Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Mar. 28, 2020 | Apr. 17, 2020 | |
DEI [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-34192 | |
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS, INC. | |
Entity Address, Address Line One | 160 Rio Robles | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 601-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0000743316 | |
Trading Symbol | MXIM | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 28, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Current Fiscal Year End Date | --06-27 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 266,625,382 | |
Entity Tax Identification Number | 94-2896096 | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 28, 2020 | Jun. 29, 2019 | |
Document Period End Date | Mar. 28, 2020 | |
Finite-Lived Intangible Assets, Gross | $ 619,115 | $ 616,325 |
Current assets: | ||
Cash and cash equivalents | 1,638,667 | 1,757,342 |
Short-term Investments | 47,109 | 140,990 |
Total cash, cash equivalents and short-term investments | 1,685,776 | 1,898,332 |
Accounts Receivable, Allowance for Credit Loss, Current | 617 | 148 |
Accounts receivable, net | 378,273 | 360,016 |
Inventories | 220,686 | 246,512 |
Other assets current | 25,288 | 34,640 |
Total current assets | 2,310,023 | 2,539,500 |
Property, plant and equipment, net | 564,636 | 577,722 |
Intangible assets, net | 44,642 | 56,242 |
Goodwill | 532,251 | 532,251 |
Other assets noncurrent | 97,383 | 38,267 |
TOTAL ASSETS | 3,548,935 | 3,743,982 |
Current liabilities: | ||
Accounts payable | 83,519 | 84,335 |
Price adjustment and other revenue reserves | 111,235 | 100,490 |
Income taxes payable | 39,809 | 33,765 |
Accrued salary and related expenses | 122,220 | 118,634 |
Accrued expenses | 31,143 | 33,943 |
Total current liabilities | 387,926 | 371,167 |
Long term debt | 993,663 | 992,584 |
Income taxes payable | 434,415 | 469,418 |
Other liabilities | 112,988 | 65,537 |
Total liabilities | 1,928,992 | 1,898,706 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock and capital in excess of par value | 267 | 272 |
Retained earnings | 1,632,325 | 1,856,358 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (12,649) | (11,354) |
Total stockholders' equity | 1,619,943 | 1,845,276 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 3,548,935 | 3,743,982 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 490,136 | $ 487,346 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Mar. 28, 2020 | Jun. 29, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 617 | $ 148 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Interest Expense | $ 9,300 | $ 9,300 | $ 27,900 | $ 33,900 |
Interest Expense, Debt | 8,900 | 8,900 | 26,700 | 32,500 |
Share-based Payment Arrangement, Expense | 23,403 | 22,820 | 72,141 | 64,973 |
Share-based Payment Arrangement, Expense, Tax Benefit | 1,969 | 1,946 | 7,050 | 6,214 |
Share-based Payment Arrangement, Expense, after Tax | 21,434 | 20,874 | 65,091 | 58,759 |
Revenue from Contract with Customer, Excluding Assessed Tax | 561,916 | 542,383 | 1,646,026 | 1,757,784 |
Net revenues | 561,916 | 542,383 | 1,646,026 | 1,757,784 |
Cost of goods sold | 195,479 | 201,552 | 575,742 | 613,669 |
Gross margin | 366,437 | 340,831 | 1,070,284 | 1,144,115 |
Operating expenses: | ||||
Research and development | 109,091 | 107,075 | 329,994 | 330,086 |
Selling, general and administrative | 71,643 | 74,116 | 223,829 | 233,487 |
Intangible asset amortization | 756 | 756 | 2,268 | 2,285 |
Impairment of long-lived assets | 0 | 0 | 0 | 753 |
Severance and Restructuring Charges | 523 | 1,744 | 4,685 | 3,917 |
Other operating expenses (income), net | 1,077 | 0 | 1,101 | 60 |
Total operating expenses | 183,090 | 183,691 | 561,877 | 570,588 |
Operating income | 183,347 | 157,140 | 508,407 | 573,527 |
Interest and other income (expense), net | (1,622) | 3,318 | 190 | 3,244 |
Income before provision for income taxes | 181,725 | 160,458 | 508,597 | 576,771 |
Income tax provision | 20,535 | 29,845 | 61,201 | 116,843 |
Net income | $ 161,190 | $ 130,613 | $ 447,396 | $ 459,928 |
Earnings per share: | ||||
Basic | $ 0.60 | $ 0.48 | $ 1.66 | $ 1.67 |
Diluted | $ 0.59 | $ 0.47 | $ 1.64 | $ 1.64 |
Shares used in the calculation of earnings per share: | ||||
Basic | 269,003 | 273,221 | 270,241 | 275,831 |
Diluted | 271,579 | 276,610 | 273,187 | 279,680 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | $ 86 | $ 77 | $ 229 | $ 233 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | 20,119 | 19,534 | 62,778 | 56,980 |
ESP Plan [Member] | ||||
Share-based Payment Arrangement, Expense | 3,198 | 3,209 | 9,134 | 7,760 |
Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expense | 3,099 | 2,613 | 9,029 | 7,281 |
Cost of Sales [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 10 | 8 | 23 | 28 |
Cost of Sales [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | 2,363 | 1,951 | 6,912 | 5,597 |
Cost of Sales [Member] | ESP Plan [Member] | ||||
Share-based Payment Arrangement, Expense | 726 | 654 | 2,094 | 1,656 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 11,351 | 11,062 | 33,671 | 30,758 |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 4 | 5 | 12 | 27 |
Research and Development Expense [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | 9,719 | 9,399 | 29,122 | 26,783 |
Research and Development Expense [Member] | ESP Plan [Member] | ||||
Share-based Payment Arrangement, Expense | $ 1,628 | $ 1,658 | $ 4,537 | $ 3,948 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Statements of Income and Comprehensive Income [Abstract] | ||||
Net income | $ 161,190 | $ 130,613 | $ 447,396 | $ 459,928 |
Change in net unrealized gains and losses on available-for-sale securities, net of tax benefit (expense) of $27, $97, $10 and $(131), respectively | (376) | 1,139 | (258) | 3,116 |
Change in net unrealized gains and losses on cash flow hedges, net of tax benefit (expense) of $216, $69, $264 and $(241), respectively | (1,083) | (351) | (1,332) | 1,167 |
Change in net unrealized gains and losses on post-retirement benefits, net of tax benefit (expense) of $(20), $(23), $(62) and $(60), respectively | 99 | 78 | 295 | 232 |
Other comprehensive income (loss), net | (1,360) | 866 | (1,295) | 4,515 |
Total comprehensive income | 159,830 | 131,479 | 446,101 | 464,443 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 27 | 97 | 10 | (131) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 216 | 69 | 264 | (241) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (20) | $ (23) | $ (62) | $ (60) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity Statement - USD ($) shares in Thousands, $ / shares in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Shares, Outstanding | 278,664 | ||||
Stockholders' Equity, Other | $ 1,755,414,000 | $ 1,766,471,000 | $ (11,336,000) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Mar. 30, 2019 | (10,470,000) | (10,470,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 459,928,000 | 459,928,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 4,515,000 | ||||
Shares of common stock repurchased | (8,032) | ||||
Value of common stock repurchased | (437,047,000) | $ 82,155,000 | 354,892,000 | ||
Adjustment to Retained Earnings ASU 2016-01 | 2,487,000 | 2,487,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 980 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (23,026,000) | (23,026,000) | |||
Stock Issued During Period, Shares, Other | 699 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 18,986,000 | 18,986,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 65,035,000 | 65,035,000 | |||
Adjustments to Additional Paid in Capital, Other | 3,471,000 | 3,471,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 384 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | (17,689,000) | ||||
Stock Issued During Period, Value, Purchase of Assets | 17,689,000 | ||||
Dividends | 1.38 | ||||
Dividends, Common Stock, Cash | (380,231,000) | $ 0 | (380,231,000) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Jun. 29, 2019 | (11,354,000) | ||||
Stockholders' Equity, Other | 1,845,276,000 | $ 272,000 | 1,856,358,000 | (11,354,000) | |
Shares, Outstanding | 274,326 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Mar. 30, 2019 | (10,470,000) | (10,470,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 130,613,000 | 130,613,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 866,000 | ||||
Shares of common stock repurchased | (2,210) | ||||
Value of common stock repurchased | $ (116,991,000) | 18,411,000 | 98,580,000 | ||
Stockholders' Equity, Other Shares | 402 | ||||
Adjustment to Retained Earnings ASU 2016-01 | $ (9,582,000) | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 177 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 5,143,000 | (9,582,000) | |||
Stock Issued During Period, Value, Stock Options Exercised | 22,850,000 | 5,143,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 22,850,000 | ||||
Dividends | 0.46 | ||||
Dividends, Common Stock, Cash | $ (125,566,000) | (125,566,000) | |||
Common Stock, Shares, Outstanding | 272,695 | ||||
Common Stock, Par or Stated Value Per Share | $ 279,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | 1,672,938,000 | ||||
Common Stock, No Par Value | $ 279 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | $ 1,662,747,000 | ||||
Shares, Outstanding | 271,852 | ||||
Stockholders' Equity, Other | 1,726,509,000 | $ 270,000 | 1,737,528,000 | (11,289,000) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax at Mar. 28, 2020 | (12,649,000) | (12,649,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 447,396,000 | 447,396,000 | |||
Other Comprehensive Income (Loss), Net of Tax | (1,295,000) | ||||
Shares of common stock repurchased | (6,296) | ||||
Value of common stock repurchased | (358,512,000) | $ 5,000 | 78,235,000 | 280,272,000 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,053,000) | (2,053,000) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,017 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (29,136,000) | (29,136,000) | |||
Stock Issued During Period, Shares, Other | 588 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 16,630,000 | 16,630,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 72,206,000 | 72,206,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 402 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | (18,535,000) | ||||
Stock Issued During Period, Value, Purchase of Assets | 18,535,000 | ||||
Dividends | 1.44 | ||||
Dividends, Common Stock, Cash | $ (389,104,000) | (389,104,000) | |||
Shares, Outstanding | 269,743 | ||||
Common Stock, No Par Value | $ 279 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax at Mar. 28, 2020 | $ (12,649,000) | $ (12,649,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 161,190,000 | 161,190,000 | |||
Other Comprehensive Income (Loss), Net of Tax | (1,360,000) | ||||
Shares of common stock repurchased | (2,812) | ||||
Value of common stock repurchased | (157,003,000) | $ 3,000 | 19,679,000 | 137,321,000 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 360 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (11,570,000) | (11,570,000) | |||
Stock Issued During Period, Shares, Other | 272 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 7,810,000 | 7,810,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 23,439,000 | $ 23,439,000 | |||
Dividends | 0.48 | ||||
Dividends, Common Stock, Cash | $ (129,072,000) | (129,072,000) | |||
Common Stock, Shares, Outstanding | 267,563 | ||||
Common Stock, Par or Stated Value Per Share | $ 267,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | $ 1,632,325,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | $ 1,619,943,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Document Period End Date | Mar. 28, 2020 | |
Other Operating Activities, Cash Flow Statement | $ (9,226) | $ (265) |
Cash flows from operating activities: | ||
Net income | 447,396 | 459,928 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 72,141 | 64,973 |
Depreciation and amortization | 72,149 | 85,176 |
Deferred taxes | (5,392) | (12,161) |
Gain (Loss) on Disposition of Property Plant Equipment | 634 | 3,324 |
Changes in assets and liabilities: | ||
Accounts receivable | (7,512) | 5,475 |
Inventories | 25,891 | 9,620 |
Other assets | (60,530) | (3,026) |
Accounts payable | 2,189 | (10,971) |
Income taxes payable | (28,959) | 53,662 |
Accrued salary and related expenses | 3,516 | (19,845) |
Other liabilities | 57,777 | 1,953 |
Net cash provided by (used in) operating activities | 588,526 | 638,373 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (51,369) | (52,170) |
Proceeds from sale of property, plant and equipment | 268 | 34 |
Proceeds from sale of available-for-sale securities | 0 | 30,192 |
Proceeds from maturity of available-for-sale securities | 93,552 | 1,027,083 |
Payment in connection with business acquisition, net of cash acquired | 0 | (2,949) |
Purchases of available-for-sale securities | 0 | (214,587) |
Purchases of private company investments | (120) | (1,676) |
Proceeds from Sale of Other Assets, Investing Activities | 173 | |
Proceeds from Sale of Investment Projects | 0 | |
Other investing activities | (118) | (540) |
Net cash provided by (used in) investing activities | 42,386 | 785,387 |
Cash flows from financing activities: | ||
Repayment of debt | 0 | (500,000) |
Contingent consideration paid | (8,000) | (9,052) |
Payments of Stock Issuance Costs | (29,136) | (23,026) |
Proceeds from Stock Options Exercised | 16,630 | 18,986 |
Stock or Unit Option Plan Expense | 18,535 | 17,689 |
Repurchase of common stock | (358,512) | (437,047) |
Payments of Dividends | (389,104) | (380,231) |
Net cash provided by (used in) financing activities | (749,587) | (1,312,681) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (118,675) | 111,079 |
Cash and cash equivalents: | ||
Beginning of period | 1,757,342 | 1,543,484 |
End of period | 1,638,667 | 1,654,563 |
Cash paid (refunded), net during the period for income taxes | 84,948 | 74,385 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 31,751 | |
Noncash investing and financing activities: | ||
Accounts payable related to property, plant, and equipment purchases | $ 9,085 | $ 15,252 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 28, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Maxim Integrated Products, Inc. and all of its majority-owned subsidiaries (collectively, the “Company” or “Maxim Integrated”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for fair statement have been included. The year-end condensed consolidated balance sheet data were derived from audited consolidated financial statements but do not include all disclosures required by GAAP. The results of operations for the nine months ended March 28, 2020 are not necessarily indicative of the results to be expected for the entire year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended June 29, 2019 . The Company has a 52-to-53-week fiscal year that ends on the last Saturday in June. Accordingly, every fifth or sixth fiscal year will be a 53-week fiscal year. Fiscal years 2019 and 2020 are 52-week fiscal years. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Mar. 28, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements [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. The recent coronavirus (COVID-19) pandemic and the mitigation efforts by governments to attempt to control its spread created uncertainties and disruptions in the economic and financial markets. The Company is not aware of events or circumstances that would require an update to its estimates, judgments, or adjustments to the carrying values of its assets or liabilities as of April 29, 2020 , the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as developments occur and as the Company obtains additional information. These future developments are highly uncertain, and the outcomes, unpredictable. Actual results may differ from those estimates, and such differences may be material to the financial statements. Recently Issued Accounting Pronouncements (i) New Accounting Updates Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 (ASU 2016-02), Leases (Topic 842) . Topic 842 states that lessees will recognize a lease liability for the commitment to make lease payments and a right-of-use asset for the underlying asset, for the duration of the lease. The FASB also issued ASU 2018-10 and ASU 2018-11 which provide improvements to ASU 2016-02 and an additional transition method option, respectively. This transition method allows companies to apply the new lease accounting standard on adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company adopted ASU 2016-02 in the first quarter of fiscal year 2020. The Company adopted the new standard using the modified retrospective method and electing the optional transition method practical expedient. Under the optional transition method, the Company recognized a cumulative-effect adjustment to the consolidated balance sheet and did not adjust comparative prior period information. The Company elected multiple practical expedients permitted: • the hindsight practical expedient, in which the Company elected to use hindsight up until the effective date in determining the lease term and assessing impairment of right-of-use assets; • the practical expedient package that allows the Company to carry forward its determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard; and • the practical expedient to combine lease and non-lease components. The Company also elected an accounting policy in which it will not apply the recognition requirements to leases with an initial term of 12 months or less. Effective June 30, 2019, the first day of adoption, the Company recognized $61.0 million of operating lease right-of-use assets and $65.2 million of operating lease liabilities on its Consolidated Balance Sheet. The difference of $4.2 million was primarily due to deferred rent, partially offset by prepaid rent for leases that existed as of the date of adoption, which decreased the opening balance of lease right-of-use (ROU) assets. Updated Lease Accounting Policy The Company determines if an arrangement is, or contains, a lease at inception. ROU assets are recorded as other assets, short-term lease obligations are recorded as accrued expenses and long-term lease obligations are recorded as other liabilities on the Company's Consolidated Balance Sheet. The Company’s classes of assets include real estate leases, equipment leases, and vehicle leases. Lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. When discount rates implicit in leases cannot be readily determined, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Mar. 28, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: March 28, June 29, (in thousands) Raw materials $ 14,525 $ 16,121 Work-in-process 148,670 160,273 Finished goods 57,491 70,118 Total inventories $ 220,686 $ 246,512 Property, plant and equipment, net, consist of: March 28, June 29, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 314,323 265,191 Machinery, equipment and software 1,334,875 1,367,606 Total 1,666,918 1,650,517 Less: accumulated depreciation (1,102,282 ) (1,072,795 ) Total property, plant and equipment, net $ 564,636 $ 577,722 Accrued salary and related expenses consist of: March 28, June 29, (in thousands) Accrued vacation $ 28,449 $ 30,250 Accrued bonus 51,565 71,466 Accrued salaries 14,161 8,329 Accrued fringe benefits 5,262 4,807 Other 22,783 3,782 Total accrued salary and related expenses $ 122,220 $ 118,634 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements [Text Block] | FAIR VALUE MEASUREMENTS The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows: Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company’s Level 1 assets consist of money market funds. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. The Company’s Level 2 assets and liabilities consist of U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, commercial paper and foreign currency forward contracts that are valued using quoted market prices or are determined using a yield curve model based on current market rates. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's Level 3 assets and liabilities consist of acquisition-related contingent consideration liabilities. Assets and liabilities measured at fair value on a recurring basis were as follows: March 28, 2020 June 29, 2019 Fair Value Measurements Using Total Fair Value Measurements Using Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 245,470 $ — $ — $ 245,470 $ 186,819 $ — $ — $ 186,819 Short-term investments Certificates of deposit — — — — — 1,000 — 1,000 Corporate debt securities — 47,109 — 47,109 — 139,990 — 139,990 Other current assets Foreign currency forward contracts — 580 — 580 — 651 — 651 Total assets $ 245,470 $ 47,689 $ — $ 293,159 $ 186,819 $ 141,641 $ — $ 328,460 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 1,297 $ — $ 1,297 $ — $ 148 $ — $ 148 Contingent consideration — — — — — — 9,052 9,052 Total Liabilities $ — $ 1,297 $ — $ 1,297 $ — $ 148 $ 9,052 $ 9,200 During the nine months ended March 28, 2020 and the year ended June 29, 2019 , there were no transfers in or out of Level 3 from other levels in the fair value hierarchy. There were no assets or liabilities measured at fair value on a non-recurring basis as of March 28, 2020 and June 29, 2019 other than impairments of long-lived assets. As of March 28, 2020 and June 29, 2019 , the fair value of private company investments amounted to $20.5 million and $20.7 million , respectively. The aggregate amount of unrealized losses recognized from these investments were $3.4 million and $3.6 million , respectively, as of March 28, 2020 and June 29, 2019 . The Company recorded $(0.4) million and $0.5 million of unrealized gains (losses) on private company investments, during the three months ended March 28, 2020 and March 30, 2019 , respectively. The Company recorded $0.2 million and $(0.2) million , of unrealized gains (losses) on private company investments during the nine months ended March 28, 2020 and March 30, 2019 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Mar. 28, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: March 28, 2020 June 29, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value (in thousands) Available-for-sale investments Certificates of deposit $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 47,408 31 (330 ) 47,109 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 47,408 $ 31 $ (330 ) $ 47,109 $ 141,031 $ 68 $ (109 ) $ 140,990 In the three and nine months ended March 28, 2020 and March 30, 2019 , the Company did not recognize any impairment charges on short-term investments. All available-for-sale investments have maturity dates between April 6, 2020 and March 12, 2021. The Company invests in various financial instruments including corporate debt securities, commercial paper, and certificates of deposit which include instruments issued or managed by industrial, financial, and utility institutions and U.S. Treasury securities which include U.S. government Treasury bills and Treasury notes. Derivative instruments and hedging activities The Company incurs expenditures denominated in non-U.S. currencies, primarily the Philippine Peso and the Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and the European Euro, Indian Rupee, Japanese Yen, Taiwan New Dollar, South Korean Won, Chinese Yuan and Canadian Dollar, for sales offices and research and development activities undertaken outside of the U.S. The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. The Company does not use these foreign currency forward contracts for trading purposes. Derivatives designated as cash flow hedging instruments The Company designates certain forward contracts as hedging instruments pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). As of March 28, 2020 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $41.4 million and $48.5 million , respectively. As of March 28, 2020 and June 29, 2019 , the Company did not hold any forward contracts to sell international currencies. Derivatives not designated as hedging instruments As of March 28, 2020 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $39.7 million and $19.6 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $11.8 million and $21.1 million , respectively. The increase in forward contracts held to purchase international currencies from fiscal year 2019 to fiscal year 2020 was primarily due to the addition of operating lease liabilities, which were recorded on the Company’s Consolidated Balance Sheet upon adoption of the new lease accounting standard, Topic 842. The Company's foreign currency forward contract gains or losses included in the Condensed Consolidated Statements of Income were not material for the three and nine months ended March 28, 2020 and March 30, 2019 , respectively. Effect of hedge accounting on the Condensed Consolidated Statements of Income The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 561,916 $ 195,479 $ 183,090 $ 542,383 $ 201,552 $ 183,691 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 76 $ (94 ) $ 6 $ 261 $ (79 ) Nine Months Ended Nine Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 1,646,026 $ 575,742 $ 561,877 $ 1,757,784 $ 613,669 $ 570,588 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 206 $ (868 ) $ 50 $ (335 ) $ (1,906 ) Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: March 28, 2020 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (6,337 ) (7,416 ) Total long-term debt $ 993,663 $ 992,584 On June 15, 2017, the Company completed a public offering of $500 million aggregate principal amount of the Company's 3.45% senior unsecured and unsubordinated notes due in June 2027 (“2027 Notes”), with an effective interest rate of 3.5% . Interest on the 2027 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. The net proceeds of this offering were approximately $495.2 million , after issuing at a discount and deducting paid expenses. On November 21, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 2.5% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2014. The net proceeds of this offering were approximately $494.5 million , after issuing at a discount and deducting paid expenses. In November of 2018, the Company repaid the entire $500 million in principal and any outstanding interest, related to these outstanding notes. On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5% . Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million , after issuing at a discount and deducting paid expenses. The debt indentures that govern the 2027 Notes and the 2023 Notes include covenants that limit the Company's ability to grant liens on its facilities and to enter into sale and leaseback transactions, which could limit the Company's ability to secure additional debt funding in the future. In circumstances involving a change of control of the Company followed by a downgrade of the rating of the 2027 Notes or the 2023 Notes, the Company would be required to make an offer to repurchase the affected notes at a purchase price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest. The Company accounts for all the notes above based on their amortized cost. The discount and expenses are being amortized to Interest and other income (expense), net in the Condensed Consolidated Statements of Income over the life of the notes. The interest expense is recorded in Interest and other income (expense), net in the Condensed Consolidated Statements of Income. Amortized discount and expenses, as well as interest expense associated with the notes, were $8.9 million and $8.9 million during the three months ended March 28, 2020 and March 30, 2019 , respectively. Amortized discount and expenses, as well as interest expense associated with the notes, were $26.7 million and $32.5 million , respectively, during the nine months ended March 28, 2020 and March 30, 2019 . The estimated fair value of the Company’s outstanding debt obligations was approximately $1.0 billion as of March 28, 2020 . The estimated fair value of the debt is based primarily on observable market inputs and is a Level 2 measurement. The Company recorded interest expense of $9.3 million and $9.3 million during the three months ended March 28, 2020 , and March 30, 2019 , respectively. The Company recorded interest expense of $27.9 million and $33.9 million during the nine months ended March 28, 2020 , and March 30, 2019 , respectively. Other Financial Instruments |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation [Text Block] | STOCK-BASED COMPENSATION At March 28, 2020 , the Company had one stock incentive plan, the Company's 1996 Stock Incentive Plan (the “1996 Plan”) and one employee stock purchase plan, the 2008 Employee Stock Purchase Plan (the “2008 ESPP”). The 1996 Plan was adopted by the Board of Directors to provide the grant of incentive stock options, non-statutory stock options, restricted stock units (“RSUs”), and market stock units (“MSUs”) to employees, directors, and consultants. Pursuant to the 1996 Plan, the exercise price for incentive stock options and non-statutory stock options is determined to be the fair market value of the underlying shares on the date of grant. Options typically vest ratably over a four-year period measured from the date of grant. Options generally expire no later than seven years after the date of grant, subject to earlier termination upon an optionee's cessation of employment or service. RSUs granted to employees typically vest ratably over a four-year period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. RSUs granted after August 2017 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. MSUs granted to employees typically vest over a four-year cliff period and are converted into shares of the Company's common stock upon vesting, subject to the employee's continued service to the Company over that period. The number of shares that are released at the end of the performance period can range from zero to a maximum cap depending on the Company's performance. MSUs granted after August 2017 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three and nine months ended March 28, 2020 and March 30, 2019 , respectively: Three Months Ended Three Months Ended March 28, 2020 March 30, 2019 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 10 $ 2,363 $ 726 $ 3,099 $ 8 $ 1,951 $ 654 $ 2,613 Research and development 4 9,719 1,628 11,351 5 9,399 1,658 11,062 Selling, general and administrative 72 8,037 844 8,953 64 8,184 897 9,145 Pre-tax stock-based compensation expense $ 86 $ 20,119 $ 3,198 $ 23,403 $ 77 $ 19,534 $ 3,209 $ 22,820 Less: income tax effect 1,969 1,946 Net stock-based compensation expense $ 21,434 $ 20,874 Nine Months Ended Nine Months Ended March 28, 2020 March 30, 2019 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 23 $ 6,912 $ 2,094 $ 9,029 $ 28 $ 5,597 $ 1,656 $ 7,281 Research and development 12 29,122 4,537 33,671 27 26,783 3,948 30,758 Selling, general and administrative 194 26,744 2,503 29,441 178 24,600 2,156 26,934 Pre-tax stock-based compensation expense $ 229 $ 62,778 $ 9,134 $ 72,141 $ 233 $ 56,980 $ 7,760 $ 64,973 Less: income tax effect 7,050 6,214 Net stock-based compensation expense $ 65,091 $ 58,759 The expense included in the Condensed Consolidated Statements of Income for RSUs include expenses related to MSUs of $2.8 million and $3.0 million for the three months ended March 28, 2020 and March 30, 2019 , respectively, and $9.6 million and $8.3 million for the nine months ended March 28, 2020 and March 30, 2019 , respectively. Stock Options The fair value of options granted to employees under the 1996 Plan is estimated on the date of grant using the Black-Scholes option valuation model. There were no stock options granted in the three and nine months ended March 28, 2020 and March 30, 2019 . The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of March 28, 2020 and related activity for the nine months ended March 28, 2020 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 29, 2019 777,413 $ 28.30 Options Granted — — Options Exercised (574,949 ) 27.42 Options Cancelled (16,575 ) 27.30 Balance at March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 Exercisable, March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 Vested and expected to vest, March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 28, 2020. As of March 28, 2020 , there was no unrecognized stock compensation from unvested stock options. Restricted Stock Units and Other Awards The fair value of RSUs and other awards under the Company’s 1996 Plan is estimated using the value of the Company’s common stock on the date of grant, reduced by the present value of dividends expected to be paid on the Company’s common stock prior to vesting. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. The weighted-average fair value of RSUs and other awards granted was $58.04 and $51.01 per share for the three months ended March 28, 2020 and March 30, 2019 , respectively, and $49.55 and $54.04 per share for the nine months ended March 28, 2020 and March 30, 2019 , respectively. The following table summarizes the outstanding and expected to vest RSUs and other awards as of March 28, 2020 and related activity during the nine months ended March 28, 2020 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 29, 2019 4,918,306 Restricted stock units and other awards granted 1,780,422 Restricted stock units and other awards released (1,337,151 ) Restricted stock units and other awards cancelled (386,970 ) Balance at March 28, 2020 4,974,607 2.7 $ 236,592,309 Outstanding and expected to vest, March 28, 2020 4,176,812 2.6 $ 198,649,169 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020. The Company withheld shares totaling $11.6 million and $29.1 million in value as a result of employee withholding taxes based on the value of RSUs on their vesting date for the three and nine months ended March 28, 2020 . Total payments for employees’ tax obligations to taxing authorities are reflected as financing activities within the Condensed Consolidated Statements of Cash Flows. As of March 28, 2020 , there was $165.8 million of unrecognized compensation expense related to 5.0 million unvested RSUs and other awards, which is expected to be recognized over a weighted average period of approximately 2.7 years . Market Stock Units (MSUs) The Company grants MSUs to senior members of management in lieu of granting stock options. For MSUs granted prior to September 2017, the performance metrics of this program are based on relative performance of the Company’s stock price as compared to the Semiconductor Exchange Traded Fund index SPDR S&P (the “XSD”). For MSUs granted in September 2017 and after, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD. The fair value of MSUs is estimated using a Monte Carlo simulation model on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. Compensation expense is recognized based on the initial valuation and is not subsequently adjusted as a result of the Company’s performance relative to that of the XSD or the TSR of the companies included in the XSD, as applicable. Vesting for MSUs is contingent upon both service and market conditions and has a four-year vesting cliff period. MSUs granted after August 2017 vest based upon annual performance and are subject to continued service through the end of the four-year period but will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. The weighted-average fair value of MSUs granted was $54.70 and $75.48 per share for the nine months ended March 28, 2020 and March 30, 2019 , respectively. The following table summarizes the number of MSUs outstanding and expected to vest as of March 28, 2020 and their activity during the nine months ended March 28, 2020 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (150,970 ) Balance at March 28, 2020 973,572 2.6 $ 46,303,084 Outstanding and expected to vest, March 28, 2020 338,860 2.5 $ 16,116.163 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 28, 2020. As of March 28, 2020 , there was $29.0 million of unrecognized compensation expense related to 1.0 million unvested MSUs, which is expected to be recognized over a weighted average period of approximately 2.6 years . Employee Stock Purchase Plan Employees are granted rights to acquire common stock under the 2008 ESPP. The fair value of 2008 ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 1.6% - 2.3% 2.4% - 2.6% 1.6% - 2.7% 1.6% - 2.6% Expected stock price volatility 28.4% - 29.5% 27.5% - 28.9% 28.4% - 31.3% 19.6% - 32.7% Dividend yield 3.3% - 3.4% 2.8% - 3.1% 3.1% - 3.4% 2.8% - 3.1% As of March 28, 2020 and March 30, 2019 , there was $6.9 million and $5.3 million , respectively, of unrecognized compensation expense related to the 2008 ESPP. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and other awards as well as MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, March 30, (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 161,190 $ 130,613 $ 447,396 $ 459,928 Denominator for basic earnings per share 269,003 273,221 270,241 275,831 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 2,576 3,389 2,946 3,849 Denominator for diluted earnings per share 271,579 276,610 273,187 279,680 Earnings per share Basic $ 0.60 $ 0.48 $ 1.66 $ 1.67 Diluted $ 0.59 $ 0.47 $ 1.64 $ 1.64 For the three and nine months ended March 28, 2020 and March 30, 2019 |
Segment Information
Segment Information | 9 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | SEGMENT INFORMATION The Company designs, develops, manufactures and markets a broad range of linear and mixed signal integrated circuits. All of the Company's products are designed through a centralized R&D function, manufactured using centralized manufacturing (internal and external), and sold through a centralized sales force and shared wholesale distributors. one operating segment and reportable segment. In accordance with ASC No. 280, Segment Reporting (“ASC 280” ) , the Company considers operating segments to be components of the Company’s business for which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. The Chief Operating Decision Maker for the Company was assessed and determined to be the CEO. The CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it has a single operating and reportable segment. Enterprise-wide information is provided in accordance with ASC 280. Geographical revenue information is based on customers’ ship-to location. Long-lived assets consist of property, plant and equipment. Property, plant and equipment information is based on the physical location of the assets at the end of each fiscal year. Net revenues from unaffiliated customers by geographic region were as follows: Three Months Ended Nine Months Ended March 28, March 30, March 28, March 30, (in thousands) United States $ 61,681 $ 63,970 $ 176,388 $ 200,944 China 195,560 183,753 609,958 611,768 Rest of Asia 184,635 176,396 518,114 583,616 Europe 105,535 104,124 299,728 316,155 Rest of World 14,505 14,140 41,838 45,301 $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 Net long-lived assets by geographic region were as follows: March 28, June 29, (in thousands) United States $ 368,813 $ 379,308 Philippines 96,013 102,634 Rest of World 99,810 95,780 $ 564,636 $ 577,722 |
Comprehensive Income Loss
Comprehensive Income Loss | 9 Months Ended |
Mar. 28, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income [Text Block] | COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component and related tax effects in the nine months ended March 28, 2020 and March 30, 2019 were as follows: (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 29, 2019 $ (6,280 ) $ (4,322 ) $ (1,136 ) $ 425 $ (41 ) $ (11,354 ) Other comprehensive income (loss) before reclassifications — — — (2,258 ) (268 ) (2,526 ) Amounts reclassified out of accumulated other comprehensive (income) loss — 357 — 662 — 1,019 Tax effects — (62 ) — 264 10 212 Other comprehensive income (loss), net — 295 — (1,332 ) (258 ) (1,295 ) March 28, 2020 $ (6,280 ) $ (4,027 ) $ (1,136 ) $ (907 ) $ (299 ) $ (12,649 ) (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Other comprehensive income (loss) before reclassifications — — — (783 ) 3,247 2,464 Amounts reclassified out of accumulated other comprehensive (income) loss — 292 — 2,191 — 2,483 Tax effects — (60 ) — (241 ) (131 ) (432 ) Other comprehensive income (loss), net — 232 — 1,167 3,116 4,515 March 30, 2019 $ (6,280 ) $ (2,284 ) $ (1,136 ) $ (216 ) $ (554 ) $ (10,470 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES In the three and nine months ended March 28, 2020 the Company recorded an income tax provision of $20.5 million and $61.2 million , respectively, compared to $29.8 million and $116.8 million for the three and nine months ended March 30, 2019 , respectively. The Company’s effective tax rate for the three and nine months ended March 28, 2020 was 11.3% and 12.0% , respectively, compared to 18.6% and 20.3% for the three and nine months ended March 30, 2019 , respectively. On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), was enacted. The Act included a one-time tax on accumulated unremitted earnings of the Company's foreign subsidiaries (“Transition Tax”). SEC Staff Accounting Bulletin No. 118 allowed the use of provisional amounts (reasonable estimates) if accounting for the income tax effects of the Act was not completed. Provisional amounts must be adjusted within a one-year measurement period from the enactment date of the Act. In the second quarter of fiscal year 2018, the Company recorded a discrete $236.9 million provisional Transition Tax charge. During the measurement period, the Company gathered additional information and analyzed available guidance to more precisely compute the amount of the Transition Tax. In the second quarter of fiscal year 2019, the Company completed this work and recorded a discrete $22.1 million measurement period adjustment for the Transition Tax, which increased the Company’s effective tax rate for the nine months ended March 30, 2019 by 3.8% . As of the end of the second quarter of fiscal year 2019, the accounting for income tax effects of the Act was completed. The Company’s federal statutory tax rate is 21% . The Company’s effective tax rate for the three and nine months ended March 28, 2020 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by U.S. tax expense related to Global Intangible Low-Taxed Income (“GILTI”). The Company’s effective tax rate for the three months ended March 30, 2019 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by tax generated by the GILTI provisions, a $4.1 million discrete charge for differences between the Company's fiscal year 2018 tax returns and the tax provision originally recorded, and $5.7 million of discrete interest accruals for unrecognized tax benefits. The Company’s effective tax rate for the nine months ended March 30, 2019 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by a $21.0 million discrete charge for the Transition Tax, tax generated by the GILTI provisions, $15.1 million of discrete interest accruals for unrecognized tax benefits, and $4.8 million of discrete charges for differences between the Company's fiscal year 2018 tax returns and the tax provision originally recorded. 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, including accrued interest and penalties, could decrease up to $57.0 million within the next twelve months due to the completion of federal tax audits, including any administrative appeals. The $57.0 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”). 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. In fiscal year 2020 the IRS commenced an audit of the Company's federal corporate income tax returns for fiscal years 2015 through 2017, which is ongoing. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 28, 2020 | |
Product Warranties Disclosures [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party or subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business, including proceedings and claims that relate to intellectual property matters. While the outcome of these matters cannot be predicted with certainty, the Company does not believe that the outcome of any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized or reserved, if any. Indemnification The Company indemnifies certain customers, distributors, suppliers and subcontractors for attorney fees, damages and costs awarded against such parties in certain circumstances in which the Company's products are alleged to infringe third party intellectual property rights, including patents, registered trademarks or copyrights. The terms of the Company's indemnification obligations are generally perpetual from the effective date of the agreement. In certain cases, there are limits on and exceptions to the Company's potential liability for indemnification relating to intellectual property infringement claims. Pursuant to the Company's charter documents and separate written indemnification agreements, the Company has certain indemnification obligations to its current officers, employees and directors, as well as certain former officers and directors. |
Common Stock Repurchases
Common Stock Repurchases | 9 Months Ended |
Mar. 28, 2020 | |
Common Stock Repurchases [Abstract] | |
Common Stock Repurchases [Text Block] | COMMON STOCK REPURCHASES On October 30, 2018, the Board of Directors of the Company authorized the repurchase of up to $ 1.5 billion of the Company’s common stock. The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as current stock price, levels of cash generated from operations, cash requirements, and other factors. All prior repurchase authorizations by the Company’s Board of Directors for the repurchase of common stock were cancelled and superseded by this repurchase authorization. During the nine months ended March 28, 2020 , the Company repurchased approximately 6.3 million shares of its common stock for $358.5 million . As of March 28, 2020 , the Company had remaining authorization of $0.8 billion for future share repurchases. The number of shares to be repurchased and the timing of such repurchases will be based on several factors, including the price of the Company’s common stock and general market and business conditions. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Mar. 28, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | LEASES The Company's lease obligations consist of operating leases for domestic and international office facilities, data centers, and equipment. These leases expire at various dates through fiscal year 2031. For the three and nine months ended March 28, 2020 , the Company recorded operating lease expense of $2.3 million and $7.0 million , respectively. Leases are included in the following Condensed Consolidated Balance Sheet lines: March 28, 2020 (in thousands) Other assets $ 54,355 Accrued expenses $ 10,233 Other liabilities $ 48,101 Future minimum lease payments under non-cancelable operating leases as of March 28, 2020 are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 3,190 2021 11,805 2022 10,693 2023 9,444 2024 8,231 Thereafter 21,935 Total 65,298 Less imputed interest 7,102 Total $ 58,196 Future minimum lease payments under non-cancelable operating leases as of March 30, 2019 , based on the previous lease standard, are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2019 $ 2,664 2020 9,544 2021 9,003 2022 8,433 2023 7,262 Thereafter 20,484 Total $ 57,390 Other information related to leases as of March 28, 2020 are as follows: Nine Months Ended March 28, 2020 Supplemental cash flow information Operating cash flows used for operating leases, in thousands $ 8,759 Weighted-average remaining lease term - operating leases, in years 7 Weighted-average discount rate - operating leases 3.43 % |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | GOODWILL AND INTANGIBLE ASSETS Goodwill The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable. There were no changes to goodwill during the nine months ended March 28, 2020 . No indicators or instances of impairment were identified during the nine months and fiscal year ended March 28, 2020 and June 29, 2019 , respectively. Intangible Assets Intangible assets consisted of the following: March 28, 2020 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 454,890 $ 35,246 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 107,916 8,589 116,505 105,901 10,604 Trade name 9,974 9,167 807 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 574,473 44,642 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 574,473 $ 44,642 $ 619,115 $ 562,873 $ 56,242 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 28, March 30, March 28, March 30, (in thousands) Cost of goods sold $ 3,111 $ 5,368 $ 9,332 $ 19,151 Intangible asset amortization 756 756 2,268 2,285 Total intangible asset amortization expenses $ 3,867 $ 6,124 $ 11,600 $ 21,436 The following table represents the estimated future amortization expense of intangible assets as of March 28, 2020 : Amount Fiscal Year (in thousands) Remainder of 2020 $ 3,866 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 44,642 |
Restructuring Activities (Notes
Restructuring Activities (Notes) | 9 Months Ended |
Mar. 28, 2020 | |
Restructuring and Related Activities [Abstract] | |
Subsequent Events [Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Mar. 28, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company's lease obligations consist of operating leases for domestic and international office facilities, data centers, and equipment. These leases expire at various dates through fiscal year 2031. For the three and nine months ended March 28, 2020 , the Company recorded operating lease expense of $2.3 million and $7.0 million , respectively. Leases are included in the following Condensed Consolidated Balance Sheet lines: March 28, 2020 (in thousands) Other assets $ 54,355 Accrued expenses $ 10,233 Other liabilities $ 48,101 Future minimum lease payments under non-cancelable operating leases as of March 28, 2020 are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 3,190 2021 11,805 2022 10,693 2023 9,444 2024 8,231 Thereafter 21,935 Total 65,298 Less imputed interest 7,102 Total $ 58,196 Future minimum lease payments under non-cancelable operating leases as of March 30, 2019 , based on the previous lease standard, are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2019 $ 2,664 2020 9,544 2021 9,003 2022 8,433 2023 7,262 Thereafter 20,484 Total $ 57,390 Other information related to leases as of March 28, 2020 are as follows: Nine Months Ended March 28, 2020 Supplemental cash flow information Operating cash flows used for operating leases, in thousands $ 8,759 Weighted-average remaining lease term - operating leases, in years 7 Weighted-average discount rate - operating leases 3.43 % |
Disaggregated Revenue (Notes)
Disaggregated Revenue (Notes) | 9 Months Ended |
Mar. 28, 2020 | |
Disaggregated Revenue [Abstract] | |
Disaggregated Revenue [Text Block] | DISAGGREGATION OF REVENUE The following table summarizes net revenue disaggregated by end market. The Company classifies end market revenue by using estimates and assumptions based on historical experience and knowledge of current conditions, given available information. Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) Automotive $ 157,336 28 % $ 151,867 28 % $ 444,535 27 % $ 448,717 26 % Communications and Data Center 134,860 24 % 103,053 19 % 368,394 22 % 352,518 20 % Consumer 101,145 18 % 124,748 23 % 339,289 21 % 422,829 24 % Industrial 168,575 30 % 162,715 30 % 493,808 30 % 533,720 30 % $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 The following table summarizes net revenue disaggregated by sales channel: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) Distributors $ 290,848 52 % $ 234,561 43 % $ 838,676 51 % $ 784,652 45 % Direct customers 271,068 48 % 307,822 57 % 807,350 49 % 973,132 55 % $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: March 28, June 29, (in thousands) Raw materials $ 14,525 $ 16,121 Work-in-process 148,670 160,273 Finished goods 57,491 70,118 Total inventories $ 220,686 $ 246,512 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consist of: March 28, June 29, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 314,323 265,191 Machinery, equipment and software 1,334,875 1,367,606 Total 1,666,918 1,650,517 Less: accumulated depreciation (1,102,282 ) (1,072,795 ) Total property, plant and equipment, net $ 564,636 $ 577,722 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued salary and related expenses consist of: March 28, June 29, (in thousands) Accrued vacation $ 28,449 $ 30,250 Accrued bonus 51,565 71,466 Accrued salaries 14,161 8,329 Accrued fringe benefits 5,262 4,807 Other 22,783 3,782 Total accrued salary and related expenses $ 122,220 $ 118,634 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis were as follows: March 28, 2020 June 29, 2019 Fair Value Measurements Using Total Fair Value Measurements Using Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 245,470 $ — $ — $ 245,470 $ 186,819 $ — $ — $ 186,819 Short-term investments Certificates of deposit — — — — — 1,000 — 1,000 Corporate debt securities — 47,109 — 47,109 — 139,990 — 139,990 Other current assets Foreign currency forward contracts — 580 — 580 — 651 — 651 Total assets $ 245,470 $ 47,689 $ — $ 293,159 $ 186,819 $ 141,641 $ — $ 328,460 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 1,297 $ — $ 1,297 $ — $ 148 $ — $ 148 Contingent consideration — — — — — — 9,052 9,052 Total Liabilities $ — $ 1,297 $ — $ 1,297 $ — $ 148 $ 9,052 $ 9,200 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 561,916 $ 195,479 $ 183,090 $ 542,383 $ 201,552 $ 183,691 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 76 $ (94 ) $ 6 $ 261 $ (79 ) Nine Months Ended Nine Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 1,646,026 $ 575,742 $ 561,877 $ 1,757,784 $ 613,669 $ 570,588 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 206 $ (868 ) $ 50 $ (335 ) $ (1,906 ) |
Available-for-sale investments [Table Text Block] | Fair values were as follows: March 28, 2020 June 29, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value (in thousands) Available-for-sale investments Certificates of deposit $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 47,408 31 (330 ) 47,109 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 47,408 $ 31 $ (330 ) $ 47,109 $ 141,031 $ 68 $ (109 ) $ 140,990 |
Schedule of long-term debt [Table Text Block] | The following table summarizes the Company’s outstanding debt obligations: March 28, 2020 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (6,337 ) (7,416 ) Total long-term debt $ 993,663 $ 992,584 |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: March 28, 2020 June 29, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value (in thousands) Available-for-sale investments Certificates of deposit $ — $ — $ — $ — $ 1,000 $ — $ — $ 1,000 Corporate debt securities 47,408 31 (330 ) 47,109 140,031 68 (109 ) 139,990 Total available-for-sale investments $ 47,408 $ 31 $ (330 ) $ 47,109 $ 141,031 $ 68 $ (109 ) $ 140,990 In the three and nine months ended March 28, 2020 and March 30, 2019 , the Company did not recognize any impairment charges on short-term investments. All available-for-sale investments have maturity dates between April 6, 2020 and March 12, 2021. The Company invests in various financial instruments including corporate debt securities, commercial paper, and certificates of deposit which include instruments issued or managed by industrial, financial, and utility institutions and U.S. Treasury securities which include U.S. government Treasury bills and Treasury notes. Derivative instruments and hedging activities The Company incurs expenditures denominated in non-U.S. currencies, primarily the Philippine Peso and the Thai Baht associated with the Company's manufacturing activities in the Philippines and Thailand, respectively, and the European Euro, Indian Rupee, Japanese Yen, Taiwan New Dollar, South Korean Won, Chinese Yuan and Canadian Dollar, for sales offices and research and development activities undertaken outside of the U.S. The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. The Company does not use these foreign currency forward contracts for trading purposes. Derivatives designated as cash flow hedging instruments The Company designates certain forward contracts as hedging instruments pursuant to Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). As of March 28, 2020 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $41.4 million and $48.5 million , respectively. As of March 28, 2020 and June 29, 2019 , the Company did not hold any forward contracts to sell international currencies. Derivatives not designated as hedging instruments As of March 28, 2020 and June 29, 2019 , the notional amounts of the forward contracts the Company held to purchase international currencies were $39.7 million and $19.6 million , respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $11.8 million and $21.1 million , respectively. The increase in forward contracts held to purchase international currencies from fiscal year 2019 to fiscal year 2020 was primarily due to the addition of operating lease liabilities, which were recorded on the Company’s Consolidated Balance Sheet upon adoption of the new lease accounting standard, Topic 842. The Company's foreign currency forward contract gains or losses included in the Condensed Consolidated Statements of Income were not material for the three and nine months ended March 28, 2020 and March 30, 2019 , respectively. Effect of hedge accounting on the Condensed Consolidated Statements of Income The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended Three Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 561,916 $ 195,479 $ 183,090 $ 542,383 $ 201,552 $ 183,691 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 76 $ (94 ) $ 6 $ 261 $ (79 ) Nine Months Ended Nine Months Ended March 28, 2020 March 30, 2019 Net Revenue Cost of Goods Sold Operating Expenses Net Revenue Cost of Goods Sold Operating Expenses (in thousands) Income and expenses line items in which the effects of cash flow hedges are recorded $ 1,646,026 $ 575,742 $ 561,877 $ 1,757,784 $ 613,669 $ 570,588 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 206 $ (868 ) $ 50 $ (335 ) $ (1,906 ) Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: March 28, 2020 June 29, 2019 (in thousands) 3.45% fixed rate notes due June 2027 $ 500,000 $ 500,000 3.375% fixed rate notes due March 2023 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (6,337 ) (7,416 ) Total long-term debt $ 993,663 $ 992,584 On June 15, 2017, the Company completed a public offering of $500 million aggregate principal amount of the Company's 3.45% senior unsecured and unsubordinated notes due in June 2027 (“2027 Notes”), with an effective interest rate of 3.5% . Interest on the 2027 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. The net proceeds of this offering were approximately $495.2 million , after issuing at a discount and deducting paid expenses. On November 21, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 2.5% coupon senior unsecured and unsubordinated notes due in November 2018 (“2018 Notes”), with an effective interest rate of 2.6%. Interest on the 2018 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2014. The net proceeds of this offering were approximately $494.5 million , after issuing at a discount and deducting paid expenses. In November of 2018, the Company repaid the entire $500 million in principal and any outstanding interest, related to these outstanding notes. On March 18, 2013, the Company completed a public offering of $500 million aggregate principal amount of the Company’s 3.375% senior unsecured and unsubordinated notes due in March 2023 (“2023 Notes”), with an effective interest rate of 3.5% . Interest on the 2023 Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of this offering were approximately $490.0 million , after issuing at a discount and deducting paid expenses. The debt indentures that govern the 2027 Notes and the 2023 Notes include covenants that limit the Company's ability to grant liens on its facilities and to enter into sale and leaseback transactions, which could limit the Company's ability to secure additional debt funding in the future. In circumstances involving a change of control of the Company followed by a downgrade of the rating of the 2027 Notes or the 2023 Notes, the Company would be required to make an offer to repurchase the affected notes at a purchase price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest. The Company accounts for all the notes above based on their amortized cost. The discount and expenses are being amortized to Interest and other income (expense), net in the Condensed Consolidated Statements of Income over the life of the notes. The interest expense is recorded in Interest and other income (expense), net in the Condensed Consolidated Statements of Income. Amortized discount and expenses, as well as interest expense associated with the notes, were $8.9 million and $8.9 million during the three months ended March 28, 2020 and March 30, 2019 , respectively. Amortized discount and expenses, as well as interest expense associated with the notes, were $26.7 million and $32.5 million , respectively, during the nine months ended March 28, 2020 and March 30, 2019 . The estimated fair value of the Company’s outstanding debt obligations was approximately $1.0 billion as of March 28, 2020 . The estimated fair value of the debt is based primarily on observable market inputs and is a Level 2 measurement. The Company recorded interest expense of $9.3 million and $9.3 million during the three months ended March 28, 2020 , and March 30, 2019 , respectively. The Company recorded interest expense of $27.9 million and $33.9 million during the nine months ended March 28, 2020 , and March 30, 2019 , respectively. Other Financial Instruments |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three and nine months ended March 28, 2020 and March 30, 2019 , respectively: Three Months Ended Three Months Ended March 28, 2020 March 30, 2019 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 10 $ 2,363 $ 726 $ 3,099 $ 8 $ 1,951 $ 654 $ 2,613 Research and development 4 9,719 1,628 11,351 5 9,399 1,658 11,062 Selling, general and administrative 72 8,037 844 8,953 64 8,184 897 9,145 Pre-tax stock-based compensation expense $ 86 $ 20,119 $ 3,198 $ 23,403 $ 77 $ 19,534 $ 3,209 $ 22,820 Less: income tax effect 1,969 1,946 Net stock-based compensation expense $ 21,434 $ 20,874 Nine Months Ended Nine Months Ended March 28, 2020 March 30, 2019 Stock Options Restricted Stock Units Employee Stock Purchase Plan Total Stock Options Restricted Stock Units Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 23 $ 6,912 $ 2,094 $ 9,029 $ 28 $ 5,597 $ 1,656 $ 7,281 Research and development 12 29,122 4,537 33,671 27 26,783 3,948 30,758 Selling, general and administrative 194 26,744 2,503 29,441 178 24,600 2,156 26,934 Pre-tax stock-based compensation expense $ 229 $ 62,778 $ 9,134 $ 72,141 $ 233 $ 56,980 $ 7,760 $ 64,973 Less: income tax effect 7,050 6,214 Net stock-based compensation expense $ 65,091 $ 58,759 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of March 28, 2020 and related activity for the nine months ended March 28, 2020 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 29, 2019 777,413 $ 28.30 Options Granted — — Options Exercised (574,949 ) 27.42 Options Cancelled (16,575 ) 27.30 Balance at March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 Exercisable, March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 Vested and expected to vest, March 28, 2020 185,889 $ 28.21 1.0 $ 3,596,648 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of March 28, 2020. |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the outstanding and expected to vest RSUs and other awards as of March 28, 2020 and related activity during the nine months ended March 28, 2020 : Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 29, 2019 4,918,306 Restricted stock units and other awards granted 1,780,422 Restricted stock units and other awards released (1,337,151 ) Restricted stock units and other awards cancelled (386,970 ) Balance at March 28, 2020 4,974,607 2.7 $ 236,592,309 Outstanding and expected to vest, March 28, 2020 4,176,812 2.6 $ 198,649,169 (1) Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020. |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the number of MSUs outstanding and expected to vest as of March 28, 2020 and their activity during the nine months ended March 28, 2020 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (150,970 ) Balance at March 28, 2020 973,572 2.6 $ 46,303,084 Outstanding and expected to vest, March 28, 2020 338,860 2.5 $ 16,116.163 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 28, 2020. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The fair value of 2008 ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 1.6% - 2.3% 2.4% - 2.6% 1.6% - 2.7% 1.6% - 2.6% Expected stock price volatility 28.4% - 29.5% 27.5% - 28.9% 28.4% - 31.3% 19.6% - 32.7% Dividend yield 3.3% - 3.4% 2.8% - 3.1% 3.1% - 3.4% 2.8% - 3.1% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, March 30, (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 161,190 $ 130,613 $ 447,396 $ 459,928 Denominator for basic earnings per share 269,003 273,221 270,241 275,831 Effect of dilutive securities: Stock options, ESPP, RSUs, and MSUs 2,576 3,389 2,946 3,849 Denominator for diluted earnings per share 271,579 276,610 273,187 279,680 Earnings per share Basic $ 0.60 $ 0.48 $ 1.66 $ 1.67 Diluted $ 0.59 $ 0.47 $ 1.64 $ 1.64 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers by Geographical Areas [Table Text Block] | Net revenues from unaffiliated customers by geographic region were as follows: Three Months Ended Nine Months Ended March 28, March 30, March 28, March 30, (in thousands) United States $ 61,681 $ 63,970 $ 176,388 $ 200,944 China 195,560 183,753 609,958 611,768 Rest of Asia 184,635 176,396 518,114 583,616 Europe 105,535 104,124 299,728 316,155 Rest of World 14,505 14,140 41,838 45,301 $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 |
Schedule of Long Lived Assets by Geographical Areas [Table Text Block] | Net long-lived assets by geographic region were as follows: March 28, June 29, (in thousands) United States $ 368,813 $ 379,308 Philippines 96,013 102,634 Rest of World 99,810 95,780 $ 564,636 $ 577,722 |
Comprehensive Income Loss (Tabl
Comprehensive Income Loss (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component and related tax effects in the nine months ended March 28, 2020 and March 30, 2019 were as follows: (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 29, 2019 $ (6,280 ) $ (4,322 ) $ (1,136 ) $ 425 $ (41 ) $ (11,354 ) Other comprehensive income (loss) before reclassifications — — — (2,258 ) (268 ) (2,526 ) Amounts reclassified out of accumulated other comprehensive (income) loss — 357 — 662 — 1,019 Tax effects — (62 ) — 264 10 212 Other comprehensive income (loss), net — 295 — (1,332 ) (258 ) (1,295 ) March 28, 2020 $ (6,280 ) $ (4,027 ) $ (1,136 ) $ (907 ) $ (299 ) $ (12,649 ) (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Other comprehensive income (loss) before reclassifications — — — (783 ) 3,247 2,464 Amounts reclassified out of accumulated other comprehensive (income) loss — 292 — 2,191 — 2,483 Tax effects — (60 ) — (241 ) (131 ) (432 ) Other comprehensive income (loss), net — 232 — 1,167 3,116 4,515 March 30, 2019 $ (6,280 ) $ (2,284 ) $ (1,136 ) $ (216 ) $ (554 ) $ (10,470 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive income (loss) by component and related tax effects in the nine months ended March 28, 2020 and March 30, 2019 were as follows: (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 29, 2019 $ (6,280 ) $ (4,322 ) $ (1,136 ) $ 425 $ (41 ) $ (11,354 ) Other comprehensive income (loss) before reclassifications — — — (2,258 ) (268 ) (2,526 ) Amounts reclassified out of accumulated other comprehensive (income) loss — 357 — 662 — 1,019 Tax effects — (62 ) — 264 10 212 Other comprehensive income (loss), net — 295 — (1,332 ) (258 ) (1,295 ) March 28, 2020 $ (6,280 ) $ (4,027 ) $ (1,136 ) $ (907 ) $ (299 ) $ (12,649 ) (in thousands) Unrealized Gains and (Losses) on Intercompany Receivables Unrealized Gains and (Losses) on Post-Retirement Benefits Cumulative Translation Adjustment Unrealized Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available-For-Sale Securities Total June 30, 2018 $ (6,280 ) $ (2,516 ) $ (1,136 ) $ (1,383 ) $ (3,670 ) $ (14,985 ) Other comprehensive income (loss) before reclassifications — — — (783 ) 3,247 2,464 Amounts reclassified out of accumulated other comprehensive (income) loss — 292 — 2,191 — 2,483 Tax effects — (60 ) — (241 ) (131 ) (432 ) Other comprehensive income (loss), net — 232 — 1,167 3,116 4,515 March 30, 2019 $ (6,280 ) $ (2,284 ) $ (1,136 ) $ (216 ) $ (554 ) $ (10,470 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill [Line Items] | ||
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS Goodwill The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable. There were no changes to goodwill during the nine months ended March 28, 2020 . No indicators or instances of impairment were identified during the nine months and fiscal year ended March 28, 2020 and June 29, 2019 , respectively. Intangible Assets Intangible assets consisted of the following: March 28, 2020 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 454,890 $ 35,246 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 107,916 8,589 116,505 105,901 10,604 Trade name 9,974 9,167 807 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 574,473 44,642 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 574,473 $ 44,642 $ 619,115 $ 562,873 $ 56,242 The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 28, March 30, March 28, March 30, (in thousands) Cost of goods sold $ 3,111 $ 5,368 $ 9,332 $ 19,151 Intangible asset amortization 756 756 2,268 2,285 Total intangible asset amortization expenses $ 3,867 $ 6,124 $ 11,600 $ 21,436 The following table represents the estimated future amortization expense of intangible assets as of March 28, 2020 : Amount Fiscal Year (in thousands) Remainder of 2020 $ 3,866 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 44,642 | |
Schedule of intangible assets [Table Text Block] | Intangible assets consisted of the following: March 28, 2020 June 29, 2019 Original Cost Accumulated Amortization Net Original Cost Accumulated Amortization Net (in thousands) Intellectual property $ 490,136 $ 454,890 $ 35,246 $ 487,346 $ 445,558 $ 41,788 Customer relationships 116,505 107,916 8,589 116,505 105,901 10,604 Trade name 9,974 9,167 807 9,974 8,914 1,060 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 619,115 574,473 44,642 616,325 562,873 53,452 In-process research & development (IPR&D) — — — 2,790 — 2,790 Total purchased intangible assets $ 619,115 $ 574,473 $ 44,642 $ 619,115 $ 562,873 $ 56,242 | |
Schedule of amortization expense allocation of intangible assets [Table Text Block] | The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Nine Months Ended March 28, March 30, March 28, March 30, (in thousands) Cost of goods sold $ 3,111 $ 5,368 $ 9,332 $ 19,151 Intangible asset amortization 756 756 2,268 2,285 Total intangible asset amortization expenses $ 3,867 $ 6,124 $ 11,600 $ 21,436 | |
Estimated future amortization expense of intangible assets [Table Text Block] | The following table represents the estimated future amortization expense of intangible assets as of March 28, 2020 : Amount Fiscal Year (in thousands) Remainder of 2020 $ 3,866 2021 13,767 2022 8,088 2023 7,604 2024 4,628 Thereafter 6,689 Total intangible assets $ 44,642 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Balance Sheet Items Related to Leases [Abstract] | ||
Balance sheet items related to leases [Table Text Block] | March 28, 2020 (in thousands) Other assets $ 54,355 Accrued expenses $ 10,233 Other liabilities $ 48,101 | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 3,190 2021 11,805 2022 10,693 2023 9,444 2024 8,231 Thereafter 21,935 Total 65,298 Less imputed interest 7,102 Total $ 58,196 | Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2019 $ 2,664 2020 9,544 2021 9,003 2022 8,433 2023 7,262 Thereafter 20,484 Total $ 57,390 |
Disaggregated Revenue (Tables)
Disaggregated Revenue (Tables) | 9 Months Ended |
Mar. 28, 2020 | |
Disaggregated Revenue [Abstract] | |
Disaggregated Revenue by End Market [Table Text Block] | The following table summarizes net revenue disaggregated by end market. The Company classifies end market revenue by using estimates and assumptions based on historical experience and knowledge of current conditions, given available information. Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) Automotive $ 157,336 28 % $ 151,867 28 % $ 444,535 27 % $ 448,717 26 % Communications and Data Center 134,860 24 % 103,053 19 % 368,394 22 % 352,518 20 % Consumer 101,145 18 % 124,748 23 % 339,289 21 % 422,829 24 % Industrial 168,575 30 % 162,715 30 % 493,808 30 % 533,720 30 % $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 |
Disaggregated Revenue by Sales Channel [Table Text Block] | The following table summarizes net revenue disaggregated by sales channel: Three Months Ended Nine Months Ended March 28, 2020 March 30, 2019 March 28, 2020 March 30, 2019 Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) Distributors $ 290,848 52 % $ 234,561 43 % $ 838,676 51 % $ 784,652 45 % Direct customers 271,068 48 % 307,822 57 % 807,350 49 % 973,132 55 % $ 561,916 $ 542,383 $ 1,646,026 $ 1,757,784 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 378,273 | $ 360,016 | |
Cash flow from operating activities operating activities | 588,526 | $ 638,373 | |
Price adjustment and other revenue reserves | $ 111,235 | $ 100,490 |
Recently Issued Accounting Pr_3
Recently Issued Accounting Pronouncements Adjustments for New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Jun. 30, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 54,355 | $ 61,000 |
Operating Lease, Liability | $ 58,196 | 65,200 |
Deferred Rent Credit, Noncurrent | $ 4,200 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Jun. 29, 2019 |
Inventories: | ||
Raw materials | $ 14,525 | $ 16,121 |
Work-in-process | 148,670 | 160,273 |
Finished goods | 57,491 | 70,118 |
Inventory, net | 220,686 | 246,512 |
Property, plant and equipment: | ||
Land | 17,720 | 17,720 |
Buildings and building improvements | 314,323 | 265,191 |
Machinery and equipment | 1,334,875 | 1,367,606 |
Property, plant and equipment, gross | 1,666,918 | 1,650,517 |
Less: accumulated depreciation and amortization | (1,102,282) | (1,072,795) |
Property, plant and equipment, net | 564,636 | 577,722 |
Employee-related Liabilities, Current [Abstract] | ||
Accrued Vacation | 28,449 | 30,250 |
Accrued Bonuses | 51,565 | 71,466 |
Accrued Salaries | 14,161 | 8,329 |
Accrued Employee Benefits | 5,262 | 4,807 |
Other | 22,783 | 3,782 |
Accrued salary and related expenses | $ 122,220 | $ 118,634 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Document Period End Date | Mar. 28, 2020 | |||||
Interest Expense | $ 9,300 | $ 9,300 | $ 27,900 | $ 33,900 | ||
Unrealized Gain (Loss) on Securities | (400) | 200 | 500 | (200) | ||
Cost Method Investments | 20,500 | 20,500 | $ 20,700 | |||
Accumulated gains or losses on private company investments | (3,400) | (3,400) | 3,600 | |||
Impairment of long-lived assets | 0 | 0 | 0 | 753 | ||
Interest Expense, Debt | 8,900 | 8,900 | 26,700 | 32,500 | ||
Cash and cash equivalents | 1,638,667 | $ 1,654,563 | 1,638,667 | $ 1,654,563 | 1,757,342 | $ 1,543,484 |
Available-for-sale Securities | 140,990 | |||||
Business Combination, Contingent Consideration, Liability | 9,052 | |||||
Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Assets | 293,159 | 293,159 | 328,460 | |||
Total Liabilities | 1,297 | 1,297 | 9,200 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Assets | 245,470 | 245,470 | 186,819 | |||
Total Liabilities | 0 | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Assets | 47,689 | 47,689 | 141,641 | |||
Total Liabilities | 1,297 | 1,297 | 148 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total Assets | 0 | 0 | 0 | |||
Total Liabilities | 0 | 0 | 9,052 | |||
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and Cash Equivalents, Fair Value Disclosure | 245,470 | 245,470 | 186,819 | |||
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 245,470 | 245,470 | 186,819 | |||
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | |||||
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | |||||
Corporate debt securities | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale Securities | 47,109 | 47,109 | 139,990 | |||
Corporate debt securities | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale Securities | 47,109 | 47,109 | 139,990 | |||
Foreign Exchange Forward [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign currency forward contracts | 580 | 580 | 651 | |||
Foreign currency forward contracts | 1,297 | 1,297 | 148 | |||
Foreign Exchange Forward [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign currency forward contracts | 0 | |||||
Foreign currency forward contracts | 0 | 0 | 0 | |||
Foreign Exchange Forward [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign currency forward contracts | 580 | 580 | 651 | |||
Foreign currency forward contracts | 1,297 | 1,297 | 148 | |||
Foreign Exchange Forward [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign currency forward contracts | 0 | |||||
Foreign currency forward contracts | 0 | 0 | 0 | |||
Accrued Liabilities [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 9,052 | |||
Accrued Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||||
Certificates of deposit | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale Securities | 0 | 0 | 1,000 | |||
Certificates of deposit | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale Securities | $ 0 | $ 0 | $ 1,000 |
Fair Value Measurements Private
Fair Value Measurements Private Company Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Cost Method Investments | $ 20.5 | $ 20.5 | $ 20.7 | ||
Accumulated gains or losses on private company investments | (3.4) | (3.4) | $ 3.6 | ||
Unrealized Gain (Loss) on Securities | $ (0.4) | $ 0.2 | $ 0.5 | $ (0.2) |
Financial Instruments, Short-te
Financial Instruments, Short-term Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 28, 2020 | Jun. 29, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 28, 2020 | |
Debt Securities, Available-for-sale [Abstract] | ||
Estimated Fair Value | $ 140,990 | |
Debt Securities, Available-for-sale, Amortized Cost | $ 47,408 | 141,031 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 68 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 330 | 109 |
Debt Securities, Available-for-sale | 47,109 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 0 | 1,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 1,000 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 47,408 | 140,031 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 68 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 330 | 109 |
Debt Securities, Available-for-sale | $ 47,109 | $ 139,990 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Securities Received as Consideration (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Document Period End Date | Mar. 28, 2020 | ||
Proceeds from sale of shares | $ 0 | $ 30,192 | |
Estimated Fair Value | $ 140,990 |
Financial Instruments, Long-ter
Financial Instruments, Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 24, 2017 | Jun. 29, 2019 | Mar. 30, 2013 | |
Debt Instrument [Line Items] | |||||||
Document Period End Date | Mar. 28, 2020 | ||||||
Debt, Long-term and Short-term, Combined Amount | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||
Less: Reduction for unamortized discount and debt issuance costs | (6,337) | $ (7,416) | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||||
Interest expense relating to the Notes | 8,900 | $ 8,900 | 26,700 | 32,500 | |||
Estimated fair value of long-term debt | 1,000,000 | 1,000,000 | |||||
Interest Expense | 9,300 | $ 9,300 | 27,900 | $ 33,900 | |||
Secured Long-term Debt, Noncurrent | 993,663 | 993,663 | 992,584 | ||||
Fixed Rate Note Due June 2027 at 3 Point 45 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 500,000 | $ 500,000 | $ 500,000 | 500,000 | |||
Fixed Rate Note Due November 2018 at 2 Point 50 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 500,000 | ||||||
Stated interest rate of the notes | 0.00% | 0.00% | 2.50% | ||||
Fxed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |||
Effective interest rate of the Notes | 3.50% | ||||||
proceeds from issuance of long term debt 3 | $ 494,500 | $ 490,000 | |||||
FixedRateNoteDueJune2027at3Point450Percent[Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate of the notes | 3.45% | 3.45% | 3.45% | 3.45% | |||
Fixed Rate Note Due June 2027 at 3 Point 50 Percent [Member] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate of the Notes | 3.50% | ||||||
Fixed Rate Note Due June 2027 at 3 Point 50 Percent [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net Proceeds From Issuance of Long Term Debt 5 | $ 495,200 | ||||||
Fixed Rate Note Due March 2023 at 3 Point 375 Percent [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate of the notes | 3.375% | 3.375% | 3.375% | 3.375% |
Financial Instruments Financi_2
Financial Instruments Financial Instruments, Credit Facility (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Jun. 29, 2019 |
Forward contracts held to purchase U.S. dollars [Member] | Not Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset, Notional Amount | $ 39.7 | $ 19.6 |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) from Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Derivative [Line Items] | |||||
Document Period End Date | Mar. 28, 2020 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 561,916 | $ 542,383 | $ 1,646,026 | $ 1,757,784 | |
Cost of goods sold | 195,479 | 201,552 | 575,742 | 613,669 | |
Revenues | 561,916 | 542,383 | 1,646,026 | 1,757,784 | |
Operating Expenses | 183,090 | 183,691 | 561,877 | 570,588 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,019) | (2,483) | |||
Accumulated Net Gain (Loss) from Cost of Good Solds Attributable to Parent [Member] [Member] | |||||
Derivative [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 76 | 261 | 206 | (335) | |
Accumulated Net Gain (Loss) from Operating Expense Attributable to Parent [Member] [Member] [Member] | |||||
Derivative [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (94) | (79) | (868) | (1,906) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Derivative [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | $ 6 | 0 | $ 50 | |
Not Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 39,700 | 39,700 | $ 19,600 | ||
Not Designated as Hedging Instrument [Member] | Forward contracts held to sell U.S. dollars [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 11,800 | 11,800 | 21,100 | ||
Cash Flow Hedging [Member] | Derivatives designated as hedging instruments [Member] | Forward contracts held to purchase U.S. dollars [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | $ 41,400 | $ 41,400 | $ 48,500 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Document Period End Date | Mar. 28, 2020 | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 23,403 | $ 22,820 | $ 72,141 | $ 64,973 |
Share-based Payment Arrangement, Expense, Tax Benefit | 1,969 | 1,946 | 7,050 | 6,214 |
Net stock-based compensation expense | 21,434 | 20,874 | 65,091 | 58,759 |
Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 3,099 | 2,613 | 9,029 | 7,281 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 11,351 | 11,062 | 33,671 | 30,758 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 8,953 | 9,145 | 29,441 | 26,934 |
Stock options [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 86 | 77 | 229 | 233 |
Stock options [Member] | Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 10 | 8 | 23 | 28 |
Stock options [Member] | Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 4 | 5 | 12 | 27 |
Stock options [Member] | General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 72 | $ 64 | $ 194 | $ 178 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Weighted average grant date fair value (per share) | $ 58.04 | $ 51.01 | $ 49.55 | $ 54.04 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 20,119 | $ 19,534 | $ 62,778 | $ 56,980 |
Restricted Stock Units (RSUs) [Member] | Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 2,363 | 1,951 | 6,912 | 5,597 |
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 9,719 | 9,399 | 29,122 | 26,783 |
Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 8,037 | 8,184 | 26,744 | 24,600 |
ESP Plan [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 3,198 | 3,209 | 9,134 | 7,760 |
ESP Plan [Member] | Cost of Sales [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 726 | 654 | 2,094 | 1,656 |
ESP Plan [Member] | Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 1,628 | 1,658 | 4,537 | 3,948 |
ESP Plan [Member] | General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | 844 | 897 | 2,503 | 2,156 |
Market stock units [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Share-based Payment Arrangement, Expense | $ 2,800 | $ 3,000 | $ 9,600 | $ 8,300 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plans (Details) | 9 Months Ended |
Mar. 28, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Document Period End Date | Mar. 28, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Unrecognized compensation costs related to unvested units | $ | $ 165,800,000 |
Weighted average period of recognition for unrecognized compensation costs (in years) | 2 years 8 months 12 days |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, beginning | shares | 777,413 |
Options Granted | shares | 0 |
Options Exercised | shares | (574,949) |
Options Cancelled | shares | (16,575) |
Options outstanding, ending | shares | 185,889 |
Options exercisable, number of shares | shares | 185,889 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Options outstanding, weighted average exercise price, beginning (per share) | $ 28.30 |
Options granted, weighted average exercise price (per share) | 0 |
Options exercised, weighted average exercise price (per share) | 27,420 |
Options cancelled, weighted average exercise price (per share) | 27,300 |
Options outstanding, weighted average exercise price, ending (per share) | 28,210 |
Options exercisable, weighted average exercise price (per share) | 28,210 |
Options vested and expected to vest, weighted average exercise price (per share) | $ 28,210 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options outstanding, weighted average remaining contractual term (in years) | 1 year |
Options exercisable, weighted average remaining contractual term (in years) | 1 year |
Options vested and expected to vest, weighted average remaining contractual term (in years) | 1 year |
Options outstanding, aggregate intrinsic value | $ | $ 3,596,648 |
Options exercisable, aggregate intrinsic value | $ | 3,596,648 |
Options vested and expected to vest, aggregate intrinsic value | $ | 3,596,648 |
Unrecognized compensation costs related to unvested units | $ | $ 0 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Units (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accrued Employee Stock Purchase Program Withholding | $ 29,100,000 | $ 11,600,000 | ||
Outstanding and expected to vest RSUs [Roll Forward] | ||||
Unrecognized compensation costs related to unvested units | $ 165,800,000 | $ 165,800,000 | ||
Weighted average period of recognition for unrecognized compensation costs (in years) | 2 years 8 months 12 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (per share) | $ 58.04 | $ 51.01 | $ 49.55 | $ 54.04 |
Outstanding and expected to vest RSUs [Roll Forward] | ||||
Outstanding, beginning | 4,918,306 | |||
Granted | 1,780,422 | |||
Released | (1,337,151) | |||
Cancelled | (386,970) | |||
Outstanding, ending | 4,974,607 | 4,974,607 | ||
Expected to vest, number of shares | 4,176,812 | 4,176,812 | ||
Outstanding, weighted average remaining contractual term (in years) | 2 years 8 months 12 days | |||
Restricted stock units vested and expected to vest, weighted average remaining contractual term 1 | 2 years 7 months 6 days | |||
Outstanding, aggregate intrinsic value | $ 236,592,309 | $ 236,592,309 | ||
Restricted stock units expected to vest, aggregate intrinsic value | $ 198,649,169 | $ 198,649,169 | ||
Restricted Stock [Member] | ||||
Outstanding and expected to vest RSUs [Roll Forward] | ||||
Outstanding, ending | 5,000,000 | 5,000,000 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation, Market Stock Units (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes the number of MSUs outstanding and expected to vest as of March 28, 2020 and their activity during the nine months ended March 28, 2020 : Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 29, 2019 1,048,532 Market stock units granted 259,984 Market stock units released (183,974 ) Market stock units cancelled (150,970 ) Balance at March 28, 2020 973,572 2.6 $ 46,303,084 Outstanding and expected to vest, March 28, 2020 338,860 2.5 $ 16,116.163 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on March 27, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of March 28, 2020. | |||
Share-based Payment Arrangement, Expense | $ 23,403,000 | $ 22,820,000 | $ 72,141,000 | $ 64,973,000 |
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Unrecognized compensation costs related to unvested units | 165,800,000 | $ 165,800,000 | ||
Weighted average period of recognition for unrecognized compensation costs (in years) | 2 years 8 months 12 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 2,800,000 | $ 3,000,000 | $ 9,600,000 | $ 8,300,000 |
Market Stock Units [Member] | ||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Weighted average grant date fair value (per share) | $ 54.70 | $ 75.48 | ||
Outstanding, beginning | 1,048,532 | |||
Granted | 259,984 | |||
Released | (183,974) | |||
Cancelled | (150,970) | |||
Outstanding, ending | 973,572 | 973,572 | ||
Expected to vest, number of shares | 338,860 | 338,860 | ||
Outstanding, weighted average remaining contractual term (in years) | 2 years 7 months 6 days | |||
Outstanding and expected to Vest, weighted average remaining contractual term 3 | 2 years 6 months | |||
Outstanding, aggregate intrinsic value | $ 46,303,084 | $ 46,303,084 | ||
Outstanding and expected to vest, aggregate intrinsic value | 16,116,163 | 16,116,163 | ||
Unrecognized compensation costs related to unvested units | $ 29,000,000 | $ 29,000,000 | ||
Market Stock Units (MSU) [Member] [Domain] | ||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Outstanding, ending | 1,000,000 | 1,000,000 |
Stock-Based Compensation, Emplo
Stock-Based Compensation, Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Document Period End Date | Mar. 28, 2020 | ||||
Share-based Payment Arrangement, Expense | $ 23,403 | $ 22,820 | $ 72,141 | $ 64,973 | |
Risk-free interest rate | 1.60% | 2.40% | 1.60% | 1.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.30% | 2.80% | 3.10% | 2.80% | |
Unrecognized compensation costs related to unvested units | $ 165,800 | $ 165,800 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | 1,969 | $ 1,946 | $ 7,050 | $ 6,214 | |
Share-based Payment Arrangement, Expense, after Tax | $ 21,434 | $ 20,874 | $ 65,091 | $ 58,759 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.30% | 2.60% | 2.70% | 2.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 28.40% | 27.50% | 28.40% | 19.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 29.50% | 28.90% | 31.30% | 32.70% | |
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Maximum | 3.40% | 3.10% | 3.40% | 3.10% | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 2,800 | $ 3,000 | $ 9,600 | $ 8,300 | |
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 185,889 | 185,889 | 777,413 | ||
Share-based Payment Arrangement, Expense | $ 86 | 77 | $ 229 | 233 | |
Unrecognized compensation costs related to unvested units | 0 | 0 | |||
ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 3,198 | $ 3,209 | $ 9,134 | $ 7,760 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 15 days | 15 days | 15 days | 15 days | |
Unrecognized compensation costs related to unvested units | $ 6,900 | $ 5,300 | $ 6,900 | $ 5,300 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 20,119 | 19,534 | 62,778 | 56,980 | |
Cost of Sales [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 3,099 | 2,613 | 9,029 | 7,281 | |
Cost of Sales [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 10 | 8 | 23 | 28 | |
Cost of Sales [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 726 | 654 | 2,094 | 1,656 | |
Cost of Sales [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 2,363 | 1,951 | 6,912 | 5,597 | |
Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 11,351 | 11,062 | 33,671 | 30,758 | |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 4 | 5 | 12 | 27 | |
Research and Development Expense [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 1,628 | 1,658 | 4,537 | 3,948 | |
Research and Development Expense [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 9,719 | 9,399 | 29,122 | 26,783 | |
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 8,953 | 9,145 | 29,441 | 26,934 | |
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 72 | 64 | 194 | 178 | |
General and Administrative Expense [Member] | ESP Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 844 | 897 | 2,503 | 2,156 | |
General and Administrative Expense [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 8,037 | $ 8,184 | $ 26,744 | $ 24,600 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock based compensation, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Document Period End Date | Mar. 28, 2020 | |||
Share-based Payment Arrangement, Expense | $ 23,403 | $ 22,820 | $ 72,141 | $ 64,973 |
Share-based Payment Arrangement, Expense, Tax Benefit | 1,969 | 1,946 | 7,050 | 6,214 |
Share-based Payment Arrangement, Expense, after Tax | $ 21,434 | $ 20,874 | $ 65,091 | $ 58,759 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Numerator for basic earnings per share and diluted earnings per share | ||||
Net income | $ 161,190 | $ 130,613 | $ 447,396 | $ 459,928 |
Denominator for basic earnings per share | 269,003,000 | 273,221,000 | 270,241,000 | 275,831,000 |
Effect of dilutive securities | ||||
Stock options, ESPP and RSUs | 2,576,000 | 3,389,000 | 2,946,000 | 3,849,000 |
Denominator for diluted earnings per share | 271,579,000 | 276,610,000 | 273,187,000 | 279,680,000 |
Earnings per share, Basic (per share) | $ 0.60 | $ 0.48 | $ 1.66 | $ 1.67 |
Earnings per share, Diluted (per share) | $ 0.59 | $ 0.47 | $ 1.64 | $ 1.64 |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Earnings Per Share EPS (Details
Earnings Per Share EPS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 161,190 | $ 130,613 | $ 447,396 | $ 459,928 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020USD ($)customers | Mar. 30, 2019USD ($) | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | Jun. 29, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Document Period End Date | Mar. 28, 2020 | ||||
Number of Reportable Segments | customers | 1 | ||||
Revenues | $ 561,916 | $ 542,383 | $ 1,646,026 | $ 1,757,784 | |
Long-lived assets | 564,636 | 564,636 | $ 577,722 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 61,681 | 63,970 | 176,388 | 200,944 | |
Long-lived assets | 368,813 | 368,813 | 379,308 | ||
China [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 195,560 | 183,753 | 609,958 | 611,768 | |
Rest of Asia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 184,635 | 176,396 | 518,114 | 583,616 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 105,535 | 104,124 | 299,728 | 316,155 | |
Philippines [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | 96,013 | 96,013 | 102,634 | ||
Rest of World [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14,505 | $ 14,140 | 41,838 | $ 45,301 | |
Long-lived assets | $ 99,810 | $ 99,810 | $ 95,780 |
Comprehensive Income Loss Accum
Comprehensive Income Loss Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (11,354) | $ (14,985) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,526) | 2,464 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,019 | 2,483 | ||
Other Comprehensive Income (Loss), Tax | 212 | (432) | ||
Other comprehensive income (loss), net | $ (1,360) | $ 866 | (1,295) | 4,515 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (12,649) | (10,470) | (12,649) | (10,470) |
Unrealized Holding Gains (Losses) on Intercompany Receivables [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,280) | (6,280) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Other comprehensive income (loss), net | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6,280) | (6,280) | (6,280) | (6,280) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,322) | (2,516) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 357 | 292 | ||
Other Comprehensive Income (Loss), Tax | (62) | (60) | ||
Other comprehensive income (loss), net | 295 | 232 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,027) | (2,284) | (4,027) | (2,284) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,136) | (1,136) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Other comprehensive income (loss), net | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,136) | (1,136) | (1,136) | (1,136) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 425 | (1,383) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,258) | (783) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 662 | 2,191 | ||
Other Comprehensive Income (Loss), Tax | 264 | (241) | ||
Other comprehensive income (loss), net | (1,332) | 1,167 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (907) | (216) | (907) | (216) |
Unrealized Holding Gains (losses) on Available-for-sale Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (41) | (3,670) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (268) | 3,247 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 10 | (131) | ||
Other comprehensive income (loss), net | (258) | 3,116 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (299) | $ (554) | $ (299) | $ (554) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Deferred Tax Assets, State Taxes | $ 5,700 | $ 15,100 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 57,000 | |||
Income tax provision | $ 20,535 | $ 29,845 | $ 61,201 | $ 116,843 |
Effective Income Tax Rate Reconciliation, Percent | 11.30% | 18.60% | 12.00% | 20.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 236,900 |
Income Taxes Income Tax Disclos
Income Taxes Income Tax Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 29, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Document Period End Date | Mar. 28, 2020 | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 4,100 | $ 4,800 | |||
Income Tax Expense (Benefit) | $ 20,535 | $ 29,845 | $ 61,201 | $ 116,843 | |
Effective Income Tax Rate Reconciliation, Percent | 11.30% | 18.60% | 12.00% | 20.30% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 236,900 | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 22,100 | 21,000 | |||
Deferred Tax Assets, State Taxes | $ 5,700 | $ 15,100 | |||
Effective Income Tax Reconciliation, Transition Tax | 3.80% | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 57,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Business Combination, Contingent Consideration, Liability | $ 9,052 |
Common Stock Repurchases (Detai
Common Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Oct. 30, 2018 | |
Common Stock Repurchases [Abstract] | |||||
Stock Repurchased During Period, Value | $ 358,500 | ||||
Stock repurchase program, authorized amount | $ 1,500,000 | ||||
Value of common stock repurchased | $ 157,003 | $ 116,991 | 358,512 | $ 437,047 | |
Stock repurchase program, remaining authorized amount | $ 800,000 | $ 800,000 | |||
Stock Repurchased During Period, Shares | 6.3 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 2,949 | |
Business Combination, Contingent Consideration, Liability | $ 9,052 | ||
Goodwill | $ 532,251 | $ 532,251 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Jun. 29, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 532,251 | $ 532,251 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 29, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | $ 619,115 | $ 619,115 | $ 616,325 | ||
Accumulated Amortization | 574,473 | 574,473 | 562,873 | ||
Net | 44,642 | 44,642 | 53,452 | ||
Intangible Assets, Gross | 619,115 | 619,115 | 619,115 | ||
Total purchased intangible assets | 44,642 | 44,642 | 56,242 | ||
Cost, Amortization | 3,111 | $ 5,368 | 9,332 | $ 19,151 | |
Intangible asset amortization | 756 | 756 | 2,268 | 2,285 | |
Intangible Asset Amortization Expense | 3,867 | $ 6,124 | 11,600 | $ 21,436 | |
Future amortization expense [Abstract] | |||||
Remaining three months of 2017 | 3,866 | 3,866 | |||
2019 | 13,767 | 13,767 | |||
2020 | 8,088 | 8,088 | |||
2021 | 7,604 | 7,604 | |||
2022 | 4,628 | 4,628 | |||
Thereafter | 6,689 | 6,689 | |||
Net | 44,642 | 44,642 | 53,452 | ||
Intellectual Property [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 490,136 | 490,136 | 487,346 | ||
Accumulated Amortization | 454,890 | 454,890 | 445,558 | ||
Net | 35,246 | 35,246 | 41,788 | ||
Future amortization expense [Abstract] | |||||
Net | 35,246 | 35,246 | 41,788 | ||
Customer relationships [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 116,505 | 116,505 | 116,505 | ||
Accumulated Amortization | 107,916 | 107,916 | 105,901 | ||
Net | 8,589 | 8,589 | 10,604 | ||
Future amortization expense [Abstract] | |||||
Net | 8,589 | 8,589 | 10,604 | ||
Tradename [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 9,974 | 9,974 | 9,974 | ||
Accumulated Amortization | 9,167 | 9,167 | 8,914 | ||
Net | 807 | 807 | 1,060 | ||
Future amortization expense [Abstract] | |||||
Net | 807 | 807 | 1,060 | ||
Patents [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 2,500 | 2,500 | 2,500 | ||
Accumulated Amortization | 2,500 | 2,500 | 2,500 | ||
Net | 0 | 0 | 0 | ||
Future amortization expense [Abstract] | |||||
Net | 0 | 0 | 0 | ||
In Process Research and Development [Member] | |||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
IPR&D | $ 0 | $ 0 | $ 2,790 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 | $ 753 |
Gain (Loss) on Disposition of Property Plant Equipment | $ (634) | $ (3,324) |
Restructuring Activities (Detai
Restructuring Activities (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Earnings per share, Diluted (per share) | $ 0.59 | $ 0.47 | $ 1.64 | $ 1.64 |
Restructuring Activities Change
Restructuring Activities Change in Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Change in Accounting Estimate [Line Items] | ||||
Operating Income (Loss) | $ 183,347 | $ 157,140 | $ 508,407 | $ 573,527 |
Net income | $ 161,190 | $ 130,613 | $ 447,396 | $ 459,928 |
Basic | $ 0.60 | $ 0.48 | $ 1.66 | $ 1.67 |
Diluted | $ 0.59 | $ 0.47 | $ 1.64 | $ 1.64 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2019 | Mar. 30, 2019 | Mar. 28, 2020 | Jun. 29, 2019 | Jun. 24, 2017 | |
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Payments | $ 8,759 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years | |||
Lessee, Operating Lease, Discount Rate | 3.43% | 3.43% | |||
Operating Leases, Rent Expense | $ 2,300 | $ 7,000 | |||
FixedRateNoteDueJune2027at3Point450Percent[Member] [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% |
Leases Leases - Schedule of Mat
Leases Leases - Schedule of Maturities (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Jun. 30, 2019 | Mar. 30, 2019 |
Leases - schedule of maturities [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due | $ 3,190 | $ 2,664 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,805 | 9,544 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10,693 | 9,003 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9,444 | 8,433 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 8,231 | 7,262 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 21,935 | 20,484 | |
Lessee, Operating Lease, Liability, Payments, Due | 65,298 | $ 57,390 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 7,102 | ||
Operating Lease, Liability | $ 58,196 | $ 65,200 |
Leases Balance Sheet Items Rela
Leases Balance Sheet Items Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Jun. 30, 2019 | |
Balance Sheet Items Related to Leases [Abstract] | ||||
Document Period End Date | Mar. 28, 2020 | |||
Operating Leases, Rent Expense | $ 2,300 | $ 7,000 | ||
Operating Lease, Right-of-Use Asset | $ 54,355 | $ 61,000 | ||
Operating Lease, Liability, Current | 10,233 | |||
Operating Lease, Liability, Noncurrent | $ 48,101 |
Disaggregated Revenue End Marke
Disaggregated Revenue End Market (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregated Revenue by End Market [Line Items] | ||||
Document Period End Date | Mar. 28, 2020 | |||
Disaggregated Revenue by End Market - Automotive | $ 157,336,000 | $ 151,867,000 | $ 444,535,000 | $ 448,717,000 |
Disaggregated Revenue by End Market - Auto % | 28.00% | 28.00% | 27.00% | 26.00% |
Disaggregated Revenue by End Market - Comm and Data Center | $ 134,860,000 | $ 103,053,000 | $ 368,394,000 | $ 352,518,000 |
Disaggregated Revenue by End Market - CDC % | 24.00% | 19.00% | 22.00% | 20.00% |
Disaggregated Revenue by End Market - Consumer | $ 101,145,000 | $ 124,748,000 | $ 339,289,000 | $ 422,829,000 |
Disaggregated Revenue by End Market - Cons % | 18.00% | 23.00% | 21.00% | 24.00% |
Disaggregated Revenue by End Market - Industrial | $ 168,575,000 | $ 162,715,000 | $ 493,808,000 | $ 533,720,000 |
Disaggregated Revenue by End Market - Ind % | 30.00% | 30.00% | 30.00% | 30.00% |
Disaggregated Revenue by Sales Channel - Distributors | $ 290,848,000 | $ 234,561,000 | $ 838,676,000 | $ 784,652,000 |
Disaggregated Revenue by Sales Channel - Dist % | 52.00% | 43.00% | 51.00% | 45.00% |
Disaggregated Revenue by Sales Channel - Direct Customer | $ 271,068,000 | $ 307,822,000 | $ 807,350,000 | $ 973,132,000 |
Disaggregated Revenue by Sales Channel - Direct % | 48.00% | 57.00% | 49.00% | 55.00% |
Disaggregated Revenue Disaggreg
Disaggregated Revenue Disaggregated Revenue by Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregated Revenue by Sales Channel - Distributors | $ 290,848 | $ 234,561 | $ 838,676 | $ 784,652 |
Disaggregated Revenue by Sales Channel - Dist % | 52.00% | 43.00% | 51.00% | 45.00% |
Disaggregated Revenue by Sales Channel - Direct Customer | $ 271,068 | $ 307,822 | $ 807,350 | $ 973,132 |
Disaggregated Revenue by Sales Channel - Direct % | 48.00% | 57.00% | 49.00% | 55.00% |
Uncategorized Items - maximq320
Label | Element | Value |
Interest Paid, Excluding Capitalized Interest, Operating Activities | us-gaap_InterestPaidNet | $ 25,501,000 |
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | 1,930,940,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | 1,945,646,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Other | us-gaap_StockholdersEquityOther | $ (14,985,000) |