Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Dec. 26, 2020 | Jan. 14, 2021 | |
DEI [Abstract] | ||
Document Transition Report | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-34192 | |
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS, INC. | |
Entity Address, Address Line One | 160 Rio Robles | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 601-1000 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0000743316 | |
Trading Symbol | MXIM | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 26, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Current Fiscal Year End Date | --06-26 | |
Entity Common Stock, Shares Outstanding | 268,041,067 | |
Entity Tax Identification Number | 94-2896096 | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Accounting Changes and Error Corrections [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, allowance for distributor credits, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units and asset groups, accrued liabilities and reserves, and the value of intangibles acquired associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. The ongoing novel 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 January 27, 2021, 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. Reclassification Certain items in prior financial statements were reclassified to conform to the current year presentation. (i) New Accounting Update Recently Adopted In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes resulted in earlier recognition of credit losses. We adopted ASU 2016-13 beginning in the first quarter of fiscal year 2021 using the modified retrospective approach. The effect on our consolidated financial statements and related disclosures was not material. | |
Operating Lease, Right-of-Use Asset | $ 49,653 | $ 54,610 |
Operating Lease, Liability | $ 55,084 | $ 60,682 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Document Period End Date | Dec. 26, 2020 | |
Current assets: | ||
Cash and cash equivalents | $ 1,796,961 | $ 1,578,670 |
Short-term Investments | 8,879 | 35,536 |
Total cash, cash equivalents and short-term investments | 1,805,840 | 1,614,206 |
Accounts receivable, net | 485,773 | 404,778 |
Inventories | 261,476 | 259,626 |
Other assets current | 36,004 | 39,219 |
Total current assets | 2,589,093 | 2,317,829 |
Property, plant and equipment, net | 541,013 | 550,406 |
Intangible assets, net | 76,166 | 87,959 |
Goodwill | 562,540 | 562,540 |
Other assets noncurrent | 114,058 | 110,569 |
TOTAL ASSETS | 3,882,870 | 3,629,303 |
Current liabilities: | ||
Accounts payable | 96,959 | 91,982 |
Price adjustment and other revenue reserves | 180,215 | 148,916 |
Income taxes payable | 35,197 | 43,457 |
Accrued salary and related expenses | 99,057 | 126,751 |
Accrued expenses | 44,969 | 42,228 |
Total current liabilities | 456,397 | 453,334 |
Long term debt | 994,741 | 994,022 |
Income taxes payable | 362,214 | 385,072 |
Other liabilities | 143,457 | 139,418 |
Total liabilities | 1,956,809 | 1,971,846 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock and capital in excess of par value | 43,231 | 266 |
Retained earnings | 1,897,098 | 1,671,786 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,268) | (14,595) |
Total stockholders' equity | 1,926,061 | 1,657,457 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 3,882,870 | $ 3,629,303 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Statement [Abstract] | ||||
Cost of goods sold | $ 211,866 | $ 190,546 | $ 414,209 | $ 380,263 |
Gross margin | 416,422 | 360,524 | 833,436 | 703,847 |
Operating expenses: | ||||
Research and development | 114,802 | 111,914 | 230,268 | 220,903 |
Selling, general and administrative | 80,153 | 76,071 | 163,107 | 152,186 |
Intangible asset amortization | 943 | 756 | 1,862 | 1,512 |
Severance and Restructuring Charges | 3,327 | 2,728 | 12,140 | 4,162 |
Other operating expenses (income), net | 3,532 | (1) | 10,960 | 24 |
Total operating expenses | 202,757 | 191,468 | 418,337 | 378,787 |
Operating income | 213,665 | 169,056 | 415,099 | 325,060 |
Interest and other income (expense), net | (3,202) | (17) | (10,239) | 1,812 |
Income before provision for income taxes | 210,463 | 169,039 | 404,860 | 326,872 |
Income tax provision | (26,518) | (22,989) | (51,401) | (40,666) |
Net income | $ 183,945 | $ 146,050 | $ 353,459 | $ 286,206 |
Earnings per share: | ||||
Basic | $ 0.69 | $ 0.54 | $ 1.32 | $ 1.06 |
Diluted | $ 0.68 | $ 0.53 | $ 1.31 | $ 1.04 |
Shares used in the calculation of earnings per share: | ||||
Basic | 267,299 | 270,330 | 267,131 | 270,859 |
Diluted | 270,792 | 273,269 | 270,485 | 273,884 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 628,288 | $ 551,070 | $ 1,247,645 | $ 1,084,110 |
Cost of goods sold | 211,866 | 190,546 | 414,209 | 380,263 |
Gross Profit | $ 416,422 | $ 360,524 | $ 833,436 | $ 703,847 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Statements of Income and Comprehensive Income [Abstract] | ||||
Net income | $ 183,945 | $ 146,050 | $ 353,459 | $ 286,206 |
Change in net unrealized gains and losses on available-for-sale securities, net of tax benefit (expense) of $7, $(3), $16 and $(17) respectively | (35) | 0 | (115) | 118 |
Change in net unrealized gains and losses on cash flow hedges, net of tax benefit (expense) of $(71), $(117), $(94) and $48 respectively | 343 | 610 | 406 | (249) |
Change in net unrealized gains and losses on post-retirement benefits, net of tax benefit (expense) of $14, $(20), $25 and $(42), respectively | 19 | 98 | 36 | 196 |
Other Comprehensive Income (Loss), Net of Tax | 327 | 708 | 327 | 65 |
Total comprehensive income | 184,272 | 146,758 | 353,786 | 286,271 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 14 | (20) | 25 | (42) |
Net income | 183,945 | 146,050 | 353,459 | 286,206 |
Change in net unrealized gains and losses on available-for-sale securities, net of tax benefit (expense) of $7, $(3), $16 and $(17) respectively | (35) | 0 | (115) | 118 |
Change in net unrealized gains and losses on cash flow hedges, net of tax benefit (expense) of $(71), $(117), $(94) and $48 respectively | 343 | 610 | 406 | (249) |
Change in net unrealized gains and losses on post-retirement benefits, net of tax benefit (expense) of $14, $(20), $25 and $(42), respectively | 19 | 98 | 36 | 196 |
Other Comprehensive Income (Loss), Net of Tax | 327 | 708 | 327 | 65 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 184,272 | 146,758 | 353,786 | 286,271 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 14 | (20) | 25 | (42) |
Other Comprehensive Income (Loss), Tax | (50) | (140) | (53) | (11) |
Comprehensive (Income) Loss, Available-for-Sale Securities, Tax Benefit | 7 | (3) | 16 | (17) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ (71) | $ (117) | $ (94) | $ 48 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity Dividend per share - USD ($) | Total | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] |
Common Stock, Shares, Outstanding | 271,852,000 | ||||
Common Stock, Value, Issued | $ 272,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | $ 1,856,358,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (11,354,000) | $ (11,354,000) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,845,276,000 | ||||
Dividends | 0.96 | ||||
Net income | 286,206,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 286,206,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 65,000 | 65,000 | |||
Shares of common stock repurchased | (3,484,000) | ||||
Treasury Stock, Value, Acquired, Par Value Method | (201,509,000) | $ 2,000 | 142,951,000 | $ 58,556,000 | |
Cumulative-effect adjustment for adoption of ASU 2016-02 | (2,053,000) | (2,053,000) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 657,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,820,000 | (17,566,000) | |||
Adjustment to Retained Earnings ASU 2016-01 | (17,566,000) | ||||
Stock Issued During Period, Shares, Other | 316,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 48,767,000 | 8,820,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 48,767,000 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 18,535,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 402,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 18,535,000 | ||||
Dividends, Common Stock, Cash | $ (260,032,000) | (260,032,000) | |||
Common Stock, Shares, Outstanding | 270,883,000 | ||||
Common Stock, Value, Issued | $ 271,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | 1,793,012,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (11,997,000) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,781,286,000 | ||||
Dividends | 0.48 | ||||
Net income | 146,050,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 146,050,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 708,000 | 708,000 | |||
Shares of common stock repurchased | (1,862,000) | ||||
Treasury Stock, Value, Acquired, Par Value Method | (107,957,000) | $ 1,000 | 71,635,000 | 36,321,000 | |
Cumulative-effect adjustment for adoption of ASU 2016-02 | (89,000) | (89,000) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 270,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,338,000 | (7,623,000) | |||
Adjustment to Retained Earnings ASU 2016-01 | (7,623,000) | ||||
Stock Issued During Period, Shares, Other | 50,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 24,071,000 | 1,338,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 24,071,000 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 18,535,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 402,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 18,535,000 | ||||
Dividends, Common Stock, Cash | $ (129,810,000) | (129,810,000) | |||
Common Stock, Shares, Outstanding | 269,743,000 | ||||
Common Stock, Value, Issued | $ 270,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | 1,737,528,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11,289,000 | (11,289,000) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,726,509,000 | ||||
Common Stock, Shares, Outstanding | 266,797,000 | ||||
Common Stock, Value, Issued | $ 266,000 | ||||
Additional Paid in Capital | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | 1,671,786,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,595,000) | (14,595,000) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,657,457,000 | ||||
Dividends | 0.48 | ||||
Net income | 353,459,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 353,459,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 327,000 | 327,000 | |||
Shares of common stock repurchased | (150,000) | ||||
Treasury Stock, Value, Acquired, Par Value Method | (9,201,000) | 0 | 9,201,000 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 894,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 2,807,000 | (35,984,000) | |||
Adjustment to Retained Earnings ASU 2016-01 | (35,984,000) | ||||
Stock Issued During Period, Shares, Other | 100,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 66,845,000 | 2,807,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 66,845,000 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | $ 2,000 | 18,496,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 391,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 18,498,000 | ||||
Dividends, Common Stock, Cash | $ (128,147,000) | (128,147,000) | |||
Common Stock, Shares, Outstanding | 267,304,000 | ||||
Common Stock, Value, Issued | $ 267,000 | ||||
Additional Paid in Capital | $ 12,194,000 | ||||
Retained Earnings (Accumulated Deficit) | 1,713,153,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,595,000) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,711,019,000 | ||||
Dividends | 0 | ||||
Net income | 183,945,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 183,945,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 327,000 | 327,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 331,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 176,000 | (18,966,000) | |||
Adjustment to Retained Earnings ASU 2016-01 | (18,966,000) | ||||
Stock Issued During Period, Shares, Other | 6,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 31,063,000 | 176,000 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 1,000 | 31,063,000 | |||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 18,496,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 391,000 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 18,497,000 | ||||
Common Stock, Shares, Outstanding | 268,032,000 | ||||
Common Stock, Value, Issued | $ 268,000 | ||||
Additional Paid in Capital | $ 42,963,000 | ||||
Retained Earnings (Accumulated Deficit) | $ 1,897,098,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,268,000) | $ (14,268,000) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,926,061,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Restricted Cash | $ 6,758 | $ 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1,803,719 | 1,720,194 |
Document Period End Date | Dec. 26, 2020 | |
Other Operating Activities, Cash Flow Statement | $ (647) | (5,961) |
Stock or Unit Option Plan Expense | 18,498 | 18,535 |
Net income | 353,459 | 286,206 |
Proceeds from sale of available-for-sale securities | 1,500 | 0 |
Cash flows from operating activities: | ||
Net income | 353,459 | 286,206 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 66,939 | 48,738 |
Depreciation and amortization | 48,340 | 48,008 |
Deferred taxes | (2,885) | (2,231) |
Gain (Loss) on Disposition of Property Plant Equipment | 227 | 489 |
Changes in assets and liabilities: | ||
Accounts receivable | (81,199) | 11,674 |
Inventories | (1,944) | 22,583 |
Other assets | (5,709) | (55,820) |
Accounts payable | 5,522 | 4,844 |
Price adjustment and other revenue reserves | 31,503 | 4,747 |
Income taxes payable | (31,118) | (31,133) |
All other accrued liabilities | (10,772) | 34,669 |
Net cash provided by (used in) operating activities | 373,010 | 378,735 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (29,213) | (34,301) |
Proceeds from sale of property, plant and equipment | 67 | 171 |
Proceeds from sale of available-for-sale securities | 1,500 | 0 |
Proceeds from maturity of available-for-sale securities | 25,025 | 78,067 |
Purchases of investments in privately-held companies | (110) | 0 |
Proceeds from Sale of Other Assets, Investing Activities | 39 | 0 |
Other investing activities | 0 | (68) |
Net cash provided by (used in) investing activities | (2,692) | 43,869 |
Cash flows from financing activities: | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 0 | (8,000) |
Payments of Stock Issuance Costs | (35,984) | (17,566) |
Proceeds from Stock Options Exercised | 2,807 | 8,820 |
Stock or Unit Option Plan Expense | 18,498 | 18,535 |
Repurchase of common stock | (9,201) | (201,509) |
Payments of Dividends | (128,147) | (260,032) |
Net cash provided by (used in) financing activities | (152,027) | (459,752) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 218,291 | (37,148) |
Cash and cash equivalents: | ||
Cash paid (refunded), net during the period for income taxes | 81,464 | 63,692 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 17,063 | |
Noncash investing and financing activities: | ||
Accounts payable related to property, plant, and equipment purchases | 11,041 | $ 12,360 |
Cash and Cash Equivalents, at Carrying Value | $ 1,796,961 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 26, 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 six months ended December 26, 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 27, 2020. 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 2021 and 2020 are 52-week fiscal years. Merger with Analog Devices On July 13, 2020, the Company announced that it had entered into an Agreement and Plan of Merger, dated July 12, 2020 (as it may be amended from time to time, the “ADI Merger Agreement”) with Analog Devices, Inc., a Massachusetts corporation (“Analog Devices” or "ADI"), and Magneto Corp., a wholly-owned subsidiary of Analog Devices (“Acquisition Sub”), under which, subject to the satisfaction or (to the extent permissible) waiver of the conditions set forth therein, Acquisition Sub will merge with and into the Company, and the Company will survive the merger as a wholly-owned subsidiary of Analog Devices (the “ADI Merger”). Under the terms of the ADI Merger Agreement, at the effective time of the ADI Merger (the “Effective Time”), each share of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”), issued and outstanding immediately prior to the Effective Time (other than treasury shares and any shares of Company Common Stock held by Analog Devices or Acquisition Sub) will be converted into the right to receive 0.6300 of a fully paid and non-assessable share of common stock, par value $0.16 2/3 per share, of Analog Devices (with cash being paid (without interest and less applicable withholding taxes) in lieu of any fraction of a share of Analog Devices common stock). Analog Devices shareholders will continue to own their existing Analog Devices shares, and the combined company will be named Analog Devices. The ADI Merger has been approved by both the Company’s Board of Directors and the Board of Directors of Analog Devices. The completion of the ADI Merger is subject to customary closing conditions, including, among others, the required approvals of Maxim Integrated’s stockholders, the approval of ADI’s shareholders and the receipt of various regulatory approvals. Subject to the satisfaction or (to the extent permissible) waiver of such conditions, the transaction is expected to close in the summer of 2021. The Company cannot guarantee that the ADI Merger will be completed on a timely basis or at all or that, if completed, it will be completed on the terms set forth in the ADI Merger Agreement. |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 6 Months Ended |
Dec. 26, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Fair values were as follows: December 26, 2020 June 27, 2020 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 Corporate debt securities $ 8,875 $ 4 $ — $ 8,879 $ 35,417 $ 137 $ (18) $ 35,536 Total available-for-sale investments $ 8,875 $ 4 $ — $ 8,879 $ 35,417 $ 137 $ (18) $ 35,536 |
Derivative Instruments, Gain (Loss) | The following tables summarize the gains (losses) from hedging activities recognized in the Company's Condensed Consolidated Statements of Income: Three Months Ended December 26, 2020 December 28, 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 $ 628,288 $ 211,866 $ 202,757 $ 551,070 $ 190,546 $ 191,468 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 350 $ 698 $ — $ 10 $ (404) Six Months Ended December 26, 2020 December 28, 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 $ 1,247,645 $ 414,209 $ 418,337 $ 1,084,110 $ 380,263 $ 378,787 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 784 $ 1,368 $ — $ 130 $ (774) |
Schedule of Long-term Debt Instruments | The following table summarizes the Company’s outstanding debt obligations: December 26, 2020 June 27, 2020 (in thousands) 3.375% fixed rate notes due March 2023 $ 500,000 $ 500,000 3.45% fixed rate notes due June 2027 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (5,259) (5,978) Total long-term debt $ 994,741 $ 994,022 |
Fair Value Disclosures | 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 corporate debt securities 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: As of December 26, 2020 As of June 27, 2020 Fair Value Total Fair Value Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 22,089 $ — $ — $ 22,089 $ 61,814 $ — $ — $ 61,814 Short-term investments Corporate debt securities — 8,879 — 8,879 — 35,536 — 35,536 Other current assets Foreign currency forward contracts — 1,447 — 1,447 — 1,151 — 1,151 Total assets $ 22,089 $ 10,326 $ — $ 32,415 $ 61,814 $ 36,687 $ — $ 98,501 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 265 $ — $ 265 $ — $ 341 $ — $ 341 Contingent consideration — — 10,000 10,000 — — 10,000 10,000 Other liabilities Contingent consideration — — 4,165 4,165 — — 4,165 4,165 Total Liabilities $ — $ 265 $ 14,165 $ 14,430 $ — $ 341 $ 14,165 $ 14,506 During the six months ended December 26, 2020 and the year ended June 27, 2020, 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 December 26, 2020 and June 27, 2020 other than impairments of long-lived assets. As of December 26, 2020 and June 27, 2020, the fair value of private company investments amounted to $26.2 million and $20.6 million, respectively. The aggregate amount of unrealized gains (losses) recognized from these investments were $1.2 million and $(4.3) million, respectively, as of December 26, 2020 and June 27, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 26, 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 six months ended December 26, 2020 and December 28, 2019, respectively: Three Months Ended Three Months Ended December 26, 2020 December 28, 2019 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 13 $ 3,502 $ 585 $ 4,100 $ 5 $ 2,269 $ 699 $ 2,973 Research and development 3 10,880 1,048 11,931 4 9,918 1,514 11,436 Selling, general and administrative 73 14,559 546 15,178 55 8,753 849 9,657 Pre-tax stock-based compensation expense $ 89 $ 28,941 $ 2,179 $ 31,209 $ 64 $ 20,940 $ 3,062 $ 24,066 Less: income tax effect 3,030 2,193 Net stock-based compensation expense $ 28,179 $ 21,873 Six Months Ended Six Months Ended December 26, 2020 December 28, 2019 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 24 $ 7,295 $ 1,449 $ 8,768 $ 14 $ 4,549 $ 1,368 $ 5,931 Research and development 6 23,147 3,155 26,308 8 19,403 2,909 22,320 Selling, general and administrative 148 30,042 1,673 31,863 122 18,706 1,659 20,487 Pre-tax stock-based compensation expense $ 178 $ 60,484 $ 6,277 $ 66,939 $ 144 $ 42,658 $ 5,936 $ 48,738 Less: income tax effect 5,561 5,081 Net stock-based compensation expense $ 61,378 $ 43,657 |
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 December 26, 2020 and related activity for the six months ended December 26, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 27, 2020 104,447 $ 28.76 Options Granted — — Options Exercised (99,819) 28.50 Options Cancelled — — Balance at December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 Exercisable, December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 Vested and expected to vest, December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on December 24, 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 December 26, 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 RSAs as of December 26, 2020 and related activity during the six months ended December 26, 2020: Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 27, 2020 4,606,592 Restricted stock units and restricted stock awards granted 1,377,171 Restricted stock units and restricted stock awards released (949,534) Restricted stock units and restricted stock awards cancelled (246,848) Balance at December 26, 2020 4,787,381 1.9 $ 414,491,447 Outstanding and expected to vest, December 26, 2020 3,928,669 1.6 $ 340,144,241 (1) Aggregate intrinsic value for RSUs and RSAs represents the closing price per share of the Company’s common stock on December 24, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs and RSAs outstanding or expected to vest as of December 26, 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 December 26, 2020 and their activity during the six months ended December 26, 2020: Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 27, 2020 971,220 Market stock units granted — Market stock units released — Market stock units cancelled (237,576) Balance at December 26, 2020 733,644 1.5 $ 63,518,898 Outstanding and expected to vest, December 26, 2020 1,062,016 1.1 $ 91,949.385 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on December 24, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of December 26, 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: Three Months Ended Six Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 0.2% - 1.6% 1.6% - 2.7% 0.2% - 1.6% 1.6% - 2.7% Expected stock price volatility 29.2% - 55.2% 28.4% - 31.3% 29.2% - 55.2% 28.4% - 31.3% Dividend yield 3.3% - 3.3% 3.1% - 3.4% 3.3% - 3.3% 3.1% - 3.4% |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The Company withheld shares totaling $36.0 million in value as a result of employee withholding taxes based on the value of RSUs and RSAs on their vesting date for the six months ended December 26, 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 December 26, 2020, there was $183.3 million of unrecognized compensation expense related to 4.8 million unvested RSUs and RSAs, which is expected to be recognized over a weighted average period of approximately 1.9 years. |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Restricted Stock Units and Restricted Stock Awards The fair value of RSUs and RSAs 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 RSAs granted was $69.32 and $56.21 per share for the six months ended December 26, 2020 and December 28, 2019, respectively. The following table summarizes the outstanding and expected to vest RSUs and RSAs as of December 26, 2020 and related activity during the six months ended December 26, 2020: |
Compensation and Employee Benefit Plans | At December 26, 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”), restricted stock awards ("RSAs") 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 released or 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 from September 2017 to July 2020 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. RSAs 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. RSAs have certain shareholder rights, such as voting rights, but are not eligible for dividends or dividend equivalents. |
Income Taxes [Text Block] | INCOME TAXES In the three and six months ended December 26, 2020 the Company recorded an income tax provision of $26.5 million and $51.4 million, respectively, compared to $23.0 million and $40.7 million, f or the three and six months ended December 28, 2019, respectively. The Company’s effective tax rate for the three and six months ended December 26, 2020 was 12.6% and 12.7%, respectively, compared to 13.6% and 12.4% for the three and six months ended December 28, 2019, respectively. The Company’s federal statutory tax rate is 21%. The Company’s effective tax rate for the three and six months ended December 26, 2020 and December 28, 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 U.S. tax expense generated by Global Intangible Low-Taxed Income. On June 18, 2019, the U.S. Treasury and Internal Revenue Service (“IRS”) released temporary regulations under Internal Revenue Code (“IRC”) Sections 245A and 954(c)(6) (the “Temporary Regulations”), which applied retroactively to intercompany dividends occurring after December 31, 2017. The Temporary Regulations limit the applicability of the foreign personal holding company income (“FPHCI”) look-through exception for certain intercompany dividends received by a controlled foreign corporation. Before application of the retroactive Temporary Regulations, the Company benefited in fiscal years 2018 and 2019 from the FPHCI look-through exception. On August 21, 2020, the U.S. Treasury and IRS released final regulations under IRC Sections 245A and 954(c)(6) (the “Final Regulations”), which generally apply to years ending on or after June 14, 2019. The relevant sections of the Final Regulations are virtually the same as the Temporary Regulations. The Temporary Regulations apply to fiscal year 2018 and the Final Regulations apply to fiscal year 2019 intercompany dividends. The Company does not have any intercompany dividends after fiscal year 2019 that are impacted by relevant sections of the Temporary Regulations or Final Regulations. The Company previously analyzed the relevant Temporary Regulations and concluded that they were not validly issued, a conclusion which the Company has determined is not altered by issuance of the Final Regulations. The Company has also analyzed the relevant Final Regulations and concluded that they were not validly issued. Therefore, the Company has not accounted for the effects of the Temporary Regulations or Final Regulations in its results of operations for any fiscal period. The Company believes it has strong arguments in favor of its position and that it has met the more likely than not recognition threshold that its position will be sustained. The Company intends to vigorously defend its position, however, due to the uncertainty involved in challenging and litigating the validity of regulations, there can be no assurance that a court of law will rule in favor of the Company. An unfavorable resolution of this issue could have a material adverse impact on the Company's results of operations and financial condition. The Company’s federal corporate income tax returns are audited on a recurring basis by the IRS. 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. |
Comprehensive Income Loss
Comprehensive Income Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,268) | $ 11,289 | $ (14,268) | $ 11,289 | $ (14,595) | $ (11,354) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,521 | (806) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,141) | 882 | ||||
Other Comprehensive Income (Loss), Tax | (50) | (140) | (53) | (11) | ||
Other Comprehensive Income (Loss), Net of Tax | 327 | 708 | $ 327 | 65 | ||
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 six months ended December 26, 2020 and December 28, 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 27, 2020 $ (6,280) $ (7,988) $ (1,136) $ 690 $ 119 $ (14,595) Other comprehensive income (loss) before reclassifications — — — 2,652 (131) 2,521 Amounts reclassified out of accumulated other comprehensive (income) loss — 11 — (2,152) — (2,141) Tax effects — 25 — (94) 16 (53) Other comprehensive income (loss), net — 36 — 406 (115) 327 December 26, 2020 $ (6,280) $ (7,952) $ (1,136) $ 1,096 $ 4 $ (14,268) (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 — — — (941) 135 (806) Amounts reclassified out of accumulated other comprehensive (income) loss — 238 — 644 — 882 Tax effects — (42) — 48 (17) (11) Other comprehensive income (loss), net — 196 — (249) 118 65 December 28, 2019 $ (6,280) $ (4,126) $ (1,136) $ 176 $ 77 $ (11,289) | |||||
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 six months ended December 26, 2020 and December 28, 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 27, 2020 $ (6,280) $ (7,988) $ (1,136) $ 690 $ 119 $ (14,595) Other comprehensive income (loss) before reclassifications — — — 2,652 (131) 2,521 Amounts reclassified out of accumulated other comprehensive (income) loss — 11 — (2,152) — (2,141) Tax effects — 25 — (94) 16 (53) Other comprehensive income (loss), net — 36 — 406 (115) 327 December 26, 2020 $ (6,280) $ (7,952) $ (1,136) $ 1,096 $ 4 $ (14,268) (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 — — — (941) 135 (806) Amounts reclassified out of accumulated other comprehensive (income) loss — 238 — 644 — 882 Tax effects — (42) — 48 (17) (11) Other comprehensive income (loss), net — 196 — (249) 118 65 December 28, 2019 $ (6,280) $ (4,126) $ (1,136) $ 176 $ 77 $ (11,289) | |||||
Comprehensive Income [Text Block] | COMPREHENSIVE INCOME (LOSS)The changes in accumulated other comprehensive income (loss) by component and related tax effects in the six months ended December 26, 2020 and December 28, 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 27, 2020 $ (6,280) $ (7,988) $ (1,136) $ 690 $ 119 $ (14,595) Other comprehensive income (loss) before reclassifications — — — 2,652 (131) 2,521 Amounts reclassified out of accumulated other comprehensive (income) loss — 11 — (2,152) — (2,141) Tax effects — 25 — (94) 16 (53) Other comprehensive income (loss), net — 36 — 406 (115) 327 December 26, 2020 $ (6,280) $ (7,952) $ (1,136) $ 1,096 $ 4 $ (14,268) (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 — — — (941) 135 (806) Amounts reclassified out of accumulated other comprehensive (income) loss — 238 — 644 — 882 Tax effects — (42) — 48 (17) (11) Other comprehensive income (loss), net — 196 — (249) 118 65 December 28, 2019 $ (6,280) $ (4,126) $ (1,136) $ 176 $ 77 $ (11,289) | |||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7,952) | 4,126 | $ (7,952) | 4,126 | (7,988) | (4,322) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 11 | 238 | ||||
Other Comprehensive Income (Loss), Tax | 25 | (42) | ||||
Other Comprehensive Income (Loss), Net of Tax | 36 | 196 | ||||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,136) | 1,136 | (1,136) | 1,136 | (1,136) | (1,136) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,096 | (176) | 1,096 | (176) | 690 | 425 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2,652 | (941) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,152) | 644 | ||||
Other Comprehensive Income (Loss), Tax | (94) | 48 | ||||
Other Comprehensive Income (Loss), Net of Tax | 406 | (249) | ||||
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 | 4 | 77 | 4 | 77 | 119 | (41) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (131) | 135 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax | 16 | (17) | ||||
Other Comprehensive Income (Loss), Net of Tax | (115) | 118 | ||||
Receivables from Stockholder | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (6,280) | $ 6,280 | (6,280) | 6,280 | $ (6,280) | $ (6,280) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 0 | $ 0 |
Income Taxes
Income Taxes - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 12.60% | 13.60% | 12.70% | 12.40% |
Income Tax Expense (Benefit) | $ 26,518 | $ 22,989 | $ 51,401 | $ 40,666 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Document Period End Date | Dec. 26, 2020 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Income tax provision | $ 26,518 | $ 22,989 | $ 51,401 | $ 40,666 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Income Taxes [Text Block] | INCOME TAXES In the three and six months ended December 26, 2020 the Company recorded an income tax provision of $26.5 million and $51.4 million, respectively, compared to $23.0 million and $40.7 million, f or the three and six months ended December 28, 2019, respectively. The Company’s effective tax rate for the three and six months ended December 26, 2020 was 12.6% and 12.7%, respectively, compared to 13.6% and 12.4% for the three and six months ended December 28, 2019, respectively. The Company’s federal statutory tax rate is 21%. The Company’s effective tax rate for the three and six months ended December 26, 2020 and December 28, 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 U.S. tax expense generated by Global Intangible Low-Taxed Income. On June 18, 2019, the U.S. Treasury and Internal Revenue Service (“IRS”) released temporary regulations under Internal Revenue Code (“IRC”) Sections 245A and 954(c)(6) (the “Temporary Regulations”), which applied retroactively to intercompany dividends occurring after December 31, 2017. The Temporary Regulations limit the applicability of the foreign personal holding company income (“FPHCI”) look-through exception for certain intercompany dividends received by a controlled foreign corporation. Before application of the retroactive Temporary Regulations, the Company benefited in fiscal years 2018 and 2019 from the FPHCI look-through exception. On August 21, 2020, the U.S. Treasury and IRS released final regulations under IRC Sections 245A and 954(c)(6) (the “Final Regulations”), which generally apply to years ending on or after June 14, 2019. The relevant sections of the Final Regulations are virtually the same as the Temporary Regulations. The Temporary Regulations apply to fiscal year 2018 and the Final Regulations apply to fiscal year 2019 intercompany dividends. The Company does not have any intercompany dividends after fiscal year 2019 that are impacted by relevant sections of the Temporary Regulations or Final Regulations. The Company previously analyzed the relevant Temporary Regulations and concluded that they were not validly issued, a conclusion which the Company has determined is not altered by issuance of the Final Regulations. The Company has also analyzed the relevant Final Regulations and concluded that they were not validly issued. Therefore, the Company has not accounted for the effects of the Temporary Regulations or Final Regulations in its results of operations for any fiscal period. The Company believes it has strong arguments in favor of its position and that it has met the more likely than not recognition threshold that its position will be sustained. The Company intends to vigorously defend its position, however, due to the uncertainty involved in challenging and litigating the validity of regulations, there can be no assurance that a court of law will rule in favor of the Company. An unfavorable resolution of this issue could have a material adverse impact on the Company's results of operations and financial condition. The Company’s federal corporate income tax returns are audited on a recurring basis by the IRS. 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 - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Business Combination, Contingent Consideration, Liability | $ 10,000 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
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. |
Accrual Components
Accrual Components - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Statement of Financial Position [Abstract] | ||
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: December 26, June 27, (in thousands) Raw materials $ 21,864 $ 18,287 Work-in-process 153,768 164,061 Finished goods 85,844 77,278 Total inventories $ 261,476 $ 259,626 Property, plant and equipment, net, consist of: December 26, June 27, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 314,833 312,999 Machinery, equipment and software 1,344,749 1,323,791 Total 1,677,302 1,654,510 Less: accumulated depreciation (1,136,289) (1,104,104) Total property, plant and equipment, net $ 541,013 $ 550,406 Accrued salary and related expenses consist of: December 26, June 27, (in thousands) Accrued bonus $ 38,063 $ 66,662 Accrued vacation 37,666 33,992 Accrued salaries 10,552 12,153 ESPP withholding — 5,986 Accrued fringe benefits 4,588 4,077 Other 8,188 3,881 Total accrued salary and related expenses $ 99,057 $ 126,751 | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued salary and related expenses consist of: December 26, June 27, (in thousands) Accrued bonus $ 38,063 $ 66,662 Accrued vacation 37,666 33,992 Accrued salaries 10,552 12,153 ESPP withholding — 5,986 Accrued fringe benefits 4,588 4,077 Other 8,188 3,881 Total accrued salary and related expenses $ 99,057 $ 126,751 | |
Accrued Vacation, Current | $ 37,666 | $ 33,992 |
Accrued Bonuses, Current | 38,063 | 66,662 |
Accrued Salaries, Current | 10,552 | 12,153 |
Accrued Employee Stock Purchase Program Withholding | 0 | 5,986 |
Accrued Employee Benefits | 4,588 | 4,077 |
Other Employee-related Liabilities, Current | 8,188 | 3,881 |
Accrued salary and related expenses | $ 99,057 | $ 126,751 |
Property, Plant and Equipment C
Property, Plant and Equipment Components - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Statement of Financial Position [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consist of: December 26, June 27, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 314,833 312,999 Machinery, equipment and software 1,344,749 1,323,791 Total 1,677,302 1,654,510 Less: accumulated depreciation (1,136,289) (1,104,104) Total property, plant and equipment, net $ 541,013 $ 550,406 | |
Land | $ 17,720 | $ 17,720 |
Buildings and Improvements, Gross | 314,833 | 312,999 |
Machinery and Equipment, Gross | 1,344,749 | 1,323,791 |
Property, Plant and Equipment, Gross | 1,677,302 | 1,654,510 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,136,289) | (1,104,104) |
Property, plant and equipment, net | $ 541,013 | $ 550,406 |
Inventory breakdown
Inventory breakdown - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Statement of Financial Position [Abstract] | ||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of: December 26, June 27, (in thousands) Raw materials $ 21,864 $ 18,287 Work-in-process 153,768 164,061 Finished goods 85,844 77,278 Total inventories $ 261,476 $ 259,626 | |
Inventory, Raw Materials and Supplies, Gross | $ 21,864 | $ 18,287 |
Inventory, Work in Process, Gross | 153,768 | 164,061 |
Inventory, Finished Goods, Gross | 85,844 | 77,278 |
Inventories | $ 261,476 | $ 259,626 |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures | 6 Months Ended |
Dec. 26, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Fair Value Disclosures | 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 corporate debt securities 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: As of December 26, 2020 As of June 27, 2020 Fair Value Total Fair Value Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 22,089 $ — $ — $ 22,089 $ 61,814 $ — $ — $ 61,814 Short-term investments Corporate debt securities — 8,879 — 8,879 — 35,536 — 35,536 Other current assets Foreign currency forward contracts — 1,447 — 1,447 — 1,151 — 1,151 Total assets $ 22,089 $ 10,326 $ — $ 32,415 $ 61,814 $ 36,687 $ — $ 98,501 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 265 $ — $ 265 $ — $ 341 $ — $ 341 Contingent consideration — — 10,000 10,000 — — 10,000 10,000 Other liabilities Contingent consideration — — 4,165 4,165 — — 4,165 4,165 Total Liabilities $ — $ 265 $ 14,165 $ 14,430 $ — $ 341 $ 14,165 $ 14,506 During the six months ended December 26, 2020 and the year ended June 27, 2020, 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 December 26, 2020 and June 27, 2020 other than impairments of long-lived assets. As of December 26, 2020 and June 27, 2020, the fair value of private company investments amounted to $26.2 million and $20.6 million, respectively. The aggregate amount of unrealized gains (losses) recognized from these investments were $1.2 million and $(4.3) million, respectively, as of December 26, 2020 and June 27, 2020. |
Financial Instruments [Text Block] | FINANCIAL INSTRUMENTS Short-term investments Fair values were as follows: December 26, 2020 June 27, 2020 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 Corporate debt securities $ 8,875 $ 4 $ — $ 8,879 $ 35,417 $ 137 $ (18) $ 35,536 Total available-for-sale investments $ 8,875 $ 4 $ — $ 8,879 $ 35,417 $ 137 $ (18) $ 35,536 In the six months ended December 26, 2020 and December 28, 2019, the Company did not recognize impairment charges on short-term investments. All available-for-sale investments have maturity dates between January 8, 2021 and March 12, 2021. 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 European Euro, Indian Rupee, Taiwan New Dollar, South Korean Won, Chinese Yuan, Japanese Yen, Singapore Dollar, and Canadian Dollar expenditures for sales offices and research and development activities undertaken outside of the U.S. The Company has established a program that 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 December 26, 2020 and June 27, 2020, the notional amounts of the forward contracts the Company held to purchase international currencies were $66.0 million and $61.6 million, respectively. Derivatives not designated as hedging instruments As of December 26, 2020 and June 27, 2020, the notional amounts of the forward contracts the Company held to purchase international currencies were $47.7 million and $32.3 million, respectively, and the notional amounts of forward contracts the Company held to sell international currencies were $11.3 million and $12.0 million, respectively. The Company's foreign currency forward contract gains or losses included in the Condensed Consolidated Statements of Income were not material for the six months ended December 26, 2020 and December 28, 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 December 26, 2020 December 28, 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 $ 628,288 $ 211,866 $ 202,757 $ 551,070 $ 190,546 $ 191,468 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 350 $ 698 $ — $ 10 $ (404) Six Months Ended December 26, 2020 December 28, 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 $ 1,247,645 $ 414,209 $ 418,337 $ 1,084,110 $ 380,263 $ 378,787 Gain (loss) on cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income $ — $ 784 $ 1,368 $ — $ 130 $ (774) Outstanding debt obligations The following table summarizes the Company’s outstanding debt obligations: December 26, 2020 June 27, 2020 (in thousands) 3.375% fixed rate notes due March 2023 $ 500,000 $ 500,000 3.45% fixed rate notes due June 2027 500,000 500,000 Total outstanding debt 1,000,000 1,000,000 Less: Reduction for unamortized discount and debt issuance costs (5,259) (5,978) Total long-term debt $ 994,741 $ 994,022 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 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 December 26, 2020 and December 28, 2019, respectively. Amortized discount and expenses, as well as interest expense associated with the notes, were $17.8 million and $17.8 million during the six months ended December 26, 2020 and December 28, 2019, respectively. The estimated fair value of the Company’s outstanding debt obligations was approximately $1.1 billion as of December 26, 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 $9.4 million and $9.3 million during the three months ended December 26, 2020, and December 28, 2019, respectively. The Company recorded interest expense of $18.8 million and $18.6 million during the six months ended December 26, 2020, and December 28, 2019, respectively. Other Financial Instruments For the Company’s other financial instruments consisting of accounts receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities. |
Segment Information
Segment Information - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 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. 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 Six Months Ended December 26, December 28, December 26, December 28, (in thousands) United States $ 65,040 $ 58,909 $ 125,176 $ 114,707 China 252,388 217,099 498,193 414,398 Rest of Asia 185,922 163,563 384,386 333,478 Europe 111,800 98,254 211,305 194,194 Rest of World 13,138 13,245 28,585 27,333 $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 Net long-lived assets by geographic region were as follows: December 26, June 27, (in thousands) United States $ 352,149 $ 362,093 Philippines 81,039 88,660 Rest of World 107,825 99,653 $ 541,013 $ 550,406 | ||||
Revenue from External Customers by Geographic Areas | Net revenues from unaffiliated customers by geographic region were as follows: Three Months Ended Six Months Ended December 26, December 28, December 26, December 28, (in thousands) United States $ 65,040 $ 58,909 $ 125,176 $ 114,707 China 252,388 217,099 498,193 414,398 Rest of Asia 185,922 163,563 384,386 333,478 Europe 111,800 98,254 211,305 194,194 Rest of World 13,138 13,245 28,585 27,333 $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 | ||||
Long-lived Assets by Geographic Areas | Net long-lived assets by geographic region were as follows: December 26, June 27, (in thousands) United States $ 352,149 $ 362,093 Philippines 81,039 88,660 Rest of World 107,825 99,653 $ 541,013 $ 550,406 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 628,288 | $ 551,070 | $ 1,247,645 | $ 1,084,110 | |
Long-Lived Assets | 541,013 | 541,013 | $ 550,406 | ||
Revenues | 628,288 | 551,070 | 1,247,645 | 1,084,110 | |
Segment Revenue - United States | 65,040 | 58,909 | 125,176 | 114,707 | |
Segment Revenue - China | 252,388 | 217,099 | 498,193 | 414,398 | |
Segment Revenue - Rest of Asia | 185,922 | 163,563 | 384,386 | 333,478 | |
Segment Revenue - Europe | 111,800 | 98,254 | 211,305 | 194,194 | |
Segment Revenue -Rest of World | 13,138 | $ 13,245 | 28,585 | $ 27,333 | |
UNITED STATES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-Lived Assets | 352,149 | 352,149 | 362,093 | ||
PHILIPPINES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-Lived Assets | 81,039 | 81,039 | 88,660 | ||
Rest of the World [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-Lived Assets | $ 107,825 | $ 107,825 | $ 99,653 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 26, 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, RSAs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs, RSAs and 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 Six Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 183,945 $ 146,050 $ 353,459 $ 286,206 Denominator for basic earnings per share 267,299 270,330 267,131 270,859 Effect of dilutive securities: Stock options, ESPP, RSUs, RSAs and MSUs 3,493 2,939 3,354 3,025 Denominator for diluted earnings per share 270,792 273,269 270,485 273,884 Earnings per share Basic $ 0.69 $ 0.54 $ 1.32 $ 1.06 Diluted $ 0.68 $ 0.53 $ 1.31 $ 1.04 |
Common Stock Repurchases
Common Stock Repurchases - USD ($) $ in Millions | 6 Months Ended | |
Dec. 26, 2020 | Oct. 30, 2018 | |
Common Stock Repurchases [Abstract] | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 700 | |
Stock Repurchase Program, Authorized Amount | $ 1,500 | |
Stock Repurchased During Period, Shares | 149,800 | |
Stock Repurchased During Period, Value | $ 9.2 | |
Treasury Stock | COMMON STOCK REPURCHASESOn 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.Pursuant to the terms of the ADI Merger Agreement, the Company suspended its repurchase program on July 13, 2020, the date the Company announced its planned merger with ADI. Prior to such announcement and during the fiscal year 2021, the Company repurchased approximately 149.8 thousand shares of its common stock for $9.2 million. As of December 26, 2020, the Company had remaining authorization of $0.7 billion for future share repurchases. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets (Notes) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ (227) | $ (489) |
Acquisitions (Notes)
Acquisitions (Notes) - USD ($) $ in Thousands | Dec. 26, 2020 | Jun. 27, 2020 |
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 10,000 | |
Goodwill | $ 562,540 | $ 562,540 |
Leases (Notes)
Leases (Notes) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | Jun. 24, 2017 | |
Leases [Abstract] | ||||||
Document Period End Date | Dec. 26, 2020 | |||||
Operating Leases, Rent Expense | $ 2,500 | $ 4,900 | $ 2,900 | $ 5,900 | ||
Operating Lease, Right-of-Use Asset | 49,653 | 54,610 | 49,653 | 54,610 | ||
Operating Lease, Liability, Current | 10,860 | 10,445 | 10,860 | 10,445 | ||
Operating Lease, Liability, Noncurrent | 44,224 | 48,314 | 44,224 | 48,314 | ||
Lessee, Lease, Description [Line Items] | ||||||
Operating Leases, Rent Expense | $ 2,500 | $ 4,900 | 2,900 | 5,900 | ||
Operating Lease, Payments | $ 6,094 | $ 5,911 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 7 years | 6 years | 7 years | ||
Lessee, Operating Lease, Discount Rate | 3.29% | 3.45% | 3.29% | 3.45% | ||
Balance sheet items related to leases [Table Text Block] | December 26, 2020 June 27, 2020 (in thousands) Other assets $ 49,653 $ 54,610 Accrued expenses $ 10,860 $ 10,445 Other liabilities $ 44,224 $ 48,314 | |||||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2021 $ 6,443 2022 11,784 2023 9,777 2024 8,555 2025 6,874 Thereafter 17,567 Total 61,000 Less imputed interest 5,916 Total $ 55,084 | Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 5,969 2021 11,818 2022 10,847 2023 9,599 2024 8,202 Thereafter 21,904 Total 68,339 Less imputed interest 7,657 Total $ 60,682 | ||||
Leases - schedule of maturities [Abstract] | ||||||
Lessee, Operating Lease, Liability, Payments, Due | $ 6,443 | $ 5,969 | $ 6,443 | $ 5,969 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 11,784 | 11,818 | 11,784 | 11,818 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 9,777 | 10,847 | 9,777 | 10,847 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 8,555 | 9,599 | 8,555 | 9,599 | ||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 17,567 | 21,904 | 17,567 | 21,904 | ||
Lessee, Operating Lease, Liability, to be Paid | 61,000 | 68,339 | 61,000 | 68,339 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 5,916 | 7,657 | 5,916 | 7,657 | ||
Operating Lease, Liability | 55,084 | 60,682 | 55,084 | 60,682 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | $ 6,874 | $ 8,202 | $ 6,874 | $ 8,202 | ||
Lessee, Operating Leases | LEASESThe 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 six months ended December 26, 2020, the Company recorded operating lease expense of $2.5 million and $4.9 million, respectively. For the three and six months ended December 28, 2019, the Company recorded operating lease expense of $2.9 million and $5.9 million, respectively. Leases are included in the following Condensed Consolidated Balance Sheet lines: December 26, 2020 June 27, 2020 (in thousands) Other assets $ 49,653 $ 54,610 Accrued expenses $ 10,860 $ 10,445 Other liabilities $ 44,224 $ 48,314 Future minimum lease payments under non-cancelable operating leases as of December 26, 2020 are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2021 $ 6,443 2022 11,784 2023 9,777 2024 8,555 2025 6,874 Thereafter 17,567 Total 61,000 Less imputed interest 5,916 Total $ 55,084 Future minimum lease payments under non-cancelable operating leases as of December 28, 2019 are as follows: Operating Lease Obligations Fiscal Year (in thousands) Remainder of 2020 $ 5,969 2021 11,818 2022 10,847 2023 9,599 2024 8,202 Thereafter 21,904 Total 68,339 Less imputed interest 7,657 Total $ 60,682 Other information related to leases as of December 26, 2020 are as follows: Six Months Ended December 26, 2020 December 28, 2019 Supplemental cash flow information: Operating cash flows used for operating leases (in thousands) $ 6,094 $ 5,911 Weighted-average remaining lease term - operating leases (in years) 6 7 Weighted-average discount rate - operating leases 3.29 % 3.45 % | |||||
FixedRateNoteDueJune2027at3Point450Percent[Member] [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Leases, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% | 3.45% |
Disaggregated Revenue (Notes)
Disaggregated Revenue (Notes) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Revenue Recognition and Deferred 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 Six Months Ended December 26, December 28, December 26, December 28, Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) (in thousands, except percentages) Automotive $ 190,048 30 % $ 146,067 27 % $ 347,989 28 % $ 285,689 26 % Communications and Data Center 105,392 17 % 118,819 22 % 236,643 19 % 214,845 20 % Consumer 127,851 20 % 113,496 20 % 261,870 21 % 246,683 23 % Industrial 204,997 33 % 172,688 31 % 401,143 32 % 336,893 31 % $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 | |||
Disaggregated Revenue by Sales Channel [Table Text Block] | The following table summarizes net revenue disaggregated by sales channel: Three Months Ended Six Months Ended December 26, December 28, December 26, December 28, Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) (in thousands, except percentages) Distributors $ 327,397 52 % $ 281,319 51 % $ 651,949 52 % $ 547,905 51 % Direct customers 300,891 48 % 269,751 49 % 595,696 48 % 536,205 49 % $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 | |||
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 Six Months Ended December 26, December 28, December 26, December 28, Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) (in thousands, except percentages) Automotive $ 190,048 30 % $ 146,067 27 % $ 347,989 28 % $ 285,689 26 % Communications and Data Center 105,392 17 % 118,819 22 % 236,643 19 % 214,845 20 % Consumer 127,851 20 % 113,496 20 % 261,870 21 % 246,683 23 % Industrial 204,997 33 % 172,688 31 % 401,143 32 % 336,893 31 % $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 The following table summarizes net revenue disaggregated by sales channel: Three Months Ended Six Months Ended December 26, December 28, December 26, December 28, Revenue % of Total Revenue % of Total Revenue % of Total Revenue % of Total (in thousands, except percentages) (in thousands, except percentages) Distributors $ 327,397 52 % $ 281,319 51 % $ 651,949 52 % $ 547,905 51 % Direct customers 300,891 48 % 269,751 49 % 595,696 48 % 536,205 49 % $ 628,288 $ 551,070 $ 1,247,645 $ 1,084,110 | |||
Disaggregated Revenue by Sales Channel - Distributors | $ 327,397,000 | $ 281,319,000 | $ 651,949,000 | $ 547,905,000 |
Disaggregated Revenue by Sales Channel - Dist % | 52.00% | 51.00% | 52.00% | 51.00% |
Disaggregated Revenue by Sales Channel - Direct Customer | $ 300,891,000 | $ 269,751,000 | $ 595,696,000 | $ 536,205,000 |
Disaggregated Revenue by Sales Channel - Direct % | 48.00% | 49.00% | 48.00% | 49.00% |
Revenues | $ 628,288,000 | $ 551,070,000 | $ 1,247,645,000 | $ 1,084,110,000 |
Disaggregated Revenue by End Market - Automotive | $ 190,048,000 | $ 146,067,000 | $ 347,989,000 | $ 285,689,000 |
Disaggregated Revenue by End Market - Auto % | 30.00% | 27.00% | 28.00% | 26.00% |
Disaggregated Revenue by End Market - Comm and Data Center | $ 105,392,000 | $ 118,819,000 | $ 236,643,000 | $ 214,845,000 |
Disaggregated Revenue by End Market - CDC % | 17.00% | 22.00% | 19.00% | 20.00% |
Disaggregated Revenue by End Market - Consumer | $ 127,851,000 | $ 113,496,000 | $ 261,870,000 | $ 246,683,000 |
Disaggregated Revenue by End Market - Cons % | 20.00% | 20.00% | 21.00% | 23.00% |
Disaggregated Revenue by End Market - Industrial | $ 204,997,000 | $ 172,688,000 | $ 401,143,000 | $ 336,893,000 |
Disaggregated Revenue by End Market - Ind % | 33.00% | 31.00% | 32.00% | 31.00% |
Future intangible amoritzation
Future intangible amoritzation - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Intangible & goodwill balances [Abstract] | |||||
Cost, Amortization | $ 4,349 | $ 3,111 | $ 8,711 | $ 6,221 | |
Intangible asset amortization | 943 | 756 | 1,862 | 1,512 | |
Intangible Asset Amortization Expense | 5,292 | $ 3,867 | 10,573 | $ 7,733 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 8,790 | 8,790 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 13,543 | 13,543 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 13,059 | 13,059 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 10,083 | 10,083 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9,805 | 9,805 | |||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 13,556 | 13,556 | |||
Finite-Lived Intangible Assets, Net | $ 68,836 | $ 68,836 | $ 78,764 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 6 Months Ended |
Dec. 26, 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 six months ended December 26, 2020. No indicators or instances of impairment were identified during the six months and fiscal year ended December 26, 2020 and June 27, 2020, respectively. Intangible Assets Intangible assets consisted of the following: December 26, 2020 June 27, 2020 Original Accumulated Net Original Accumulated Net (in thousands) Intellectual property $ 525,816 $ 467,130 $ 58,686 $ 525,196 $ 458,418 $ 66,778 Customer relationships 118,335 110,038 8,297 118,335 108,603 9,732 Trade name 11,374 9,521 1,853 11,374 9,265 2,109 Backlog 170 170 — 170 25 145 Patents 2,500 2,500 — 2,500 2,500 — Total amortizable purchased intangible assets 658,195 589,359 68,836 657,575 578,811 78,764 In-process research & development (IPR&D) 7,330 — 7,330 9,195 — 9,195 Total purchased intangible assets $ 665,525 $ 589,359 $ 76,166 $ 666,770 $ 578,811 $ 87,959 During the three months ended December 26, 2020, the Company placed in service and reclassified $0.6 million of IPR&D to intellectual property intangible assets and wrote-off $1.2 million of IPR&D due to impairment. The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income: Three Months Ended Six Months Ended December 26, December 28, December 26, December 28, (in thousands) Cost of goods sold $ 4,349 $ 3,111 $ 8,711 $ 6,221 Intangible asset amortization 943 756 1,862 1,512 Total intangible asset amortization expenses $ 5,292 $ 3,867 $ 10,573 $ 7,733 The following table represents the estimated future amortization expense of intangible assets as of December 26, 2020: Amount Fiscal Year (in thousands) Remainder of 2021 $ 8,790 2022 13,543 2023 13,059 2024 10,083 2025 9,805 Thereafter 13,556 Total intangible assets $ 68,836 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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, allowance for distributor credits, inventory valuation, reserves relating to litigation matters, assumptions about the fair value of reporting units and asset groups, accrued liabilities and reserves, and the value of intangibles acquired associated with business combinations. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results may differ from those estimates, and such differences may be material to the financial statements. The ongoing novel 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 January 27, 2021, 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. Reclassification Certain items in prior financial statements were reclassified to conform to the current year presentation. (i) New Accounting Update Recently Adopted In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13) Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes resulted in earlier recognition of credit losses. We adopted ASU 2016-13 beginning in the first quarter of fiscal year 2021 using the modified retrospective approach. The effect on our consolidated financial statements and related disclosures was not material. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Dec. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |
Balance Sheet Components [Text Block] | BALANCE SHEET COMPONENTS Inventories consist of: December 26, June 27, (in thousands) Raw materials $ 21,864 $ 18,287 Work-in-process 153,768 164,061 Finished goods 85,844 77,278 Total inventories $ 261,476 $ 259,626 Property, plant and equipment, net, consist of: December 26, June 27, (in thousands) Land $ 17,720 $ 17,720 Buildings and building improvements 314,833 312,999 Machinery, equipment and software 1,344,749 1,323,791 Total 1,677,302 1,654,510 Less: accumulated depreciation (1,136,289) (1,104,104) Total property, plant and equipment, net $ 541,013 $ 550,406 Accrued salary and related expenses consist of: December 26, June 27, (in thousands) Accrued bonus $ 38,063 $ 66,662 Accrued vacation 37,666 33,992 Accrued salaries 10,552 12,153 ESPP withholding — 5,986 Accrued fringe benefits 4,588 4,077 Other 8,188 3,881 Total accrued salary and related expenses $ 99,057 $ 126,751 |
Private Company Investment
Private Company Investment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 26, 2020 | Dec. 26, 2020 | Dec. 28, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Unrealized Gain (Loss) on Investments | $ 4,900 | $ 5,500 | $ 600 |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments (Tables) | 6 Months Ended |
Dec. 26, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | STOCK-BASED COMPENSATION At December 26, 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”), restricted stock awards ("RSAs") 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 released or 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 from September 2017 to July 2020 will continue to vest post-employment at the Company for certain individuals satisfying specific eligibility requirements. RSAs 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. RSAs have certain shareholder rights, such as voting rights, but are not eligible for dividends or dividend equivalents. 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 in September 2017, September 2018, and September 2019 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 six months ended December 26, 2020 and December 28, 2019, respectively: Three Months Ended Three Months Ended December 26, 2020 December 28, 2019 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 13 $ 3,502 $ 585 $ 4,100 $ 5 $ 2,269 $ 699 $ 2,973 Research and development 3 10,880 1,048 11,931 4 9,918 1,514 11,436 Selling, general and administrative 73 14,559 546 15,178 55 8,753 849 9,657 Pre-tax stock-based compensation expense $ 89 $ 28,941 $ 2,179 $ 31,209 $ 64 $ 20,940 $ 3,062 $ 24,066 Less: income tax effect 3,030 2,193 Net stock-based compensation expense $ 28,179 $ 21,873 Six Months Ended Six Months Ended December 26, 2020 December 28, 2019 Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total Stock Options Restricted Stock Units and Other Awards Employee Stock Purchase Plan Total (in thousands) Cost of goods sold $ 24 $ 7,295 $ 1,449 $ 8,768 $ 14 $ 4,549 $ 1,368 $ 5,931 Research and development 6 23,147 3,155 26,308 8 19,403 2,909 22,320 Selling, general and administrative 148 30,042 1,673 31,863 122 18,706 1,659 20,487 Pre-tax stock-based compensation expense $ 178 $ 60,484 $ 6,277 $ 66,939 $ 144 $ 42,658 $ 5,936 $ 48,738 Less: income tax effect 5,561 5,081 Net stock-based compensation expense $ 61,378 $ 43,657 The expense included in the Condensed Consolidated Statements of Income for RSUs and other awards include expenses related to MSUs of $2.5 million and $2.4 million for the three months ended December 26, 2020 and December 28, 2019, respectively, and $6.1 million and $6.8 million for the six months ended December 26, 2020 and December 28, 2019, respectively. In connection with the proposed ADI Merger, on September 1, 2020, the Company’s Board of Directors granted RSAs to certain employees. For employees who made IRS Section 83(b) elections, Maxim accelerated a portion of the RSAs to satisfy tax withholding requirements. The Company recorded $0.7 million and $8.7 million of stock-based compensation expense related to the accelerated RSAs during the three and six months ended December 26, 2020, respectively. Additionally, in connection with the proposed ADI Merger, the Company modified equity awards held by certain executives by accelerating the vesting of 0.2 million outstanding RSU awards that otherwise would have vested at various dates through calendar year 2023. The Company recognized an additional $5.1 million of stock-based compensation expense related to these RSU modifications during the three and six months ended December 26, 2020. 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 six months ended December 26, 2020 and December 28, 2019. The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of December 26, 2020 and related activity for the six months ended December 26, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (1) Balance at June 27, 2020 104,447 $ 28.76 Options Granted — — Options Exercised (99,819) 28.50 Options Cancelled — — Balance at December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 Exercisable, December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 Vested and expected to vest, December 26, 2020 4,628 $ 34.20 0.4 $ 242,414 (1) Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on December 24, 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 December 26, 2020. As of December 26, 2020, there was no unrecognized stock compensation from unvested stock options. Restricted Stock Units and Restricted Stock Awards The fair value of RSUs and RSAs 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 RSAs granted was $69.32 and $56.21 per share for the six months ended December 26, 2020 and December 28, 2019, respectively. The following table summarizes the outstanding and expected to vest RSUs and RSAs as of December 26, 2020 and related activity during the six months ended December 26, 2020: Number of Shares Weighted Average Aggregate Intrinsic Value (1) Balance at June 27, 2020 4,606,592 Restricted stock units and restricted stock awards granted 1,377,171 Restricted stock units and restricted stock awards released (949,534) Restricted stock units and restricted stock awards cancelled (246,848) Balance at December 26, 2020 4,787,381 1.9 $ 414,491,447 Outstanding and expected to vest, December 26, 2020 3,928,669 1.6 $ 340,144,241 (1) Aggregate intrinsic value for RSUs and RSAs represents the closing price per share of the Company’s common stock on December 24, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs and RSAs outstanding or expected to vest as of December 26, 2020. The Company withheld shares totaling $36.0 million in value as a result of employee withholding taxes based on the value of RSUs and RSAs on their vesting date for the six months ended December 26, 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 December 26, 2020, there was $183.3 million of unrecognized compensation expense related to 4.8 million unvested RSUs and RSAs, which is expected to be recognized over a weighted average period of approximately 1.9 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, September 2018, and September 2019, the performance metrics for this program are based on the total shareholder return ("TSR") of the Company relative to the TSR of the other companies included in the XSD. The fair value of MSUs is estimated using a Monte Carlo simulation model on the date of grant. The Company also estimates forfeitures at the time of grant and makes revisions to forfeitures on a quarterly basis. Compensation expense is recognized based on the initial valuation and is not subsequently adjusted as a result of the Company’s performance relative to that of the XSD or the TSR of the companies included in the XSD, as applicable. Vesting for MSUs is contingent upon both service and market conditions and has a four-year vesting cliff period. MSUs granted in September 2017, September 2018, and September 2019 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. Pursuant to the terms of the ADI Merger Agreement, the Company grants RSUs in lieu of MSUs (or RSAs in lieu of MSUs for any potential “disqualified individuals” within the meaning of Section 280G of the Internal Revenue Code, which RSAs will not be eligible for dividends or dividend equivalent rights) from the date of the ADI Merger Agreement through the date that the transaction closes. No MSUs were granted during the six months ended December 26, 2020. The weighted-average fair value of MSUs granted was $54.70 per share for the six months ended December 28, 2019. The following table summarizes the number of MSUs outstanding and expected to vest as of December 26, 2020 and their activity during the six months ended December 26, 2020: Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 27, 2020 971,220 Market stock units granted — Market stock units released — Market stock units cancelled (237,576) Balance at December 26, 2020 733,644 1.5 $ 63,518,898 Outstanding and expected to vest, December 26, 2020 1,062,016 1.1 $ 91,949.385 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on December 24, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of December 26, 2020. As of December 26, 2020, there was $19.3 million of unrecognized compensation expense related to 0.7 million unvested MSUs, which is expected to be recognized over a weighted average period of approximately 1.5 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: Three Months Ended Six Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 Expected holding period (in years) 0.5 years 0.5 years 0.5 years 0.5 years Risk-free interest rate 0.2% - 1.6% 1.6% - 2.7% 0.2% - 1.6% 1.6% - 2.7% Expected stock price volatility 29.2% - 55.2% 28.4% - 31.3% 29.2% - 55.2% 28.4% - 31.3% Dividend yield 3.3% - 3.3% 3.1% - 3.4% 3.3% - 3.3% 3.1% - 3.4% As of December 26, 2020 and December 28, 2019, there was $0 and $10.1 million, respectively, of unrecognized compensation expense related to the 2008 ESPP. At the end of the current offering period in November 2020, the Company suspended the 2008 ESPP program pursuant to the terms of the ADI Merger Agreement. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 26, 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: As of December 26, 2020 As of June 27, 2020 Fair Value Total Fair Value Total Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (in thousands) Assets Cash and cash equivalents Money market funds $ 22,089 $ — $ — $ 22,089 $ 61,814 $ — $ — $ 61,814 Short-term investments Corporate debt securities — 8,879 — 8,879 — 35,536 — 35,536 Other current assets Foreign currency forward contracts — 1,447 — 1,447 — 1,151 — 1,151 Total assets $ 22,089 $ 10,326 $ — $ 32,415 $ 61,814 $ 36,687 $ — $ 98,501 Liabilities Accrued expenses Foreign currency forward contracts $ — $ 265 $ — $ 265 $ — $ 341 $ — $ 341 Contingent consideration — — 10,000 10,000 — — 10,000 10,000 Other liabilities Contingent consideration — — 4,165 4,165 — — 4,165 4,165 Total Liabilities $ — $ 265 $ 14,165 $ 14,430 $ — $ 341 $ 14,165 $ 14,506 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Document Period End Date | Dec. 26, 2020 | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | $ 31,209 | $ 24,066 | $ 66,939 | $ 48,738 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 3,030 | 2,193 | 5,561 | 5,081 | |
Net stock-based compensation expense | 28,179 | 21,873 | 61,378 | 43,657 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 183,300 | 183,300 | |||
Cost of Sales [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 4,100 | 2,973 | 8,768 | 5,931 | |
Research and Development Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 11,931 | 11,436 | 26,308 | 22,320 | |
General and Administrative Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 15,178 | 9,657 | 31,863 | 20,487 | |
Stock options [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 89 | 64 | 178 | 144 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | 0 | |||
Stock options [Member] | Cost of Sales [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 13 | 5 | 24 | 14 | |
Stock options [Member] | Research and Development Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 3 | 4 | 6 | 8 | |
Stock options [Member] | General and Administrative Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | $ 73 | $ 55 | 148 | 122 | |
Restricted Stock Units (RSUs) [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 69.32 | $ 56.21 | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | $ 28,941 | $ 20,940 | $ 60,484 | 42,658 | |
Share-based Payment Arrangement, Accelerated Cost | $ 5,100 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 200,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,787,381 | 4,787,381 | 4,606,592 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 10 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | Cost of Sales [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | $ 3,502 | 2,269 | $ 7,295 | 4,549 | |
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 10,880 | 9,918 | 23,147 | 19,403 | |
Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 14,559 | 8,753 | 30,042 | 18,706 | |
Employee Stock [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 2,179 | 3,062 | 6,277 | 5,936 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | 10,100 | 0 | 10,100 | |
Employee Stock [Member] | Cost of Sales [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 585 | 699 | 1,449 | 1,368 | |
Employee Stock [Member] | Research and Development Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 1,048 | 1,514 | 3,155 | 2,909 | |
Employee Stock [Member] | General and Administrative Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 546 | 849 | 1,673 | $ 1,659 | |
Market stock units [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Expense | 2,500 | $ 2,400 | 6,100 | ||
Restricted Stock Award [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Accelerated Cost | 700 | $ 8,700 | |||
Market Stock Units [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.70 | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 19,300 | $ 19,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 733,644 | 733,644 | 971,220 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months | ||||
Market Stock Units (MSU) [Member] [Domain] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 700,000 | 700,000 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plans (Details) | 6 Months Ended |
Dec. 26, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Document Period End Date | Dec. 26, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 183,300,000 |
Weighted average period of recognition for unrecognized compensation costs (in years) | 1 year 10 months 24 days |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, beginning | shares | 104,447 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 0 |
Options Exercised | shares | (99,819) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares | 0 |
Options outstanding, ending | shares | 4,628 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 4,628 |
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) | $ 28.76 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 28,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 |
Options outstanding, weighted average exercise price, ending (per share) | 34,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | 34,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 34,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 242,414 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | 242,414 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | 242,414 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 0 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Units (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 36,000,000 | ||
Outstanding and expected to vest RSUs [Roll Forward] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 183,300,000 | $ 183,300,000 | |
Weighted average period of recognition for unrecognized compensation costs (in years) | 1 year 10 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Accelerated Cost | $ 5,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 69.32 | $ 56.21 | |
Outstanding and expected to vest RSUs [Roll Forward] | |||
Outstanding, beginning | 4,606,592 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,377,171 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (949,534) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (246,848) | ||
Outstanding, ending | 4,787,381 | 4,787,381 | |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 3,928,669 | 3,928,669 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 10 months 24 days | ||
Restricted stock units vested and expected to vest, weighted average remaining contractual term 1 | 1 year 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Aggregate Intrinsic Value | $ 414,491,447 | $ 414,491,447 | |
Restricted stock units expected to vest, aggregate intrinsic value | $ 340,144,241 | $ 340,144,241 | |
Restricted Stock [Member] | |||
Outstanding and expected to vest RSUs [Roll Forward] | |||
Outstanding, ending | 4,800,000 | 4,800,000 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Based Compensation, Market Stock Units (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 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 December 26, 2020 and their activity during the six months ended December 26, 2020: Number of Shares Weighted Average Aggregate Intrinsic (1) Balance at June 27, 2020 971,220 Market stock units granted — Market stock units released — Market stock units cancelled (237,576) Balance at December 26, 2020 733,644 1.5 $ 63,518,898 Outstanding and expected to vest, December 26, 2020 1,062,016 1.1 $ 91,949.385 (1) Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on December 24, 2020, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of December 26, 2020. | |||
Share-based Payment Arrangement, Expense | $ 31,209,000 | $ 24,066,000 | $ 66,939,000 | $ 48,738,000 |
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 183,300,000 | $ 183,300,000 | ||
Weighted average period of recognition for unrecognized compensation costs (in years) | 1 year 10 months 24 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 2,500,000 | $ 2,400,000 | $ 6,100,000 | |
Market Stock Units [Member] | ||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.70 | |||
Outstanding, beginning | 971,220 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (237,576) | |||
Outstanding, ending | 733,644 | 733,644 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 1,062,016 | 1,062,016 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months | |||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term 1 | 1 year 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Aggregate Intrinsic Value | $ 63,518,898 | $ 63,518,898 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Management Share Units, Expected to Vest, Aggregate Intrinsic Value | 91,949,385 | 91,949,385 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 19,300,000 | $ 19,300,000 | ||
Market Stock Units (MSU) [Member] [Domain] | ||||
Outstanding and expected to vest MSUs [Roll Forward] | ||||
Outstanding, ending | 700,000 | 700,000 |
Stock-Based Compensation, Emplo
Stock-Based Compensation, Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Document Period End Date | Dec. 26, 2020 | ||||
Share-based Payment Arrangement, Expense | $ 31,209 | $ 24,066 | $ 66,939 | $ 48,738 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 183,300 | $ 183,300 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | 3,030 | 2,193 | $ 5,561 | 5,081 | |
Share-based Payment Arrangement, Expense, after Tax | 28,179 | 21,873 | 61,378 | 43,657 | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 2,500 | 2,400 | $ 6,100 | ||
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 | 4,628 | 4,628 | 104,447 | ||
Share-based Payment Arrangement, Expense | $ 89 | 64 | $ 178 | 144 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | 0 | |||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 2,179 | $ 3,062 | $ 6,277 | $ 5,936 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 months | 6 months | 6 months | 6 months | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | $ 10,100 | $ 0 | $ 10,100 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 28,941 | $ 20,940 | $ 60,484 | $ 42,658 | |
Minimum [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.20% | 28.40% | 29.20% | 28.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | 1.60% | 0.20% | 1.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.30% | 3.10% | 3.30% | 3.10% | |
Maximum [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.20% | 31.30% | 55.20% | 31.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | 2.70% | 1.60% | 2.70% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.30% | 3.40% | 3.30% | 3.40% | |
Cost of Sales [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 4,100 | $ 2,973 | $ 8,768 | $ 5,931 | |
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 | 13 | 5 | 24 | 14 | |
Cost of Sales [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 585 | 699 | 1,449 | 1,368 | |
Cost of Sales [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 3,502 | 2,269 | 7,295 | 4,549 | |
Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 11,931 | 11,436 | 26,308 | 22,320 | |
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 | 3 | 4 | 6 | 8 | |
Research and Development Expense [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 1,048 | 1,514 | 3,155 | 2,909 | |
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 | 10,880 | 9,918 | 23,147 | 19,403 | |
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 15,178 | 9,657 | 31,863 | 20,487 | |
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 | 73 | 55 | 148 | 122 | |
General and Administrative Expense [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | 546 | 849 | 1,673 | 1,659 | |
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 | $ 14,559 | $ 8,753 | $ 30,042 | $ 18,706 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock based compensation, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Document Period End Date | Dec. 26, 2020 | |||
Share-based Payment Arrangement, Expense | $ 31,209 | $ 24,066 | $ 66,939 | $ 48,738 |
Share-based Payment Arrangement, Expense, after Tax | 28,179 | 21,873 | 61,378 | 43,657 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 3,030 | $ 2,193 | $ 5,561 | $ 5,081 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Document Period End Date | Dec. 26, 2020 | ||||
Interest Expense | $ 9,400 | $ 9,300 | $ 18,800 | $ 18,600 | |
Cost Method Investments | 26,200 | 20,600 | 26,200 | 20,600 | |
Accumulated gains or losses on private company investments | 1,200 | (4,300) | 1,200 | (4,300) | |
Interest Expense, Debt | 8,900 | $ 8,900 | 17,800 | 17,800 | |
Cash and cash equivalents | 1,796,961 | 1,796,961 | $ 1,578,670 | ||
Available-for-sale Securities | 35,536 | ||||
Business Combination, Contingent Consideration, Liability | 10,000 | ||||
Unrealized Gain (Loss) on Investments | 4,900 | 5,500 | $ 600 | ||
Fair Value, Assets and Liabilities Class [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Assets | 32,415 | 32,415 | 98,501 | ||
Total Liabilities | 14,430 | 14,430 | 14,506 | ||
Fair Value, Assets and Liabilities Class [Member] | 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 | 22,089 | 22,089 | 61,814 | ||
Total Liabilities | 0 | 0 | 0 | ||
Fair Value, Assets and Liabilities Class [Member] | 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 | 10,326 | 10,326 | 36,687 | ||
Total Liabilities | 265 | 265 | 341 | ||
Fair Value, Assets and Liabilities Class [Member] | 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 | 14,165 | 14,165 | 14,165 | ||
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 | 22,089 | 22,089 | 61,814 | ||
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 | 22,089 | 22,089 | 61,814 | ||
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 | 8,879 | 8,879 | 35,536 | ||
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 | 8,879 | 8,879 | 35,536 | ||
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 | 1,447 | 1,447 | 1,151 | ||
Foreign currency forward contracts | 265 | 265 | 341 | ||
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 | 1,447 | 1,447 | 1,151 | ||
Foreign currency forward contracts | 265 | 265 | 341 | ||
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 | 10,000 | 10,000 | 10,000 | ||
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 | 10,000 | 10,000 | |||
Other Liabilities [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | 4,165 | 4,165 | 4,165 | ||
Other 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 | $ 4,165 | $ 4,165 | $ 4,165 |
Fair Value Measurements Private
Fair Value Measurements Private Company Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 26, 2020 | Dec. 26, 2020 | Dec. 28, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Cost Method Investments | $ 26,200 | $ 26,200 | $ 20,600 |
Accumulated gains or losses on private company investments | 1,200 | 1,200 | (4,300) |
Unrealized Gain (Loss) on Investments | $ 4,900 | $ 5,500 | $ 600 |
Financial Instruments, Short-te
Financial Instruments, Short-term Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 26, 2020 | Jun. 27, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Dec. 26, 2020 | |
Debt Securities, Available-for-sale [Abstract] | ||
Estimated Fair Value | $ 35,536 | |
Debt Securities, Available-for-sale, Amortized Cost | $ 8,875 | 35,417 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 137 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 18 |
Debt Securities, Available-for-sale | 8,879 | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 8,875 | 35,417 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 137 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 18 |
Debt Securities, Available-for-sale | $ 8,879 | $ 35,536 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Securities Received as Consideration (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Document Period End Date | Dec. 26, 2020 | ||
Proceeds from sale of shares | $ 1,500 | $ 0 | |
Estimated Fair Value | $ 35,536 | ||
Cost Method Investments | $ 26,200 | $ 20,600 |
Financial Instruments, Long-ter
Financial Instruments, Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 26, 2020 | Dec. 28, 2019 | Sep. 23, 2017 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | Jun. 24, 2017 | Mar. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||
Document Period End Date | Dec. 26, 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 | (5,259) | $ (5,978) | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | |||||||
Interest expense relating to the Notes | 8,900 | $ 8,900 | 17,800 | 17,800 | ||||
Estimated fair value of long-term debt | 1,100,000 | 1,100,000 | ||||||
Interest Expense | 9,400 | $ 9,300 | 18,800 | $ 18,600 | ||||
Secured Long-term Debt, Noncurrent | 994,741 | 994,741 | 994,022 | |||||
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] | ||||||||
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 | $ 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 | Dec. 26, 2020 | Jun. 27, 2020 |
Forward contracts held to purchase U.S. dollars [Member] | Not Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset, Notional Amount | $ 47.7 | $ 32.3 |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) from Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Jun. 27, 2020 | |
Derivative [Line Items] | |||||
Document Period End Date | Dec. 26, 2020 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 628,288 | $ 551,070 | $ 1,247,645 | $ 1,084,110 | |
Cost of goods sold | 211,866 | 190,546 | 414,209 | 380,263 | |
Operating Expenses | 202,757 | 191,468 | 418,337 | 378,787 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,141 | (882) | |||
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 | 350 | 10 | 784 | 130 | |
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 | 698 | (404) | 1,368 | (774) | |
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 | $ 0 | 0 | $ 0 | |
Not Designated as Hedging Instrument [Member] | Forward contracts held to purchase U.S. dollars [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 47,700 | 47,700 | $ 32,300 | ||
Not Designated as Hedging Instrument [Member] | Forward contracts held to sell U.S. dollars [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Notional Amount | 11,300 | 11,300 | 12,000 | ||
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 | $ 66,000 | $ 66,000 | $ 61,600 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Accumulated gains or losses on private company investments | $ 1.2 | $ (4.3) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 183,945 | $ 146,050 | $ 353,459 | $ 286,206 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 183,945 | $ 146,050 | $ 353,459 | $ 286,206 |
Basic | 267,299,000 | 270,330,000 | 267,131,000 | 270,859,000 |
Stock options, ESPP and RSUs | 3,493,000 | 2,939,000 | 3,354,000 | 3,025,000 |
Diluted | 270,792,000 | 273,269,000 | 270,485,000 | 273,884,000 |
Basic | $ 0.69 | $ 0.54 | $ 1.32 | $ 1.06 |
Diluted | $ 0.68 | $ 0.53 | $ 1.31 | $ 1.04 |
Numerator for basic earnings per share and diluted earnings per share | ||||
Net income | $ 183,945 | $ 146,050 | $ 353,459 | $ 286,206 |
Denominator for basic earnings per share | 267,299,000 | 270,330,000 | 267,131,000 | 270,859,000 |
Effect of dilutive securities | ||||
Stock options, ESPP and RSUs | 3,493,000 | 2,939,000 | 3,354,000 | 3,025,000 |
Denominator for diluted earnings per share | 270,792,000 | 273,269,000 | 270,485,000 | 273,884,000 |
Earnings per share, Basic (per share) | $ 0.69 | $ 0.54 | $ 1.32 | $ 1.06 |
Earnings per share, Diluted (per share) | $ 0.68 | $ 0.53 | $ 1.31 | $ 1.04 |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
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 Six Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 183,945 $ 146,050 $ 353,459 $ 286,206 Denominator for basic earnings per share 267,299 270,330 267,131 270,859 Effect of dilutive securities: Stock options, ESPP, RSUs, RSAs and MSUs 3,493 2,939 3,354 3,025 Denominator for diluted earnings per share 270,792 273,269 270,485 273,884 Earnings per share Basic $ 0.69 $ 0.54 $ 1.32 $ 1.06 Diluted $ 0.68 $ 0.53 $ 1.31 $ 1.04 | |||
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, RSAs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs, RSAs and 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 Six Months Ended December 26, 2020 December 28, 2019 December 26, 2020 December 28, 2019 (in thousands, except per share data) Numerator for basic earnings per share and diluted earnings per share Net income $ 183,945 $ 146,050 $ 353,459 $ 286,206 Denominator for basic earnings per share 267,299 270,330 267,131 270,859 Effect of dilutive securities: Stock options, ESPP, RSUs, RSAs and MSUs 3,493 2,939 3,354 3,025 Denominator for diluted earnings per share 270,792 273,269 270,485 273,884 Earnings per share Basic $ 0.69 $ 0.54 $ 1.32 $ 1.06 Diluted $ 0.68 $ 0.53 $ 1.31 $ 1.04 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Jun. 27, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 658,195 | $ 657,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | 589,359 | 578,811 |
Finite-Lived Intangible Assets, Net | 68,836 | 78,764 |
Intangible Assets, Gross (Excluding Goodwill) | 665,525 | 666,770 |
Intangible assets, net | 76,166 | 87,959 |
Intellectual Property [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 525,816 | 525,196 |
Finite-Lived Intangible Assets, Accumulated Amortization | 467,130 | 458,418 |
Finite-Lived Intangible Assets, Net | 58,686 | 66,778 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 118,335 | 118,335 |
Finite-Lived Intangible Assets, Accumulated Amortization | 110,038 | 108,603 |
Finite-Lived Intangible Assets, Net | 8,297 | 9,732 |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 11,374 | 11,374 |
Finite-Lived Intangible Assets, Accumulated Amortization | 9,521 | 9,265 |
Finite-Lived Intangible Assets, Net | 1,853 | 2,109 |
Order or Production Backlog [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 170 | 170 |
Finite-Lived Intangible Assets, Accumulated Amortization | 170 | 25 |
Finite-Lived Intangible Assets, Net | 0 | 145 |
Patents [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,500 | 2,500 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,500 | 2,500 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
In Process Research and Development [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 7,330 | $ 9,195 |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Jun. 27, 2020 |
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 658,195 | $ 657,575 |
Finite-Lived Intangible Assets, Accumulated Amortization | 589,359 | 578,811 |
Finite-Lived Intangible Assets, Net | 68,836 | 78,764 |
Intangible Assets, Gross (Excluding Goodwill) | 665,525 | 666,770 |
Intangible assets, net | 76,166 | 87,959 |
Intellectual Property [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 525,816 | 525,196 |
Finite-Lived Intangible Assets, Accumulated Amortization | 467,130 | 458,418 |
Finite-Lived Intangible Assets, Net | 58,686 | 66,778 |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 118,335 | 118,335 |
Finite-Lived Intangible Assets, Accumulated Amortization | 110,038 | 108,603 |
Finite-Lived Intangible Assets, Net | 8,297 | 9,732 |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 11,374 | 11,374 |
Finite-Lived Intangible Assets, Accumulated Amortization | 9,521 | 9,265 |
Finite-Lived Intangible Assets, Net | 1,853 | 2,109 |
Order or Production Backlog [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 170 | 170 |
Finite-Lived Intangible Assets, Accumulated Amortization | 170 | 25 |
Finite-Lived Intangible Assets, Net | 0 | 145 |
Patents [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,500 | 2,500 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,500 | 2,500 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
In Process Research and Development [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 7,330 | $ 9,195 |
Uncategorized Items - mxim-2020
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,585,428,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 1,757,342,000 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | us-gaap_InterestPaidNet | $ 17,063,000 |