-employee Share-Based Payment Accounting . This ASU largely aligns the accounting for share-based payment awards to employees and non-employees. Under the new guidance, both sets of awards, for employees and non-employees, will essentially follow the same model, with small discrepancies related to the term assumption when valuing non-employee awards. The new standard is effective beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) . This standard provides guidance about the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for the Company in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting . The amendments in this standard provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this standard are effective beginning in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires employers that offer or maintain defined benefit plans to disaggregate the service component from the other components of net benefit cost and provides guidance on presentation of the service component and the other components of net benefit cost in the statement of operations. The new standard is effective beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting . This update provides guidance for reporting by an employee benefit plan for its interest in a master trust. The guidance is effective beginning in the first quarter of fiscal year 2020 on a retrospective basis, with early application permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016-16 requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is sold. ASU No. 2016-16 is effective beginning in the first quarter of fiscal year 2019, with early adoption permitted. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the lease accounting requirements in Topic 840. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. This guidance is effective beginning in the first quarter of fiscal year 2020 on a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities , with further classifications made recently with the issuance of ASU 2018-03 and ASU 2018-04, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. This ASU will be effective for the Company beginning in the first quarter of fiscal year 2019. The application of this ASU will be by means of a cumulative-effect adjustment to the balance sheet. T |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: June 30, June 24, Inventories: (in thousands) Raw materials $ 16,251 $ 11,779 Work-in-process 173,859 151,614 Finished goods 92,280 83,849 $ 282,390 $ 247,242 Property, plant and equipment, net, consist of: June 30, June 24, Property, plant and equipment: (in thousands) Land $ 17,731 $ 18,952 Buildings and building improvements 254,733 254,513 Machinery, equipment and software 1,309,487 1,286,031 1,581,951 1,559,496 Less: accumulated depreciation and amortization (1,002,587 ) (952,915 ) $ 579,364 $ 606,581 The Company recorded $94.4 million , $108.5 million and $177.2 million of depreciation expense in fiscal years 2018 , 2017 and 2016 , respectively. There was no accelerated depreciation expense included in depreciation expense in fiscal year 2018 , $4.2 million and $54.6 million of accelerated depreciation expense in fiscal years 2017 and 2016 , respectively, resulting from the change in estimated useful lives of certain long-lived assets included in restructuring plans. Accrued salary and related expenses consist of: June 30, June 24, Accrued salary and related expenses: (in thousands) Accrued bonus $ 92,288 $ 85,600 Accrued vacation 30,695 29,621 Accrued salaries 8,210 14,528 Accrued fringe benefits 4,752 4,317 Other 15,737 11,233 $ 151,682 $ 145,299 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements [Text Block] | FAIR VALUE MEASUREMENTS The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company's Level 1 assets consist of money market funds. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. The Company’s Level 2 assets and liabilities consist of U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, commercial paper 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 contingent consideration liabilities as of June 30, 2018 related to an acquisition. The Company did not hold any Level 3 assets or liabilities as of June 24, 2017 . Assets and liabilities measured at fair value on a recurring basis were as follows: As of June 30, 2018 As of June 24, 2017 Fair Value Fair Value Measurements Using Total Balance Measurements Using Total Balance Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Agency securities $ — $ 13,946 $ — $ 13,946 $ — $ — $ — $ — Certificates of deposit — 6,000 — 6,000 — — — — Commercial paper — 45,063 — 45,063 — — — — Corporate debt securities — 3,819 — 3,819 — — — — Money market funds 98,467 — — 98,467 952,462 — — 952,462 U.S. Treasury securities — 30,988 — 30,988 — — — — Short term investments Certificates of deposit — 52,428 — 52,428 — — — — Commercial paper — 64,354 — 64,354 — — — — Corporate debt securities — 367,765 — 367,765 — — — — U.S. Treasury securities — 598,368 — 598,368 — 498,718 — 498,718 Other current assets Foreign currency forward contracts — 235 — 235 — 848 — 848 Total Assets $ 98,467 $ 1,182,966 $ — $ 1,281,433 $ 952,462 $ 499,566 $ — $ 1,452,028 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 1,845 $ — $ 1,845 $ — $ 386 $ — $ 386 Contingent consideration — — 8,000 8,000 — — — — Other liabilities Contingent consideration — — 8,000 8,000 — — — — Total Liabilities $ — $ 1,845 $ 16,000 $ 17,845 $ — $ 386 $ — $ 386 During the fiscal years ended June 30, 2018 and June 24, 2017 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. There were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2018 and June 24, 2017 other than impairments of Long-Lived assets. For details, please refer to Note 10: “Impairment of long-lived assets”. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: June 30, 2018 June 24, 2017 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 $ 52,429 $ — $ (1 ) $ 52,428 $ — $ — $ — $ — Commercial paper 64,354 — — 64,354 — — — — Corporate debt securities 369,734 39 (2,008 ) 367,765 — — — — U.S. Treasury securities 600,068 10 (1,710 ) 598,368 499,952 — (1,234 ) 498,718 Total available-for-sale investments $ 1,086,585 $ 49 $ (3,719 ) $ 1,082,915 $ 499,952 $ — $ (1,234 ) $ 498,718 In the fiscal years ended June 30, 2018 and June 24, 2017 , the Company did not recognize any impairment charges on short-term investments. The U.S. Treasury securities have maturity dates between July 15, 2018 and June 15, 2019. Derivative instruments and hedging activities In the first quarter of fiscal year 2018, the Company early-adopted ASU 2017-12, which is intended to improve accounting for hedging activities by expanding and refining hedge accounting for both nonfinancial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. There was no material change to the Company's consolidated financial statements as a result of this adoption. This adoption was on a prospective basis and therefore had no impact on prior periods. The Company incurs expenditures denominated in non-U.S. currencies, primarily the Philippine Peso and the Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and European Euro, Indian Rupee, Taiwan New Dollar, South Korean Won, Chinese Yuan, Japanese Yen, Singapore Dollar, and Canadian Dollar expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company has established a program that exclusively utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. The Company does not use these foreign currency forward contracts for trading purposes. Derivatives designated as cash flow hedging instruments The Company designates certain forward contracts as hedging instruments pursuant to ASC No. 815, Derivatives and Hedging (“ASC 815”). As of June 30, 2018 and June 24, 2017 , respectively, the notional amounts of the forward contracts the Company held to purchase international currencies were $49.7 million and $36.2 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $1.2 million and $0.2 million , respectively. Derivatives not designated as hedging instruments As of June 30, 2018 and June 24, 2017 , respectively, the notional amounts of the forward contracts the Company held to purchase international currencies were $21.1 million and $44.5 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $21.3 million and $21.6 million , respectively. The fair values of outstanding foreign currency forward contracts and gain (loss) included in the Consolidated Statements of Income were not material for the fiscal years ended June 30, 2018 and June 24, 2017 . Effect of hedge accounting on the Consolidated Statements of Income The following table summarizes the gains and (losses) from hedging activities recognized in the Company's Consolidated Statements of Income: June 30, 2018 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 $ 2,480,066 $ 853,945 $ 792,673 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ (54 ) $ (78 ) $ 1,551 Outstanding debt obligations The following table summarizes the Company's outstanding debt obligations: June 30, June 24, (in thousands) 3.450% fixed rate notes due June 2027 $ 500,000 $ 500,000 2.5% fixed rate notes due November 2018 500,000 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,500,000 1,500,000 Less: Current portion (included in “Current portion of debt”) (499,406 ) — Less: Reduction for unamortized discount and debt issuance costs (9,447 ) (12,322 ) Total long-term debt $ 991,147 $ 1,487,678 On June 15, 2017, the Company completed a public offering of $500 million aggregate principal amount of the Company's 3.450% 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. 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, the 2023 Notes and the 2018 Notes, respectively, include covenants that limit the Company's ability to grant liens on its facilities and to enter into sale and leaseback transactions, which could limit the Company's ability to secure additional debt funding in the future. In circumstances involving a change of control of the Company followed by a downgrade of the rating of the 2027 Notes, the 2023 Notes or the 2018 Notes, the Company would be required to make an offer to repurchase the affected notes at a purchase price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest. The Company accounts for all the notes above based on their amortized cost. The discount and expenses are being amortized to Interest and other income (expense), net in the Consolidated Statements of Income over the life of the notes. The interest expense is recorded in Interest and other income (expense), net in the Consolidated Statements of Income. Amortized discount and expenses, as well as interest expense associated with the notes was $49.5 million , $31.7 million and $29.4 million during the years ended June 30, 2018 , June 24, 2017 , and June 25, 2016 , respectively. The estimated fair value of the Company's outstanding debt obligations was approximately $1,470 million as of June 30, 2018 . The estimated fair value of the debt is based primarily on observable market inputs and is a Level 2 measurement. The Company recorded interest expense of $50.2 million , $34.3 million , and $32.7 million during the fiscal years ended June 30, 2018 , June 24, 2017 , and June 25, 2016 , respectively. Credit facilities Revolving credit facility The Company has access to a $350 million senior unsecured revolving credit facility with certain institutional lenders that expires on June 27, 2019 . The facility fee is at a rate per annum that varies based on the Company's index debt rating and any advances under the credit agreement will accrue interest at a base rate plus a margin based on the Company's index debt rating. The credit agreement requires the Company to comply with certain covenants, including a requirement that the Company maintain a ratio of debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) of not more than 3 to 1 and a minimum interest coverage ratio (EBITDA divided by interest expense) greater than 3.5 to 1 . As of June 30, 2018 , the Company had not borrowed any amounts from this credit facility and was in compliance with all debt covenants. Other financial instruments For the balance of the Company's financial instruments, cash equivalents, accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation [Text Block] | STOCK-BASED COMPENSATION At June 30, 2018 , the Company had one stock incentive plan, the Company's 1996 Stock Incentive Plan (the “1996 Plan”) and one employee stock purchase plan, the 2008 Employee Stock Purchase Plan (the “2008 ESPP”). The 1996 Plan was adopted by the Board of Directors to provide the grant of incentive stock options, non-statutory stock options, restricted stock units (“RSUs”), and market stock units (“MSUs”) to employees, directors, and consultants. Pursuant to the 1996 Plan, the exercise price for incentive stock options and non-statutory stock options is determined to be the fair market value of the underlying shares on the date of grant. Options typically vest ratably over a four-year period measured from the date of grant. Options generally expire no later than seven years after the date of grant, subject to earlier termination upon an optionee's cessation of employment or service. RSUs granted to employees typically vest 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. RSU 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 period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. The number of shares that are released at the end of the performance period can range from zero to a maximum cap depending on the Company's performance. For MSUs granted prior to September 2017, the performance metrics of this program are based on relative performance of the Company’s stock price as compared to the Semiconductor Exchange Traded Fund index SPDR S&P (the “XSD”). For MSUs granted in September 2017, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD; these MSUs vest based upon annual performance subject to continued service through the end of the four-year cliff period. MSUs granted after August 2017 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Consolidated Statements of Income for fiscal years 2018 , 2017 and 2016 : For the Year Ended June 30, 2018 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 212 $ 8,131 $ 2,098 $ 10,441 Research and development 518 32,088 4,442 37,048 Selling, general and administrative 700 28,162 2,334 31,196 Pre-tax stock-based compensation expense $ 1,430 $ 68,381 $ 8,874 $ 78,685 Less: income tax effect 9,342 Net stock-based compensation expense $ 69,343 For the Year Ended June 24, 2017 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 536 $ 6,630 $ 1,928 $ 9,094 Research and development 1,654 29,504 4,514 35,672 Selling, general and administrative 1,424 22,713 2,214 26,351 Pre-tax stock-based compensation expense $ 3,614 $ 58,847 $ 8,656 $ 71,117 Less: income tax effect 12,934 Net stock-based compensation expense $ 58,183 For the Year Ended June 25, 2016 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 837 $ 5,697 $ 2,340 $ 8,874 Research and development 3,469 27,784 5,133 36,386 Selling, general and administrative 3,043 19,127 2,271 24,441 Pre-tax stock-based compensation expense $ 7,349 $ 52,608 $ 9,744 $ 69,701 Less: income tax effect 11,314 Net stock-based compensation expense $ 58,387 The expenses included in the Consolidated Statements of Income related to Restricted Stock Units and Other Awards include expenses related to Market Stock Units of $7.8 million , $3.6 million and $2.8 million for fiscal years 2018 , 2017 and 2016 , 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. The Company did not grant any stock options in fiscal years 2018 , 2017 or 2016 . The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Options Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Number of Shares Weighted Average Exercise Price Balance at June 27, 2015 10,173,016 $25.83 Options Granted — — Options Exercised (3,242,881 ) 25.05 Options Cancelled (995,056 ) 32.67 Balance at June 25, 2016 5,935,079 25.11 Options Granted — — Options Exercised (2,741,659 ) 22.98 Options Cancelled (393,413 ) 27.07 Balance at June 24, 2017 2,800,007 26.92 Options Granted — — Options Exercised (1,090,163 ) 25.69 Options Cancelled (21,591 ) 26.47 Balance at June 30, 2018 1,688,253 $27.72 1.8 $ 55,152,145 Exercisable at June 30, 2018 1,686,694 $27.72 1.8 $ 55,103,599 Vested and expected to vest, June 30, 2018 1,688,227 $27.72 1.8 $ 55,151,345 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of June 30, 2018 . The following table summarizes information about stock options that were outstanding and exercisable at June 30, 2018 : Outstanding Options Options Exercisable Range of Exercise Prices Number Outstanding at June 30, 2018 Weighted Average Weighted Average Exercise Price Number Exercisable at June 30, 2018 Weighted Average Exercise Price $12.00 - $20.00 42,232 2.0 $19.47 42,232 $19.47 $20.01 - $30.00 1,562,697 1.8 $27.66 1,561,696 $27.66 $30.01 - $40.00 83,324 2.6 $32.99 82,766 $33.01 1,688,253 1,686,694 The total intrinsic value of options exercised during fiscal years 2018 , 2017 and 2016 were $30.7 million , $55.1 million and $39.8 million , respectively. As of June 30, 2018 , there was less than $0.1 million of total unrecognized compensation costs related to 0.1 million unvested stock options expected to be recognized over a weighted average period of approximately 0.1 years. Restricted Stock Units and Other Awards The fair value of Restricted Stock Units (“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 $44.95 , $37.33 and $29.75 per share for fiscal years 2018 , 2017 and 2016 , respectively. The following table summarizes outstanding and expected to vest RSUs and other awards as of June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Number of Shares Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Balance at June 27, 2015 7,129,985 Restricted stock units and other awards granted 2,905,973 Restricted stock units and other awards released (2,049,430 ) Restricted stock units and other awards cancelled (1,365,715 ) Balance at June 25, 2016 6,620,813 Restricted stock units and other awards granted 2,237,679 Restricted stock units and other awards released (1,876,050 ) Restricted stock units and other awards cancelled (1,040,319 ) Balance at June 24, 2017 5,942,123 Restricted stock units and other awards granted 1,989,959 Restricted stock units and other awards released (1,794,029 ) Restricted stock units and other awards cancelled (613,621 ) Balance at June 30, 2018 5,524,432 2.6 $ 334,768,100 Expected to vest at June 30, 2018 4,669,741 2.6 $ 282,005,686 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of RSUs and other awards outstanding, or expected to vest as of June 30, 2018 . The Company withheld shares totaling $30.3 million in value as a result of employee withholding taxes based on the value of the RSUs on their vesting date for the fiscal year ended June 30, 2018 . The total payments for the employees' tax obligations to the taxing authorities are reflected as financing activities within the Consolidated Statements of Cash Flows. As of June 30, 2018 , there was $140.5 million of unrecognized compensation cost related to 5.5 million unvested RSUs and other awards, which is expected to be recognized over a weighted average period of approximately 2.6 years. Market Stock Units The Company grants MSUs to senior members of management in lieu of granting stock options. For MSUs granted prior to September 2017, the performance metrics of this program are based on relative performance of the Company’s stock price as compared to the Semiconductor Exchange Traded Fund index SPDR S&P (the “XSD”). For MSUs granted in September 2017, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD. The fair value of MSUs is estimated using a Monte Carlo simulation model on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. Compensation expense is recognized based on the initial valuation and is not subsequently adjusted as a result of the Company’s performance relative to that of the XSD or the TSR of the companies included in the XSD, as applicable. Vesting for MSUs is contingent upon both service and market conditions and has a four-year vesting cliff period. MSUs granted in September 2017 vest based upon annual performance and are subject to continued service through the end of the four-year period, but will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The weighted-average fair value of MSUs granted was $51.03 , $37.29 and $29.64 per share for the per share for fiscal years 2018 , 2017 and 2016 , respectively. The following table summarizes the number of MSUs outstanding and expected to vest as of June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Number of Shares Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Balance at June 27, 2015 414,840 Market stock units granted 361,684 Market stock units released — Market stock units cancelled (102,992 ) Balance at June 25, 2016 673,532 Market stock units granted 308,432 Market stock units released — Market stock units cancelled (163,936 ) Balance at June 24, 2017 818,028 Market stock units granted 292,336 Market stock units released — Market stock units cancelled (31,300 ) Balance at June 30, 2018 1,079,064 2.6 $ 65,164,675 Expected to vest at June 30, 2018 663,497 2.7 $ 40,068,559 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on June 29, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of June 30, 2018 . As of June 30, 2018 , there was $21.6 million of unrecognized compensation cost related to 1.1 million unvested MSUs, which is expected to be recognized over a weighted average period of approximately 2.6 years. At June 30, 2018 , the Company had 22.1 million shares of its common stock available for issuance to employees and other recipients under the 1996 Plan. Employee Stock Purchase Plan Employees are granted rights to acquire common stock under the 2008 ESPP. The Company issued 0.9 million shares of its common stock for total consideration of $36.3 million related to the 2008 ESPP during the fiscal year ended June 30, 2018 . As of June 30, 2018 , the Company had 7.2 million shares of its common stock reserved and available for future issuance under the 2008 ESPP. The fair value of shares granted to employees under the 2008 ESPP in fiscal years 2018 , 2017 and 2016 has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: ESPP For the Year Ended June 30, June 24, June 25, Expected holding period (in years) 0.5 0.5 0.5 Risk-free interest rate 0.8% - 2.1% 0.5% - 1.1% 0.1% - 0.5% Expected stock price volatility 19.1% - 32.7% 19.1% - 30.4% 21.8% - 33.1% Dividend yield 2.8% - 3.4% 3.0% - 3.6% 3.3% - 3.6% As of June 30, 2018 , there was $5.8 million of unrecognized compensation expense related to the 2008 ESPP. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Basic earnings (loss) per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings (loss) per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and other awards as well as MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method. The following table sets forth the computation of basic and diluted earnings (loss) per share: For the Year Ended June 30, June 24, June 25, (in thousands, except per share data) Numerator for basic earnings (loss) per share and diluted earnings (loss) per share Net income (loss) $ 467,318 $ 571,613 $ 227,475 Denominator for basic earnings (loss) per share 280,979 283,147 285,081 Effect of dilutive securities: Stock options, ESPP, RSUs and MSUs 4,695 4,827 4,398 Denominator for diluted earnings (loss) per share 285,674 287,974 289,479 Earnings (loss) per share: Basic $ 1.66 $ 2.02 $ 0.80 Diluted $ 1.64 $ 1.98 $ 0.79 For the fiscal years ended June 30, 2018 and June 24, 2017 , no stock options were excluded from the calculation of diluted earnings per share. Approximately 0.5 million stock options were excluded from the calculation of diluted earnings per share for the fiscal year ended June 25, 2016 . These options were excluded because they were determined to be antidilutive. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | GOODWILL AND INTANGIBLE ASSETS Goodwill The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable. Fiscal Year 2018 In fiscal year 2018 , the Company elected to perform a qualitative analysis to assess impairment of goodwill rather than to perform the quantitative goodwill impairment test. The key qualitative factors considered in the assessment included the change in the industry and competitive environment, market capitalization, and overall financial performance. Based on the results of this qualitative analysis, the Company determined that it was more likely than not that the fair value of each reporting unit exceeded its carrying value, and therefore, the Company concluded that goodwill was not impaired in fiscal year 2018 . Fiscal Year 2017 In fiscal year 2017 , the Company performed a qualitative analysis to assess impairment of goodwill during the fourth quarter and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. No indicators or instances of impairment were identified during fiscal year 2017 . Activity and goodwill balances for the fiscal years ended June 30, 2018 and June 24, 2017 were as follows: Goodwill (in thousands) Balance at June 25, 2016 $ 490,648 Adjustments 367 Balance at June 24, 2017 491,015 Acquisitions 41,889 Adjustments (653 ) Balance at June 30, 2018 $ 532,251 During the fiscal year ended June 30, 2018 , the Company recorded $41.9 million of goodwill in connection with acquisitions. Please refer to Note 9: "Acquisitions". Intangible Assets The useful lives of amortizing intangible assets are as follows: Asset Life Intellectual property 1-10 years Customer relationships 3-10 years Trade name 1-4 years Patents 5 years Intangible assets consisted of the following: June 30, 2018 June 24, 2017 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 485,465 $ 423,869 $ 61,596 $ 451,885 $ 377,806 $ 74,079 Customer relationships 116,294 103,217 13,077 115,634 99,812 15,822 Trade name 9,340 8,588 752 8,500 8,086 414 Patent 2,500 2,469 31 2,500 1,948 552 Total amortizable purchased intangible assets 613,599 538,143 75,456 578,519 487,652 90,867 IPR&D 2,790 — 2,790 — — — Total purchased intangible assets $ 616,389 $ 538,143 $ 78,246 $ 578,519 $ 487,652 $ 90,867 During the fiscal year ended June 30, 2018 , $5.8 million of IPR&D, that was acquired during the fiscal year, was completed and reclassified to amortizable Intellectual Property. During the fiscal year ended June 24, 2017 , $31.6 million of IPR&D was completed and reclassified to amortizable Intellectual Property. During the fiscal year ended June 25, 2016 , $20.3 million of purchased intangible assets, net, was included in the sale of the energy metering business line. The following table presents the amortization expense of intangible assets and its presentation in the Consolidated Statements of Income: For the Year Ended June 30, June 24, June 25, (in thousands) Cost of goods sold $ 46,063 $ 46,484 $ 55,031 Intangible asset amortization 4,467 9,189 12,205 Total intangible asset amortization expenses $ 50,530 $ 55,673 $ 67,236 The following table represents the estimated future amortization expense of intangible assets as of June 30, 2018 : Fiscal Year Amount (in thousands) 2019 $ 24,180 2020 14,523 2021 12,823 2022 7,144 2023 6,660 Thereafter 10,126 Total intangible assets $ 75,456 |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2018 | |
Acquisition [Abstract] | |
Acquisitions [Text Block] | ACQUISITIONS On January 26, 2018, the Company acquired a privately-held corporation specializing in the development of high performance USB and video extension technology. Total cash consideration paid in connection with this acquisition was $57.8 million , net of cash acquired. The Company also agreed to pay up to an additional $16.0 million if the acquired business achieves certain financial milestones for the annual periods ending August 31, 2018 and August 31, 2019. The acquired assets included $26.0 million of developed technology and $10.5 million of other intangible assets. The Company also recorded $41.9 million of goodwill in connection with this acquisition. The goodwill is not deductible for tax purposes. There were no acquisitions completed during fiscal years 2016 and 2017. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Jun. 30, 2018 | |
Impairment of Long Lived Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets [Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Fiscal year 2018: During the fiscal year ended June 30, 2018 , the Company recorded $0.9 million in impairment of long-lived assets in the Company's Consolidated Statements of Income. The impairment was primarily associated with certain investments in privately held companies. The Company uses various inputs to evaluate investments in privately held companies including valuations of recent financing events as well as other information regarding the issuer’s historical and forecasted performance. The Company reached its conclusion regarding the asset impairment due to changes, during the fiscal year 2018, in the financial condition of certain investments in privately held companies which indicated an other than temporary impairment. Fiscal year 2017: During the fiscal year ended June 24, 2017 , the Company recorded $7.5 million in impairment of long-lived assets in the Company's Consolidated Statements of Income. The impairment was primarily associated with certain investments in privately held companies. The Company uses various inputs to evaluate investments in privately held companies including valuations of recent financing events as well as other information regarding the issuer’s historical and forecasted performance. The Company reached its conclusion regarding the asset impairment due to changes, during the fiscal year 2017, in the financial condition of certain investments in privately held companies which indicated an other than temporary impairment. Fiscal year 2016: June 25, 2016 , the Company recorded $160.6 million in impairment of long-lived assets in the Company's Consolidated Statements of Income. The impairment was primarily associated with a $157.7 million impairment of long-lived assets associated with the Company's wafer manufacturing facility in San Antonio, Texas which was classified as held for sale and written down to fair value, less cost to sell. The Company completed the sale of this facility to TowerJazz during the third quarter of fiscal year 2016. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | SEGMENT INFORMATION The Company designs, develops, manufactures and markets a broad range of linear and mixed-signal integrated circuits. All of the Company's products are designed through a centralized R&D function, are manufactured using centralized manufacturing (internal and external) and sold through a centralized sales force and shared wholesale distributors. The Company currently has one operating 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: For the Year Ended June 30, June 24, June 25, (in thousands) United States $ 306,453 $ 286,732 $ 246,969 China 885,319 843,371 837,345 Rest of Asia 786,814 718,540 676,116 Europe 440,658 390,488 377,938 Rest of World 60,822 56,484 56,351 $ 2,480,066 $ 2,295,615 $ 2,194,719 Net property, plant, and equipment by geographic region were as follows: Fiscal Year Ended June 30, June 24, (in thousands) United States $ 361,432 $ 374,775 Philippines 120,657 128,241 Rest of World 97,275 103,565 $ 579,364 $ 606,581 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business, including proceedings and claims that relate to intellectual property matters. While the outcome of these matters cannot be predicted with certainty, 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. Commitments The Company leases certain of its facilities under various operating leases that expire at various dates through June 2030 . The lease agreements generally include renewal provisions and require the Company to pay property taxes, insurance, and maintenance costs. Future annual minimum payments for all commitments are as follows: Payment due by period Total Fiscal year 2019 Fiscal year 2020 Fiscal year 2021 Fiscal year 2022 Fiscal year 2023 Thereafter (in thousands) Operating lease obligations (1) $ 55,780 $ 10,090 $ 7,506 $ 6,872 $ 6,491 $ 5,610 $ 19,211 Inventory related purchase obligations (2) 500,058 78,797 72,659 56,722 42,746 42,625 206,509 Total $ 555,838 $ 88,887 $ 80,165 $ 63,594 $ 49,237 $ 48,235 $ 225,720 (1) The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2030 . (2) The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. Additionally, in 2016 the Company entered into a long-term supply agreement with the semiconductor foundry TowerJazz to supply finished wafers on existing Maxim processes and products which contains minimum purchase requirements. Purchase orders for the purchase of the majority of the Company's raw materials and other goods and services are not included in the table. The Company's purchase orders generally allow for cancellation without significant penalties. The Company does not have significant agreements for the purchase of raw materials or other goods specifying minimum quantities or set prices that exceed its expected short-term requirements. Rental expense amounted to approximately $10.2 million , $12.0 million , and $10.0 million in fiscal years 2018 , 2017 and 2016 , respectively. Indemnification The Company indemnifies certain customers, distributors, suppliers and subcontractors for attorney fees and damages and costs awarded against such parties in certain circumstances in which the Company's products are alleged to infringe third party intellectual property rights, including patents, registered trademarks or copyrights. The terms of the Company's indemnification obligations are generally perpetual from the effective date of the agreement. In certain cases, there are limits on and exceptions to the Company's potential liability for indemnification relating to intellectual property infringement claims. Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers, employees and directors, as well as certain former officers and directors. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income [Text Block] | COMPREHENSIVE INCOME The changes in accumulated other comprehensive loss by component and related tax effects in the fiscal years ended June 30, 2018 and June 24, 2017 were as follows: Unrealized gain (loss) on intercompany receivables Unrealized gain (loss) on post-retirement benefits Cumulative translation adjustment Unrealized gain (loss) on cash flow hedges Unrealized gain (loss) on available-for-sale securities Total (in thousands) June 25, 2016 $ (6,280 ) $ (6,800 ) $ (1,136 ) $ (492 ) $ 489 $ (14,219 ) Other comprehensive income (loss) before reclassifications — 7,563 — (1,412 ) 2,728 8,879 Amounts reclassified out of accumulated other comprehensive income (loss) — 967 — 2,059 (4,451 ) (1,425 ) Tax effects — (2,988 ) — (137 ) — (3,125 ) Other comprehensive income (loss) — 5,542 — 510 (1,723 ) 4,329 June 24, 2017 $ (6,280 ) $ (1,258 ) $ (1,136 ) $ 18 $ (1,234 ) $ (9,890 ) Other comprehensive income (loss) before reclassifications — (1,510 ) — (273 ) (2,620 ) (4,403 ) Amounts reclassified out of accumulated other comprehensive income (loss) — 137 — (1,419 ) — (1,282 ) Tax effects — 115 — 291 184 590 Other comprehensive income (loss) — (1,258 ) — (1,401 ) (2,436 ) (5,095 ) June 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Amounts reclassified out of Unrealized loss on post-retirement benefits were included in Selling, general and administrative in the Consolidated Statements of Income. Amounts reclassified out of Unrealized loss on cash flow hedges were included in Net revenues, Cost of goods sold and Other operating expenses (income), net in the Consolidated Statements of Income. |
Common Stock Repurchases
Common Stock Repurchases | 12 Months Ended |
Jun. 30, 2018 | |
Common Stock Repurchases [Abstract] | |
Treasury Stock [Text Block] | COMMON STOCK REPURCHASES On July 20, 2017, the board of directors of the Company authorized the repurchase of up to $1.0 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. The Company's prior repurchase authorization has been cancelled and superseded by this new repurchase authorization. During fiscal years 2018 , 2017 and 2016 , the Company repurchased approximately 7.5 million , 6.1 million and 6.8 million shares of its common stock for $408.0 million , $251.8 million and $237.1 million , respectively. As of June 30, 2018 , the Company had a remaining authorization of $618.4 million for future share repurchases. |
Interest and Other Income (Expe
Interest and Other Income (Expense) (Notes) | 12 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | INTEREST AND OTHER INCOME (EXPENSE) Interest and other income (expense) was as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Interest and other income (expense): Interest (expense) $ (50,215 ) $ (34,274 ) $ (32,676 ) Interest income 38,292 11,568 2,919 Other income (expense), net 3,360 7,518 962 Total $ (8,563 ) $ (15,188 ) $ (28,795 ) As discussed in Note 5, Interest expense consists primarily of interest expense associated with long-term notes. Interest expense associated with the notes was $49.5 million , $31.7 million and $29.4 million during the years ended June 30, 2018 , June 24, 2017 and June 25, 2016 , respectively. Interest expense associated with debt discounts and issuance fees was $2.9 million , $2.7 million and $1.9 million during the fiscal years ended June 30, 2018 , June 24, 2017 and June 25, 2016 , respectively. Interest income consists of interest earned on deposits and investments. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES Pretax income (loss) is as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Domestic pre-tax income (loss) $ 149,056 $ 154,628 $ (48,985 ) Foreign pre-tax income (loss) 675,829 524,961 334,039 Total $ 824,885 $ 679,589 $ 285,054 The provision for income taxes consisted of the following: For the Year Ended June 30, June 24, June 25, (in thousands) Federal Current $ 318,288 $ 107,303 $ 98,810 Deferred 25,769 (8,171 ) (52,240 ) State Current 117 (361 ) 1,808 Deferred 1,325 (436 ) (2,406 ) Foreign Current 11,450 8,930 10,278 Deferred 618 711 1,329 Total provision for income taxes $ 357,567 $ 107,976 $ 57,579 A reconciliation of the Company's Federal statutory tax rate to the Company's effective tax rate is as follows: For the Year Ended June 30, June 24, June 25, Federal statutory rate 28.1 % 35.0 % 35.0 % State tax, net of federal benefit 0.2 (0.2 ) (0.6 ) General business credits (0.8 ) (1.3 ) (2.8 ) Effect of foreign operations (16.7 ) (20.2 ) (21.7 ) Stock-based compensation 0.4 0.1 4.7 Interest accrual for unrecognized tax benefits 2.1 2.1 3.2 Non-deductible goodwill — — 2.5 Provisional Transition Tax 28.7 — — Deferred tax remeasurement 1.6 — — Other (0.3 ) 0.4 (0.1 ) Effective tax rate 43.3 % 15.9 % 20.2 % On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), was enacted. The primary impact of the Act in fiscal year 2018 are taxation of accumulated unremitted earnings of our foreign subsidiaries ("Transition Tax") and a reduction of our federal statutory tax rate from 35.0% to 28.1% (average of a 35.0% rate for the first half of fiscal year 2018 and a 21.0% rate for the second half of fiscal year 2018). Securities and Exchange Commission Staff Accounting Bulletin No. 118 allowed the use of provisional amounts (reasonable estimates) if accounting for the income tax effects of the Act have not been completed. Provisional amounts must be adjusted within one year from the enactment date of the Act. To determine the amount of the Transition Tax, we must calculate the accumulated unremitted earnings of the Company's foreign subsidiaries and the amount of foreign income tax paid on such earnings. The Company made a reasonable estimate of the Transition Tax and in the second quarter of fiscal year 2018 recorded a provisional Transition Tax charge of $236.9 million , which consists of a $248.0 million Transition Tax liability less $11.1 million of deferred tax liabilities established in prior years for U.S. tax on unremitted foreign earnings. No adjustment to the provisional Transition Tax charge has been made as of the end of fiscal year 2018 as the Company continues to analyze available guidance to more precisely compute the Transition Tax. In the second quarter of fiscal year 2018 the Company recorded a $13.7 million charge to remeasure deferred taxes as of the enactment date of the Act to reflect the federal statutory rate reduction. The Act contains Global Intangible Low-Taxed Income (“GILTI”) rules, which first impact the Company in fiscal year 2019. Under the GILTI rules certain income earned by the Company's foreign subsidiaries is subject to current U.S. taxation. The Company is continuing to evaluate this provision of the Act and the application of ASC 740. Under U.S. GAAP, the Company is permitted to make an accounting policy election to either treat future U.S. tax generated by the GILTI rules as a current-period expense when incurred or to factor such amounts into the Company's measurement of its deferred taxes. The Company has not recorded any amounts related to potential GILTI tax in its financial statements and will make an accounting policy election after it completes its evaluation of the GILTI rules and the application of ASC 740. As of June 30, 2018 , the Company's foreign subsidiaries have accumulated undistributed earnings of approximately $513.7 million that are intended to be indefinitely reinvested outside the U.S. No deferred tax liability has been recognized for the repatriation of these earnings. The Act eliminated any additional federal tax upon repatriation of accumulated foreign earnings; however, those earnings may still be subject to foreign withholding taxes if they are repatriated. At June 30, 2018 the unrecognized deferred tax liability on indefinitely reinvested earnings was $25.5 million , which is primarily foreign withholding tax. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company's deferred tax assets and liabilities are as follows: For the Year Ended June 30, June 24, (in thousands) Deferred tax assets: Distributor related accruals and sales return and allowance accruals $ 3,855 $ 10,746 Accrued compensation 8,361 36,630 Stock-based compensation 10,071 14,919 Net operating loss carryovers 40,989 45,743 Tax credit carryovers 90,968 71,231 Other reserves and accruals not currently deductible for tax purposes 29,903 50,126 Other 4,707 5,179 Total deferred tax assets 188,854 234,574 Deferred tax liabilities: Fixed assets and intangible assets cost recovery, net (52,704 ) (66,355 ) Unremitted earnings of foreign subsidiaries (1,532 ) (13,703 ) Other (2,553 ) (3,296 ) Total deferred tax liabilities (56,789 ) (83,354 ) Net deferred tax assets /(liabilities) before valuation allowance 132,065 151,220 Valuation allowance (128,128 ) (110,411 ) Net deferred tax assets/(liabilities) $ 3,937 $ 40,809 The valuation allowance as of June 30, 2018 and June 24, 2017 primarily relates to certain state and foreign net operating loss carryforwards and certain state tax credit carryforwards. The valuation allowance increased by $17.7 million in fiscal year 2018 . As of June 30, 2018 , the Company has $18.7 million of federal net operating loss carryforwards expiring at various dates between fiscal years 2021 and 2033, $37.9 million of state net operating loss carryforwards expiring at various dates through fiscal year 2033, $133.9 million of foreign net operating loss carryforwards with no expiration date, $9.0 million of state tax credit carryforwards expiring at various dates through fiscal year 2033, and $106.1 million of state tax credit carryforwards with no expiration date. The Company classifies unrecognized tax benefits as (i) a current liability to the extent that payment is anticipated within one year; (ii) a non-current liability to the extent that payment is not anticipated within one year; or (iii) as a reduction to deferred tax assets to the extent that the unrecognized tax benefit relates to deferred tax assets such as operating loss or tax credit carryforwards or to the extent that operating loss or tax credit carryforwards would be able to offset the additional tax liability generated by unrecognized tax benefits. A reconciliation of the change in gross unrecognized tax benefits, excluding interest, penalties and the federal benefit for state unrecognized tax benefits, is as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Balance as of beginning of year $ 539,569 $ 482,745 $ 427,629 Tax positions related to current year: Addition 48,646 57,791 53,899 Tax positions related to prior year: Addition 3,806 1,059 3,035 Reduction — (1,410 ) (205 ) Settlements — — (943 ) Lapses in statutes of limitations (563 ) (616 ) (670 ) Balance as of end of year $ 591,458 $ 539,569 $ 482,745 The total amount of gross unrecognized tax benefits as of June 30, 2018 that, if recognized, would affect the effective tax rate is $541.4 million . $50.1 million of unrecognized tax benefits would be offset by an increase in the valuation allowance for deferred tax assets and thus would not affect the effective tax rate. The Company reports interest and penalties related to unrecognized tax benefits as a component of income tax expense. The gross amount of interest and penalties recognized in income tax expense during the fiscal years ended June 30, 2018 , June 24, 2017 , and June 25, 2016 was $27.8 million , $22.4 million and $14.7 million , respectively, and the total amount of interest and penalties accrued as of June 30, 2018 , June 24, 2017 , and June 25, 2016 was $61.9 million , $71.4 million , and $49.0 million , respectively. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. It is reasonably possible that the balance of gross unrecognized tax benefits recognized by the Company, including accrued interest and penalties, could decrease by up to $403.0 million within the next twelve months due to the completion of federal tax audits, including any administrative appeals. The $403.0 million primarily relates to matters involving federal taxation of cross-border transactions. The Company’s federal corporate income tax returns are audited on a recurring basis by the Internal Revenue Service (“IRS”). The IRS concluded its field examination of the Company’s federal corporate income tax returns for fiscal years 2009 through 2011 and issued an IRS Revenue Agent's Report in July 2016 that included proposed adjustments for transfer pricing issues related to cost sharing and buy-in license payments for the use of intangible property by one of the Company’s international subsidiaries. The Company disagreed with the proposed transfer pricing adjustments and related penalties, and in September 2016, the Company filed a protest to challenge the proposed adjustments and request a conference with the Appeals Office of the IRS. In May 2018, a preliminary understanding was reached with the IRS regarding the contested issues for the audit and post-audit years, which the Company expects may be finalized in fiscal year 2019 with the execution of a closing agreement. In June 2018 the Company made advance payments for audit and post-audit year tax of $140.7 million and interest of $37.4 million . These payments will reduce the accrual of interest on audit and post-audit year tax deficiencies that would be owed if the preliminary understanding is finalized. The Company’s reserves for unrecognized tax benefits are sufficient to cover the audit and post-audit year tax deficiencies that would be owed as a result of the preliminary understanding. 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 2019 the IRS will commence an audit of the Company's federal corporate income tax returns for fiscal years 2015 through 2017. A summary of the fiscal tax years that remain subject to examination, as of June 30, 2018 , for the Company's major tax jurisdictions are as follows: United States - Federal 2009 - Forward United States - Various States 2009 - Forward Ireland 2014 - Forward Philippines 2015 - Forward Singapore 2014 - Forward United Kingdom 2012 - Forward |
Restructuring Activities (Notes
Restructuring Activities (Notes) | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING ACTIVITIES Fiscal year 2018 During the fiscal year ended June 30, 2018 , the Company recorded $15.1 million in “Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs. These charges were primarily associated with continued reorganization of certain business units and functions, which impacted multiple job classifications and locations, as well as employee enrollments in voluntary separation programs. Fiscal year 2017 During the fiscal year ended June 24, 2017 , the Company recorded $12.5 million in “Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs. These charges were primarily associated with continued reorganization of certain business units and functions and the closure of the Dallas wafer level packaging (“WLP”) manufacturing facilities. Multiple job classifications and locations were impacted by these activities. During the fiscal year ended June 24, 2017 , the Company completed the closure of its Dallas, Texas campus, including ceasing operations of its WLP manufacturing facility. The Company recorded accelerated depreciation charges of $3.5 million in “Cost of goods sold” and $0.8 million in "Operating expenses" in the Consolidated Statements of Income during the fiscal year ended June 24, 2017 in connection with this closure. Fiscal year 2016 San Jose Fab Shutdown In October 2014, the Company initiated a plan to shut down its San Jose wafer fabrication facility. The Company reached the decision that it was not economically feasible to maintain this facility, which was used primarily for fab process development and low volume manufacturing, as the Company intended to utilize other resources to complete such activities in the future. This plan included cash charges related to employee severance and non-cash charges related to accelerated depreciation. This plan has been completed, and the shutdown took place in the second quarter of fiscal year 2016. During the fiscal year ending June 25, 2016 , the Company recorded accelerated depreciation charges of $41.6 million in “Cost of goods sold” and $0.4 million in “Severance and restructuring expenses” in the Consolidated Statements of Income. The sale of the San Jose wafer fabrication facility took place during the second quarter of fiscal year 2016. The cumulative costs recorded in fiscal year 2015 and 2016 to complete this restructuring plan were $100.3 million . Other Plans During the fiscal year ending June 25, 2016 , the Company recorded $24.0 million in “Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs. These charges were associated with continued reorganization of certain business units and functions and the planned closure of the Dallas wafer level packaging (“WLP”) manufacturing facilities. Multiple job classifications and locations were impacted by these activities. As part of the Dallas, Texas campus closure, including its WLP manufacturing facility in fiscal year 2017, the Company recorded accelerated depreciation charges of $13.0 million in “Cost of goods sold” in the Consolidated Statements of Income during the fiscal year ended June 25, 2016 . Future expected restructuring costs to be incurred with other plans was $4.7 million as of June 25, 2016 . Restructuring Accruals The Company has accruals for severance and restructuring payments within Accrued salary and related expenses in the accompanying Consolidated Balance Sheets. The following table summarizes changes in the accruals associated with these restructuring activities during the fiscal years ended June 30, 2018 and June 24, 2017 : Balance, June 25, 2016 Fiscal 2017 Balance, June 24, 2017 Fiscal 2018 Balance, June 30, 2018 Charges Cash Payments Change in Estimates Charges Cash Payments Change in Estimates (in thousands) Severance - All plans (1) $ 7,578 $ 12,671 $ (19,506 ) $ (217 ) $ 526 $ 15,464 $ (12,617 ) $ (404 ) $ 2,969 Total $ 7,578 $ 12,671 $ (19,506 ) $ (217 ) $ 526 $ 15,464 $ (12,617 ) $ (404 ) $ 2,969 (1) Charges and changes in estimates are included in Severance and restructuring expenses in the accompanying Consolidated Statements of Income. Change in estimate: Due to the above-mentioned restructuring activities, the Company recorded accelerated depreciation resulting from the change in estimated useful lives of certain long-lived assets included in restructuring plans. In all periods that accelerated depreciation expense was recorded, this resulted in additional expense and therefore impacted operating income (loss), net income (loss) and earnings per share as presented in the table below. For the Years Ended June 30, June 24, June 25, (in thousands, except per share data) Operating income (loss), as reported $ 833,448 $ 694,777 $ 313,849 Operating income (loss), excluding accelerated depreciation expense 833,448 699,003 368,475 Effect of change in estimate $ — $ (4,226 ) $ (54,626 ) Net income (loss), as reported $ 467,318 $ 571,613 $ 227,475 Net income (loss), excluding accelerated depreciation expense 467,318 575,547 283,129 Effect of change in estimate $ — $ (3,934 ) $ (55,654 ) Basic earnings (loss) per share, as reported $ 1.66 $ 2.02 $ 0.80 Diluted earnings (loss) per share, as reported $ 1.64 $ 1.98 $ 0.79 Basic earnings (loss) per share, excluding accelerated depreciation expense $ 1.66 $ 2.03 $ 0.99 Diluted earnings (loss) per share, excluding accelerated depreciation expense $ 1.64 $ 2.00 $ 0.98 Effect of change in estimate - basic earnings (loss) per share $ — $ (0.01 ) $ (0.19 ) Effect of change in estimate - diluted earnings (loss) per share $ — $ (0.02 ) $ (0.19 ) |
Benefits
Benefits | 12 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | BENEFITS Defined contribution plan U.S. employees are automatically enrolled in the Maxim Integrated 401(k) plan when they meet eligibility requirements, unless they decline participation. Under the terms of the plan, Maxim Integrated matches 100% of the employee contributions for the first 3% of employee eligible compensation and an additional 50% match for the next 2% of employee eligible compensation, up to the IRS Annual Compensation Limits. Total defined contribution expense was $12.6 million , $12.4 million and $13.0 million in fiscal years 2018 , 2017 and 2016 , respectively. Non-U.S. Pension Benefits The Company provides defined-benefit pension plans in certain countries. Consistent with the requirements of local law, the Company deposits funds for certain plans with insurance companies, with third party trustees, or into government-managed accounts, and/or accrues for the unfunded portion of the obligation. Maxim Integrated is enrolled in retirement plans for employees in the Philippines and certain other countries. These plans are non-contributory and defined benefit types that provide retirement to employees equal to one-month salary for every year of credited service. The benefits are paid in a lump sum amount upon retirement or separation from the Company. Total defined benefit liability was $11.2 million and $10.3 million as of June 30, 2018 and June 24, 2017 , respectively. Total accumulated other comprehensive income benefit related to this retirement plan was $1.0 million , $0.6 million and $1.1 million for the fiscal years 2018 , 2017 , and 2016 , respectively. U.S. Employees Post-Retirement Medical Expense & Funded Status Reconciliation The Company provides post-retirement medical expenses to certain former employees of Dallas Semiconductor as a result of the Company's acquisition of Dallas Semiconductor in 2001 as well as specific Maxim employees. A reconciliation of the funded status of these post-retirement benefits, is as follows: June 30, Estimated Fiscal Year 2019 Expense June 24, Fiscal Year 2018 Expense (in thousands, except percentages) Accumulated post-retirement benefit obligation (APBO): Retirees and beneficiaries $ (18,023 ) $ (15,983 ) Active participants (1,367 ) (2,110 ) Funded status $ (19,390 ) $ (18,093 ) Actuarial gain (loss) $ (1,279 ) $ 99 Prior service cost — — Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 1,054 $ 225 Prior service cost 962 1,318 Total $ 2,016 $ 1,543 Net periodic post-retirement benefit cost (income): Interest cost $ 741 $ 674 Amortization: Prior service cost 356 356 Total net periodic post-retirement benefit cost $ 1,097 $ 1,030 Employer contributions $ 796 $ 656 Economic assumptions: Discount rate 3.9% 3.8% Medical trend 7.5%-5.0% 6.5%-5.0% The following benefit payments are expected to be paid: Non-Pension Benefits (in thousands) 2019 $ 796 2020 811 2021 882 2022 938 2023 946 Thereafter 15,017 $ 19,390 Dallas Semiconductor Split-Dollar Life Insurance As a result of the Company's acquisition of Dallas Semiconductor in 2001, the Company assumed responsibility associated with a split-dollar life insurance policy held by a former Dallas Semiconductor director. The policy is owned by the individual with the Company retaining a limited collateral assignment. The Company had $5.5 million and $5.3 million included in Other assets in the Consolidated Balance Sheets as of June 30, 2018 and June 24, 2017 , respectively, associated with the limited collateral assignment to the policy. The Company had a $6.3 million and $6.2 million obligation included in Other Liabilities in the Consolidated Balance Sheets as of June 30, 2018 and June 24, 2017 , respectively, related to the anticipated continued funding associated with the policy. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended Fiscal Year 2018 6/30/2018 3/31/2018 12/30/2017 9/23/2017 (in thousands, except percentages and per share data) Net revenues (1) $ 633,154 $ 648,599 $ 622,637 $ 575,676 Cost of goods sold 214,486 224,653 212,961 201,845 Gross margin $ 418,668 $ 423,946 $ 409,676 $ 373,831 Gross margin % 66.1 % 65.4 % 65.8 % 64.9 % Operating income (loss) $ 222,395 $ 224,838 $ 201,048 $ 185,166 % of net revenues 35.1 % 34.7 % 32.3 % 32.2 % Net income (loss) (2) $ 194,172 $ 193,627 $ (75,015 ) $ 154,533 Earnings (loss) per share: Basic $ 0.70 $ 0.69 $ (0.27 ) $ 0.55 Diluted $ 0.68 $ 0.68 $ (0.27 ) $ 0.54 Shares used in the calculation of earnings (loss) per share: Basic 279,304 280,850 281,560 282,170 Diluted 283,934 285,881 281,560 286,437 Dividends declared and paid per share $ 0.42 $ 0.42 $ 0.36 $ 0.36 (1) The fiscal quarter ended December 30, 2017 , includes an incremental $22.0 million of revenue from beginning to recognize revenue with a certain distributor (less its estimate of future price adjustments and returns) upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition). (2) The fiscal quarter ended December 30, 2017 , includes a discrete provisional charge for the Transition Tax of $236.9 million associated with the Tax Cuts and Jobs Act (the “Act”) enacted on December 22, 2017. Quarter Ended Fiscal Year 2017 6/24/2017 3/25/2017 12/24/2016 9/24/2016 (in thousands, except percentages and per share data) Net revenues (1) $ 602,005 $ 581,216 $ 550,998 $ 561,396 Cost of goods sold 208,339 214,312 210,820 215,664 Gross margin $ 393,666 $ 366,904 $ 340,178 $ 345,732 Gross margin % 65.4 % 63.1 % 61.7 % 61.6 % Operating income (loss) $ 199,378 $ 174,252 $ 149,074 $ 172,073 % of net revenues 33.1 % 30.0 % 27.1 % 30.7 % Net income (loss) (2) $ 163,309 $ 140,213 $ 130,477 $ 137,614 Earnings (loss) per share: Basic $ 0.58 $ 0.50 $ 0.46 $ 0.49 Diluted $ 0.57 $ 0.49 $ 0.45 $ 0.48 Shares used in the calculation of earnings (loss) per share: Basic 282,747 282,903 283,294 283,633 Diluted 287,494 287,882 288,106 288,574 Dividends declared and paid per share $ 0.33 $ 0.33 $ 0.33 $ 0.33 (1) The fiscal quarter ended June 24, 2017 , includes an incremental $19.4 million of revenue from beginning to recognize revenue with a certain distributor (less its estimate of future price adjustments and returns) upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition). (2) The fiscal quarter ended September 24, 2016 , includes a gain of $26.6 million associated with the sale of the Company's micro-electromechanical systems (MEMS) business line. |
Schedule II - Valuation and All
Schedule II - Valuation and Allowance | 12 Months Ended |
Jun. 30, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Period Additions (Reductions) to Allowances Deductions Balance at End of Period (in thousands) Returns and allowances Year ended June 30, 2018 $ 46,575 $ 659,023 $ (565,483 ) $ 140,115 Year ended June 24, 2017 $ 31,461 $ 143,950 $ (128,836 ) $ 46,575 Year ended June 25, 2016 $ 17,412 $ 79,956 $ (65,907 ) $ 31,461 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates [Policy Text Block] | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to the useful lives and fair value of fixed assets, valuation allowance for deferred tax assets, reserves relating to uncertain tax positions, allowances for doubtful accounts, customer returns and allowances, allowance for distributor credits, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units, accrued liabilities and reserves, assumptions related to the calculation of stock-based compensation and the value of intangibles acquired and goodwill associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. |
Basis of Presentation [Policy Text Block] | The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Cash, Cash Equivalents, and Short-term Investments [Text Block] | The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of demand accounts, money market funds, U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, and commercial paper. Short-term investments consist primarily of U.S. treasury debt securities with original maturities beyond three months at the date of purchase, agency securities, corporate debt securities, certificates of deposit, and commercial paper. The Company's short-term investments are considered available-for-sale and classified as short-term as these investments generally consist of highly marketable securities that are available to meet near-term cash requirements. Such securities are carried at fair market value based on market quotes and other observable inputs. Unrealized gains and losses, net of tax, on securities in this category are reported as equity in the Consolidated Statement of Comprehensive Income. Realized gains and losses on sales of investment securities are determined based on the specific identification method and are included in Interest and other income (expense), net in the Consolidated Statements of Income. |
Derivative Instruments [Policy Text Block] | The Company 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 European Euro, Indian Rupee, Taiwan New Dollar, South Korean Won, Chinese Yuan, Japanese Yen, Singapore Dollar, and Canadian Dollar expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company is exposed to fluctuations in foreign currency exchange rates for cash flows for expenditures and on orders and accounts receivable from sales in these foreign currencies. The Company has established risk management strategies designed to reduce the impact of volatility of future cash flows caused by changes in the exchange rate for these currencies. These strategies reduce, but do not entirely eliminate, the impact of currency exchange rates movements. Currency forward contracts are used to offset the currency risk of non-U.S. dollar-denominated assets and liabilities. The Company typically enters into currency forward contracts to hedge exposures associated with its expenditures denominated in European Euro, Philippine Peso and South Korean Won. The Company also hedges smaller expense exposures in several other foreign currencies. The Company enters into currency forward contracts to hedge its accounts receivable and backlog denominated in European Euro, Japanese Yen and British Pound. Changes in fair value of the underlying assets and liabilities are generally offset by the changes in fair value of the related currency forward contract. The Company uses currency forward contracts to hedge exposure to variability in anticipated non-U.S. dollar denominated cash flows. These contracts are designated as cash flow hedges and recorded on the Consolidated Balance Sheets at their fair market value. The maturities of these instruments are generally less than six months . For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (loss) and reported within the Consolidated Statements of Comprehensive Income. These amounts have been reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments that are not designated as hedging instruments, gains and losses are recognized immediately in “Interest income (expense) and other, net” in the Consolidated Statements of Income. |
Fair Value of Financial Instruments [Policy Text Block] | The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. |
Inventories [Policy Text Block] | Inventories are stated at the lower of (i) standard cost, which approximates actual cost on a first-in-first-out basis, or (ii) net realizable value. The Company's standard cost revision policy is to monitor manufacturing variances and revise standard costs on a quarterly basis. Because of the cyclical nature of the market, inventory levels, obsolescence of technology, and product life cycles, the Company generally writes down inventories to net realizable value based on forecasted product demand |
Property, Plant and Equipment [Policy Text Block] | Property, plant and equipment are stated at cost. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets, which range from 2 to 15 years for machinery, equipment and software and up to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of their useful lives or the remaining term of the related lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Income. The classification is based mainly on whether the asset is operating or not. The Company evaluates the recoverability of property, plant and equipment in accordance with Accounting Standards Codification (“ASC”) No. 360, Property, Plant, and Equipment (“ASC 360”). The Company performs periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property, plant and equipment are not recoverable and exceed their fair values. If facts and circumstances indicate that the carrying amounts of property, plant and equipment might not be fully recoverable, projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives are compared against their respective carrying amounts. In the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are written down to their estimated fair values based on their expected discounted future cash flows attributable to those assets. All long-lived assets classified as held for sale are reported at the lower of carrying amount or fair market value, less expected selling costs. |
Intangible Assets and Goodwill [Policy Text Block] | The Company accounts for intangible assets in accordance with ASC No. 350, Intangibles-Goodwill and Other (“ASC 350”). The Company reviews goodwill and purchased intangible assets for impairment annually in the fourth fiscal quarter and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable, such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present. Intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the impaired asset is written down to fair value, which is typically calculated using: (i) quoted market prices or (ii) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting Measurements . Impairment is based on the excess of the carrying amount over the fair value of those assets. Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. In accordance with ASC 350, the Company tests goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis or more frequently if the Company believes indicators of impairment exist. In accordance with ASC 350-20-35-3, the Company's performs a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs the quantitative goodwill impairment test. This test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company determines the fair value of the Company's reporting units using the income approach methodology of valuation that includes the discounted cash flow method as well as the market approach which includes the guideline company method. If the carrying amount of a reporting unit exceeds the reporting unit's fair value, the Company recognizes an impairment of goodwill measured as the amount by which a reporting unit’s carrying value exceeds its fair value with the loss recognized not to exceed the total amount of goodwill allocated to the reporting unit. |
Product Warranty [Policy Text Block] | The Company generally warrants its products for one year from the date of shipment against defects in materials, workmanship and material non-conformance to the Company’s specifications. The general warranty policy provides for the repair or replacement of defective products or a credit to the customer’s account. In addition, the Company may consider its relationship with the customer when reviewing product claims. In limited circumstances and for strategic customers in certain unique industries and applications, the Company's product warranty may extend for up to five years, and may also include financial responsibility, such as the payment of monetary compensation to reimburse a customer for its financial losses above and beyond repairing or replacing the product or crediting the customer’s account should the product not meet the Company’s specifications and losses and/or damages result from the defective product. Accruals are based on specifically identified claims and on the estimated, undiscounted cost of incurred-but-not-reported claims. If there is a material increase in the rate of customer claims compared with the Company's historical experience or if the Company's estimates of probable losses relating to specifically identified warranty exposures require revision, the Company may record a charge against future cost of sales. The short-term and long-term portions of the product warranty liability are included within the balance sheet captions Accrued expenses and Other liabilities, respectively, in the accompanying Consolidated Balance Sheets. |
Retirement Benefits [Policy Text Block] | The Company provides medical benefits to certain former and current employees pursuant to certain retirement agreements. The Company also provides retirement benefits to Philippines employees and to certain other employees in other countries. These benefits to individuals are accounted for pursuant to a documented plan under ASC No. 715, Compensation-Retirement Benefits (“ASC 715”) . Unrecognized actuarial gains and losses and prior service cost are amortized on a straight-line basis over the remaining estimated service period of participants. The measurement date for the plan is fiscal year end. |
Income Taxes [Policy Text Block] | The Company accounts for income taxes using an asset and liability approach as prescribed in ASC No. 740-10, Income Taxes (“ASC 740-10”). The Company records the amount of taxes payable or refundable for the current and prior years and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. ASC 740-10 prescribes a recognition threshold and measurement framework for the financial statement reporting and disclosure of an income tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax position is recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination, including resolution of any related appeals or litigation processes. A tax position that meets the recognition threshold is then measured to determine the largest amount of the benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes in the Consolidated Statements of Income. The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws across multiple tax jurisdictions. Although ASC 740-10 provides clarification on the accounting for uncertainty in income taxes recognized in the financial statements, the recognition threshold and measurement framework will continue to require significant judgment by management. Resolution of these uncertainties in a manner inconsistent with the Company's expectations could have a material impact on the Company's results of operations. |
Revenue Recognition [Policy Text Block] | The Company had historically recognized a portion of revenue through certain distributors at the time the distributor resold the product to its end customer (also referred to as the sell-through basis of revenue recognition) given the difficulty in estimating the ultimate price of these product shipments and amount of potential returns. The Company continuously reassesses its ability to reliably estimate the ultimate price of these products and the amount of potential returns and, over the past several years, has made investments in its systems and updates to processes around its distribution channel to improve the quality of the information for preparing such estimates. As a result of this continuous reassessment, the Company recognizes all revenue from distributors upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition) as of second quarter of fiscal year 2018 The Company recognizes revenue for sales to direct customers and sales to distributors upon shipment, provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title and risk of loss has transferred, collectability of the resulting receivable is reasonably assured, there are no customer acceptance requirements and the Company does not have any significant post-shipment obligations. Estimated returns for sales to direct customers and distributors are based on historical returns rates applied against current period gross revenues. Specific customer returns and allowances are considered within this estimate. Accounts receivable from direct customers and distributors are recognized and inventory is relieved upon shipment as title to inventories generally transfers upon shipment, at which point the Company has a legally enforceable right to collection under normal terms. Accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location, at which point inventory is relieved, title transfers, and the Company has a legally enforceable right to collection under the terms of the Company's agreement with the related customers. |
Revenue Recognition, Sales Returns [Policy Text Block] | The Company estimates potential future returns and sales allowances related to current period product revenue. Management analyzes historical returns, changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances. Estimates made by the Company may differ from actual returns and sales allowances. These differences may materially impact reported revenue and amounts ultimately collected on accounts receivable. Historically, such differences have not been material. |
Revenue Recognition, Allowances [Policy Text Block] | An allowance for distributor credits covering price adjustments is estimated based on our historical experience rates and also considering economic conditions and contractual terms. To date, actual distributor claim activity has been materially consistent with the provisions we have made based on our historical experience rates. |
Related Party Transactions [Policy Text Block] | A member of the Company's board of directors is also a member of the board of directors of Flextronics International Ltd. During the fiscal years ended June 30, 2018 , June 24, 2017 , and June 25, 2016 , the Company sold approximately $61.6 million , $70.4 million , and $73.8 million , respectively, in products to Flextronics International Ltd, a contract manufacturer, in the ordinary course of its business. |
Research and Development Costs [Policy Text Block] | Research and development costs are expensed as incurred. Such costs consist primarily of expenditures for labor and benefits, masks, prototype wafers and depreciation. |
Shipping Cost [Policy Text Block] | Shipping costs billed to customers are included in net revenues and the related shipping costs are included in cost of goods sold in the Consolidated Statements of Income. |
Share-based Compensation [Policy Text Block] | Stock-based compensation cost is measured at the grant date, based on the fair value of the awards ultimately expected to vest and is recognized as an expense, on a straight-line basis, over the requisite service period. ASC No. 718, Compensation-Stock Compensation, allows forfeitures to be either expensed as incurred or estimated at the time of grant and revised if necessary in subsequent periods if actual forfeitures or vesting differ from those estimates. The Company has elected to estimate forfeitures at the time of grant and update if necessary. Such updates could have a material effect on the Company's operating results. The Company uses the Monte Carlo simulation model to measure the fair value of its market stock units on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. |
Restructuring [Policy Text Block] | Post-employment benefits accrued for workforce reductions related to restructuring activities in the United States are accounted for under ASC No. 712, Compensation-Nonretirement Postemployment Benefits . A liability for post-employment benefits is recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In accordance with ASC No. 420, Exit or Disposal Cost Obligations , generally costs associated with restructuring activities initiated outside the United States have been recognized when they are incurred. The Company continually evaluates the adequacy of the remaining liabilities under its restructuring initiatives. Although the Company believes that these estimates accurately reflect the costs of its restructuring plans, actual results may differ, thereby requiring the Company to record additional provisions or reverse a portion of such provisions. |
Foreign Currency Translations and Remeasurement [Policy Text Block] | The U.S. dollar is the functional currency for the Company's foreign operations. Using the U.S. dollar as the functional currency, monetary assets and liabilities are remeasured at the year-end exchange rates. Certain non-monetary assets and liabilities are remeasured using historical rates. Consolidated Statements of Income are remeasured at the average exchange rates during the year. Foreign exchange gains and losses as recorded in the Consolidated Statements of Income for all periods presented were not material. |
Earnings Per Share [Policy Text Block] | Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the potentially dilutive incremental shares issuable upon the assumed exercise of stock options, the assumed vesting of outstanding restricted stock units and market stock units, and the assumed issuance of common stock under the stock purchase plan. The number of incremental shares from the assumed issuance of stock options is calculated by applying the treasury stock method. |
Litigation and Contingencies [Policy Text Block] | From time to time, the Company receives notices that its products or manufacturing processes may be infringing the patent or other intellectual property rights of others, notices of stockholder litigation or other lawsuits or claims against the Company. The Company periodically assesses each matter in order to determine if a contingent liability in accordance with ASC No. 450, Contingencies ("ASC 450") should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. The Company expenses legal fees associated with consultations and defense of lawsuits as incurred. Based on the information obtained, combined with management's judgment regarding all of the facts and circumstances of each matter, the Company determines whether a contingent loss is probable and whether the amount of such loss can be estimated. Should a loss be probable and estimable, the Company records a contingent loss in accordance with ASC No. 450. In determining the amount of a contingent loss, the Company takes into consideration advice received from experts in the specific matter, current status of legal proceedings, settlement negotiations which may be ongoing, prior case history and other factors. Should the judgments and estimates made by management be incorrect, the Company may need to record additional contingent losses that could materially adversely impact its results of operations. Alternatively, if the judgments and estimates made by management are incorrect and a particular contingent loss does not occur, the contingent loss recorded would be reversed thereby favorably impacting the Company's results of operations. Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers and directors, as well as certain former officers and directors. The indemnification agreements provide, among other things, that the Company will indemnify each of its directors and officers, under the circumstances and to the extent provided therein, for expenses, damages, judgments, fines, and settlements each may be required to pay in actions or proceedings to which he or she may be made a party by reason of his or her position or positions as a director, officer or other agent of the Company, and otherwise to the fullest extent permitted under Delaware law and the Company’s bylaws. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Due to the Company's credit evaluation and collection process, bad debt expenses have not been significant. Credit risk with respect to trade receivables is limited because a large number of geographically diverse customers make up the Company's customer base, thus spreading the credit risk. The Company derived approximately 47% of its fiscal year 2018 revenue from sales made through distributors which includes distribution sales to Samsung and catalog distributors. The Company's primary distributor is Avnet Electronics (“Avnet”). Avnet, like the Company's other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. Avnet accounted for 25% , 22% and 19% of revenues in fiscal years 2018 , 2017 and 2016 , respectively, and 22% and 22% of accounts receivable as of June 30, 2018 and June 24, 2017 , respectively. Sales to Samsung, the Company's largest single end customer (through direct sales and distributors), accounted for approximately 10% , 10% and 14% of net revenues in fiscal years 2018 , 2017 and 2016 , respectively, and 12% and 11% of accounts receivable as of June 30, 2018 and June 24, 2017 , respectively. No other customer accounted for 10% or more of the Company's revenues in the fiscal years 2018 , 2017 , and 2016 . No other customer accounted for 10% or more of the Company's accounts receivable as of June 30, 2018 and June 24, 2017 . The Company maintains cash, cash equivalents, and short-term investments with various high credit quality financial institutions, limits the amount of credit exposure to any one financial institution or instrument, and is exposed to credit risk in the event of default by these institutions to the extent of amounts recorded at the balance sheet date. To date, the Company has not incurred losses related to these investments. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Pronouncements (i) New Accounting Updates Recently Adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) , which is intended to improve accounting for hedging activities by expanding and refining hedge accounting for both nonfinancial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company early-adopted ASU 2017-12 in the first quarter of fiscal year 2018. There was no material change to the Company's consolidated financial statements as a result of this adoption. This adoption was on a prospective basis and therefore had no impact on prior periods. (ii) Recent Accounting Updates Not Yet Effective In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Non-employee Share-Based Payment Accounting . This ASU largely aligns the accounting for share-based payment awards to employees and non-employees. Under the new guidance, both sets of awards, for employees and non-employees, will essentially follow the same model, with small discrepancies related to the term assumption when valuing non-employee awards. The new standard is effective beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) . This standard provides guidance about the reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for the Company in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting . The amendments in this standard provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this standard are effective beginning in the first quarter of fiscal year 2019, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires employers that offer or maintain defined benefit plans to disaggregate the service component from the other components of net benefit cost and provides guidance on presentation of the service component and the other components of net benefit cost in the statement of operations. The new standard is effective beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting . This update provides guidance for reporting by an employee benefit plan for its interest in a master trust. The guidance is effective beginning in the first quarter of fiscal year 2020 on a retrospective basis, with early application permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016-16 requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs instead of when the asset is sold. ASU No. 2016-16 is effective beginning in the first quarter of fiscal year 2019, with early adoption permitted. The Company does not believe the implementation of this standard will result in a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which supersedes the lease accounting requirements in Topic 840. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. This guidance is effective beginning in the first quarter of fiscal year 2020 on a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities , with further classifications made recently with the issuance of ASU 2018-03 and ASU 2018-04, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. This ASU will be effective for the Company beginning in the first quarter of fiscal year 2019. The application of this ASU will be by means of a cumulative-effect adjustment to the balance sheet. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) will be applied prospectively to equity investments that exist as of the date of adoption. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. ASU 2014-09 is effective for the Company in the first quarter of fiscal year 2019 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company has selected the modified retrospective transition method. The Company's assessment of the impact of this standard is substantially complete and the Company currently expects no material impact to the timing of revenue recognition upon adoption. There will be a material reclass of reserves from the allowance for accounts receivable to current liabilities as well as additional disclosure under this guidance, including more information regarding estimates, judgments, and practical expedients used. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: June 30, June 24, Inventories: (in thousands) Raw materials $ 16,251 $ 11,779 Work-in-process 173,859 151,614 Finished goods 92,280 83,849 $ 282,390 $ 247,242 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consist of: June 30, June 24, Property, plant and equipment: (in thousands) Land $ 17,731 $ 18,952 Buildings and building improvements 254,733 254,513 Machinery, equipment and software 1,309,487 1,286,031 1,581,951 1,559,496 Less: accumulated depreciation and amortization (1,002,587 ) (952,915 ) $ 579,364 $ 606,581 |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Accrued salary and related expenses consist of: June 30, June 24, Accrued salary and related expenses: (in thousands) Accrued bonus $ 92,288 $ 85,600 Accrued vacation 30,695 29,621 Accrued salaries 8,210 14,528 Accrued fringe benefits 4,752 4,317 Other 15,737 11,233 $ 151,682 $ 145,299 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis were as follows: As of June 30, 2018 As of June 24, 2017 Fair Value Fair Value Measurements Using Total Balance Measurements Using Total Balance Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Agency securities $ — $ 13,946 $ — $ 13,946 $ — $ — $ — $ — Certificates of deposit — 6,000 — 6,000 — — — — Commercial paper — 45,063 — 45,063 — — — — Corporate debt securities — 3,819 — 3,819 — — — — Money market funds 98,467 — — 98,467 952,462 — — 952,462 U.S. Treasury securities — 30,988 — 30,988 — — — — Short term investments Certificates of deposit — 52,428 — 52,428 — — — — Commercial paper — 64,354 — 64,354 — — — — Corporate debt securities — 367,765 — 367,765 — — — — U.S. Treasury securities — 598,368 — 598,368 — 498,718 — 498,718 Other current assets Foreign currency forward contracts — 235 — 235 — 848 — 848 Total Assets $ 98,467 $ 1,182,966 $ — $ 1,281,433 $ 952,462 $ 499,566 $ — $ 1,452,028 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 1,845 $ — $ 1,845 $ — $ 386 $ — $ 386 Contingent consideration — — 8,000 8,000 — — — — Other liabilities Contingent consideration — — 8,000 8,000 — — — — Total Liabilities $ — $ 1,845 $ 16,000 $ 17,845 $ — $ 386 $ — $ 386 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the gains and (losses) from hedging activities recognized in the Company's Consolidated Statements of Income: June 30, 2018 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 $ 2,480,066 $ 853,945 $ 792,673 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ (54 ) $ (78 ) $ 1,551 |
Financial Instruments Available
Financial Instruments Available-for-sale investments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities [Table Text Block] | Fair values were as follows: June 30, 2018 June 24, 2017 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 $ 52,429 $ — $ (1 ) $ 52,428 $ — $ — $ — $ — Commercial paper 64,354 — — 64,354 — — — — Corporate debt securities 369,734 39 (2,008 ) 367,765 — — — — U.S. Treasury securities 600,068 10 (1,710 ) 598,368 499,952 — (1,234 ) 498,718 Total available-for-sale investments $ 1,086,585 $ 49 $ (3,719 ) $ 1,082,915 $ 499,952 $ — $ (1,234 ) $ 498,718 |
Financial Instruments Schedule
Financial Instruments Schedule of Long-Term Debt Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the Company's outstanding debt obligations: June 30, June 24, (in thousands) 3.450% fixed rate notes due June 2027 $ 500,000 $ 500,000 2.5% fixed rate notes due November 2018 500,000 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,500,000 1,500,000 Less: Current portion (included in “Current portion of debt”) (499,406 ) — Less: Reduction for unamortized discount and debt issuance costs (9,447 ) (12,322 ) Total long-term debt $ 991,147 $ 1,487,678 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of shares granted to employees under the 2008 ESPP in fiscal years 2018 , 2017 and 2016 has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: ESPP For the Year Ended June 30, June 24, June 25, Expected holding period (in years) 0.5 0.5 0.5 Risk-free interest rate 0.8% - 2.1% 0.5% - 1.1% 0.1% - 0.5% Expected stock price volatility 19.1% - 32.7% 19.1% - 30.4% 21.8% - 33.1% Dividend yield 2.8% - 3.4% 3.0% - 3.6% 3.3% - 3.6% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Consolidated Statements of Income for fiscal years 2018 , 2017 and 2016 : For the Year Ended June 30, 2018 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 212 $ 8,131 $ 2,098 $ 10,441 Research and development 518 32,088 4,442 37,048 Selling, general and administrative 700 28,162 2,334 31,196 Pre-tax stock-based compensation expense $ 1,430 $ 68,381 $ 8,874 $ 78,685 Less: income tax effect 9,342 Net stock-based compensation expense $ 69,343 For the Year Ended June 24, 2017 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 536 $ 6,630 $ 1,928 $ 9,094 Research and development 1,654 29,504 4,514 35,672 Selling, general and administrative 1,424 22,713 2,214 26,351 Pre-tax stock-based compensation expense $ 3,614 $ 58,847 $ 8,656 $ 71,117 Less: income tax effect 12,934 Net stock-based compensation expense $ 58,183 For the Year Ended June 25, 2016 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 837 $ 5,697 $ 2,340 $ 8,874 Research and development 3,469 27,784 5,133 36,386 Selling, general and administrative 3,043 19,127 2,271 24,441 Pre-tax stock-based compensation expense $ 7,349 $ 52,608 $ 9,744 $ 69,701 Less: income tax effect 11,314 Net stock-based compensation expense $ 58,387 |
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 June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Options Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Number of Shares Weighted Average Exercise Price Balance at June 27, 2015 10,173,016 $25.83 Options Granted — — Options Exercised (3,242,881 ) 25.05 Options Cancelled (995,056 ) 32.67 Balance at June 25, 2016 5,935,079 25.11 Options Granted — — Options Exercised (2,741,659 ) 22.98 Options Cancelled (393,413 ) 27.07 Balance at June 24, 2017 2,800,007 26.92 Options Granted — — Options Exercised (1,090,163 ) 25.69 Options Cancelled (21,591 ) 26.47 Balance at June 30, 2018 1,688,253 $27.72 1.8 $ 55,152,145 Exercisable at June 30, 2018 1,686,694 $27.72 1.8 $ 55,103,599 Vested and expected to vest, June 30, 2018 1,688,227 $27.72 1.8 $ 55,151,345 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of June 30, 2018 . |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about stock options that were outstanding and exercisable at June 30, 2018 : Outstanding Options Options Exercisable Range of Exercise Prices Number Outstanding at June 30, 2018 Weighted Average Weighted Average Exercise Price Number Exercisable at June 30, 2018 Weighted Average Exercise Price $12.00 - $20.00 42,232 2.0 $19.47 42,232 $19.47 $20.01 - $30.00 1,562,697 1.8 $27.66 1,561,696 $27.66 $30.01 - $40.00 83,324 2.6 $32.99 82,766 $33.01 1,688,253 1,686,694 |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes outstanding and expected to vest RSUs and other awards as of June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Number of Shares Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Balance at June 27, 2015 7,129,985 Restricted stock units and other awards granted 2,905,973 Restricted stock units and other awards released (2,049,430 ) Restricted stock units and other awards cancelled (1,365,715 ) Balance at June 25, 2016 6,620,813 Restricted stock units and other awards granted 2,237,679 Restricted stock units and other awards released (1,876,050 ) Restricted stock units and other awards cancelled (1,040,319 ) Balance at June 24, 2017 5,942,123 Restricted stock units and other awards granted 1,989,959 Restricted stock units and other awards released (1,794,029 ) Restricted stock units and other awards cancelled (613,621 ) Balance at June 30, 2018 5,524,432 2.6 $ 334,768,100 Expected to vest at June 30, 2018 4,669,741 2.6 $ 282,005,686 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of RSUs and other awards outstanding, or expected to vest as of June 30, 2018 . |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Market Stock Units Vested and Expected to Vest [Table Text Block] | The following table summarizes the number of MSUs outstanding and expected to vest as of June 30, 2018 and their activity during fiscal years 2018 , 2017 and 2016 : Number of Shares Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Balance at June 27, 2015 414,840 Market stock units granted 361,684 Market stock units released — Market stock units cancelled (102,992 ) Balance at June 25, 2016 673,532 Market stock units granted 308,432 Market stock units released — Market stock units cancelled (163,936 ) Balance at June 24, 2017 818,028 Market stock units granted 292,336 Market stock units released — Market stock units cancelled (31,300 ) Balance at June 30, 2018 1,079,064 2.6 $ 65,164,675 Expected to vest at June 30, 2018 663,497 2.7 $ 40,068,559 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on June 29, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of June 30, 2018 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share: For the Year Ended June 30, June 24, June 25, (in thousands, except per share data) Numerator for basic earnings (loss) per share and diluted earnings (loss) per share Net income (loss) $ 467,318 $ 571,613 $ 227,475 Denominator for basic earnings (loss) per share 280,979 283,147 285,081 Effect of dilutive securities: Stock options, ESPP, RSUs and MSUs 4,695 4,827 4,398 Denominator for diluted earnings (loss) per share 285,674 287,974 289,479 Earnings (loss) per share: Basic $ 1.66 $ 2.02 $ 0.80 Diluted $ 1.64 $ 1.98 $ 0.79 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill [Table Text Block] | Activity and goodwill balances for the fiscal years ended June 30, 2018 and June 24, 2017 were as follows: Goodwill (in thousands) Balance at June 25, 2016 $ 490,648 Adjustments 367 Balance at June 24, 2017 491,015 Acquisitions 41,889 Adjustments (653 ) Balance at June 30, 2018 $ 532,251 |
Useful lives of definite lived intangible assets [Table Text Block] | The useful lives of amortizing intangible assets are as follows: Asset Life Intellectual property 1-10 years Customer relationships 3-10 years Trade name 1-4 years Patents 5 years |
Schedule of intangible assets [Table Text Block] | Intangible assets consisted of the following: June 30, 2018 June 24, 2017 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 485,465 $ 423,869 $ 61,596 $ 451,885 $ 377,806 $ 74,079 Customer relationships 116,294 103,217 13,077 115,634 99,812 15,822 Trade name 9,340 8,588 752 8,500 8,086 414 Patent 2,500 2,469 31 2,500 1,948 552 Total amortizable purchased intangible assets 613,599 538,143 75,456 578,519 487,652 90,867 IPR&D 2,790 — 2,790 — — — Total purchased intangible assets $ 616,389 $ 538,143 $ 78,246 $ 578,519 $ 487,652 $ 90,867 |
Allocated amortization expense of intangible assets [Table Text Block] | The following table presents the amortization expense of intangible assets and its presentation in the Consolidated Statements of Income: For the Year Ended June 30, June 24, June 25, (in thousands) Cost of goods sold $ 46,063 $ 46,484 $ 55,031 Intangible asset amortization 4,467 9,189 12,205 Total intangible asset amortization expenses $ 50,530 $ 55,673 $ 67,236 |
Estimated future amortization expense of intangible assets [Table Text Block] | The following table represents the estimated future amortization expense of intangible assets as of June 30, 2018 : Fiscal Year Amount (in thousands) 2019 $ 24,180 2020 14,523 2021 12,823 2022 7,144 2023 6,660 Thereafter 10,126 Total intangible assets $ 75,456 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers by Geographical Areas [Table Text Block] | Net revenues from unaffiliated customers by geographic region were as follows: For the Year Ended June 30, June 24, June 25, (in thousands) United States $ 306,453 $ 286,732 $ 246,969 China 885,319 843,371 837,345 Rest of Asia 786,814 718,540 676,116 Europe 440,658 390,488 377,938 Rest of World 60,822 56,484 56,351 $ 2,480,066 $ 2,295,615 $ 2,194,719 |
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | Net property, plant, and equipment by geographic region were as follows: Fiscal Year Ended June 30, June 24, (in thousands) United States $ 361,432 $ 374,775 Philippines 120,657 128,241 Rest of World 97,275 103,565 $ 579,364 $ 606,581 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Annual Minimum Payments Related to Commitments [Table Text Block] | Future annual minimum payments for all commitments are as follows: Payment due by period Total Fiscal year 2019 Fiscal year 2020 Fiscal year 2021 Fiscal year 2022 Fiscal year 2023 Thereafter (in thousands) Operating lease obligations (1) $ 55,780 $ 10,090 $ 7,506 $ 6,872 $ 6,491 $ 5,610 $ 19,211 Inventory related purchase obligations (2) 500,058 78,797 72,659 56,722 42,746 42,625 206,509 Total $ 555,838 $ 88,887 $ 80,165 $ 63,594 $ 49,237 $ 48,235 $ 225,720 (1) The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2030 . (2) The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. Additionally, in 2016 the Company entered into a long-term supply agreement with the semiconductor foundry TowerJazz to supply finished wafers on existing Maxim processes and products which contains minimum purchase requirements. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive loss by component and related tax effects in the fiscal years ended June 30, 2018 and June 24, 2017 were as follows: Unrealized gain (loss) on intercompany receivables Unrealized gain (loss) on post-retirement benefits Cumulative translation adjustment Unrealized gain (loss) on cash flow hedges Unrealized gain (loss) on available-for-sale securities Total (in thousands) June 25, 2016 $ (6,280 ) $ (6,800 ) $ (1,136 ) $ (492 ) $ 489 $ (14,219 ) Other comprehensive income (loss) before reclassifications — 7,563 — (1,412 ) 2,728 8,879 Amounts reclassified out of accumulated other comprehensive income (loss) — 967 — 2,059 (4,451 ) (1,425 ) Tax effects — (2,988 ) — (137 ) — (3,125 ) Other comprehensive income (loss) — 5,542 — 510 (1,723 ) 4,329 June 24, 2017 $ (6,280 ) $ (1,258 ) $ (1,136 ) $ 18 $ (1,234 ) $ (9,890 ) Other comprehensive income (loss) before reclassifications — (1,510 ) — (273 ) (2,620 ) (4,403 ) Amounts reclassified out of accumulated other comprehensive income (loss) — 137 — (1,419 ) — (1,282 ) Tax effects — 115 — 291 184 590 Other comprehensive income (loss) — (1,258 ) — (1,401 ) (2,436 ) (5,095 ) June 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) |
Interest and Other Income (Ex40
Interest and Other Income (Expense) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Interest and other income (expense) was as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Interest and other income (expense): Interest (expense) $ (50,215 ) $ (34,274 ) $ (32,676 ) Interest income 38,292 11,568 2,919 Other income (expense), net 3,360 7,518 962 Total $ (8,563 ) $ (15,188 ) $ (28,795 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Pretax income (loss) is as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Domestic pre-tax income (loss) $ 149,056 $ 154,628 $ (48,985 ) Foreign pre-tax income (loss) 675,829 524,961 334,039 Total $ 824,885 $ 679,589 $ 285,054 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following: For the Year Ended June 30, June 24, June 25, (in thousands) Federal Current $ 318,288 $ 107,303 $ 98,810 Deferred 25,769 (8,171 ) (52,240 ) State Current 117 (361 ) 1,808 Deferred 1,325 (436 ) (2,406 ) Foreign Current 11,450 8,930 10,278 Deferred 618 711 1,329 Total provision for income taxes $ 357,567 $ 107,976 $ 57,579 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the Company's Federal statutory tax rate to the Company's effective tax rate is as follows: For the Year Ended June 30, June 24, June 25, Federal statutory rate 28.1 % 35.0 % 35.0 % State tax, net of federal benefit 0.2 (0.2 ) (0.6 ) General business credits (0.8 ) (1.3 ) (2.8 ) Effect of foreign operations (16.7 ) (20.2 ) (21.7 ) Stock-based compensation 0.4 0.1 4.7 Interest accrual for unrecognized tax benefits 2.1 2.1 3.2 Non-deductible goodwill — — 2.5 Provisional Transition Tax 28.7 — — Deferred tax remeasurement 1.6 — — Other (0.3 ) 0.4 (0.1 ) Effective tax rate 43.3 % 15.9 % 20.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company's deferred tax assets and liabilities are as follows: For the Year Ended June 30, June 24, (in thousands) Deferred tax assets: Distributor related accruals and sales return and allowance accruals $ 3,855 $ 10,746 Accrued compensation 8,361 36,630 Stock-based compensation 10,071 14,919 Net operating loss carryovers 40,989 45,743 Tax credit carryovers 90,968 71,231 Other reserves and accruals not currently deductible for tax purposes 29,903 50,126 Other 4,707 5,179 Total deferred tax assets 188,854 234,574 Deferred tax liabilities: Fixed assets and intangible assets cost recovery, net (52,704 ) (66,355 ) Unremitted earnings of foreign subsidiaries (1,532 ) (13,703 ) Other (2,553 ) (3,296 ) Total deferred tax liabilities (56,789 ) (83,354 ) Net deferred tax assets /(liabilities) before valuation allowance 132,065 151,220 Valuation allowance (128,128 ) (110,411 ) Net deferred tax assets/(liabilities) $ 3,937 $ 40,809 |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the change in gross unrecognized tax benefits, excluding interest, penalties and the federal benefit for state unrecognized tax benefits, is as follows: For the Year Ended June 30, June 24, June 25, (in thousands) Balance as of beginning of year $ 539,569 $ 482,745 $ 427,629 Tax positions related to current year: Addition 48,646 57,791 53,899 Tax positions related to prior year: Addition 3,806 1,059 3,035 Reduction — (1,410 ) (205 ) Settlements — — (943 ) Lapses in statutes of limitations (563 ) (616 ) (670 ) Balance as of end of year $ 591,458 $ 539,569 $ 482,745 |
Summary of Income Tax Examinations [Table Text Block] | A summary of the fiscal tax years that remain subject to examination, as of June 30, 2018 , for the Company's major tax jurisdictions are as follows: United States - Federal 2009 - Forward United States - Various States 2009 - Forward Ireland 2014 - Forward Philippines 2015 - Forward Singapore 2014 - Forward United Kingdom 2012 - Forward |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The Company has accruals for severance and restructuring payments within Accrued salary and related expenses in the accompanying Consolidated Balance Sheets. The following table summarizes changes in the accruals associated with these restructuring activities during the fiscal years ended June 30, 2018 and June 24, 2017 : Balance, June 25, 2016 Fiscal 2017 Balance, June 24, 2017 Fiscal 2018 Balance, June 30, 2018 Charges Cash Payments Change in Estimates Charges Cash Payments Change in Estimates (in thousands) Severance - All plans (1) $ 7,578 $ 12,671 $ (19,506 ) $ (217 ) $ 526 $ 15,464 $ (12,617 ) $ (404 ) $ 2,969 Total $ 7,578 $ 12,671 $ (19,506 ) $ (217 ) $ 526 $ 15,464 $ (12,617 ) $ (404 ) $ 2,969 (1) Charges and changes in estimates are included in Severance and restructuring expenses in the accompanying Consolidated Statements of Income. |
Schedule of Change in Accounting Estimate [Table Text Block] | Due to the above-mentioned restructuring activities, the Company recorded accelerated depreciation resulting from the change in estimated useful lives of certain long-lived assets included in restructuring plans. In all periods that accelerated depreciation expense was recorded, this resulted in additional expense and therefore impacted operating income (loss), net income (loss) and earnings per share as presented in the table below. For the Years Ended June 30, June 24, June 25, (in thousands, except per share data) Operating income (loss), as reported $ 833,448 $ 694,777 $ 313,849 Operating income (loss), excluding accelerated depreciation expense 833,448 699,003 368,475 Effect of change in estimate $ — $ (4,226 ) $ (54,626 ) Net income (loss), as reported $ 467,318 $ 571,613 $ 227,475 Net income (loss), excluding accelerated depreciation expense 467,318 575,547 283,129 Effect of change in estimate $ — $ (3,934 ) $ (55,654 ) Basic earnings (loss) per share, as reported $ 1.66 $ 2.02 $ 0.80 Diluted earnings (loss) per share, as reported $ 1.64 $ 1.98 $ 0.79 Basic earnings (loss) per share, excluding accelerated depreciation expense $ 1.66 $ 2.03 $ 0.99 Diluted earnings (loss) per share, excluding accelerated depreciation expense $ 1.64 $ 2.00 $ 0.98 Effect of change in estimate - basic earnings (loss) per share $ — $ (0.01 ) $ (0.19 ) Effect of change in estimate - diluted earnings (loss) per share $ — $ (0.02 ) $ (0.19 ) |
Benefits (Tables)
Benefits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status [Table Text Block] | U.S. Employees Post-Retirement Medical Expense & Funded Status Reconciliation The Company provides post-retirement medical expenses to certain former employees of Dallas Semiconductor as a result of the Company's acquisition of Dallas Semiconductor in 2001 as well as specific Maxim employees. A reconciliation of the funded status of these post-retirement benefits, is as follows: June 30, Estimated Fiscal Year 2019 Expense June 24, Fiscal Year 2018 Expense (in thousands, except percentages) Accumulated post-retirement benefit obligation (APBO): Retirees and beneficiaries $ (18,023 ) $ (15,983 ) Active participants (1,367 ) (2,110 ) Funded status $ (19,390 ) $ (18,093 ) Actuarial gain (loss) $ (1,279 ) $ 99 Prior service cost — — Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 1,054 $ 225 Prior service cost 962 1,318 Total $ 2,016 $ 1,543 Net periodic post-retirement benefit cost (income): Interest cost $ 741 $ 674 Amortization: Prior service cost 356 356 Total net periodic post-retirement benefit cost $ 1,097 $ 1,030 Employer contributions $ 796 $ 656 Economic assumptions: Discount rate 3.9% 3.8% Medical trend 7.5%-5.0% 6.5%-5.0% |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments are expected to be paid: Non-Pension Benefits (in thousands) 2019 $ 796 2020 811 2021 882 2022 938 2023 946 Thereafter 15,017 $ 19,390 |
Quarterly Financial Data (Una44
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Quarter Ended Fiscal Year 2018 6/30/2018 3/31/2018 12/30/2017 9/23/2017 (in thousands, except percentages and per share data) Net revenues (1) $ 633,154 $ 648,599 $ 622,637 $ 575,676 Cost of goods sold 214,486 224,653 212,961 201,845 Gross margin $ 418,668 $ 423,946 $ 409,676 $ 373,831 Gross margin % 66.1 % 65.4 % 65.8 % 64.9 % Operating income (loss) $ 222,395 $ 224,838 $ 201,048 $ 185,166 % of net revenues 35.1 % 34.7 % 32.3 % 32.2 % Net income (loss) (2) $ 194,172 $ 193,627 $ (75,015 ) $ 154,533 Earnings (loss) per share: Basic $ 0.70 $ 0.69 $ (0.27 ) $ 0.55 Diluted $ 0.68 $ 0.68 $ (0.27 ) $ 0.54 Shares used in the calculation of earnings (loss) per share: Basic 279,304 280,850 281,560 282,170 Diluted 283,934 285,881 281,560 286,437 Dividends declared and paid per share $ 0.42 $ 0.42 $ 0.36 $ 0.36 (1) The fiscal quarter ended December 30, 2017 , includes an incremental $22.0 million of revenue from beginning to recognize revenue with a certain distributor (less its estimate of future price adjustments and returns) upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition). (2) The fiscal quarter ended December 30, 2017 , includes a discrete provisional charge for the Transition Tax of $236.9 million associated with the Tax Cuts and Jobs Act (the “Act”) enacted on December 22, 2017. Quarter Ended Fiscal Year 2017 6/24/2017 3/25/2017 12/24/2016 9/24/2016 (in thousands, except percentages and per share data) Net revenues (1) $ 602,005 $ 581,216 $ 550,998 $ 561,396 Cost of goods sold 208,339 214,312 210,820 215,664 Gross margin $ 393,666 $ 366,904 $ 340,178 $ 345,732 Gross margin % 65.4 % 63.1 % 61.7 % 61.6 % Operating income (loss) $ 199,378 $ 174,252 $ 149,074 $ 172,073 % of net revenues 33.1 % 30.0 % 27.1 % 30.7 % Net income (loss) (2) $ 163,309 $ 140,213 $ 130,477 $ 137,614 Earnings (loss) per share: Basic $ 0.58 $ 0.50 $ 0.46 $ 0.49 Diluted $ 0.57 $ 0.49 $ 0.45 $ 0.48 Shares used in the calculation of earnings (loss) per share: Basic 282,747 282,903 283,294 283,633 Diluted 287,494 287,882 288,106 288,574 Dividends declared and paid per share $ 0.33 $ 0.33 $ 0.33 $ 0.33 (1) The fiscal quarter ended June 24, 2017 , includes an incremental $19.4 million of revenue from beginning to recognize revenue with a certain distributor (less its estimate of future price adjustments and returns) upon shipment to the distributor (also referred to as the sell-in basis of revenue recognition). (2) The fiscal quarter ended September 24, 2016 , includes a gain of $26.6 million associated with the sale of the Company's micro-electromechanical systems (MEMS) business line. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities Disclosure (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the Company's outstanding debt obligations: June 30, June 24, (in thousands) 3.450% fixed rate notes due June 2027 $ 500,000 $ 500,000 2.5% fixed rate notes due November 2018 500,000 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,500,000 1,500,000 Less: Current portion (included in “Current portion of debt”) (499,406 ) — Less: Reduction for unamortized discount and debt issuance costs (9,447 ) (12,322 ) Total long-term debt $ 991,147 $ 1,487,678 |
Nature of Operations Details (D
Nature of Operations Details (Details) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Nature of Operations [Abstract] | |||
Fiscal Period Duration | 370 days | 364 days | 364 days |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Derivative Instsruments (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Derivative, Remaining Maturity | 6 months |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment minimium useful life (in years) | 40 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment minimium useful life (in years) | 2 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment minimium useful life (in years) | 15 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies Revenue Recognition (Details) - Allowance for Sales Returns [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Jun. 27, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Returns and allowances reserve | $ 140,115 | $ 46,575 | $ 31,461 | $ 17,412 |
Estimated returns and allowances against revenues | 659,023 | 143,950 | 79,956 | |
Valuation Allowances and Reserves, Deductions | $ 565,483 | $ 128,836 | $ 65,907 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 61.6 | $ 70.4 | $ 73.8 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies Concentration of Credit Risk (Details) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Jun. 28, 2014 | |
Avnet Electronics [Member] | Net sales revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 25.00% | 22.00% | 19.00% | |
Avnet Electronics [Member] | Accounts receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 22.00% | 22.00% | ||
Samsung [Member] | Net sales revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 10.00% | 10.00% | 14.00% | |
Samsung [Member] | Accounts receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 12.00% | 11.00% | ||
No other customer [Member] | Net sales revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 10.00% | 10.00% | 10.00% | |
No other customer [Member] | Accounts receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 10.00% | 10.00% | ||
Distributors [Member] | Net sales revenue [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk | 47.00% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Prospective Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Item Effected [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ 819,464 | $ 773,657 | $ 721,885 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Revenue Recognition, Distributors (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Change in Accounting Estimate [Line Items] | |||||||||||
Revenue from Related Parties | $ 61,600 | $ 70,400 | $ 73,800 | ||||||||
Net revenues | $ 633,154 | $ 648,599 | $ 622,637 | $ 575,676 | $ 602,005 | $ 581,216 | $ 550,998 | $ 561,396 | 2,480,066 | 2,295,615 | 2,194,719 |
Net income | $ 194,172 | $ 193,627 | $ (75,015) | $ 154,533 | $ 163,309 | $ 140,213 | $ 130,477 | $ 137,614 | $ 467,318 | $ 571,613 | $ 227,475 |
Basic net income per share | $ 0.70 | $ 0.69 | $ (0.27) | $ 0.55 | $ 0.58 | $ 0.50 | $ 0.46 | $ 0.49 | $ 1.66 | $ 2.02 | $ 0.80 |
Diluted net income per share | $ 0.68 | $ 0.68 | $ (0.27) | $ 0.54 | $ 0.57 | $ 0.49 | $ 0.45 | $ 0.48 | $ 1.64 | $ 1.98 | $ 0.79 |
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Net revenues | $ 22,000 | $ 19,400 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Allowance for Doubtful Accounts Receivable, Current | $ 140,296 | $ 46,575 | |
Accounts Receivable, Net, Current | 280,072 | 256,454 | |
Inventory: | |||
Raw materials | 16,251 | 11,779 | |
Work-in-process | 173,859 | 151,614 | |
Finished goods | 92,280 | 83,849 | |
Inventory, Net | 282,390 | 247,242 | |
Property and equipment: | |||
Land | 17,731 | 18,952 | |
Buildings and building improvements | 254,733 | 254,513 | |
Machinery and equipment | 1,309,487 | 1,286,031 | |
Property, plant and equipment, gross | 1,581,951 | 1,559,496 | |
Less accumulated depreciation | (1,002,587) | (952,915) | |
Property, plant and equipment, net | 579,364 | 606,581 | |
Depreciation expense | 94,400 | 108,500 | $ 177,200 |
Restructuring and Related Cost, Accelerated Depreciation | 0 | 4,200 | $ 54,600 |
Employee-related Liabilities, net | |||
Accrued Bonuses | 92,288 | 85,600 | |
Accrued Vacation | 30,695 | 29,621 | |
Accrued Salaries | 8,210 | 14,528 | |
Accrued Employee Benefits | 4,752 | 4,317 | |
Other Employee-related Liabilities, Current | 15,737 | 11,233 | |
Employee-related Liabilities, Current | $ 151,682 | $ 145,299 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities, fair value disclosure | $ 1,082,915 | $ 498,718 | ||
Business Combination, Contingent Consideration, Liability | $ 16,000 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | 0 | |||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 8,000 | |||
Fair Value, Measurements, Recurring [Member] | Agency Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 13,946 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Assets and Liabilities Class [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, fair value disclosure | 1,281,433 | 1,452,028 | ||
Liabilities, fair value disclosure | 17,845 | 386 | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 98,467 | 952,462 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 3,819 | |||
Available-for-sale securities, fair value disclosure | 367,765 | |||
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 45,063 | 0 | ||
Available-for-sale securities, fair value disclosure | 64,354 | |||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 30,988 | 0 | ||
Available-for-sale securities, fair value disclosure | 598,368 | 498,718 | ||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract, asset, fair value disclosure | 235 | 848 | ||
Foreign currency contract, liability, fair value disclosure | 1,845 | 386 | ||
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 6,000 | |||
Available-for-sale securities, fair value disclosure | 52,428 | |||
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 8,000 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Assets and Liabilities Class [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, fair value disclosure | 98,467 | 952,462 | ||
Liabilities, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 98,467 | 952,462 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities, fair value disclosure | 0 | $ 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract, asset, fair value disclosure | 0 | 0 | ||
Foreign currency contract, liability, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Agency Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 13,946 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Assets and Liabilities Class [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, fair value disclosure | 1,182,966 | 499,566 | ||
Liabilities, fair value disclosure | 1,845 | 386 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 3,819 | |||
Available-for-sale securities, fair value disclosure | 367,765 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 45,063 | |||
Available-for-sale securities, fair value disclosure | 64,354 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 30,988 | 0 | ||
Available-for-sale securities, fair value disclosure | 598,368 | 498,718 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract, asset, fair value disclosure | 235 | 848 | ||
Foreign currency contract, liability, fair value disclosure | 1,845 | 386 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 6,000 | |||
Available-for-sale securities, fair value disclosure | 52,428 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 8,000 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Assets and Liabilities Class [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Liabilities, fair value disclosure | 16,000 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities, fair value disclosure | 0 | 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract, asset, fair value disclosure | 0 | 0 | ||
Foreign currency contract, liability, fair value disclosure | 0 | $ 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 8,000 |
Financial Instruments, Short-te
Financial Instruments, Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 24, 2017 |
Available-for-sale Securities [Abstract] | ||
Amortized Cost Basis | $ 1,086,585 | $ 499,952 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 49 | 0 |
Gross Unrealized Loss | (3,719) | (1,234) |
Estimated Fair Value | 1,082,915 | 498,718 |
Certificates of Deposit [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost Basis | 52,429 | |
Gross Unrealized Loss | (1) | |
Estimated Fair Value | 52,428 | |
Commercial Paper [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost Basis | 64,354 | |
Estimated Fair Value | 64,354 | |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost Basis | 369,734 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 39 | |
Gross Unrealized Loss | (2,008) | |
Estimated Fair Value | 367,765 | |
US Treasury Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost Basis | 600,068 | 499,952 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 10 | 0 |
Gross Unrealized Loss | (1,710) | (1,234) |
Estimated Fair Value | $ 598,368 | $ 498,718 |
Financial Instruments, Balance
Financial Instruments, Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 24, 2017 |
Forward contracts held to purchase U.S. dollars [Member] | Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of total derivatives | $ 49.7 | $ 36.2 |
Forward contracts held to purchase U.S. dollars [Member] | Not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of total derivatives | 21.1 | 44.5 |
Forward contracts held to sell U.S. dollars [Member] | Designated as hedging instruments [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of total derivatives | 1.2 | 0.2 |
Forward contracts held to sell U.S. dollars [Member] | Not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of total derivatives | $ 21.3 | $ 21.6 |
Financial Instruments, Income S
Financial Instruments, Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Sales Revenue, Goods, Net | $ 633,154 | $ 648,599 | $ 622,637 | $ 575,676 | $ 602,005 | $ 581,216 | $ 550,998 | $ 561,396 | $ 2,480,066 | $ 2,295,615 | $ 2,194,719 |
Cost of Goods Sold | $ 214,486 | $ 224,653 | $ 212,961 | $ 201,845 | $ 208,339 | $ 214,312 | $ 210,820 | $ 215,664 | 853,945 | 849,135 | 950,331 |
Operating Expenses | 792,673 | 751,703 | $ 930,539 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,282 | $ 1,425 | |||||||||
Accumulated Net Gain (Loss) from Cost of Good Solds Attributable to Parent [Member] [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (78) | ||||||||||
Accumulated Net Gain (Loss) from Operating Expense Attributable to Parent [Member] [Member] [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,551 | ||||||||||
Accumulated Net Gain (Loss) from Net Revenue Attributable to Parent [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (54) |
Financial Instruments, Long-ter
Financial Instruments, Long-term Debt (Details) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 24, 2017USD ($) | Jun. 25, 2016USD ($) | Jun. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Mar. 30, 2013USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt, Long-term and Short-term, Combined Amount | $ 1,500,000 | $ 1,500,000 | ||||
Short-term Debt | (499,406) | 0 | ||||
Repayments of Notes Payable | 0 | 250,000 | $ 0 | |||
Long-term Debt, Current Maturities | 0 | |||||
Debt Instrument, Unamortized Discount | (9,447) | (12,322) | ||||
Long-term debt, excluding current maturities | 991,147 | $ 1,487,678 | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | |||||
Interest expense relating to the Notes | 49,500 | $ 31,700 | 29,400 | |||
Amortization of Debt Discount (Premium) | 2,900 | 2,700 | 1,900 | |||
Estimated fair value of long-term debt | 1,470,000 | |||||
Interest Expense | $ 50,215 | 34,274 | $ 32,676 | |||
Fixed Rate Note Due June 2027 at 3 Point 450 Percent [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (Deprecated 2016-01-31) | .0345 | |||||
Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 500,000 | $ 500,000 | $ 500,000 | |||
Stated interest rate of the Notes | 2.50% | |||||
proceeds from issuance of long term debt 3 | $ 494,500 | |||||
Effective interest rate of the Notes | 2.60% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (Deprecated 2016-01-31) | .025 | |||||
Fixed Rate Note Due November 2027 at 3 Point 450 Percent [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate of the Notes | 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] | ||||||
proceeds from issuance of long term debt 3 | $ 495,200 | |||||
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 | |||
proceeds from issuance of long term debt 3 | $ 490,000 | |||||
Effective interest rate of the Notes | 3.50% | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.375% | |||||
Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate of the Notes | 3.375% | |||||
Unsecured Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |||||
Debt Instrument, Covenant Requirement, Ratio of Debt to EBITDA | 3 | |||||
Debt Instrument, Convenant Requirement, minimum interest coverage ratio | 3.5 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Other (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 24, 2017 |
Forward contracts held to purchase U.S. dollars [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 49.7 | $ 36.2 |
Forward contracts held to purchase U.S. dollars [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 21.1 | 44.5 |
Forward contracts held to sell U.S. dollars [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 1.2 | 0.2 |
Forward contracts held to sell U.S. dollars [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 21.3 | $ 21.6 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 78,685 | $ 71,117 | $ 69,701 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Less: Income tax effect | 9,342 | 12,934 | 11,314 |
Net stock-based compensation expense | 69,343 | 58,183 | 58,387 |
Cost of goods sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 10,441 | 9,094 | 8,874 |
Research and development expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 37,048 | 35,672 | 36,386 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 31,196 | 26,351 | 24,441 |
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 1,430 | 3,614 | 7,349 |
Employee Stock Option [Member] | Cost of goods sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 212 | 536 | 837 |
Employee Stock Option [Member] | Research and development expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 518 | 1,654 | 3,469 |
Employee Stock Option [Member] | General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 700 | 1,424 | 3,043 |
Restricted stock units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 68,381 | 58,847 | 52,608 |
Restricted stock units [Member] | Cost of goods sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8,131 | 6,630 | 5,697 |
Restricted stock units [Member] | Research and development expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 32,088 | 29,504 | 27,784 |
Restricted stock units [Member] | General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 28,162 | 22,713 | 19,127 |
ESP Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8,874 | 8,656 | 9,744 |
ESP Plan [Member] | Cost of goods sold [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,098 | 1,928 | 2,340 |
ESP Plan [Member] | Research and development expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,442 | 4,514 | 5,133 |
ESP Plan [Member] | General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,334 | 2,214 | 2,271 |
Market Stock Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 7,800 | $ 3,600 | $ 2,800 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Option Plans (Details) | 12 Months Ended | |||
Jun. 30, 2018USD ($)plans$ / sharesshares | Jun. 24, 2017$ / sharesshares | Jun. 25, 2016$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, ending | 1,688,253 | |||
Options exercisable, number of shares | 1,686,694 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number Of Stock Plans | plans | 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, beginning | 2,800,007 | 5,935,079 | 10,173,016 | |
Options Granted | 0 | 0 | 0 | |
Options Exercised | (1,090,163) | (2,741,659) | (3,242,881) | |
Options cancelled | (21,591) | (393,413) | (995,056) | |
Options outstanding, ending | 1,688,253 | 2,800,007 | 5,935,079 | |
Options outstanding, weighted average exercise price, beginning | $ / shares | $ 26.92 | $ 25.11 | $ 25.83 | |
Options granted, weighted average exercise price | $ / shares | 0 | 0 | 0 | |
Options exercised, weighted average exercise price | $ / shares | 25.69 | 22.98 | 25.05 | |
Options cancelled, weighted average exercise price | $ / shares | 26.47 | 27.07 | 32.67 | |
Options outstanding, weighted average exercise price, ending | $ / shares | $ 27.72 | $ 26.92 | $ 25.11 | |
Options outstanding, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options outstanding, aggregate intrinsic value | $ | [1] | $ 55,152,145 | ||
Options exercisable, number of shares | 1,686,694 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 27.72 | |||
Options exercisable, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options exercisable, aggregate intrinsic value | $ | [1] | $ 55,103,599 | ||
Options vested and expected to vest, number of shares | 1,688,227 | |||
Options vested and expected to vest, weighted average exercise price | $ / shares | $ 27.72 | |||
Options vested and expected to vest, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options vested and expected to vest, aggregate intrinsic value | $ | [1] | $ 55,151,345 | ||
$12.00 -$20.00 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, ending | 42,232 | |||
Options outstanding, weighted average exercise price, ending | $ / shares | $ 19.47 | |||
Options outstanding, weighted average remaining contractual term (in years) | 2 years 12 days | |||
Options exercisable, number of shares | 42,232 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 19.47 | |||
$20.01 - $30.00 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, ending | 1,562,697 | |||
Options outstanding, weighted average exercise price, ending | $ / shares | $ 27.66 | |||
Options outstanding, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options exercisable, number of shares | 1,561,696 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 27.66 | |||
$30.01 - $40.00 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, ending | 83,324 | |||
Options outstanding, weighted average exercise price, ending | $ / shares | $ 32.99 | |||
Options outstanding, weighted average remaining contractual term (in years) | 2 years 7 months 12 days | |||
Options exercisable, number of shares | 82,766 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 33.01 | |||
[1] | Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of June 30, 2018. |
Stock-Based Compensation Outsta
Stock-Based Compensation Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Jun. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||||
Options outstanding, number of shares | 1,688,253 | |||
Options exercisable, number of shares | 1,686,694 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 30.7 | $ 55.1 | $ 39.8 | |
$12.00 -$20.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, lower | $ 12 | |||
Range of exercise prices, upper | $ 20 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||||
Options outstanding, number of shares | 42,232 | |||
Options outstanding, weighted average remaining contractual term (in years) | 2 years 12 days | |||
Options outstanding, weighted average exercise price | $ 19.47 | |||
Options exercisable, number of shares | 42,232 | |||
Options exercisable, weighted average exercise price | $ 19.47 | |||
$20.01 - $30.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, lower | 20.01 | |||
Range of exercise prices, upper | $ 30 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||||
Options outstanding, number of shares | 1,562,697 | |||
Options outstanding, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options outstanding, weighted average exercise price | $ 27.66 | |||
Options exercisable, number of shares | 1,561,696 | |||
Options exercisable, weighted average exercise price | $ 27.66 | |||
$30.01 - $40.00 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, lower | 30.01 | |||
Range of exercise prices, upper | $ 40 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||||
Options outstanding, number of shares | 83,324 | |||
Options outstanding, weighted average remaining contractual term (in years) | 2 years 7 months 12 days | |||
Options outstanding, weighted average exercise price | $ 32.99 | |||
Options exercisable, number of shares | 82,766 | |||
Options exercisable, weighted average exercise price | $ 33.01 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period [Abstract] | ||||
Options outstanding, number of shares | 1,688,253 | 2,800,007 | 5,935,079 | 10,173,016 |
Options outstanding, weighted average remaining contractual term (in years) | 1 year 9 months 18 days | |||
Options outstanding, weighted average exercise price | $ 27.72 | $ 26.92 | $ 25.11 | $ 25.83 |
Options exercisable, number of shares | 1,686,694 | |||
Options exercisable, weighted average exercise price | $ 27.72 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.1 | |||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Nonvested, Number | 100,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 month 15 days |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units (Details) - Restricted stock units [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.95 | $ 37.33 | $ 29.75 |
Outstanding and expected to vest RSUs [Roll Forward] | |||
Restricted stock units outstanding, beginning | 5,942,123 | 6,620,813 | 7,129,985 |
Restricted stock units granted | 1,989,959 | 2,237,679 | 2,905,973 |
Restricted stock units released | (1,794,029) | (1,876,050) | (2,049,430) |
Restricted stock units cancelled | (613,621) | (1,040,319) | (1,365,715) |
Restricted stock units outstanding, ending | 5,524,432 | 5,942,123 | 6,620,813 |
Restricted Stock Units Weighted Average Remaining Contractual Terms (in years) | 2 years 7 months 6 days | ||
Restricted stock units outstanding, aggregate intrinsic value | $ 334,768,100 | ||
Restricted stock units expected to vest, number of shares | 4,669,741 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term 1 | 2 years 7 months 6 days | ||
Restricted stock units expected to vest, aggregate intrinsic value | $ 282,005,686 | ||
Restricted stock unit shares withheld for withholding tax | 30,300,000 | ||
Unrecognized compensation costs related to unvested RSUs | $ 140,500,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days |
Stock-Based Compensation Market
Stock-Based Compensation Market Stock Units (Details) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | ||||
Market Stock Units [Member] | ||||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||||
Market stock units outstanding, beginning | 818,028 | 673,532 | [1] | 414,840 | [1] | |
Market Stock units Granted | 292,336 | 308,432 | 361,684 | |||
Market stock units released | 0 | 0 | 0 | |||
Market stock units cancelled | (31,300) | (163,936) | (102,992) | |||
Market stock units outstanding, ending | 1,079,064 | 818,028 | 673,532 | [1] | ||
Market Stock Units Weighted Average Remaining Contractual Terms | 2 years 7 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | [2] | $ 65,164,675 | ||||
Market stock units expected to vest, number of shares | 663,497 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term 1 | 2 years 8 months 24 days | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options and RSUs, Expected to Vest, Aggregate Intrinsic Value | [2] | $ 40,068,559 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 21,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,100,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 24 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 51.03 | $ 37.29 | $ 29.64 | |||
Employee Stock Option [Member] | ||||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 100,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 month 15 days | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 22,100,000 | |||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmIyMWVhM2RlNzkxYjQ3NjY4Njk0NmIwMjNkMjU0MDljfFRleHRTZWxlY3Rpb246RTkxOEE4NjdGREMyRjk1MzA0NkMxN0Y0Qzk3RDA0NjQM} | |||||
[2] | Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on June 29, 2018, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of June 30, 2018. |
Stock-Based Compensation Employ
Stock-Based Compensation Employee Stock Purchase Plan (Details) $ in Thousands, shares in Millions | 12 Months Ended | ||
Jun. 30, 2018USD ($)plansshares | Jun. 24, 2017USD ($) | Jun. 25, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Consideration for common stock issued | $ 36,321 | $ 34,269 | $ 33,975 |
ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Of Stock Plans | plans | 1 | ||
Common stock shares issued | shares | 0.9 | ||
Consideration for common stock issued | $ 36,300 | ||
Shares for future issuance | shares | 7.2 | ||
Expected holding period (in years) | 6 months | 6 months | 6 months |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,800 | ||
Minimum [Member] | ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk Free Interest Rate | 0.80% | 0.50% | 0.10% |
Expected stock price volatility | 19.10% | 19.10% | 21.80% |
Dividend yield | 2.80% | 3.00% | 3.30% |
Maximum [Member] | ESP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk Free Interest Rate | 2.10% | 1.10% | 0.50% |
Expected stock price volatility | 32.70% | 30.40% | 33.10% |
Dividend yield | 3.40% | 3.60% | 3.60% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Numerator for basic earnings per share and diluted earnings per share | |||||||||||
Net income | $ 194,172 | $ 193,627 | $ (75,015) | $ 154,533 | $ 163,309 | $ 140,213 | $ 130,477 | $ 137,614 | $ 467,318 | $ 571,613 | $ 227,475 |
Denominator for basic earnings per share | 279,304 | 280,850 | 281,560 | 282,170 | 282,747 | 282,903 | 283,294 | 283,633 | 280,979 | 283,147 | 285,081 |
Effect of dilutive securities | |||||||||||
Denominator for diluted earnings per share | 283,934 | 285,881 | 281,560 | 286,437 | 287,494 | 287,882 | 288,106 | 288,574 | 285,674 | 287,974 | 289,479 |
Basic net income per share | $ 0.70 | $ 0.69 | $ (0.27) | $ 0.55 | $ 0.58 | $ 0.50 | $ 0.46 | $ 0.49 | $ 1.66 | $ 2.02 | $ 0.80 |
Diluted net income per share | $ 0.68 | $ 0.68 | $ (0.27) | $ 0.54 | $ 0.57 | $ 0.49 | $ 0.45 | $ 0.48 | $ 1.64 | $ 1.98 | $ 0.79 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 26, 2015 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Mar. 31, 2018 | Sep. 24, 2016 | |
Goodwill [Line Items] | ||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,790 | $ 5,800 | $ 31,600 | |||
Goodwill, Acquired During Period | 41,889 | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 157,700 | 42 | $ 1,462 | $ 160,153 | ||
Goodwill [Roll Forward] | ||||||
Balance | 491,015 | 490,648 | ||||
Goodwill, Adjustments | (653) | 367 | ||||
Balance | $ 532,251 | $ 491,015 | $ 490,648 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Mar. 31, 2018 | Sep. 24, 2016 | |
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,790 | $ 5,800 | $ 31,600 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 538,143 | $ 487,652 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 613,599 | 578,519 | |||
Gross Intangible Assets | 616,389 | 578,519 | |||
Amortization expense of intangible assets, cost of goods sold | 46,063 | 46,484 | $ 55,031 | ||
Intangible asset amortization | 4,467 | 9,189 | 12,205 | ||
Amortization | 50,530 | 55,673 | $ 67,236 | ||
Future amortization expense [Abstract] | |||||
2,017 | 24,180 | ||||
2,018 | 14,523 | ||||
2,019 | 12,823 | ||||
2,020 | 7,144 | ||||
2,021 | 6,660 | ||||
Thereafter | 10,126 | ||||
Net | 75,456 | 90,867 | |||
Intangible Assets, Net (Excluding Goodwill) | 78,246 | 90,867 | |||
Intellectual property [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 423,869 | 377,806 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 485,465 | 451,885 | |||
Future amortization expense [Abstract] | |||||
Net | 61,596 | 74,079 | |||
Customer relationships [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 103,217 | 99,812 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 116,294 | 115,634 | |||
Future amortization expense [Abstract] | |||||
Net | 13,077 | 15,822 | |||
Trade Names [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 8,588 | 8,086 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 9,340 | 8,500 | |||
Future amortization expense [Abstract] | |||||
Net | $ 752 | 414 | |||
Patents [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 5 years | ||||
Minimum [Member] | Intellectual property [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 1 year | ||||
Minimum [Member] | Customer relationships [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 3 years | ||||
Minimum [Member] | Trade Names [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 1 year | ||||
Maximum [Member] | Intellectual property [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 10 years | ||||
Maximum [Member] | Customer relationships [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 10 years | ||||
Maximum [Member] | Trade Names [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Definite lived intangible assets, useful life, minimum | 4 years | ||||
In Process Research and Development [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 2,790 | 0 | |||
Patents [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,469 | 1,948 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Original Cost | 2,500 | 2,500 | |||
Future amortization expense [Abstract] | |||||
Net | $ 31 | 552 | |||
Energy Metering Business [Member] | |||||
Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 20,300 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 57,773 | $ 57,773 | $ 0 | $ 0 |
Business Combination, Contingent Consideration, Liability | 16,000 | |||
Goodwill acquired | $ 532,251 | $ 491,015 | $ 490,648 | |
Intellectual property [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets acquired | 26,000 | |||
In Process Research and Development [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,500 | |||
Icron [Domain] | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | $ 41,889 |
Impairment of Long-Lived Asse71
Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 24, 2016 | Sep. 26, 2015 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 157,700 | $ 42 | $ 1,462 | $ 160,153 | |
Impairment of long-lived assets | 892 | 7,517 | 160,582 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (995) | (16,365) | (2,283) | ||
Proceeds from Divestiture of Businesses | $ 0 | $ 42,199 | $ 105,000 | ||
MEMS [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,600 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018USD ($)customers | Jun. 24, 2017USD ($) | Jun. 25, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | customers | 1 | ||
Revenues | $ 2,480,066 | $ 2,295,615 | $ 2,194,719 |
Long-Lived Assets | 579,364 | 606,581 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 306,453 | 286,732 | 246,969 |
Long-Lived Assets | 361,432 | 374,775 | |
CHINA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 885,319 | 843,371 | 837,345 |
Rest of Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 786,814 | 718,540 | 676,116 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 440,658 | 390,488 | 377,938 |
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 60,822 | 56,484 | $ 56,351 |
Long-Lived Assets | 97,275 | 103,565 | |
Philippines [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | $ 120,657 | $ 128,241 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | ||
Future Minimum Payments for Commitments [Line Items] | ||||
Operating lease obligations | [1] | $ 55,780 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [1] | 10,090 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | [1] | 7,506 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | [1] | 6,872 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | [1] | 6,491 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | [1] | 5,610 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | [1] | 19,211 | ||
Short-term Debt | 499,406 | $ 0 | ||
Capital equipment and inventory related purchase obligations | [2] | 500,058 | ||
Purchase Obligation, Due in Next Twelve Months | [2] | 78,797 | ||
Purchase Obligation, Due in Second Year | [2] | 72,659 | ||
Purchase Obligation, Due in Third Year | [2] | 56,722 | ||
Purchase Obligation, Due in Fourth Year | [2] | 42,746 | ||
Purchase Obligation, Due in Fifth Year | [2] | 42,625 | ||
Purchase Obligation, Due after Fifth Year | [2] | 206,509 | ||
Contractual Obligation | 555,838 | |||
Contractual Obligation, Due in Next Fiscal Year | 88,887 | |||
Contractual Obligation, Due in Second Year | 80,165 | |||
Contractual Obligation, Due in Third Year | 63,594 | |||
Contractual Obligation, Due in Fourth Year | 49,237 | |||
Rental expense | 10,200 | $ 12,000 | $ 10,000 | |
Contractual Obligation, Due in Fifth Year | 225,720 | |||
Obligations Due in five years [Member] | ||||
Future Minimum Payments for Commitments [Line Items] | ||||
Future minimum payments for all commitments | $ 48,235 | |||
[1] | The Company leases some facilities under non-cancelable operating lease agreements that expire at various dates through 2030. | |||
[2] | The Company orders some materials and supplies in advance or with minimum purchase quantities. The Company is obligated to pay for the materials and supplies when received. Additionally, in 2016 the Company entered into a long-term supply agreement with the semiconductor foundry TowerJazz to supply finished wafers on existing Maxim processes and products which contains minimum purchase requirements. |
Comprehensive Income Accumulate
Comprehensive Income Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | $ (14,985) | $ (9,890) | $ (14,219) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (4,403) | 8,879 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,282) | (1,425) | |
Other Comprehensive Income (Loss), Tax | 590 | (3,125) | |
Other Comprehensive Income (Loss), Net of Tax | (5,095) | 4,329 | 3,015 |
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) | (6,280) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | (2,516) | (1,258) | (6,800) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (1,510) | 7,563 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 137 | 967 | |
Other Comprehensive Income (Loss), Tax | 115 | (2,988) | |
Other Comprehensive Income (Loss), Net of Tax | (1,258) | 5,542 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax | (1,136) | (1,136) | (1,136) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |
Accumulated 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 | (1,383) | 18 | (492) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (273) | (1,412) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,419) | 2,059 | |
Other Comprehensive Income (Loss), Tax | 291 | (137) | |
Other Comprehensive Income (Loss), Net of Tax | (1,401) | 510 | |
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 | (3,670) | (1,234) | $ 489 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,620) | 2,728 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (4,451) | |
Other Comprehensive Income (Loss), Tax | 184 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | $ (2,436) | $ (1,723) |
Common Stock Repurchases (Detai
Common Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Jul. 20, 2017 | |
Stock repurchase program, authorized amount | $ 1,000,000 | |||
Shares of common stock repurchased | 7.5 | 6.1 | 6.8 | |
Value of common stock repurchased | $ 407,968 | $ 251,799 | $ 237,086 | |
Stock repurchase program, remaining authorized amount | $ 618,400 |
Interest and Other Income (Ex76
Interest and Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Other Income and Expenses [Abstract] | |||
Interest Expense | $ (50,215) | $ (34,274) | $ (32,676) |
Interest Income, Other | 38,292 | 11,568 | 2,919 |
Other Income (Expense), Net | 3,360 | 7,518 | 962 |
Other Nonoperating Income (Expense) | (8,563) | (15,188) | (28,795) |
Interest expense relating to the Notes | 49,500 | 31,700 | 29,400 |
Amortization of Debt Discount (Premium) | $ 2,900 | $ 2,700 | $ 1,900 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 149,056 | $ 154,628 | $ (48,985) |
Pretax income (loss) from foreign subsidiaries | 675,829 | 524,961 | 334,039 |
Income before provision for income taxes | 824,885 | 679,589 | 285,054 |
Federal | |||
Current | 318,288 | 107,303 | 98,810 |
Deferred | 25,769 | (8,171) | (52,240) |
State | |||
Current | 117 | (361) | 1,808 |
Deferred | 1,325 | (436) | (2,406) |
Foreign | |||
Current | 11,450 | 8,930 | 10,278 |
Deferred | 618 | 711 | 1,329 |
Total income tax expense (benefit) | 357,567 | $ 107,976 | $ 57,579 |
Unrecognized deferred tax liability on indefinitely reinvested earnings | $ 513,700 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 30, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 236.9 | ||||
Effective Income Tax Rate Reconciliation, Transition Tax Liability, Amount | $ 248 | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 11.1 | ||||
Effective Income Tax Rate Reconciliation, Deferred tax remeasurement, Amount | $ 13.7 | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 513.7 | ||||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 25.5 | ||||
Federal statutory rate | 28.10% | 35.00% | 35.00% | ||
State tax, net of federal benefit | (0.20%) | 0.20% | 0.60% | ||
General business credits | (0.80%) | (1.30%) | (2.80%) | ||
Foreign earnings and losses taxed or benefitted at different rates | 16.70% | 20.20% | 21.70% | ||
Stock-based compensation | 0.40% | 0.10% | 4.70% | ||
Interest accrual for unrecognized tax benefits | 2.10% | 2.10% | 3.20% | ||
Effective Income Tax Rate Reconciliation, Non-deductible Goodwill, Percent | 0.00% | 0.00% | 2.50% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 28.70% | 0.00% | 0.00% | ||
Effective Income Tax Rate Reconciliation, Deferred tax remeasurement | 1.60% | 0.00% | 0.00% | ||
Other | (0.30%) | 0.40% | (0.10%) | ||
Income tax rate | 43.30% | 15.90% | 20.20% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Deferred tax assets: [Abstract] | ||
Distributor related accruals and sales return and allowance accruals | $ 3,855 | $ 10,746 |
Accrued compensation | 8,361 | 36,630 |
Stock-based compensation | 10,071 | 14,919 |
Net operating loss carryovers | 40,989 | 45,743 |
Tax credit carryovers | 90,968 | 71,231 |
Other reserves and accruals not currently deductible for tax purposes | 29,903 | 50,126 |
Deferred tax assets, other | 4,707 | 5,179 |
Total deferred tax assets | 188,854 | 234,574 |
Deferred tax liabilities: [Abstract] | ||
Fixed assets cost recovery, net | (52,704) | (66,355) |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1,532 | 13,703 |
Deferred tax liabilities, other | (2,553) | (3,296) |
Deferred Tax Liabilities, Gross | (56,789) | (83,354) |
Net deferred tax assets/(liabilities) before valuation allowance | 3,937 | 40,809 |
Valuation allowance | (128,128) | (110,411) |
Net deferred tax assets/(liabilities) | 132,065 | $ 151,220 |
Valuation Allowance [Abstract] | ||
Increase (decrease) in valuation allowance | 17,700 | |
Internal Revenue Service (IRS) [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||
Net operating loss carryforwards subject to expiration | 18,700 | |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||
Net operating loss carryforwards subject to expiration | 37,900 | |
Deferred Tax Assets, Tax Credit Carryforwards [Abstract] | ||
Tax credit carryforwards subject to expiration | 9,000 | |
Tax credit carryforwards with no expiration date | 106,100 | |
Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||
Net operating loss carryforwards with no expiration date | $ 133,900 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | Jun. 27, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Beginning Balance | $ 539,569 | $ 482,745 | $ 427,629 | |
Additions related to current year tax positions | 48,646 | 57,791 | 53,899 | |
Additions related to prior year tax positions | 3,806 | 1,059 | 3,035 | |
Reductions related to prior year tax positions | 0 | (1,410) | (205) | |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 0 | 0 | (943) | |
Lapses in statutes of limitations | (563) | (616) | (670) | |
Ending Balance | 591,458 | 539,569 | 482,745 | |
Unrecognized tax benefits that if recognzied would affect effective tax rate | 541,400 | |||
Unrecognized tax benefits that would not affect the effective tax rate | 50,100 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (17,700) | |||
Interest and penalties recognized in income tax expense | 27,800 | 22,400 | $ 14,700 | |
Interest and penalties accrued | 61,900 | $ 71,400 | $ 49,000 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 403,000 |
Income Taxes Tax Examination (D
Income Taxes Tax Examination (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Income Tax Examination [Line Items] | |
Advance payments for audit and post-audit year tax | $ 140.7 |
Advance interest payments for audit and post-audit year tax | $ 37.4 |
United States [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,009 |
United States [Member] | State and Local Jurisdiction [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,009 |
Ireland | Foreign Country [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,014 |
Philippines [Member] | Foreign Country [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,015 |
Singapore | Foreign Country [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,014 |
UNITED KINGDOM | Foreign Country [Member] | |
Income Tax Examination [Line Items] | |
Income tax years under examination | 2,012 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 2,969 | $ 526 | $ 7,578 |
Severance and restructuring expenses | 15,464 | 12,671 | |
Payments for Restructuring | (12,617) | (19,506) | |
Restructuring Reserve, Accrual Adjustment | (404) | (217) | |
Restructuring and Related Cost, Accelerated Depreciation | 0 | 4,200 | 54,600 |
Restructuring and Related Cost, Expected Cost | 4,700 | ||
San Jose Fab Shutdown Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and restructuring expenses | 100,300 | ||
Dallas Manufacturing Facility Accelerated Depreciation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Accelerated Depreciation | 3,500 | ||
Restructuring and Related Cost, Incurred Cost | 800 | ||
Other Restructuring Plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 2,969 | 526 | 7,578 |
Severance and restructuring expenses | 15,464 | 12,671 | |
Payments for Restructuring | (12,617) | (19,506) | |
Restructuring Reserve, Accrual Adjustment | (404) | (217) | |
Employee Severance [Member] | San Jose Fab Shutdown Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charge, Charges and Change in Estimates | 400 | ||
Employee Severance [Member] | Other Restructuring Plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charge, Charges and Change in Estimates | $ 15,100 | $ 12,500 | 24,000 |
Accelerated Depreciation [Member] | San Jose Fab Shutdown Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Accelerated Depreciation | 41,600 | ||
Dallas Manufacturing Facility Accelerated Depreciation [Member] | Other Restructuring Plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Accelerated Depreciation | $ 13,000 |
Restructuring Activities Change
Restructuring Activities Change in Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Change in Accounting Estimate [Line Items] | |||||||||||
Operating income (loss) | $ 222,395 | $ 224,838 | $ 201,048 | $ 185,166 | $ 199,378 | $ 174,252 | $ 149,074 | $ 172,073 | $ 833,448 | $ 694,777 | $ 313,849 |
Net income | $ 194,172 | $ 193,627 | $ (75,015) | $ 154,533 | $ 163,309 | $ 140,213 | $ 130,477 | $ 137,614 | $ 467,318 | $ 571,613 | $ 227,475 |
Basic net income per share | $ 0.70 | $ 0.69 | $ (0.27) | $ 0.55 | $ 0.58 | $ 0.50 | $ 0.46 | $ 0.49 | $ 1.66 | $ 2.02 | $ 0.80 |
Diluted net income per share | $ 0.68 | $ 0.68 | $ (0.27) | $ 0.54 | $ 0.57 | $ 0.49 | $ 0.45 | $ 0.48 | $ 1.64 | $ 1.98 | $ 0.79 |
Severance and restructuring expenses | $ 15,464 | $ 12,671 | |||||||||
Restructuring and Related Cost, Accelerated Depreciation | 0 | 4,200 | $ 54,600 | ||||||||
Restructuring and Related Cost, Expected Cost | 4,700 | ||||||||||
Service Life [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Operating income (loss) | 0 | (4,226) | (54,626) | ||||||||
Operating Income (Loss), Excluding Accelerated Depreciation Expense | 833,448 | 699,003 | 368,475 | ||||||||
Net income | 0 | (3,934) | (55,654) | ||||||||
Net Income (Loss), Excluding Accelerated Depreciation Expense | $ 467,318 | $ 575,547 | $ 283,129 | ||||||||
Basic net income per share | $ 1.66 | $ 2.03 | $ 0.99 | ||||||||
Diluted net income per share | 1.64 | 2 | 0.98 | ||||||||
Decrease in basic earnings per share | 0 | (0.01) | (0.19) | ||||||||
Decrease in Diluted Earnings Per Share | $ 0 | $ (0.02) | $ (0.19) | ||||||||
Other Restructuring Plans [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Severance and restructuring expenses | $ 15,464 | $ 12,671 | |||||||||
Other Restructuring Plans [Member] | Employee Severance [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Restructuring Charge, Charges and Change in Estimates | $ 15,100 | $ 12,500 | $ 24,000 | ||||||||
Other Restructuring Plans [Member] | Dallas Manufacturing Facility Accelerated Depreciation [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Restructuring and Related Cost, Accelerated Depreciation | 13,000 | ||||||||||
San Jose Fab Shutdown Plan [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Severance and restructuring expenses | 100,300 | ||||||||||
San Jose Fab Shutdown Plan [Member] | Employee Severance [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Restructuring Charge, Charges and Change in Estimates | 400 | ||||||||||
San Jose Fab Shutdown Plan [Member] | Accelerated Depreciation [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Restructuring and Related Cost, Accelerated Depreciation | $ 41,600 |
Benefits (Details)
Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Accumulated Postretirement Benefit Obligation [APBO]: | ||||
Funded status at end of year | $ (19,390) | $ (18,093) | ||
Actuarial gain (loss) | (1,279) | 99 | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0 | 0 | ||
Amounts Recognized in Accumulated Other Comprehensive Income: | ||||
Net actuarial loss | 1,054 | 225 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 962 | 1,318 | ||
Amounts recognized in Accumulated Other Comprehensive Income | $ 2,016 | $ 1,543 | ||
Economic Assumptions: | ||||
Benefit obligation, discount rate | 3.90% | 3.80% | ||
Medical trend | ||||
Description of direction and pattern of change for assumed medical trend rate | 7.5%-5.0% | 6.5%-5.0% | ||
Estimated future benefit payments | ||||
Obligations included in Other Liabilities | $ 11,200 | $ 10,300 | ||
Active Participants [Member] | ||||
Accumulated Postretirement Benefit Obligation [APBO]: | ||||
Retirees and beneficiaries | (1,367) | (2,110) | ||
Retirees and Beneficiaries [Member] | ||||
Accumulated Postretirement Benefit Obligation [APBO]: | ||||
Retirees and beneficiaries | $ (18,023) | (15,983) | ||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching percentage of employee contributions up to 3% of employee eligible compensation | 100.00% | |||
Maximum percentage of employee eligible compensation with 100% matching contributions by employer | 3.00% | |||
Employer matching percentage of additional employee contributions up to 5% of employee eligible compensation | 50.00% | |||
Maximum percentage of employee eligible compensation with 50% matching contributions by employer | 2.00% | |||
Defined contribution expense | $ 12,600 | 12,400 | $ 13,000 | |
Foreign Plan [Member] | ||||
Estimated future benefit payments | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 1,000 | 600 | $ 1,100 | |
Non-Pension Benefits [Member] | ||||
Estimated future benefit payments | ||||
2,017 | 796 | |||
2,018 | 811 | |||
2,019 | 882 | |||
2,020 | 938 | |||
2,021 | 946 | |||
Thereafter | 15,017 | |||
Total | 19,390 | |||
Defined Benefit Postretirement Life Insurance [Member] | ||||
Estimated future benefit payments | ||||
Assets for plan benefits included in Other Assets | 5,500 | 5,300 | ||
Obligations included in Other Liabilities | 6,300 | $ 6,200 | ||
Scenario, Forecast [Member] | ||||
Net Periodic Postretirement Benefit Cost/(Income): | ||||
Interest cost | $ 741 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 356 | |||
Total net periodic postretirement benefit cost | 1,097 | |||
Employer contributions, current period | $ 796 | |||
Scenario, Plan [Member] | ||||
Net Periodic Postretirement Benefit Cost/(Income): | ||||
Interest cost | 674 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 356 | |||
Total net periodic postretirement benefit cost | $ 1,030 |
Quarterly Financial Data (Una85
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 23, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Sep. 26, 2015 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Impairment of Long-Lived Assets to be Disposed of | $ 157,700 | $ 42 | $ 1,462 | $ 160,153 | ||||||||
Quarterly Financial Data [Abstract] | ||||||||||||
Net revenues | $ 633,154 | $ 648,599 | $ 622,637 | $ 575,676 | $ 602,005 | $ 581,216 | $ 550,998 | $ 561,396 | 2,480,066 | 2,295,615 | 2,194,719 | |
Cost of goods sold | 214,486 | 224,653 | 212,961 | 201,845 | 208,339 | 214,312 | 210,820 | 215,664 | 853,945 | 849,135 | 950,331 | |
Gross margin | $ 418,668 | $ 423,946 | $ 409,676 | $ 373,831 | $ 393,666 | $ 366,904 | $ 340,178 | $ 345,732 | 1,626,121 | 1,446,480 | 1,244,388 | |
Gross margin % | 66.10% | 65.40% | 65.80% | 64.90% | 65.40% | 63.10% | 61.70% | 61.60% | ||||
Operating income (loss) | $ 222,395 | $ 224,838 | $ 201,048 | $ 185,166 | $ 199,378 | $ 174,252 | $ 149,074 | $ 172,073 | 833,448 | 694,777 | 313,849 | |
% of net revenues | 35.10% | 34.70% | 32.30% | 32.20% | 33.10% | 30.00% | 27.10% | 30.70% | ||||
Net income | $ 194,172 | $ 193,627 | $ (75,015) | $ 154,533 | $ 163,309 | $ 140,213 | $ 130,477 | $ 137,614 | 467,318 | 571,613 | 227,475 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ (995) | $ (16,365) | $ (2,283) | |||||||||
Earnings (loss) per share: | ||||||||||||
Basic net income per share | $ 0.70 | $ 0.69 | $ (0.27) | $ 0.55 | $ 0.58 | $ 0.50 | $ 0.46 | $ 0.49 | $ 1.66 | $ 2.02 | $ 0.80 | |
Diluted net income per share | $ 0.68 | $ 0.68 | $ (0.27) | $ 0.54 | $ 0.57 | $ 0.49 | $ 0.45 | $ 0.48 | $ 1.64 | $ 1.98 | $ 0.79 | |
Shares used in the calculation of earnings (loss) per share: | ||||||||||||
Basic | 279,304 | 280,850 | 281,560 | 282,170 | 282,747 | 282,903 | 283,294 | 283,633 | 280,979 | 283,147 | 285,081 | |
Diluted | 283,934 | 285,881 | 281,560 | 286,437 | 287,494 | 287,882 | 288,106 | 288,574 | 285,674 | 287,974 | 289,479 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.42 | $ 0.42 | $ 0.36 | $ 0.36 | $ 1.56 | $ 1.32 | $ 1.20 | |||||
MEMS [Member] | ||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,600 | |||||||||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||
Net revenues | $ 22,000 | $ 19,400 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Subsequent Event [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 0 | $ 42,199 | $ 105,000 |
Schedule II - Valuation and A87
Schedule II - Valuation and Allowance (Details) - Allowance for Sales Returns [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | $ 46,575 | $ 31,461 | $ 17,412 |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 659,023 | 143,950 | 79,956 |
Valuation Allowances and Reserves, Deductions | (565,483) | (128,836) | (65,907) |
Valuation Allowances and Reserves, Balance at End of Period | $ 140,115 | $ 46,575 | $ 31,461 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 25, 2016 | |
Related Party Transactions [Abstract] | |||
Revenue from Related Parties | $ 61.6 | $ 70.4 | $ 73.8 |