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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 29, 2014	Aug. 20, 2014	Dec. 29, 2013
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 29, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	LRCX
Entity Registrant Name	LAM RESEARCH CORP
Entity Central Index Key	0000707549
Current Fiscal Year End Date	--06-29
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		162,075,237
Entity Public Float			$ 6,184,276,734

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
ASSETS
Cash and cash equivalents	$ 1,452,677	$ 1,162,473
Short-term investments	1,612,967	1,334,745
Accounts receivable, less allowance for doubtful accounts of $4,962 as of June 29, 2014 and $5,448 as of June 30, 2013	800,616	602,624
Inventories	740,503	559,317
Prepaid expenses and other current assets	176,899	134,670
Total current assets	4,783,662	3,793,829
Property and equipment, net	543,496	603,910
Restricted cash and investments	146,492	166,536
Goodwill	1,466,225	1,452,196
Intangible assets, net	894,078	1,074,345
Other assets	159,353	159,499
Total assets	7,993,306	7,250,315
LIABILITIES AND STOCKHOLDERS' EQUITY
Trade accounts payable	223,515	200,254
Accrued expenses and other current liabilities	604,296	464,528
Deferred profit	235,923	225,038
Current portion of long-term debt, convertible notes, and capital leases	518,267	514,655
Total current liabilities	1,582,001	1,404,475
Long-term debt, convertible notes, and capital leases	817,202	789,256
Income taxes payable	258,357	246,479
Other long-term liabilities	122,662	134,313
Total liabilities	2,780,222	2,574,523
Commitments and contingencies
Senior convertible notes	183,349	186,920
Stockholders' equity:
Preferred stock, at par value of $0.001 per share; authorized - 5,000 shares, none outstanding	0
Common stock, at par value of $0.001 per share; authorized - 400,000 shares; issued and outstanding - 162,350 shares at June 29, 2014 and 162,873 shares at June 30, 2013	162	163
Additional paid-in capital	5,239,567	5,084,544
Treasury stock, at cost, 92,867 shares at June 29, 2014 and 89,205 shares at June 30, 2013	(3,757,076)	(3,539,830)
Accumulated other comprehensive loss	(28,655)	(28,693)
Retained earnings	3,575,737	2,972,688
Total stockholders' equity	5,029,735	4,488,872
Total liabilities and stockholders' equity	$ 7,993,306	$ 7,250,315

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Accounts receivable, allowance for doubtful accounts	$ 4,962	$ 5,448
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000	400,000
Common stock, shares issued	162,350	162,873
Common stock, shares outstanding	162,350	162,873
Treasury stock, shares	92,867	89,205

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Revenue	$ 4,607,309	$ 3,598,916	$ 2,665,192
Cost of goods sold	2,599,828	2,195,857	1,581,123
Gross margin	2,007,481	1,403,059	1,084,069
Research and development	716,471	683,688	444,559
Selling, general and administrative	613,341	601,300	401,777
Total operating expenses	1,329,812	1,284,988	846,336
Operating income	677,669	118,071	237,733
Gain on sale of real estate	83,090	0	0
Other expense, net	(37,396)	(51,413)	(33,315)
Income before income taxes	723,363	66,658	204,418
Income tax expense (benefit)	91,074	(47,221)	35,695
Net income	$ 632,289	$ 113,879	$ 168,723
Net income per share:
Basic net income per share	$ 3.84	$ 0.67	$ 1.36
Diluted net income per share	$ 3.62	$ 0.66	$ 1.35
Number of shares used in per share calculations:
Basic	164,741	168,932	124,176
Diluted	174,503	173,430	125,233

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Net income	$ 632,289	$ 113,879	$ 168,723
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	4,192	5,303	(37,332)
Cash flow hedges:
Net unrealized gains (losses) during the period	8,004	10,607	(9,342)
Net losses (gains) reclassified into earnings	(10,892)	(7,573)	8,549
Net change	(2,888)	3,034	(793)
Available-for-sale investments:
Net unrealized gains (losses) during the period	1,407	(3,844)	(204)
Net losses (gains) reclassified into earnings	165	4,137	(849)
Net change	1,572	293	(1,053)
Defined benefit plans, net change in unrealized component	(2,838)	(3,505)	(4,401)
Net current-period other comprehensive income (loss)	38	5,125	(43,579)
Comprehensive income	$ 632,327	$ 119,004	$ 125,144

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 632,289	$ 113,879	$ 168,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	292,254	304,116	100,825
Deferred income taxes	7,537	(70,155)	42,446
Impairment of long-lived assets	11,632
Impairment of investment		3,711	1,724
Equity-based compensation expense	103,700	99,330	81,559
Income tax benefit on equity-based compensation plans	5,973	(483)	1,510
Excess tax benefit on equity-based compensation plans	(6,065)	539	(2,686)
Amortization of convertible note discount	33,063	31,558	27,028
Gain on sale of real estate	(83,090)	0	0
Other, net	12,669	37,201	11,743
Changes in operating asset and liability accounts:
Accounts receivable, net of allowance	(201,549)	162,634	66,064
Inventories	(190,058)	76,351	73,987
Prepaid expenses and other assets	(9,504)	2,880	43,171
Trade accounts payable	18,704	(58,081)	12,145
Deferred profit	10,886	60,205	(9,236)
Accrued expenses and other liabilities	78,608	(43,752)	(119,975)
Net cash provided by operating activities	717,049	719,933	499,028
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets	(145,503)	(160,795)	(107,272)
Cash acquired in (paid for) business acquisition	(30,227)	(9,916)	418,681
Purchases of available-for-sale securities	(1,312,244)	(1,097,956)	(883,429)
Sales and maturities of available-for-sale securities	1,028,278	1,039,551	841,440
Purchase of equity method and other investments			(10,740)
Receipt of loan payments (loans made)	10,000	(10,000)	8,375
Proceeds from sale of assets	156,397	660	2,677
Transfer of restricted cash and investments	28,085	(181)	(6)
Net cash (used for) provided by investing activities	(265,214)	(238,637)	269,726
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations	(1,658)	(2,234)	(5,265)
Excess tax benefit on equity-based compensation plans	6,065	(539)	2,686
Treasury stock purchases	(244,859)	(955,661)	(772,663)
Net cash received in settlement of stock repurchase contracts			55,194
Reissuances of treasury stock related to employee stock purchase plan	42,926	31,265	25,525
Proceeds from issuance of common stock	34,791	39,379	1,776
Net cash used for financing activities	(162,735)	(887,790)	(692,747)
Effect of exchange rate changes on cash	1,104	4,215	(3,387)
Net increase (decrease) in cash and cash equivalents	290,204	(402,279)	72,620
Cash and cash equivalents at beginning of year	1,162,473	1,564,752	1,492,132
Cash and cash equivalents at end of year	1,452,677	1,162,473	1,564,752
Schedule of noncash transactions
Accrued payables for stock repurchases	3,392		20,853
Supplemental disclosures:
Cash payments for interest	26,489	26,635	8,246
Cash payments for income taxes, net	$ 18,157	$ 7,695	$ 29,113

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning Balance (in shares) at Jun. 26, 2011		123,579
Beginning Balance at Jun. 26, 2011	$ 2,469,845	$ 124	$ 1,531,465	$ (1,761,591)	$ 9,761	$ 2,690,086
Sale of common stock (in shares)		1,513
Sale of common stock	1,768	$ 1	1,767
Purchase of treasury stock (in shares)		(21,946)
Purchase of treasury stock	(738,320)	$ (22)	158,673	(896,971)
Income tax benefit on equity-based compensation plans	1,510		1,510
Reissuance of treasury stock (in shares)		821
Reissuance of treasury stock	25,526	$ 1	3,899	21,626
Equity-based compensation expense	81,559		81,559
Shares issued as acquisition consideration (in shares)		82,689
Shares issued as acquisition consideration	3,026,988	$ 83	3,026,905
Acquisition of convertible debt	137,783		137,783
Exercise of convertible note	(22)		(22)
Net income	168,723					168,723
Other comprehensive income	(43,579)				(43,579)
Ending Balance (in shares) at Jun. 24, 2012		186,656
Ending Balance at Jun. 24, 2012	5,131,781	$ 187	4,943,539	(2,636,936)	(33,818)	2,858,809
Sale of common stock (in shares)		3,301
Sale of common stock	39,380	$ 3	39,377
Purchase of treasury stock (in shares)		(28,157)
Purchase of treasury stock	(934,808)	$ (28)		(934,780)
Income tax benefit on equity-based compensation plans	(483)		(483)
Reissuance of treasury stock (in shares)		1,073
Reissuance of treasury stock	31,265	$ 1	(622)	31,886
Equity-based compensation expense	99,310		99,310
Shares issued as acquisition consideration	3,423		3,423
Net income	113,879					113,879
Other comprehensive income	5,125				5,125
Ending Balance (in shares) at Jun. 30, 2013		162,873
Ending Balance at Jun. 30, 2013	4,488,872	$ 163	5,084,544	(3,539,830)	(28,693)	2,972,688
Sale of common stock (in shares)		3,140
Sale of common stock	34,791	$ 3	34,788
Purchase of treasury stock (in shares)		(4,860)
Purchase of treasury stock	(253,185)	$ (5)		(253,180)
Income tax benefit on equity-based compensation plans	5,973		5,973
Reissuance of treasury stock (in shares)		1,197
Reissuance of treasury stock	42,926	$ 1	6,991	35,934
Equity-based compensation expense	103,700		103,700
Reclassification from temporary to permanent equity	3,571		3,571
Net income	632,289					632,289
Other comprehensive income	38				38
Cash dividends declared ($.18 per common share)	(29,240)					(29,240)
Ending Balance (in shares) at Jun. 29, 2014		162,350
Ending Balance at Jun. 29, 2014	$ 5,029,735	$ 162	$ 5,239,567	$ (3,757,076)	$ (28,655)	$ 3,575,737

Consolidated Statements of Stockholders' Equity (Parenthetical)	12 Months Ended
	Jun. 29, 2014 $ / shares
Dividend Per share	$ 0.18

Company and Industry Information

12 Months Ended

Jun. 29, 2014

Company and Industry Information

Note 1: Company and Industry Information

The Company designs, manufactures, markets, refurbishes and services semiconductor processing equipment used in the fabrication of integrated circuits. Semiconductor wafers are subjected to a complex series of process and preparation steps that result in the simultaneous creation of many individual integrated circuits. The Company leverages its expertise in the areas of deposition, etch, and single-wafer clean to develop processing solutions that are designed to benefit its customers through lower defect rates, enhanced yields, faster processing time, and reduced cost.

The Company sells its products and services primarily to companies involved in the production of semiconductors in North America, Europe, Taiwan, Korea, Japan, and other countries in Asia Pacific.

The semiconductor industry is cyclical in nature and has historically experienced periodic downturns and upturns. Today’s leading indicators of changes in customer investment patterns, such as electronics demand, memory pricing, and foundry utilization rates, may not be any more reliable than in prior years. Demand for the Company’s equipment can vary significantly from period to period as a result of various factors, including, but not limited to, economic conditions, supply, demand, and prices for semiconductors, customer capacity requirements, and the Company’s ability to develop and market competitive products. For these and other reasons, the Company’s results of operations for fiscal years 2014, 2013, and 2012 may not necessarily be indicative of future operating results.

Summary of Significant Accounting Policies

12 Months Ended

Jun. 29, 2014

Summary of Significant Accounting Policies

Note 2: Summary of Significant Accounting Policies

The preparation of financial statements, in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), requires management to make judgments, estimates, and assumptions that could affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions we believed to be applicable, and evaluated them on an on-going basis to ensure they remain reasonable under current conditions. Actual results could differ significantly from those estimates.

Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred and title has passed or services have been rendered, the selling price is fixed or determinable, collection of the receivable is reasonably assured, and the Company has received customer acceptance, or is otherwise released from our customer acceptance obligations. If terms of the sale provide for a lapsing customer acceptance period, the Company recognizes revenue upon the expiration of the lapsing acceptance period or customer acceptance, whichever occurs first. If the practices of a customer do not provide for a written acceptance or the terms of sale do not include a lapsing acceptance provision, the Company recognizes revenue when it can be reliably demonstrated that the delivered system meets all of the agreed-to customer specifications. In situations with multiple deliverables, revenue is recognized upon the delivery of the separate elements to the customer and when the Company receives customer acceptance or is otherwise released from its customer acceptance obligations. Revenue from multiple-element arrangements is allocated among the separate elements based on their relative selling prices, provided the elements have value on a stand-alone basis. Our sales arrangements do not include a general right of return. The maximum revenue recognized on a delivered element is limited to the amount that is not contingent upon the delivery of additional items. Revenue related to sales of spare parts and system upgrade kits is generally recognized upon shipment. Revenue related to services is generally recognized upon completion of the services requested by a customer order. Revenue for extended maintenance service contracts with a fixed payment amount is recognized on a straight-line basis over the term of the contract. When goods or services have been delivered to the customer but all conditions for revenue recognition have not been met, the Company defers revenue recognition until customer acceptance and records the deferred revenue and/or deferred costs of sales in deferred profit on the Consolidated Balance Sheet.

Inventory Valuation: Inventories are stated at the lower of cost or market using standard costs which approximate actual costs on a first-in, first-out basis. The Company maintains a perpetual inventory system and continuously records the quantity on-hand and standard cost for each product, including purchased components, subassemblies, and finished goods. The Company maintains the integrity of perpetual inventory records through periodic physical counts of quantities on hand. Finished goods are reported as inventories until the point of title transfer to the customer. Transfer of title for shipments to Japanese customers generally occurs at time of customer acceptance.

Standard costs are reassessed as needed but annually at a minimum, and reflect acquisition costs. Acquisition costs are generally based on the most recent vendor contract prices for purchased parts, normalized assembly and test labor utilization levels, methods of manufacturing, and normalized overhead. Manufacturing labor and overhead costs are attributed to individual product standard costs at a level planned to absorb spending at average utilization volumes.

Management evaluates the need to record adjustments for impairment of inventory at least quarterly. The Company’s policy is to assess the valuation of all inventories including manufacturing raw materials, work-in-process, finished goods, and spare parts in each reporting period. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated market value if less than cost. Estimates of market value include, but are not limited to, management’s forecasts related to the Company’s future manufacturing schedules, customer demand, technological and/or market obsolescence, general semiconductor market conditions, possible alternative uses, and ultimate realization of excess inventory. If future customer demand or market conditions are less favorable than the Company’s projections, additional inventory write-downs may be required and would be reflected in cost of sales in the period the revision is made.

Warranty: Typically, the sale of semiconductor capital equipment includes providing parts and service warranty to customers as part of the overall price of the system. The Company provides standard warranties for its systems. The Company records a provision for estimated warranty expenses to cost of sales for each system upon revenue recognition. The amount recorded is based on an analysis of historical activity which uses factors such as type of system, customer, geographic region, and any known factors such as tool reliability trends. All actual or estimated parts and labor costs incurred in subsequent periods are charged to those established reserves on a system-by-system basis.

While the Company periodically monitors the performance and cost of warranty activities, if actual costs incurred are different than its estimates, the Company may recognize adjustments to provisions in the period in which those differences arise or are identified. In addition to the provision of standard warranties, the Company offers customer-paid extended warranty services. Revenues for extended maintenance and warranty services with a fixed payment amount are recognized on a straight-line basis over the term of the contract. Related costs are recorded as incurred.

Equity-based Compensation — Employee Stock Purchase Plan (“ESPP”) and Employee Stock Plans: The Company recognizes the fair value of equity-based awards as employee compensation expense. The fair value of the Company’s RSUs, excluding market-based performance RSUs, was calculated based on the fair market value of Company stock at the date of grant. The fair value of the Company’s market-based performance RSUs was calculated using a Monte Carlo simulation model at the date of the grant. The fair value of the Company’s stock options and ESPP awards was estimated using a Black-Scholes option valuation model. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award. The fair value of equity-based awards is amortized over the vesting period of the award and the Company has elected to use the straight-line method of amortization.

Income Taxes: Deferred income taxes reflect the net effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more-likely-than-not to be realized. Realization of the Company’s net deferred tax assets is dependent on future taxable income. The Company believes it is more-likely-than-not that such assets will be realized; however, ultimate realization could be negatively impacted by market conditions and other variables not known or anticipated at the time. In the event that the Company determines that it would not be able to realize all or part of its net deferred tax assets, an adjustment would be charged to earnings in the period such determination is made. Likewise, if the Company later determined that it is more-likely-than-not that the deferred tax assets would be realized, then the previously provided valuation allowance would be reversed.

The Company recognizes the benefit from a tax position only if it is more-likely-than-not that the position would be sustained upon audit based solely on the technical merits of the tax position. Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties relating to these uncertain tax positions. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period.

In addition, the calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on the two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained on tax audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more-likely-than-not to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision in the period such determination is made.

Goodwill and Intangible Assets: The valuation of intangible assets acquired in a business combination requires the use of management estimates including but not limited to estimating future expected cash flows from assets acquired and determining discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available.

Goodwill represents the amount by which the purchase price of a business combination exceeds the fair value of the net tangible and identifiable intangible assets acquired. Each component of the Company for which discrete financial information is available and for which segment management regularly reviews the results of operations is considered a reporting unit. All goodwill acquired in a business combination is assigned to one or more reporting units as of the acquisition date. Goodwill is assigned to the Company’s reporting units that are expected to benefit from the synergies of the combination. The goodwill assigned to a reporting unit is the difference between the acquisition consideration assigned to the reporting unit on a relative fair value basis and the fair value of acquired assets and liabilities that can be specifically attributed to the reporting unit. The Company tests goodwill and identifiable intangible assets with indefinite useful lives for impairment at least annually. The value intangible assets with estimable useful lives is amortized over their respective estimated useful lives, and the Company reviews for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable and the carrying amount exceeds its fair value.

The Company reviews goodwill at least annually for impairment. Should certain events or indicators of impairment occur between annual impairment tests, the Company would perform an impairment test at that date. In testing for a potential impairment of goodwill, the Company: (1) allocates goodwill to our reporting units to which the acquired goodwill relates; (2) estimates the fair value of its reporting units; and (3) determines the carrying value (book value) of those reporting units. Prior to this allocation of the assets to the reporting units, the Company is required to assess long-lived assets for impairment. Furthermore, if the estimated fair value of a reporting unit is less than the carrying value, the Company must estimate the fair value of all identifiable assets and liabilities of that reporting unit, in a manner similar to a purchase price allocation for an acquired business. This can require independent valuations of certain internally generated and unrecognized intangible assets such as in-process research and development and developed technology. Only after this process is completed can the amount of goodwill impairment, if any, be determined. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative analysis. The Company does not calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more-likely-than-not that its fair value is less than its carrying amount. The Company did not record impairments of goodwill during the years ended June 29, 2014, June 30, 2013, or June 24, 2012.

The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis. The Company determines the fair value of its reporting units by using a weighted combination of both a market and an income approach, as this combination is deemed to be the most indicative of our fair value in an orderly transaction between market participants.

Under the market approach, the Company utilizes information regarding the reporting unit as well as publicly available industry information to determine various financial multiples to value our reporting units. Under the income approach, the Company determines fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

In estimating the fair value of a reporting unit for the purposes of the Company’s annual or periodic analyses, the Company makes estimates and judgments about the future cash flows of its reporting units, including estimated growth rates and assumptions about the economic environment. Although the Company’s cash flow forecasts are based on assumptions that are consistent with the plans and estimates it is using to manage the underlying businesses, there is significant judgment involved in determining the cash flows attributable to a reporting unit. In addition, the Company makes certain judgments about allocating shared assets to the estimated balance sheets of our reporting units. The Company also considers its market capitalization and that of its competitors on the date it performs the analysis. Changes in judgment on these assumptions and estimates could result in a goodwill impairment charge.

As a result, several factors could result in impairment of a material amount of the Company’s goodwill balance in future periods, including, but not limited to: (1) weakening of the global economy, weakness in the semiconductor equipment industry, or failure of the Company to reach its internal forecasts, which could impact the Company’s ability to achieve its forecasted levels of cash flows and reduce the estimated discounted cash flow value of its reporting units; and (2) a decline in the Company’s stock price and resulting market capitalization, if the Company determines that the decline is sustained and indicates a reduction in the fair value of the Company’s reporting units below their carrying value. Further, the value assigned to intangible assets, other than goodwill, is based on estimates and judgments regarding expectations such as the success and life cycle of products and technology acquired. If actual product acceptance differs significantly from the estimates, the Company may be required to record an impairment charge to write down the asset to its realizable value.

Fiscal Year: The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company’s most recent fiscal years ended on June 29, 2014 and June 24, 2012 and included 52 weeks. The fiscal year ended June 30, 2013 included 53 weeks. The Company’s next fiscal year, ending on June 28, 2015 will include 52 weeks.

Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Cash Equivalents and Short-Term Investments: Investments purchased with an original maturity of three months or less are considered cash equivalents. The Company also invests in certain mutual funds, which include equity and fixed income securities, related to its obligations under its deferred compensation plan, and such investments are classified as trading securities on the consolidated balance sheets. All of the Company’s other short-term investments are classified as available-for-sale at the respective balance sheet dates. The Company accounts for its investment portfolio at fair value. Investments classified as trading securities are recorded at fair value based upon quoted market prices. Differences between the cost and fair value of trading securities are recognized as “Other income (expense)” in the Consolidated Statement of Operations. The investments classified as available-for-sale are recorded at fair value based upon quoted market prices, and difference between the cost and fair value of available-for-sale securities is presented as a component of accumulated other comprehensive income (loss). Unrealized losses on available-for-sale securities are charged against “Other income (expense)” when a decline in fair value is determined to be other-than-temporary. The Company considers several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the extent to which the fair value is less than cost basis, (ii) the financial condition and near term prospects of the issuer, (iii) the length of time a security is in an unrealized loss position and (iv) the Company’s ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company’s ongoing consideration of these factors could result in additional impairment charges in the future, which could adversely affect its results of operation. An other-than-temporary impairment is triggered when there is an intent to sell the security, it is more-likely-than-not that the security will be required to be sold before recovery, or the security is not expected to recover the entire amortized cost basis of the security. Other-than-temporary impairments attributed to credit losses are recognized in the income statement. The specific identification method is used to determine the realized gains and losses on investments.

Allowance for Doubtful Accounts: The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount it reasonably believes will be collected. The Company also provides allowances based on its write-off history.

Property and Equipment: Property and equipment is stated at cost. Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to five years. Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally five years. Software is amortized by the straight-line method over the estimated useful lives of the assets, generally three to five years. Buildings are depreciated by the straight-line method over the estimated useful lives of the assets, generally twenty-five years. Leasehold improvements are generally amortized by the straight-line method over the shorter of the life of the related asset or the term of the underlying lease. Amortization of capital leases is included with depreciation expense.

Impairment of Long-Lived Assets (Excluding Goodwill and Intangibles): The Company routinely considers whether indicators of impairment of long-lived assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets is less than their carrying value. If the sum is less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals or other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the present value of anticipated net cash flows attributable to the asset are less than the asset’s carrying value. The fair value of the asset then becomes the asset’s new carrying value, which the Company depreciates over the remaining estimated useful life of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value. The Company did not record impairments of long lived assets held for use during fiscal years 2014, 2013, or 2012.

Derivative Financial Instruments: In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue and expenses and net monetary assets or liabilities denominated in various foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its interest rate and foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. The Company’s exposures are in liquid currencies (Japanese yen, Swiss francs, euros, Taiwanese dollars, and Korean won), so there is minimal risk that appropriate derivatives to maintain the Company’s hedging program would not be available in the future.

To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors.

The Company considers its most current forecast in determining the level of foreign currency denominated revenue and expenses to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive income (loss) to other income (expense), net on the consolidated statement of operations at that time.

Guarantees: The Company has certain operating leases that contain provisions whereby the properties subject to the operating leases may be remarketed at lease expiration. The Company has guaranteed to the lessor an amount approximating the lessor’s investment in the property. The Company has recorded a liability for certain guaranteed residual values related to these specific operating lease agreements. Also, the Company’s guarantees generally include certain indemnifications to its lessors under operating lease agreements for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company’s subsidiaries, indemnifications to the Company’s customers for certain infringement of third-party intellectual property rights by its products and services, and the Company’s warranty obligations under sales of its products.

Foreign Currency Translation: The Company’s non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, primarily generate and expend cash in their local currency. Billings and receipts for their labor and services are primarily denominated in the local currency, and the workforce is paid in local currency. Accordingly, all balance sheet accounts of these local functional currency subsidiaries are translated at the fiscal period-end exchange rate, and income and expense accounts are translated using average rates in effect for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. The resulting translation adjustments are recorded as cumulative translation adjustments and are a component of accumulated other comprehensive income (loss). Translation adjustments are recorded in other income (expense), net, where the U.S. dollar is the functional currency.

Recent Accounting Pronouncements

12 Months Ended

Jun. 29, 2014

Recent Accounting Pronouncements

Note 3: Recent Accounting Pronouncements

In July 2013, the FASB released Accounting Standards Update 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The new standard requires that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss carryforward or other tax credit carryforward when settlement in this manner is available under the tax law. The Company is required to adopt this standard starting in fiscal year 2015 and is currently in the process of determining the impact, if any, on its financial position.

In April 2014, the FASB released Accounting Standards Update 2014-8 “Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity.” The new standard re-defines discontinued operations and requires only those disposals of components of an entity, including classifications as held for sale, that represent a strategic shift that has, or will have, a major effect on an entity’s operations and financial results to be reported as discontinued operations. In addition, the new standard expands the disclosure requirements of discontinued operations. The Company is required to adopt this standard starting in fiscal year 2015 and is currently in the process of determining the impact, if any, on its financial position.

In May 2014, the FASB released Accounting Standards Update 2014-9 “Revenue from Contracts with Customers” to supersede nearly all existing revenue recognition guidance under GAAP. The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new standard defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. We are required to adopt this standard starting in the first quarter of fiscal 2018 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the standard; or (ii) retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application and providing certain additional disclosures as defined per the standard. The Company is currently evaluating the impact of its pending adoption of this standard on its financial position.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Financial Instruments

12 Months Ended

Jun. 29, 2014

Financial Instruments

Note 4: Financial Instruments

Fair Value

The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. The level of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions.

Level 2: Valuations based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or model-derived valuations techniques for which all significant inputs are observable in the market or can be corroborated by, observable market data for substantially the full term of the assets or liabilities.

Level 3: Valuations based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities and based on non-binding, broker-provided price quotes and may not have been corroborated by observable market data.

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


			Fair Value Measurement at June 29, 2014
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	1,168,261	$	1,168,261	$	—	$	—
Municipal Notes and Bonds		335,433		—		335,433		—
US Treasury and Agencies		212,587		212,587		—		—
Government-Sponsored Enterprises		27,692		—		27,692		—
Foreign Government Bonds		35,467		—		35,467		—
Corporate Notes and Bonds		1,008,788		132,549		876,239		—
Mortgage Backed Securities - Residential		26,944		—		26,944		—
Mortgage Backed Securities - Commercial		111,933		—		111,933		—

Total Short-Term Investments	$	2,927,105	$	1,513,397	$	1,413,708	$	—
Mutual Funds		21,758		21,758		—		—
Derivatives Assets		1,592		—		1,592		—

Total	$	2,950,455	$	1,535,155	$	1,415,300	$	—

Liabilities
Derivative liabilities	$	929	$	—	$	923	$	6

The amounts in the table above are reported in the consolidated balance sheet as of June 29, 2014 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported As:
Cash Equivalents	$	1,173,551	$	1,168,261	$	5,290	$	—
Short-Term Investments		1,612,967		204,549		1,408,418		—
Restricted Cash and Investments		140,587		140,587		—		—
Prepaid Expenses and Other Current Assets		1,592		—		1,592		—
Other Assets		21,758		21,758		—		—

Total	$	2,950,455	$	1,535,155	$	1,415,300	$	—

Accrued Expenses and Other Current Liabilities	$	923	$	—	$	923	$	—
Other Non-current Liabilities		6		—		—		6

Total Liabilities	$	929	$	—	$	923	$	6

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


			Fair Value Measurement at June 30, 2013
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	725,311	$	725,311	$	—	$	—
Municipal Notes and Bonds		268,746		—		268,746		—
US Treasury and Agencies		155,293		155,293		—		—
Government-Sponsored Enterprises		54,805		—		54,805		—
Foreign Government Bonds		24,972		—		24,972		—
Corporate Notes and Bonds		860,492		164,885		695,607		—
Mortgage Backed Securities - Residential		27,365		—		27,365		—
Mortgage Backed Securities - Commercial		107,958		—		107,958		—

Total Short-Term Investments	$	2,224,942	$	1,045,489	$	1,179,453	$	—
Equities		7,096		7,096		—		—
Mutual Funds		18,216		18,216		—		—
Derivatives Assets		4,929		—		4,929		—

Total	$	2,255,183	$	1,070,801	$	1,184,382	$	—

Liabilities
Derivative liabilities	$	1,815	$	—	$	1,620	$	195

The amounts in the table above are reported in the consolidated balance sheet as of June 30, 2013 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported As:
Cash Equivalents	$	725,311	$	725,311	$	—	$	—
Short-Term Investments		1,334,746		155,293		1,179,453		—
Restricted Cash and Investments		164,885		164,885		—		—
Prepaid Expenses and Other Current Assets		4,929		—		4,929		—
Other Assets		25,312		25,312		—		—

Total	$	2,255,183	$	1,070,801	$	1,184,382	$	—

Accrued Expenses and Other Current Liabilities	$	1,620	$	—	$	1,620	$	—
Other Non-current Liabilities		195		—		—		195

Total Liabilities	$	1,815	$	—	$	1,620	$	195

The Company’s primary financial instruments include its cash, cash equivalents, short-term investments, restricted cash and investments, long-term investments, accounts receivable, accounts payable, long-term debt and capital leases, and foreign currency related derivatives. The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to the short period of time to their maturities. The estimated fair values of capital lease obligations approximate their carrying value as the substantial majority of these obligations have interest rates that adjust to market rates on a periodic basis. Refer to Note 13 to the Consolidated Financial Statements for additional information regarding the fair value of the Company’s convertible notes.

Investments

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


	June 29, 2014									June 30, 2013
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
Cash	$	285,031	$	—	$	—		$	285,031	$	438,813	$	—	$	—		$	438,813
Fixed Income Money Market Funds		1,168,261		—		—			1,168,261		725,311		—		—			725,311
Municipal Notes and Bonds		334,329		1,108		(4	)		335,433		268,390		805		(449	)		268,746
US Treasury and Agencies		212,436		178		(27	)		212,587		155,648		18		(373	)		155,293
Government-Sponsored Enterprises		27,666		41		(15	)		27,692		54,835		65		(95	)		54,805
Foreign Government Bonds		35,438		57		(28	)		35,467		24,950		47		(25	)		24,972
Corporate Notes and Bonds		1,007,089		2,034		(335	)		1,008,788		861,109		1,328		(1,945	)		860,492
Mortgage Backed Securities - Residential		27,067		59		(182	)		26,944		27,618		29		(282	)		27,365
Mortgage Backed Securities - Commercial		112,642		100		(809	)		111,933		108,204		426		(672	)		107,958

Total Cash and Short -Term Investments	$	3,209,959	$	3,577	$	(1,400	)	$	3,212,136	$	2,664,878	$	2,718	$	(3,841	)	$	2,663,755

Publicly Traded Equity Securities	$	—	$	—	$	—		$	—	$	5,610	$	1,486	$	—		$	7,096
Private Equity Securities		—		—		—			—		5,000		—		—			5,000
Mutual Funds		18,784		2,974		—			21,758		16,611		1,619		(14	)		18,216

Total Financial Instruments	$	3,228,743	$	6,551	$	(1,400	)	$	3,233,894	$	2,692,099	$	5,823	$	(3,855	)	$	2,694,067

As Reported
Cash and Cash Equivalents	$	1,452,677	$	—	$	—		$	1,452,677	$	1,162,473	$	—	$	—		$	1,162,473
Short-Term Investments		1,610,790		3,577		(1,400	)		1,612,967		1,335,868		2,718		(3,841	)		1,334,745
Restricted Cash and Investments		146,492		—		—			146,492		166,536		—		—			166,536
Other Assets		18,784		2,974		—			21,758		27,222		3,105		(14	)		30,313

Total	$	3,228,743	$	6,551	$	(1,400	)	$	3,233,894	$	2,692,099	$	5,823	$	(3,855	)	$	2,694,067

The Company accounts for its investment portfolio at fair value. Realized gains (losses) for investment sales are specifically identified. Management assesses the fair value of investments in debt securities that are not actively traded through consideration of interest rates and their impact on the present value of the cash flows to be received from the investments. The Company also considers whether changes in the credit ratings of the issuer could impact the assessment of fair value. Net realized gains (losses) on investments included other-than-temporary impairment charges of $3.7 million, and $1.7 million in fiscal years 2013, and 2012, respectively. There were no other-than-temporary impairment charges in fiscal year 2014. Additionally, gross realized gains/(losses) from sales of investments were approximately $1.5 million and $(2.0) million in fiscal year 2014, $1.6 million and $(1.5) million in fiscal year 2013, and $1.4 million and $(1.0) million in fiscal year 2012, respectively.

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


	June 29, 2014
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater					Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Fixed Income Securities
Municipal Notes and Bonds	$	5,464	$	(4	)	$	—	$	—		$	5,464	$	(4	)
US Treasury and Agencies		57,932		(27	)		—		—			57,932		(27	)
Government-Sponsored Enterprises		10,235		(15	)		—		—			10,235		(15	)
Foregin Government Bonds		14,999		(28	)		—		—			14,999		(28	)
Corporate Notes and Bonds		180,834		(293	)		6,973		(42	)		187,807		(335	)
Mortgage Backed Securities - Residential		7,993		(87	)		7,656		(95	)		15,649		(182	)
Mortgage Backed Securities - Commercial		71,848		(533	)		25,316		(276	)		97,164		(809	)

Total Fixed Income	$	349,305	$	(987	)	$	39,945	$	(413	)	$	389,250	$	(1,400	)

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


	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	1,464,736	$	1,465,185
Due after one year through five years		1,146,839		1,149,380
Due in more than five years		313,353		312,540

	$	2,924,928	$	2,927,105

Management has the ability, if necessary, to liquidate any of its cash equivalents and short-term investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase nonetheless are classified as short-term on the accompanying Consolidated Balance Sheets.

Derivative Instruments and Hedging

The Company carries derivative financial instruments (“derivatives”) on its Consolidated Balance Sheets at their fair values. The Company enters into foreign currency forward contracts with financial institutions with the primary objective of reducing volatility of earnings and cash flows related to foreign currency exchange rate fluctuations. The counterparties to these foreign currency forward contracts are large global financial institutions that the Company believes are creditworthy, and therefore, we do not consider the risk of counterparty nonperformance to be material.

Cash Flow Hedges

The Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations on non-US dollar transactions or cash flows, primarily from Japanese yen-denominated revenues and euro-denominated expenses. The Company’s policy is to mitigate the foreign exchange risk arising from the fluctuations in the value of these non-U.S. dollar denominated transactions or cash flows through a foreign currency cash flow hedging program, using foreign currency forward contracts that generally expire within 12 months and no later than 24 months. These foreign currency forward contracts are designated as cash flow hedges and are carried on the Company’s balance sheet at fair value with the effective portion of the contracts’ gains or losses included in accumulated other comprehensive income (loss) and subsequently recognized in revenue/expense in the same period the hedged items are recognized.

At inception and at each quarter end, hedges are tested prospectively and retrospectively for effectiveness using regression analysis. Changes in the fair value of foreign currency forward contracts due to changes in time value are excluded from the assessment of effectiveness and are recognized in revenue in the current period. The change in time value related to these contracts was not material for all reported periods. To qualify for hedge accounting, the hedge relationship must meet criteria relating both to the derivative instrument and the hedged item. These criteria include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows will be measured. There were no gains or losses during the twelve months ended June 29, 2014 or June 30, 2013 associated with ineffectiveness or forecasted transactions that failed to occur.

To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and the hedges must be tested to demonstrate an expectation of providing highly effective offsetting changes to future cash flows on hedged transactions. When derivative instruments are designated and qualify as effective cash flow hedges, the Company recognizes effective changes in the fair value of the hedging instrument within accumulated other comprehensive income (loss) until the hedged exposure is realized. Consequently, with the exception of excluded time value and hedge ineffectiveness recognized, the Company’s results of operations are not subject to fluctuation as a result of changes in the fair value of the derivative instruments. If hedges are not highly effective or if the Company does not believe that the underlying hedged forecasted transactions will occur, the Company may not be able to account for its derivative instruments as cash flow hedges. If this were to occur, future changes in the fair values of the Company’s derivative instruments would be recognized in earnings. Additionally, related amounts previously recorded in “Other Comprehensive Income” would be reclassified to income immediately. At June 29, 2014, the Company had losses of $0.1 million in accumulated Other Comprehensive Income (“AOCI”), which it expects to reclassify from Other Comprehensive Income into earnings over the next 12 months.

Balance Sheet Hedges

The Company also enters into foreign currency forward contracts to hedge fluctuations associated with foreign currency denominated monetary assets and liabilities, primarily third party accounts receivables, accounts payables and intercompany receivables and payables. These foreign currency forward contracts are not designated for hedge accounting treatment. Therefore, the change in fair value of these derivatives is recorded as a component of other income (expense) and offsets the change in fair value of the foreign currency denominated assets and liabilities, which are also recorded in other income (expense).

As of June 29, 2014, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program:


	Derivatives Designated as Hedging Instruments:				Derivatives Not Designated as Hedging Instruments:
	(in thousands)
Foreign Currency Forward Contracts
	Buy Contracts		Sell Contracts		Buy Contracts		Sell Contracts
Japanese Yen	$	—	$	98,501	$	—	$	30,342
Swiss Franc		—		—		7,023		—
Euro		93,872		—		543		—
Korean Won		—		—		19,537		—
Taiwan Dollar		—		—		99,601		66,746

	$	93,872	$	98,501	$	126,704	$	97,088

The fair value of derivatives instruments in the Company’s consolidated balance sheet as of June 29, 2014 and June 30, 2013 were as follows:

June 29, 2014

June 30, 2013

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

(in thousands)

Derivatives designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

483

Accrued liabilities

805

Prepaid expense
and other assets

4,858

Accrued liabilities

1,577

Derivatives not designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

1,109

Accrued liabilities

118

Prepaid expense
and other assets

Accrued liabilities

Total derivatives

1,592

923

4,929

1,620

Under the master agreements with the respective counterparties to our foreign exchange contracts, subject to applicable requirements, we are allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. However, we have elected to present the derivative assets and derivative liabilities on a gross basis in our balance sheet. As of June 29, 2014, the potential effect of rights of set-off associated with the above foreign exchange contracts would be an offset to both assets and liabilities by $0.5 million, resulting in a net derivative asset of $1.1 million. As of June 30, 2013, the potential effect of rights of set-off associated with the above foreign exchange contracts would be an offset to both assets and liabilities by $1.6 million, resulting in a net derivative asset of $3.3 million. We are not required to pledge, nor are we entitled to receive, cash collateral related to these derivative transactions

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


	Twelve Months Ended June 29, 2014							Twelve Months Ended June 30, 2013
	Effective Portion				Ineffective Portion and Amount Excluded from Effectiveness Testing			Effective Portion					Ineffective Portion and Amount Excluded from Effectiveness Testing
Location of Gain (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income		Gain (Loss) Recognized in Income			Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income			Gain (Loss) Recognized in Income
	(in thousands)							(in thousands)
Revenue	$	7,939	$	9,027	$	277		$	8,322	$	10,036		$	376
Cost of goods sold		812		2,393		(52	)		2,443		(1,229	)		(271	)
Selling, general, and administrative		318		1,087		(23	)		1,154		(416	)		(130	)
Other income (expense)		—		—		—			—		—			(8	)

	$	9,069	$	12,507	$	202		$	11,919	$	8,391		$	(33	)

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


		Twelve Months Ended
		June 29, 2014		June 30, 2013
Derivatives Not Designated as Hedging Instruments:	Location of Gain (Loss) Recognized in Income	Gain Recognized in Income		Loss Recognized in Income
		(in thousands)
Foreign Exchange Contracts	Other income (expense)	$	8,205	($	1,585	)

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short term investments, restricted cash and investments, trade accounts receivable, and derivative financial instruments used in hedging activities. Cash is placed on deposit in large global financial institutions. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold the Company’s cash are creditworthy and, accordingly, minimal credit risk exists with respect to these balances.

The Company’s over-all portfolio of available-for-sale securities must maintain an average minimum rating of “AA-” or “Aa3” as rated by Standard and Poor’s or Moody’s Investor Services, respectively. To ensure diversification and minimize concentration, the Company’s policy limits the amount of credit exposure with any one financial institution or commercial issuer.

The Company is exposed to credit losses in the event of nonperformance by counterparties on the foreign currency forward contracts that are used to mitigate the effect of exchange rate fluctuations and on contracts related to structured share repurchase agreements. These counterparties are large global financial institutions and, to date, no such counterparty has failed to meet its financial obligations to the Company.

Credit risk evaluations, including trade references, bank references and Dun & Bradstreet ratings, are performed on all new customers and the Company monitors its customers’ financial statements and payment performance. In general, the Company does not require collateral on sales.

As of June 29, 2014, four customers accounted for approximately 15%, 13%, 12% and 12% of accounts receivable. As of June 30, 2013, two customers accounted for approximately 22% and 14% of accounts receivable.

Inventories

12 Months Ended

Jun. 29, 2014

Inventories

Note 5: Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. Shipments to Japanese customers, to whom title does not transfer until customer acceptance, are classified as inventory and carried at cost until title transfers. Inventories consist of the following:


	June 29, 2014		June 30, 2013
	(in thousands)
Raw materials	$	449,623	$	312,484
Work-in-process		126,564		101,530
Finished goods		164,316		145,303

	$	740,503	$	559,317

Property and Equipment

12 Months Ended

Jun. 29, 2014

Property and Equipment

Note 6: Property and Equipment

Property and equipment, net, consist of the following:


	June 29, 2014			June 30, 2013
	(in thousands)
Manufacturing, engineering and office equipment	$	612,688		$	521,047
Computer equipment and software		131,184			120,144
Land		52,784			65,360
Buildings		199,544			249,126
Leasehold improvements		80,569			76,225
Furniture and fixtures		20,026			21,110

		1,096,795			1,053,012
Less: accumulated depreciation and amortization		(553,299	)		(449,102	)

	$	543,496		$	603,910

Depreciation expense, including amortization of capital leases, during fiscal years 2014, 2013, and 2012, was $129.1 million, $126.5 million, and $74.0 million, respectively.

During the fiscal year 2014, the Company sold its interest in property and equipment with a net book value of $82.6 million. These assets consist primarily of buildings and land, resulting in the decrease to those asset categories above. The Company realized a $7.1 million impairment on the sale of an interest in building and associated land and an $83.1 million gain on sale of a separate interest in buildings and land in the Consolidated Statement of Operations in fiscal year 2014. No significant impairment or gain on sale were realized in fiscal years 2013 or 2012.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Jun. 29, 2014

Accrued Expenses and Other Current Liabilities

Note 7: Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	June 29, 2014		June 30, 2013
	(in thousands)
Accrued compensation	$	311,054	$	254,795
Warranty reserves		68,324		52,252
Income and other taxes payable		93,934		39,420
Dividends payable		29,240		—
Other		101,744		118,061

	$	604,296	$	464,528

Other Income (Expense), Net

12 Months Ended

Jun. 29, 2014

Other Income (Expense), Net

Note 8: Other Income (Expense), Net

The significant components of other income (expense), net, were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Interest income	$	12,540		$	14,737		$	12,141
Interest expense		(61,692	)		(60,408	)		(38,962	)
Gains (losses) on deferred compensation plan related assets, net		9,559			9,764			(914	)
Foreign exchange gains (losses), net		1,529			(6,808	)		(397	)
Other, net		668			(8,698	)		(5,183	)

	$	(37,396	)	$	(51,413	)	$	(33,315	)

Net Income Per Share

12 Months Ended

Jun. 29, 2014

Net Income Per Share

Note 9: Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units (“RSUs”), and convertible notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands, except per share data)
Numerator:
Net income	$	632,289	$	113,879	$	168,723

Denominator:
Basic average shares outstanding		164,741		168,932		124,176
Effect of potential dilutive securities:
Employee stock plans		2,864		2,558		910
Convertible notes		6,898		1,940		147

Diluted average shares outstanding		174,503		173,430		125,233

Net income per share - basic	$	3.84	$	0.67	$	1.36

Net income per share - diluted	$	3.62	$	0.66	$	1.35

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. The following potentially dilutive securities were excluded:

Year Ended

June 29,
2014

June 30,
2013

June 24,
2012

(in thousands)

Number of options and RSUs excluded

534

382

Diluted shares outstanding include only the effect of the 2041 Notes. Diluted shares outstanding do not include any effect resulting from warrants, assumed conversion of the notes, or note hedges associated with the Company’s 2016 or 2018 Notes (as described in Note 13) as their impact would have been anti-dilutive.

Comprehensive Income (Loss)

12 Months Ended

Jun. 29, 2014

Comprehensive Income (Loss)

Note 10: Comprehensive Income (Loss)

The components of accumulated other comprehensive loss, net of tax at the end of the period, as well as the activity during the period, were as follows:


	Accumulated foreign currency translation adjustment			Accumulated unrealized holding gain (loss) on cash flow hedges			Accumulated unrealized holding gain (loss) on available-for-sale investments			Accumulated unrealized components of defined benefit plans			Total
	(in thousands)
Balance as of June 30, 2013	$	(17,178	)	$	2,822		$	(15	)	$	(14,322	)	$	(28,693	)
Other comprehensive income (loss) before relcassifications		4,976			8,004			1,407			(2,838	)		11,549
Losses (gains) reclassified from accumulated other comprehensive income to net income		(784	)		(10,892	)⁽¹⁾		165	⁽²⁾		—			(11,511	)

Net current-period other comprehensive income (loss)	$	4,192		$	(2,888	)	$	1,572		$	(2,838	)	$	38

Balance as of June 29, 2014	$	(12,986	)	$	(66	)	$	1,557		$	(17,160	)	$	(28,655	)

(1)	Amount of after tax gains reclassified from accumulated other comprehensive income into net income located in revenue: $8,009; cost of goods sold: $2,057; and selling, general and administrative expenses: $826.

(2)	Amount of loss reclassified from accumulated other comprehensive income into net income located in other expense, net

Tax related to the components of other comprehensive income during the period were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Tax benefit (expense) on change in unrealized gains/losses on cash flow hedges:
Tax expense on unrealized gains/losses arising during the period	$	(1,065	)	$	(1,312	)	$	—
Tax expense on gains/losses reclassified to earnings		1,615			818			—

		550			(494	)		—

Tax benefit (expense) on change in unrealized gains/losses on available-for-sale investments:
Tax benefit (expense) on unrealized gains/losses arising during the period		(735	)		1,428			233
Tax (benefit) expense on gains/losses reclassified to earnings		493			(2,026	)		474

		(242	)		(598	)		707

Tax benefit on change in unrealized components of defined benefit plans		1,895			586			944

Tax benefit (expense) on other comprehensive income(loss)	$	2,203		$	(506	)	$	1,651

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Equity-Based Compensation Plans

12 Months Ended

Jun. 29, 2014

Equity-Based Compensation Plans

Note 11: Equity-Based Compensation Plans

The Company has adopted stock plans that provide for the grant to employees of equity-based awards, including stock options and RSUs, of Lam Research Common Stock. In addition, these plans permit the grant of nonstatutory equity-based awards to consultants and outside directors. An option is a right to purchase the Company’s stock at a set price. An RSU award is an agreement to issue shares of the Company’s stock at the time of vesting. Pursuant to the plans, the equity-based award exercise price is determined by the Board of Directors or its designee, the plan administrator, but in no event will the exercise price for any option be less than the fair market value of the Company’s Common Stock on the date of grant. Equity-based awards granted under the plans vest over a period determined by the Board of Directors or the plan administrator, typically over a period of three years or less. The Company also has an ESPP that allows employees to purchase shares of its Common Stock through payroll deduction at a discounted price. A summary of stock plan transactions is as follows:


	Options Outstanding					Restricted Stock Units Outstanding
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Fair Market Value at Grant
June 26, 2011		309,933		$	21.50		2,331,340		$	39.90
Awards assumed in Novellus acquisition		3,932,143		$	25.17		1,291,808		$	35.99
Granted		—		$	—		2,336,283		$	41.23
Exercised		(74,615	)	$	23.70
Canceled		(265,384	)	$	21.71		(120,070	)	$	40.91
Vested restricted stock							(1,507,883	)	$	35.47

June 24, 2012		3,902,077		$	25.14		4,331,478		$	41.01
Granted		288,867		$	42.59		2,563,670		$	38.76
Exercised		(1,546,028	)	$	25.47
Canceled		(73,993	)	$	26.24		(299,079	)	$	39.70
Vested restricted stock							(1,754,273	)	$	42.52

June 30, 2013		2,570,923		$	26.87		4,841,796		$	39.32
Granted		166,455		$	51.76		2,811,602		$	53.21
Exercised		(1,403,019	)	$	24.75
Canceled		(2,473	)	$	30.21		(281,476	)	$	41.16
Vested restricted stock							(1,736,453	)	$	40.39

June 29, 2014		1,331,886		$	32.20		5,635,469		$	45.83

Outstanding and exercisable options presented by price range at June 29, 2014 were as follows:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Options Outstanding		Weighted- Average Remaining Life (Years)		Weighted- Average Exercise Price		Number of Options Exercisable		Weighted- Average Exercise Price
$9.44-$19.05		152,182		4.41	$	13.09		152,182	$	13.09
$21.04-$25.60		201,958		2.86	$	22.46		192,569	$	22.42
$26.87-29.68		476,518		4.21	$	29.26		377,573	$	29.28
$31.45-$35.68		45,906		6.77	$	32.63		19,446	$	33.09
$42.41-$51.76		455,322		6.00	$	45.94		—		—

$9.44-$51.76		1,331,886		4.73	$	32.20		741,770	$	24.28

The Lam Research Corporation 2007 Stock Incentive Plan, as amended, and 2011 Stock Incentive Plan, as amended, (collectively the “Stock Plans”) provide for the grant of non-qualified equity-based awards to eligible employees, consultants and advisors, and non-employee directors of the Company and its subsidiaries. As of June 29, 2014 there were a total of 6,967,355 shares subject to options and RSUs issued and outstanding under the Company’s Stock Plans. As of June 29, 2014, there were a total of 9,189,362 shares available for future issuance under the Stock Plans.

The ESPP allows employees to designate a portion of their base compensation to be deducted and used to purchase the Company’s Common Stock at a purchase price per share of the lower of 85% of the fair market value of the Company’s Common Stock on the first or last day of the applicable purchase period. Typically, each offering period lasts 12 months and comprises three interim purchase dates. The Plan Administrator (the Compensation Committee of the Board) is authorized to set a limit on the number of shares a plan participant can purchase on any single plan exercise date. During fiscal years 2014 and 2013, there was no increase to the number of shares of Lam Research Common Stock reserved for issuance under the 1999 ESPP. During fiscal year 2012 the number of shares of Lam Research Common Stock reserved for issuance under the 1999 ESPP increased by 1.8 million.

During fiscal year 2014, a total of 1,196,629 shares of the Company’s Common Stock were sold to employees under the 1999 ESPP. At June 29, 2014, 8,377,578 shares were available for purchase under the 1999 ESPP.

The estimated fair value of the Company’s stock-based awards, less expected forfeitures, is amortized over the awards’ vesting period on a straight-line basis. The Company recognized the following equity-based compensation expenses and benefits during the fiscal years noted:


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in millions)
Equity-based compensation expense	$	103.7	$	99.3	$	81.6
Income tax benefit recognized in the Consolidated Statement of Operations related to equity-based compensation	$	16.9	$	17.6	$	12.2
Tax benefit realized from the exercise and vesting of options and RSUs	$	32.0	$	21.6	$	11.8

Stock Options

The fair value of the Company’s stock options granted during fiscal years 2014, 2013 and fiscal year 2012, in connection with the acquisition of Novellus, was estimated using a Black-Scholes option valuation model. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected volatility		35.28	%		36.60	%		38.04	%
Risk-free interest rate		1.39	%		0.81	%		0.55	%
Expected term (years)		4.78			4.79			3.89
Dividend yield		0	%		0	%		0	%

The year-end intrinsic value relating to stock options for fiscal years 2014, 2013, and 2012 is presented below:


	Year Ended
	June 29,		June 30,		June 24,
	2014		2013		2012
	(millions)
Intrinsic value - options outstanding	$	46.3	$	44.9	$	49.9
Intrinsic value - options exercisable	$	31.7	$	36.9	$	30.1
Intrinsic value - options exercised	$	41.4	$	25.4	$	1.3

As of June 29, 2014, there was $4.7 million of total unrecognized compensation cost related to unvested stock options granted and outstanding; that cost is expected to be recognized over a weighted average remaining vesting period of 1.5 years.

Restricted Stock Units

The fair value of the Company’s RSUs was calculated based upon the fair market value of the Company’s stock at the date of grant. As of June 29, 2014, there was $179.3 million of total unrecognized compensation cost related to unvested RSUs granted; that cost is expected to be recognized over a weighted average remaining vesting period of 2.0 years.

During the fiscal year 2014, the Company issued RSUs with both a market condition and a service condition (market-based performance RSUs, or “market-based PRSUs”). Based upon the terms of such awards, the number of shares that can be earned over the performance periods is based on our Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Sector Index (“SOX”), ranging from 0% to 150% of target. The stock price performance or market price performance is measured using the closing price for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares represented by the market-based PRSUs is increased by 2% of target for each 1% that Common Stock price performance exceeds the market price performance of the SOX index. The result of the vesting formula is rounded down to the nearest whole number. Total stockholder return is a measure of stock price appreciation in this performance period. As of June 29, 2014 0.6 million market-based PRSUs were outstanding. These market-based PRSUs generally vest two or three years from the grant date and require continued employment. Stock compensation expense for the market-based PRSUs was $3.8 million for the year ended June 29, 2014. No market-based PRSUs were awarded in earlier periods. The total unrecognized compensation expense and weighted-average remaining life for these awards is included in the preceding disclosure.

ESPP

ESPP rights were valued using the Black-Scholes model. During fiscal years 2014, 2013, and 2012 ESPP was valued assuming the following weighted-average assumptions:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected life (years)		0.68			0.64			0.72
Expected stock price volatility		30.24	%		32.42	%		44.22	%
Risk-free interest rate		0.07	%		0.15	%		0.11	%
Dividend yield		0	%		0	%		0	%

As of June 29, 2014, there was $2.4 million of total unrecognized compensation cost related to the ESPP that is expected to be recognized over a remaining vesting period of 2 months.

Retirement and Deferred Compensation Plans

12 Months Ended

Jun. 29, 2014

Retirement and Deferred Compensation Plans

Note 12: Retirement and Deferred Compensation Plans

Employee Savings and Retirement Plan

The Company maintains a 401(k) retirement savings plan for its full-time employees in the United States. Each participant in the plan may elect to contribute from 1% to 75% of annual eligible earnings to the plan, subject to statutory limitations. The Company makes matching employee contributions in cash to the plan at the rate of 50% of the first 6% of earnings contributed. Employees participating in the 401(k) retirement savings plan are fully vested in the Company matching contributions, and investments are directed by participants. The Company made matching contributions of $10.2 million, $8.7 million, and $5.8 million, in fiscal years 2014, 2013, and 2012, respectively.

Deferred Compensation Arrangements

The Company has an unfunded, non-qualified deferred compensation plan whereby certain executives may defer a portion of their compensation. Participants earn a return on their deferred compensation based on their allocation of their account balance among measurement funds. The Company controls the investment of these funds and the participants remain general creditors of the Company. Participants are able to elect the payment of benefits on a specified date at least three years after the opening of a deferral subaccount or upon retirement. Distributions are made in the form of lump sum or annual installments over a period of up to 20 years as elected by the participant. If no alternate election has been made, a lump sum payment will be made upon termination of a participant’s employment with the Company. As of June 29, 2014 and June 30, 2013 the liability of the Company to the plan participants was $93.8 million and $79.7 million, respectively, which was recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets. As of June 29, 2014 and June 30, 2013 the Company had investments in the aggregate amount of $116.7 million and $98.1 million, respectively, that correlate to the deferred compensation obligations, which were recorded in other assets on the Consolidated Balance Sheets.

Postretirement Healthcare Plan

The Company maintains a postretirement healthcare plan for certain executive and director retirees. Coverage continues through the duration of the lifetime of the retiree or the retiree’s spouse, whichever is longer. The benefit obligation was $29.0 million and $21.4 million as of June 29, 2014 and June 30, 2013, respectively.

Long Term Debt and Other Borrowings

12 Months Ended

Jun. 29, 2014

Long Term Debt and Other Borrowings

Note 13: Long Term Debt and Other Borrowings

The following table reflects the carrying value of the Company’s convertible notes and other long-term debt as of June 29, 2014 and June 30, 2013:


	June 29, 2014			June 30, 2013
	*(in millions)*
0.50% Notes due 2016	$	450.0		$	450.0
Less: Unamortized interest discount		(30.4	)		(45.7	)

Net carrying amount of 0.50% Notes due 2016		419.6			404.3

1.25% Notes due 2018		450.0			450.0
Less: Unamortized interest discount		(62.7	)		(76.9	)

Net carrying amount of 1.25% Notes due 2018		387.3			373.1

2.625% Notes due 2041		699.9			699.9
Less: Unamortized interest discount		(183.3	)		(186.9	)

Net carrying amount of 2.625% Notes due 2041		516.6			513.0

Total debt		1,323.5			1,290.4
Less: current portion of debt		(516.6	)		(513.0	)

Long-term debt	$	806.9		$	777.4

Convertible Senior Notes

In May 2011, the Company issued and sold $450.0 million in aggregate principal amount of 0.50% Convertible Senior Notes due May 2016 (the “2016 Notes”) at par. At the same time, the Company issued and sold $450.0 million in aggregate principal amount of 1.25% Convertible Senior Notes due May 2018 (the “2018 Notes”) at par. The 2016 Notes and the 2018 Notes may be converted, under certain circumstances, based on a conversion rate of 15.9128 shares of Common Stock per $1,000 principal amount of notes (which represents a conversion price of approximately $62.84 per share of Common Stock). The applicable conversion rate is adjusted in certain circumstances, including the declaration and payment of cash dividends. The net proceeds to the Company from the sale of the 2016 Notes and the 2018 Notes were $835.5 million. The Company pays cash interest at an annual rate of 0.5% and 1.25%, respectively, on the 2016 Notes and the 2018 Notes, payable semi-annually on May 15 and November 15 of each year.

In June 2012, with the acquisition of Novellus Systems, Inc., the Company assumed $700.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due May 2041 (the “2041 Notes,” and collectively with the 2016 Notes and the 2018 Notes, the “Notes”). The 2041 Notes may be converted, under certain circumstances, based on a conversion rate of 28.5572 shares of Common Stock per $1,000 principal amount of notes (which represents a conversion price of approximately $35.02 per share of Common Stock). The applicable conversion rate is adjusted in certain circumstances, including the declaration and payment of cash dividends. The Company pays cash interest at an annual rate of 2.625%, payable semi-annually on May 15 and November 15 of each year. The 2041 Notes also have a contingent interest payment provision that may require us to pay additional interest based on certain thresholds, beginning with the semi-annual interest payment commencing on May 15, 2021, and upon the occurrence of certain events, as outlined in the indenture governing the 2041 Notes. The maximum amount of the contingent interest will accrue at a rate of 2.1% per annum, excluding any potential impact from dividends deemed payable to holders of the 2041 Notes. The contingent interest payment provision has been identified as an embedded derivative, to be accounted for separately, and is recorded at fair value at the end of each reporting period in other non-current liabilities, with any gains and losses recorded in interest expense, within the Consolidated Statements of Operations.

The Company separately accounts for the liability and equity components of the Notes. The initial debt components of the 2016 Notes, the 2018 Notes, and the 2041 Notes were valued at $373.8 million, $345.1 million, and $509.5 million, respectively, based on the present value of the future cash flows using discount rates of 4.29%, 5.27%, and 4.28%, respectively, the Company’s borrowing rate at the date of the issuance or assumption for similar debt instruments without the conversion feature. The carrying values of the equity components of the 2016 Notes, the 2018 Notes, and the 2041 Notes were $76.2 million, $104.9 million, and $328.1 million, respectively as of June 29, 2014. The effective interest rates on the liability components of the 2016 Notes, the 2018 Notes, and the 2041 Notes for the year ended June 29, 2014 were 4.29%, 5.27%, and 4.28% respectively. The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the liability component of the Notes during the years ended June 29, 2014, June 30, 2013, and June 24, 2012.


	June 29, 2014		June 30, 2013		June 24, 2012
	*(in millions)*
Contractual interest coupon	$	26.2	$	26.2	$	9.2
Amortization of interest discount		33.1		31.6		27.0
Amortization of issuance costs		2.4		2.4		2.4

Total interest cost recognized	$	61.7	$	60.2	$	38.6

The remaining bond discount of the 2016 Notes, the 2018 Notes, and the 2041 Notes of $30.4 million, $62.7 million, and $183.3 million, respectively, as of June 29, 2014 will be amortized over their respective remaining lives of approximately 1.9 years, 3.9 years, and 26.9 years. As of June 29, 2014, the if-converted value of the 2016, 2018 and 2041 Notes exceeded the aggregate principal amount by $29 million, $29 million and $638 million, respectively.

2016 Notes

The 2016 Notes may be converted at any time prior to the close of business on the business day immediately preceding February 15, 2016, at the option of the holder, only under the following circumstances: 1) during the five business-day period after any ten consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2016 Notes for each day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s Common Stock and the applicable conversion rate on each such trading day; 2) during any fiscal quarter commencing after the fiscal quarter ending September 25, 2011, if the last reported sale price of the Company’s Common Stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price in effect on the last trading day of the immediately preceding fiscal quarter; or 3) upon the occurrence of specified corporate events. On and after February 15, 2016 until the close of business on the second scheduled trading day immediately preceding the maturity date of May 15, 2016, holders may convert their notes at any time, regardless of the foregoing circumstances.

Upon conversion, a holder will receive the conversion value of the 2016 Notes to be converted equal to the conversion rate multiplied by the volume weighted average price of the Company’s Common Stock during a specified period following the conversion date. The conversion value of each 2016 Note will be paid in: 1) cash equal to the principal amount of the note and 2) to the extent the conversion value exceeds the principal amount of the note, Common Stock (plus cash in lieu of any fractional shares of Common Stock). The conversion price will be subject to adjustment in some events but will not be adjusted for accrued interest. Upon a “fundamental change” at any time, as defined, the Company will in some cases increase the conversion rate for a holder who elects to convert its 2016 Notes in connection with such fundamental change. In addition, the holders may require the Company to repurchase for cash all or a portion of their notes upon a “designated event” at a price equal to 100% of the principal amount of the notes being repurchased plus accrued and unpaid interest, if any.

Concurrently with the issuance of the 2016 Notes, the Company purchased a convertible note hedge and sold warrants. The separate convertible note hedge and warrant transactions are collectively structured to reduce the potential future economic dilution associated with the conversion of the 2016 Notes and to increase the effective conversion price to $71.14 per share. Each of these components is discussed separately below:

Convertible Note Hedge. Counterparties agreed to sell to the Company up to approximately 7.1 million shares of the Company’s Common Stock, which is the number of shares issuable upon conversion of the 2016 Notes in full, at a price of $62.84 per share. The convertible note hedge transaction will be settled in net shares and will terminate upon the earlier of the maturity date of the 2016 Notes or the first day none of the 2016 Notes remains outstanding due to conversion or otherwise. Settlement of the convertible note hedge in net shares, based on the number of shares issued upon conversion of the 2016 Notes, on the expiration date would result in the Company receiving net shares equivalent to the number of shares issuable by the Company upon conversion of the 2016 Notes. Should there be an early unwind of the convertible note hedge transaction, the number of net shares potentially received by the Company will depend upon 1) the then existing overall market conditions, 2) the Company’s stock price, 3) the volatility of the Company’s stock, and 4) the amount of time remaining before expiration of the convertible note hedge. The convertible note hedge transaction cost of $76.2 million has been accounted for as an equity transaction. The Company initially recorded approximately $28.2 million in stockholders’ equity from the net deferred tax asset related to the convertible note hedge at inception of the transaction.

Sold Warrants. The Company received $57.6 million from the same counterparties from the sale of warrants to purchase up to approximately 7.1 million shares of the Company’s Common Stock at an exercise price of $71.14 per share. The warrants expire on a series of dates between August 15, 2016 and October 21, 2016. At expiration, the Company may, at its option, elect to settle the warrants on a net share basis. As of June 29, 2014, the warrants had not been exercised and remained outstanding. The value of the warrants was initially recorded in equity and continues to be classified as equity.

2018 Notes

The 2018 Notes may be converted at any time prior to the close of business on the business day immediately preceding February 15, 2018, at the option of the holder only under the following circumstances: 1) during the five business-day period after any ten consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2018 Notes for each day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s Common Stock and the applicable conversion rate on each such trading day; 2) during any fiscal quarter commencing after the fiscal quarter ending September 25, 2011, if the last reported sale price of the Company’s Common Stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price in effect on the last trading day of the immediately preceding fiscal quarter; or 3) upon the occurrence of specified corporate events. On and after February 15, 2018 until the close of business on the second scheduled trading day immediately preceding the maturity date of May 15, 2018, holders may convert their notes at any time, regardless of the foregoing circumstances.

Upon conversion, a holder will receive the conversion value of the 2018 Notes to be converted equal to the conversion rate multiplied by the volume weighted average price of the Company’s Common Stock during a specified period following the conversion date. The conversion value of each 2018 Notes will be paid in: 1) cash equal to the principal amount of the note and 2) to the extent the conversion value exceeds the principal amount of the note, Common Stock (plus cash in lieu of any fractional shares of Common Stock). The conversion price will be subject to adjustment in some events but will not be adjusted for accrued interest. Upon a “fundamental change” at any time, as defined, the Company will in some cases increase the conversion rate for a holder who elects to convert its 2018 Notes in connection with such fundamental change. In addition, the holders may require the Company to repurchase for cash all or a portion of their notes upon a “designated event” at a price equal to 100% of the principal amount of the notes being repurchased plus accrued and unpaid interest, if any.

Concurrently with the issuance of the 2018 Notes, the Company purchased a convertible note hedge and sold warrants. The separate convertible note hedge and warrant transactions are collectively structured to reduce the potential future economic dilution associated with the conversion of the 2018 Notes and to increase the effective conversion price to $75.89 per share. Each of these components is discussed separately below:

Convertible Note Hedge. Counterparties agreed to sell to the Company up to approximately 7.1 million shares of the Company’s Common Stock, which is the number of shares issuable upon conversion of the 2018 Notes in full, at a price of $62.84 per share. The convertible note hedge transaction will be settled in net shares and will terminate upon the earlier of the maturity date of the 2018 Notes or the first day none of the 2018 Notes remains outstanding due to conversion or otherwise. Settlement of the convertible note hedge in net shares, based on the number of shares issued upon conversion of the 2018 Notes, on the expiration date would result in the Company receiving net shares equivalent to the number of shares issuable by the Company upon conversion of the 2018 Notes. Should there be an early unwind of the convertible note hedge transaction, the number of net shares potentially received by the Company will depend upon 1) the then existing overall market conditions, 2) the Company’s stock price, 3) the volatility of the Company’s stock, and 4) the amount of time remaining before expiration of the convertible note hedge. The convertible note hedge transaction cost of $104.9 million has been accounted for as an equity transaction. The Company initially recorded approximately $38.8 million in stockholders’ equity from the net deferred tax asset related to the convertible note hedge at inception of the transaction.

Sold Warrants. The Company received $76.3 million from the same counterparties from the sale of warrants to purchase up to approximately 7.1 million shares of the Company’s Common Stock at an exercise price of $75.89 per share. The warrants expire on a series of dates between August 15, 2018 and October 23, 2018. At expiration, the Company may, at its option, elect to settle the warrants on a net share basis. As of June 29, 2014, the warrants had not been exercised and remained outstanding. The value of the warrants was initially recorded in equity and continues to be classified as equity.

2041 Notes

The 2041 Notes may be converted at any time prior to the close of business on the business day immediately preceding February 15, 2041, at the option of the holder only under the following circumstances: 1) during the five business-day period after any ten consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2041 Notes for each day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s Common Stock and the applicable conversion rate on each such trading day; 2) during any fiscal quarter, if the last reported sale price of the Company’s Common Stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price in effect on the last trading day of the immediately preceding fiscal quarter; or 3) upon the occurrence of specified corporate events. On and after February 15, 2041 until the close of business on the third scheduled trading day immediately preceding the maturity date of May 15, 2041, holders may convert their notes at any time, regardless of the foregoing circumstances.

Upon conversion, a holder will receive the conversion value of the 2041 Notes to be converted equal to the conversion rate multiplied by the volume weighted average price of the Company’s Common Stock during a specified period following the conversion date. The conversion value of each 2041 Note will be paid in: 1) cash equal to the principal amount of the note and 2) to the extent the conversion value exceeds the principal amount of the note, Common Stock (plus cash in lieu of any fractional shares of Common Stock). The conversion price will be subject to adjustment in some events but will not be adjusted for accrued interest. Upon a “fundamental change” at any time, as defined, the Company will in some cases increase the conversion rate for a holder who elects to convert its 2041 Notes in connection with such fundamental change. In addition, the holders may require the Company to repurchase for cash all or a portion of their notes upon a “designated event” at a price equal to 100% of the principal amount of the notes being repurchased plus accrued and unpaid interest, if any.

On or after May 21, 2021, we may redeem all or part of the 2041 Notes for the principal plus any accrued and unpaid interest if the closing price of our Common Stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any period of 30 consecutive trading days prior to the date on which we provide notice of redemption.

Conversion Period

During the fiscal quarter ended June 30, 2013, and each consecutive quarter through June 29, 2014, the Company’s Common Stock for 20 or more trading days of the 30 consecutive trading days preceding the quarter end was greater than or equal to 130% of the 2041 Note conversion price. As a result, the 2041 Notes became convertible at the option of the holder anytime during the fiscal quarter ending September 29, 2013 and continue to be convertible through September 28, 2014. However, there have been no conversions of the 2041 Notes as of August 25, 2014.

In connection with the acquisition of Novellus in June 2012, the 2041 Notes could have been converted into the Company’s Common Stock at any time from and after the later of (1) the date that was 30 scheduled trading days immediately prior to the anticipated closing date of the merger and (2) the date on which we delivered to the note holders notice of the merger, until 35 business days after the actual closing date of the merger, or July 24, 2012. During the period ending June 24, 2012, 65 of the 2041 Notes, with a total par value of $65,000, were converted at the note holders’ option. In conjunction with the conversion, 137 shares of Common Stock were issued.

As a result of the open conversion period, the carrying amount of the 2041 Notes was classified in current liabilities in our Consolidated Balance Sheet as of June 29, 2014 and June 30, 2013. The excess of the amount of cash payable, if converted, over the carrying amount of the 2041 Notes was classified as temporary equity as of June 29, 2014 and June 30, 2013. Upon closure of a conversion period, all 2041 Notes not converted are reclassified back to noncurrent liabilities and the temporary equity is reclassified to permanent equity.

Fair Value of Notes

As of June 29, 2014, the face values of the 2016 Notes, 2018 Notes, and 2041 Notes were $450.0 million, $450.0 million, and $699.9 million, respectively. As of June 29, 2014, the fair values of the 2016 Notes, 2018 Notes, and 2041 Notes, which includes the debt and equity components, were approximately $556.3 million, $600.8 million, and $1,397.4 million respectively, based on quoted market prices (level 1 inputs within the fair value hierarchy).

Contractual Obligations

The Company’s contractual cash obligations relating to its convertible notes and other long-term debt as of June 29, 2014 were as follows:


	Long-term Debt
	*(in thousands)*
Payments due by period:
One year*	$	699,935
Two years		450,000
Three years		—
Four years		450,000
Five years		—
Over five years		—

Total		1,599,935
Current portion of long-term debt		699,935

Long-term debt	$	900,000

As noted above, the conversion period for the 2041 Notes opened as of December 29, 2013, and remains open as of June 29, 2014. As there is the potential for conversion at the option of the holder, the principal balance of the 2041 Notes has been included in the one year payment period. As of August 25, 2014, none of the 2041 Notes had been converted during the conversion period beginning December 29, 2013.

Revolving Credit Facility

On March 12, 2014, the Company entered into a $300 million revolving unsecured credit facility with a syndicate of lenders that matures on March 12, 2019. The facility includes an option, subject to certain requirements, for the Company to request an increase in the facility of up to an additional $200 million, for a potential total commitment of $500 million. Proceeds from the credit facility can be used for general corporate purposes.

Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (i) a base rate, defined as the greatest of (a) prime rate, (b) Federal Funds rate plus 0.5%, or (c) one-month LIBOR plus 1.0%, plus a spread of 0.0% to 0.5%, or (ii) LIBOR plus a spread of 0.9% to 1.5%, in each case the applicable spread is determined based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt. Principal, and any accrued and unpaid interest, is due and payable upon maturity. Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company’s rating described above. The credit facility contains certain restrictive covenants including maintaining a consolidated debt to total capitalization ratio of no more than 0.5 to 1.0 and maintaining unrestricted or unencumbered cash and investments of no less than $1.0 billion. As of June 29, 2014, we had no borrowings outstanding under the credit facility and were in compliance with all financial covenants.

Commitments and Contingencies

12 Months Ended

Jun. 29, 2014

Commitments and Contingencies

Note 14: Commitments and Contingencies

The Company has certain obligations to make future payments under various contracts, some of these are recorded on its balance sheet and some are not. Obligations that are recorded on the Company’s balance sheet include the Company’s capital lease obligations. Obligations that are not recorded on the Company’s balance sheet include contractual relationships for operating leases, purchase obligations, and certain guarantees. The Company’s commitments relating to capital leases and off-balance sheet agreements are included in the tables below. These amounts exclude $258.4 million of liabilities related to uncertain tax benefits because the Company is unable to reasonably estimate the ultimate amount or time of settlement. See Note 15 of Notes to Consolidated Financial Statements for further discussion.

Capital Leases

Capital leases reflect building and office equipment leases. The Company’s contractual cash obligations relating to its existing capital leases, including interest, as of June 29, 2014 were as follows:


	Capital Leases
	(in thousands)
Payments due by period:
One year	$	1,857
Two years		1,829
Three years		8,635

Total		12,321
Interest on capital leases		338

Current portion of capital leases		1,681

Long-term portion of capital leases	$	10,302

Operating Leases and Related Guarantees

The Company leases the majority of its administrative, R&D and manufacturing facilities, regional sales/service offices and certain equipment under non-cancelable operating leases. Certain of the Company’s facility leases for buildings located at its Fremont, California headquarters and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities. Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation. The Company’s rental expense for facilities occupied during fiscal years 2014, 2013, and 2012 was approximately $12 million, $14 million, and $11 million, respectively.

On December 31, 2013, the Company extinguished its two operating leases regarding certain improved properties in Livermore, California and its four amended and restated operating leases regarding certain improved properties in Fremont, California and entered into six amended operating leases (the “Operating Leases”) regarding certain improved properties at the Company’s headquarters in Fremont, California and certain other improved properties in Livermore, California.

The Operating Leases have a term of approximately seven years ending on December 31, 2020. The Company may, at its discretion and with 30 days’ notice, elect to purchase the property that is the subject of the Operating Leases for an amount approximating the sum required to pay the amount of the lessor’s investment in the property and any accrued but unpaid rent.

As of June 29, 2014, the Company was required, pursuant to the terms of the Operating Leases, to maintain cash collateral in an aggregate of approximately $132.5 million in separate interest-bearing accounts and marketable securities collateral in an aggregate of approximately $8.0 million as security for the Company’s obligations under the Operating Leases. These amounts are recorded as restricted cash and investments in the Company’s Consolidated Balance Sheet as of June 29, 2014.

During the term of the Operating Leases and when the terms of the Operating Leases expire, the property subject to those Operating Leases may be remarketed. The Company has guaranteed to the lessor that each property will have a certain minimum residual value. The aggregate guarantee made by the Company under the Operating Leases is generally no more than approximately $191.2 million; however, under certain default circumstances, the guarantee with regard to an Operating Lease may be 100% of the lessor’s aggregate investment in the applicable property, which in no case will exceed $220.0 million, in the aggregate.

The Company’s contractual cash obligations with respect to operating leases, excluding the residual value guarantees discussed above, as of June 29, 2014 were as follows:


	Operating Leases
	(in thousands)
Payments due by period:
One year	$	15,109
Two years		11,047
Three years		8,701
Four years		3,029
Five years		2,549
Over five years		5,482
Less: Sublease Income		(675	)

Total	$	45,242

Other Guarantees

The Company has issued certain indemnifications to its lessors for taxes and general liability under some of its agreements. The Company has entered into certain insurance contracts that may limit its exposure to such indemnifications. As of June 29, 2014, the Company had not recorded any liability on its Consolidated Financial Statements in connection with these indemnifications, as it does not believe, based on information available, that it is probable that any amounts will be paid under these guarantees.

Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services. The Company seeks to limit its liability for such indemnity to an amount not to exceed the sales price of the products or services subject to its indemnification obligations. The Company does not believe, based on information available, that it is probable that any material amounts will be paid under these guarantees.

The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business. As of June 29, 2014, the maximum potential amount of future payments that we could be required to make under these arrangements and letters of credit was $20.6 million. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid.

Purchase Obligations

Purchase obligations consist of significant contractual obligations either on an annual basis or over multi-year periods related to the Company’s outsourcing activities or other material commitments, including vendor-consigned inventories. The contractual cash obligations and commitments table presented below contains the Company’s minimum obligations at June 29, 2014 under these arrangements and others. For obligations with cancellation provisions, the amounts included in the following table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee. Actual expenditures will vary based on the volume of transactions and length of contractual service provided.

The Company’s commitments related to these agreements as of June 29, 2014 were as follows:


	Purchase Obligations
	(in thousands)
Payments due by period:
One year	$	185,450
Two years		8,279
Three years		3,869
Four years		2,585
Five years		2,585
Over five years		2,928

Total	$	205,696

Warranties

The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements.

Changes in the Company’s product warranty reserves were as follows:


	Year Ended
	June 29, 2014			June 30, 2013
	(in thousands)
Balance at beginning of period	$	58,078		$	70,161
Warranties issued during the period		87,922			74,779
Settlements made during the period		(80,280	)		(92,456	)
Changes in liability for pre-existing warranties		3,665			5,594

Balance at end of period	$	69,385		$	58,078

Legal Proceedings

The Company is either a defendant or plaintiff in various actions that have arisen from time to time in the normal course of business, including intellectual property claims. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. To the extent there is a reasonable possibility that the losses could exceed the amounts already accrued, the Company believes that the amount of any such additional loss would be immaterial to the Company’s business, financial condition, and results of operations.

Income Taxes

12 Months Ended

Jun. 29, 2014

Income Taxes

Note 15: Income Taxes

The components of income (loss) before income taxes were as follows:


	Year Ended
	June 29, 2014		June 30, 2013			June 24, 2012
	(in thousands)
United States	$	78,076	$	(46,392	)	$	(6,950	)
Foreign		645,287		113,050			211,368

	$	723,363	$	66,658		$	204,418

Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Federal:
Current	$	31,762		$	(1,096	)	$	5,038
Deferred		10,692			(60,172	)		(1,033	)

	$	42,454		$	(61,268	)	$	4,005

State:
Current	$	3,192		$	3,332		$	1,297
Deferred		(869	)		(6,351	)		336

	$	2,323		$	(3,019	)	$	1,633

Foreign:
Current	$	49,273		$	20,640		$	33,871
Deferred		(2,976	)		(3,574	)		(3,814	)

	$	46,297		$	17,066		$	30,057

Total Provision (Benefit) for Income Taxes	$	91,074		$	(47,221	)	$	35,695

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes, and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	June 29, 2014			June 30, 2013
	(in thousands)
Deferred tax assets:
Tax carryforwards	$	170,028		$	169,371
Allowances and reserves		126,895			94,720
Equity-based compensation		18,019			19,586
Inventory valuation differences		16,257			22,833
Other		12,065			11,286

Gross deferred tax assets		343,264			317,796
Valuation allowance		(74,439	)		(76,594	)

Net deferred tax assets		268,825			241,202
Deferred tax liabilities:
Intangible Assets		(87,329	)		(94,836	)
Convertible debt		(117,112	)		(98,482	)
Temporary differences for capital assets		(32,350	)		(41,470	)
Amortization of goodwill		(11,409	)		(9,950	)
Unremitted earnings of a foreign subsidiary		(34,346	)		(2,936	)
Other		(11,017	)		(11,645	)

Gross deferred tax liabilities		(293,563	)		(259,319	)

Net deferred tax assets	$	(24,738	)	$	(18,117	)

The change in the gross deferred tax assets, gross deferred tax liabilities and valuation allowance between fiscal year 2014 and 2013 is primarily attributable to accrual for future tax liability due to the expected repatriation of foreign earnings and amortization of convertible debt, offset by an increase in deferred tax assets related to allowances and reserves. Realization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more-likely-than-not that such deferred tax assets will be realized with the exception of $74.4 million primarily related to California and certain foreign deferred tax assets.

The provisions related to the tax accounting for stock-based compensation prohibit the recognition of a deferred tax asset for an excess benefit that has not yet been realized. As a result, the Company will only recognize an excess benefit from stock-based compensation in additional paid-in-capital if an incremental tax benefit is realized after all other tax attributes currently available to us have been utilized. In addition, the Company continued to elect to account for the indirect benefits of stock-based compensation such as the research and development tax credit through the consolidated statement of operations.

At June 29, 2014, the Company had federal net operating loss carryforwards of approximately $134.5 million. The majority of these losses will begin to expire in the year 2019, and are subject to limitations on their utilization.

As of June 29, 2014, the Company had state net operating loss carryforwards of approximately $31.9 million. If not utilized, the net operating loss carryforwards will begin to expire in the year 2015, and are subject to limitations on their utilization. The tax benefits relating to approximately $5.0 million of state net operating loss carryforwards will be credited to additional paid-in-capital when recognized.

At June 29, 2014, the Company had federal tax credit carryforwards of approximately $107.8 million, of which $17.9 million will begin to expire in fiscal year 2017 and $87.1 million will begin to expire in fiscal year 2030. The remaining balance of $2.8 million of credits may be carried forward indefinitely. The tax benefits relating to approximately $13.0 million of federal tax credit carryforwards will be credited to additional paid-in-capital when recognized.

At June 29, 2014, the Company had state tax credit carryforwards of approximately $212.0 million. Substantially all state tax credit carryforwards may be carried forward indefinitely. The tax benefits relating to approximately $37.0 million of the state tax credit carryforwards will be credited to additional paid-in-capital when recognized.

At June 29, 2014, the Company had foreign net operating loss carryforwards of approximately $60.3 million, of which approximately $38.5 million may be carried forward indefinitely and $21.9 million will begin to expire in fiscal year 2015.

A reconciliation of income tax expense provided at the federal statutory rate (35% in fiscal years 2014, 2013, and 2012) to actual income expense is as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Income tax expense computed at federal statutory rate	$	253,177		$	23,332		$	71,546
State income taxes, net of federal tax benefit		1,884			(13,588	)		(4,895	)
Foreign income taxed at different rates		(164,130	)		(40,255	)		(51,425	)
Tax credits		(15,650	)		(42,593	)		(5,791	)
State valuation allowance, net of federal tax benefit		(1,707	)		11,538			5,862
Equity-based compensation		23,167			20,318			14,123
Acquisition costs		—			—			5,683
Other permanent differences and miscellaneous items		(5,667	)		(5,973	)		592

	$	91,074		$	(47,221	)	$	35,695

Effective fiscal year 2014 through June 2023, the Company obtained a new tax ruling for one of its foreign subsidiaries in Switzerland. In the prior years, the Company had a tax holiday in Switzerland which was effective from fiscal year 2003 through June 2013. The impact of the tax ruling decreased income taxes by approximately $7.4 million, $10.8 million and $22.3 million for fiscal years 2014, 2013 and 2012, respectively. The benefit of the tax ruling on diluted earnings per share was approximately $0.04 in fiscal year 2014, $0.06 in fiscal year 2013 and $0.18 in fiscal year 2012.

Unremitted earnings of the Company’s foreign subsidiaries included in consolidated retained earnings aggregated to approximately $2.9 billion at June 29, 2014. These earnings are indefinitely reinvested in foreign operations. If these earnings were remitted to the United States, they would be subject to U.S. and foreign withholding taxes of approximately $697.5 million at current statutory rates. The Company’s federal income tax provision includes U.S. income taxes on certain foreign-based income.

As of June 29, 2014, the total gross unrecognized tax benefits were $352.1 million compared to $333.1 million as of June 30, 2013, and $343.8 million as of June 24, 2012. During fiscal year 2014, gross unrecognized tax benefits increased by approximately $19.0 million. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $269.4 million, $257.7 million, and $278.2 million as of June 29, 2014, June 30, 2013, and June 24, 2012, respectively. The aggregate changes in the balance of gross unrecognized tax benefits were as follows:


	(in millions)
Balance as of June 26, 2011	$	181.5
Settlements and effective settlements with tax authorities		(0.2	)
Lapse of statute of limitations		(6.6	)
Increases in balances related to tax positions taken during prior periods		1.4
Decreases in balances related to tax positions taken during prior periods		(4.3	)
Increases in balances related to tax positions taken during current period		22.3
Tax positions assumed in Novellus transaction		149.7

Balance as of June 24, 2012		343.8
Settlements and effective settlements with tax authorities		(3.4	)
Lapse of statute of limitations		(51.4	)
Increases in balances related to tax positions taken during prior periods		11.3
Decreases in balances related to tax positions taken during prior periods		(11.3	)
Increases in balances related to tax positions taken during current period		35.2
Tax positions assumed in Novellus transaction		8.9

Balance as of June 30, 2013		333.1
Lapse of statute of limitations		(16.0	)
Increases in balances related to tax positions taken during prior periods		6.2
Decreases in balances related to tax positions taken during prior periods		(4.2	)
Increases in balances related to tax positions taken during current period		33.0

Balance as of June 29, 2014	$	352.1

The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense. The Company had accrued $29.5 million, $25.5 million, and $25.2 million, cumulatively, for gross interest and penalties as of June 29, 2014, June 30, 3013, and June 24, 2012, respectively.

The Internal Revenue Service (“IRS”) has contacted the Company for a limited scope audit of Novellus’ U.S. income tax return for the years 2010, 2011, and 2012. In addition, the Company is also subject to audits by state and foreign tax authorities. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the relevant taxing authorities will occur.

The Company files U.S. federal, U.S. state, and foreign income tax returns. As of June 29, 2014, tax years 2004-2013 remain subject to examination in the jurisdictions where the Company operates.

The Company is in various stages of the examinations in connection with all of its tax audits worldwide and it is difficult to determine when these examinations will be settled. It is reasonably possible that over the next twelve-month period the Company may experience an increase or decrease in its unrecognized tax benefits. It is not possible to determine either the magnitude or the range of any increase or decrease at this time.

Goodwill and Intangible Assets

12 Months Ended

Jun. 29, 2014

Goodwill and Intangible Assets

Note 16: Goodwill and Intangible Assets

Goodwill

There were no significant changes in the goodwill balance during the twelve months ended June 29, 2014. Of the $1.5 billion goodwill balance, $61 million is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law.

Intangible Assets

The following table provides the Company’s intangible assets as of June 29, 2014:


	Gross		Accumulated Amortization			Net
	(in thousnds)
Customer relationships	$	615,618	$	(169,162	)	$	446,456
Existing technology		643,922		(224,246	)		419,676
Patents		32,253		(24,407	)		7,846
Other intangible assets		35,270		(35,270	)		—

Intangible assets subject to amortization		1,327,063		(453,085	)		873,978
In process research and development		11,000					11,000
Development rights		9,100					9,100

Intangible assets not subject to amortization		20,100					20,100

Total intangible assets	$	1,347,163	$	(453,085	)	$	894,078

The following table provides details of the Company’s intangible assets as of June 30, 2013:


	Gross		Accumulated Amortization			Net
	(in thousnds)
Customer relationships	$	624,686	$	(103,519	)	$	521,167
Existing technology		653,628		(139,894	)		513,734
Patents		32,053		(22,036	)		10,017
Backlog		10,000		(10,000	)		—
Other intangible assets		35,216		(34,889	)		327

Intangible assets subject to amortization		1,355,583		(310,338	)		1,045,245
In process research and development		20,000					20,000
Development rights		9,100					9,100

Intangible assets not subject to amortization		29,100					29,100

Total intangible assets	$	1,384,683	$	(310,338	)	$	1,074,345

The Company recognized $163.2 million, $177.6 million, and $26.9 million, in intangible asset amortization expense during fiscal years 2014, 2013, and 2012, respectively. The Company recognized a $4.0 million impairment of in process research and development during fiscal year 2014, due to the cancellation of a project.

The estimated future amortization expense of intangible assets, excluding those with indefinite lives, as of June 29, 2014 was as follows:


Fiscal Year	Amount
	(in thousnds)
2014	$	156,719
2015		154,215
2016		152,494
2017		151,398
2018		120,254
Thereafter		138,898

	$	873,978

Intangible assets acquired during the 2014 fiscal year were as follows:


	Amount		Weighted- Average Useful Life
	(in thousands)		(Years)
Customer relationships	$	1,800	7
Existing technology		7,228	6
Patents		200	5

Total acquired intangible assets	$	9,228	6

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Segment, Geographic Information and Major Customers

12 Months Ended

Jun. 29, 2014

Segment, Geographic Information and Major Customers

Note 17: Segment, Geographic Information and Major Customers

The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing and distribution.

The Company operates in seven geographic regions: United States, Europe, Japan, Korea, Taiwan, China and Southeast Asia. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located while long-lived assets are attributed to the geographic locations in which the assets are located.

Revenues and long-lived assets by geographic region were as follows:


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands)
Revenue:
Korea	$	1,127,406	$	603,821	$	893,549
Taiwan		1,049,214		1,026,548		467,922
Japan		634,131		368,095		308,189
China		623,408		319,282		143,769
United States		622,022		734,324		458,531
Europe		303,730		292,432		244,038
Southeast Asia		247,398		254,414		149,194

	$	4,607,309	$	3,598,916	$	2,665,192


	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands)
Long-lived assets:
United States	$	429,548	$	484,273	$	463,156
Europe		89,221		109,934		107,893
Korea		18,776		991		993
Taiwan		4,259		2,953		3,169
China		846		2,291		3,673
Southeast Asia		454		2,788		4,644
Japan		392		680		1,068

	$	543,496	$	603,910	$	584,596

In fiscal year 2014, three customers accounted for approximately 23%, 15%, and 14% of total revenues. In fiscal year 2013, three customers accounted for approximately 19%, 15%, and 11% of total revenues. In fiscal year 2012, three customers accounted for approximately 30%, 12%, and 10% of total revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Stock Repurchase Program

12 Months Ended

Jun. 29, 2014

Stock Repurchase Program

Note 18: Stock Repurchase Program

On April 22, 2013, the Board of Directors authorized the repurchase of up to $250 million of Company Common Stock. The Company completed the repurchase of approximately $202 million available under this share repurchase authorization in the year ended June 29, 2014.

On April 29, 2014, the Board of Directors authorized the repurchase of up to $850 million of Company Common Stock, including the unutilized value from the April 22, 2013 authorization. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. Repurchases will be funded using the Company’s on-shore cash and on-shore cash generation. This repurchase program has no termination date and may be suspended or discontinued at any time.

Repurchases under the repurchase program were as follows during the periods indicated:


Period	Total Number of Shares Repurchased		Total Cost of Repurchase		Average Price Paid Per Share*		Amount Available Under Repurchase Program **
	(in thousands, except per share data)
Available balance as of June 30, 2013							$	250,000
Quarter ended September 29, 2013		1,935	$	96,462	$	48.06	$	153,538
Quarter ended December 29, 2013		762	$	39,800	$	52.20	$	113,738
Quarter ended March 30, 2014		930	$	49,414	$	53.13	$	64,324
Authorization of new $850 million - April 2014							$	850,000
Quarter ended June 29, 2014		624	$	35,486	$	56.89	$	830,895

Average price paid per share excludes accelerated share repurchases for which cost was incurred during the September 2013 quarter, but that did not settle until the December 2013 quarter. See Collared Accelerated Share Repurchases section below for details regarding average price associated with the transaction.

**	During the quarter ended June 29, 2014, approximately $16.4 million of repurchases were prior to the new $850 million authorization.

In addition to shares repurchased under Board authorized repurchase program shown above, during the year ended June 29, 2014, the Company acquired 608,695 shares at a total cost of $32.0 million which the Company withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of RSU awards granted under the Company’s equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plans.

As part of its share repurchase program, the Company may from time-to-time enter into structured share repurchase arrangements with financial institutions using general corporate funds. Such arrangements entered into and settled during the year ended June 29, 2014 included the following:

Collared Accelerated Share Repurchases

During the fiscal year ended June 29, 2014, the Company entered into and settled a collared accelerated share repurchase (“ASR”) transaction under a master repurchase arrangement. Under the ASR, the Company made an up-front cash payment of $75 million, in exchange for an initial delivery of 1.2 million shares of its Common Stock and a subsequent delivery of 0.3 million shares following the initial hedge period.

The number of shares to ultimately be repurchased by the Company is based generally on the volume-weighted average price (“VWAP”) of the Common Stock during the term of the ASR minus a pre-determined discount set at inception of the ASR, subject to collar provisions that provide a minimum and maximum number of shares that the Company could repurchase under the agreements. The minimum and maximum thresholds for the transaction were established based on the average of the VWAP prices for the Common Stock during an initial hedge period. At the conclusion of the ASR, the Company could have receive additional shares based on the VWAP of the Common Stock during the term of the agreement minus the pre-determined fixed discount; however, the total number of shares received under the ASR would not exceed the maximum of 1.7 million shares.

The counterparty designated October 28, 2013 as the termination date, at which time the Company settled the ASR. No additional shares were received at final settlement, which represented a weighted-average share price of approximately $50.40 for the transaction period.

The Company accounted for the ASR as two separate transactions: (a) as shares of Common Stock acquired in a treasury stock transaction recorded on the acquisition date and (b) as a forward contract indexed to the Company’s own Common Stock and classified in stockholders’ equity. As such, the Company accounted for the shares that it received under the ASR as a repurchase of its Common Stock for the purpose of calculating earnings per common share. The Company has determined that the forward contract indexed to the Common Stock met all of the applicable criteria for equity classification in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification, and, therefore, the ASR was not accounted for as a derivative instrument. As of June 29, 2014, the aggregate repurchase price of $75 million was reflected as Treasury stock, at cost, in the Consolidated Balance Sheet.

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 29, 2014
Subsequent Events	Note 19: Subsequent Events On July 2, 2014, the Company sold substantially all of Peter Wolters, a wholly owned subsidiary acquired as part of the Novellus acquisition, with net proceeds on sale of approximately $59 million. The pre-tax gain on sale is estimated at approximately $6 million.

Valuation and Qualifying Accounts

12 Months Ended

Jun. 29, 2014

Valuation and Qualifying Accounts

LAM RESEARCH CORPORATION

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


	Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs, Net of Recoveries (1)			Balance at End of Period
	(in thousands)
YEAR ENDED JUNE 29, 2014
Deducted from asset accounts:
Allowance for doubtful accounts	$	5,448	$	14	$	(500	)	$	4,962
YEAR ENDED JUNE 30, 2013
Deducted from asset accounts:
Allowance for doubtful accounts	$	5,248	$	200	$	—		$	5,448
YEAR ENDED JUNE 24, 2012
Deducted from asset accounts:
Allowance for doubtful accounts	$	4,720	$	403	$	125		$	5,248

(1)	During fiscal year 2012, write-off, net of recoveries represents $0.1 million of recoveries against previously written-off balances

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 29, 2014
Revenue Recognition	Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred and title has passed or services have been rendered, the selling price is fixed or determinable, collection of the receivable is reasonably assured, and the Company has received customer acceptance, or is otherwise released from our customer acceptance obligations. If terms of the sale provide for a lapsing customer acceptance period, the Company recognizes revenue upon the expiration of the lapsing acceptance period or customer acceptance, whichever occurs first. If the practices of a customer do not provide for a written acceptance or the terms of sale do not include a lapsing acceptance provision, the Company recognizes revenue when it can be reliably demonstrated that the delivered system meets all of the agreed-to customer specifications. In situations with multiple deliverables, revenue is recognized upon the delivery of the separate elements to the customer and when the Company receives customer acceptance or is otherwise released from its customer acceptance obligations. Revenue from multiple-element arrangements is allocated among the separate elements based on their relative selling prices, provided the elements have value on a stand-alone basis. Our sales arrangements do not include a general right of return. The maximum revenue recognized on a delivered element is limited to the amount that is not contingent upon the delivery of additional items. Revenue related to sales of spare parts and system upgrade kits is generally recognized upon shipment. Revenue related to services is generally recognized upon completion of the services requested by a customer order. Revenue for extended maintenance service contracts with a fixed payment amount is recognized on a straight-line basis over the term of the contract. When goods or services have been delivered to the customer but all conditions for revenue recognition have not been met, the Company defers revenue recognition until customer acceptance and records the deferred revenue and/or deferred costs of sales in deferred profit on the Consolidated Balance Sheet.
Inventory Valuation	Inventory Valuation: Inventories are stated at the lower of cost or market using standard costs which approximate actual costs on a first-in, first-out basis. The Company maintains a perpetual inventory system and continuously records the quantity on-hand and standard cost for each product, including purchased components, subassemblies, and finished goods. The Company maintains the integrity of perpetual inventory records through periodic physical counts of quantities on hand. Finished goods are reported as inventories until the point of title transfer to the customer. Transfer of title for shipments to Japanese customers generally occurs at time of customer acceptance. Standard costs are reassessed as needed but annually at a minimum, and reflect acquisition costs. Acquisition costs are generally based on the most recent vendor contract prices for purchased parts, normalized assembly and test labor utilization levels, methods of manufacturing, and normalized overhead. Manufacturing labor and overhead costs are attributed to individual product standard costs at a level planned to absorb spending at average utilization volumes. Management evaluates the need to record adjustments for impairment of inventory at least quarterly. The Company’s policy is to assess the valuation of all inventories including manufacturing raw materials, work-in-process, finished goods, and spare parts in each reporting period. Obsolete inventory or inventory in excess of management’s estimated usage requirement is written down to its estimated market value if less than cost. Estimates of market value include, but are not limited to, management’s forecasts related to the Company’s future manufacturing schedules, customer demand, technological and/or market obsolescence, general semiconductor market conditions, possible alternative uses, and ultimate realization of excess inventory. If future customer demand or market conditions are less favorable than the Company’s projections, additional inventory write-downs may be required and would be reflected in cost of sales in the period the revision is made.
Warranty	Warranty: Typically, the sale of semiconductor capital equipment includes providing parts and service warranty to customers as part of the overall price of the system. The Company provides standard warranties for its systems. The Company records a provision for estimated warranty expenses to cost of sales for each system upon revenue recognition. The amount recorded is based on an analysis of historical activity which uses factors such as type of system, customer, geographic region, and any known factors such as tool reliability trends. All actual or estimated parts and labor costs incurred in subsequent periods are charged to those established reserves on a system-by-system basis. While the Company periodically monitors the performance and cost of warranty activities, if actual costs incurred are different than its estimates, the Company may recognize adjustments to provisions in the period in which those differences arise or are identified. In addition to the provision of standard warranties, the Company offers customer-paid extended warranty services. Revenues for extended maintenance and warranty services with a fixed payment amount are recognized on a straight-line basis over the term of the contract. Related costs are recorded as incurred.
Equity-based Compensation - Employee Stock Purchase Plan ("ESPP") and Employee Stock Plans	Equity-based Compensation — Employee Stock Purchase Plan (“ESPP”) and Employee Stock Plans: The Company recognizes the fair value of equity-based awards as employee compensation expense. The fair value of the Company’s RSUs, excluding market-based performance RSUs, was calculated based on the fair market value of Company stock at the date of grant. The fair value of the Company’s market-based performance RSUs was calculated using a Monte Carlo simulation model at the date of the grant. The fair value of the Company’s stock options and ESPP awards was estimated using a Black-Scholes option valuation model. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award. The fair value of equity-based awards is amortized over the vesting period of the award and the Company has elected to use the straight-line method of amortization.
Income Taxes	Income Taxes: Deferred income taxes reflect the net effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more-likely-than-not to be realized. Realization of the Company’s net deferred tax assets is dependent on future taxable income. The Company believes it is more-likely-than-not that such assets will be realized; however, ultimate realization could be negatively impacted by market conditions and other variables not known or anticipated at the time. In the event that the Company determines that it would not be able to realize all or part of its net deferred tax assets, an adjustment would be charged to earnings in the period such determination is made. Likewise, if the Company later determined that it is more-likely-than-not that the deferred tax assets would be realized, then the previously provided valuation allowance would be reversed. The Company recognizes the benefit from a tax position only if it is more-likely-than-not that the position would be sustained upon audit based solely on the technical merits of the tax position. Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits, and deductions, and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes, as well as the interest and penalties relating to these uncertain tax positions. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period. In addition, the calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on the two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained on tax audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more-likely-than-not to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision in the period such determination is made.
Goodwill and Intangible Assets	Goodwill and Intangible Assets: The valuation of intangible assets acquired in a business combination requires the use of management estimates including but not limited to estimating future expected cash flows from assets acquired and determining discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available. Goodwill represents the amount by which the purchase price of a business combination exceeds the fair value of the net tangible and identifiable intangible assets acquired. Each component of the Company for which discrete financial information is available and for which segment management regularly reviews the results of operations is considered a reporting unit. All goodwill acquired in a business combination is assigned to one or more reporting units as of the acquisition date. Goodwill is assigned to the Company’s reporting units that are expected to benefit from the synergies of the combination. The goodwill assigned to a reporting unit is the difference between the acquisition consideration assigned to the reporting unit on a relative fair value basis and the fair value of acquired assets and liabilities that can be specifically attributed to the reporting unit. The Company tests goodwill and identifiable intangible assets with indefinite useful lives for impairment at least annually. The value intangible assets with estimable useful lives is amortized over their respective estimated useful lives, and the Company reviews for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable and the carrying amount exceeds its fair value. The Company reviews goodwill at least annually for impairment. Should certain events or indicators of impairment occur between annual impairment tests, the Company would perform an impairment test at that date. In testing for a potential impairment of goodwill, the Company: (1) allocates goodwill to our reporting units to which the acquired goodwill relates; (2) estimates the fair value of its reporting units; and (3) determines the carrying value (book value) of those reporting units. Prior to this allocation of the assets to the reporting units, the Company is required to assess long-lived assets for impairment. Furthermore, if the estimated fair value of a reporting unit is less than the carrying value, the Company must estimate the fair value of all identifiable assets and liabilities of that reporting unit, in a manner similar to a purchase price allocation for an acquired business. This can require independent valuations of certain internally generated and unrecognized intangible assets such as in-process research and development and developed technology. Only after this process is completed can the amount of goodwill impairment, if any, be determined. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative analysis. The Company does not calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more-likely-than-not that its fair value is less than its carrying amount. The Company did not record impairments of goodwill during the years ended June 29, 2014, June 30, 2013, or June 24, 2012. The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis. The Company determines the fair value of its reporting units by using a weighted combination of both a market and an income approach, as this combination is deemed to be the most indicative of our fair value in an orderly transaction between market participants. Under the market approach, the Company utilizes information regarding the reporting unit as well as publicly available industry information to determine various financial multiples to value our reporting units. Under the income approach, the Company determines fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In estimating the fair value of a reporting unit for the purposes of the Company’s annual or periodic analyses, the Company makes estimates and judgments about the future cash flows of its reporting units, including estimated growth rates and assumptions about the economic environment. Although the Company’s cash flow forecasts are based on assumptions that are consistent with the plans and estimates it is using to manage the underlying businesses, there is significant judgment involved in determining the cash flows attributable to a reporting unit. In addition, the Company makes certain judgments about allocating shared assets to the estimated balance sheets of our reporting units. The Company also considers its market capitalization and that of its competitors on the date it performs the analysis. Changes in judgment on these assumptions and estimates could result in a goodwill impairment charge. As a result, several factors could result in impairment of a material amount of the Company’s goodwill balance in future periods, including, but not limited to: (1) weakening of the global economy, weakness in the semiconductor equipment industry, or failure of the Company to reach its internal forecasts, which could impact the Company’s ability to achieve its forecasted levels of cash flows and reduce the estimated discounted cash flow value of its reporting units; and (2) a decline in the Company’s stock price and resulting market capitalization, if the Company determines that the decline is sustained and indicates a reduction in the fair value of the Company’s reporting units below their carrying value. Further, the value assigned to intangible assets, other than goodwill, is based on estimates and judgments regarding expectations such as the success and life cycle of products and technology acquired. If actual product acceptance differs significantly from the estimates, the Company may be required to record an impairment charge to write down the asset to its realizable value.
Fiscal Year	Fiscal Year: The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company’s most recent fiscal years ended on June 29, 2014 and June 24, 2012 and included 52 weeks. The fiscal year ended June 30, 2013 included 53 weeks. The Company’s next fiscal year, ending on June 28, 2015 will include 52 weeks.
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Cash Equivalents and Short-Term Investments	Cash Equivalents and Short-Term Investments: Investments purchased with an original maturity of three months or less are considered cash equivalents. The Company also invests in certain mutual funds, which include equity and fixed income securities, related to its obligations under its deferred compensation plan, and such investments are classified as trading securities on the consolidated balance sheets. All of the Company’s other short-term investments are classified as available-for-sale at the respective balance sheet dates. The Company accounts for its investment portfolio at fair value. Investments classified as trading securities are recorded at fair value based upon quoted market prices. Differences between the cost and fair value of trading securities are recognized as “Other income (expense)” in the Consolidated Statement of Operations. The investments classified as available-for-sale are recorded at fair value based upon quoted market prices, and difference between the cost and fair value of available-for-sale securities is presented as a component of accumulated other comprehensive income (loss). Unrealized losses on available-for-sale securities are charged against “Other income (expense)” when a decline in fair value is determined to be other-than-temporary. The Company considers several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the extent to which the fair value is less than cost basis, (ii) the financial condition and near term prospects of the issuer, (iii) the length of time a security is in an unrealized loss position and (iv) the Company’s ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company’s ongoing consideration of these factors could result in additional impairment charges in the future, which could adversely affect its results of operation. An other-than-temporary impairment is triggered when there is an intent to sell the security, it is more-likely-than-not that the security will be required to be sold before recovery, or the security is not expected to recover the entire amortized cost basis of the security. Other-than-temporary impairments attributed to credit losses are recognized in the income statement. The specific identification method is used to determine the realized gains and losses on investments.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount it reasonably believes will be collected. The Company also provides allowances based on its write-off history.
Property and Equipment	Property and Equipment: Property and equipment is stated at cost. Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to five years. Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally five years. Software is amortized by the straight-line method over the estimated useful lives of the assets, generally three to five years. Buildings are depreciated by the straight-line method over the estimated useful lives of the assets, generally twenty-five years. Leasehold improvements are generally amortized by the straight-line method over the shorter of the life of the related asset or the term of the underlying lease. Amortization of capital leases is included with depreciation expense.
Impairment of Long-Lived Assets (Excluding Goodwill and Intangibles)	Impairment of Long-Lived Assets (Excluding Goodwill and Intangibles): The Company routinely considers whether indicators of impairment of long-lived assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets is less than their carrying value. If the sum is less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals or other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the present value of anticipated net cash flows attributable to the asset are less than the asset’s carrying value. The fair value of the asset then becomes the asset’s new carrying value, which the Company depreciates over the remaining estimated useful life of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value. The Company did not record impairments of long lived assets held for use during fiscal years 2014, 2013, or 2012.
Derivative Financial Instruments	Derivative Financial Instruments: In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue and expenses and net monetary assets or liabilities denominated in various foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its interest rate and foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. The Company’s exposures are in liquid currencies (Japanese yen, Swiss francs, euros, Taiwanese dollars, and Korean won), so there is minimal risk that appropriate derivatives to maintain the Company’s hedging program would not be available in the future. To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. The Company considers its most current forecast in determining the level of foreign currency denominated revenue and expenses to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive income (loss) to other income (expense), net on the consolidated statement of operations at that time.
Guarantees	Guarantees: The Company has certain operating leases that contain provisions whereby the properties subject to the operating leases may be remarketed at lease expiration. The Company has guaranteed to the lessor an amount approximating the lessor’s investment in the property. The Company has recorded a liability for certain guaranteed residual values related to these specific operating lease agreements. Also, the Company’s guarantees generally include certain indemnifications to its lessors under operating lease agreements for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company’s subsidiaries, indemnifications to the Company’s customers for certain infringement of third-party intellectual property rights by its products and services, and the Company’s warranty obligations under sales of its products.
Foreign Currency Translation	Foreign Currency Translation: The Company’s non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, primarily generate and expend cash in their local currency. Billings and receipts for their labor and services are primarily denominated in the local currency, and the workforce is paid in local currency. Accordingly, all balance sheet accounts of these local functional currency subsidiaries are translated at the fiscal period-end exchange rate, and income and expense accounts are translated using average rates in effect for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. The resulting translation adjustments are recorded as cumulative translation adjustments and are a component of accumulated other comprehensive income (loss). Translation adjustments are recorded in other income (expense), net, where the U.S. dollar is the functional currency.

Financial Instruments (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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


			Fair Value Measurement at June 29, 2014
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	1,168,261	$	1,168,261	$	—	$	—
Municipal Notes and Bonds		335,433		—		335,433		—
US Treasury and Agencies		212,587		212,587		—		—
Government-Sponsored Enterprises		27,692		—		27,692		—
Foreign Government Bonds		35,467		—		35,467		—
Corporate Notes and Bonds		1,008,788		132,549		876,239		—
Mortgage Backed Securities - Residential		26,944		—		26,944		—
Mortgage Backed Securities - Commercial		111,933		—		111,933		—

Total Short-Term Investments	$	2,927,105	$	1,513,397	$	1,413,708	$	—
Mutual Funds		21,758		21,758		—		—
Derivatives Assets		1,592		—		1,592		—

Total	$	2,950,455	$	1,535,155	$	1,415,300	$	—

Liabilities
Derivative liabilities	$	929	$	—	$	923	$	6

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


			Fair Value Measurement at June 30, 2013
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Short-Term Investments
Money Market Funds	$	725,311	$	725,311	$	—	$	—
Municipal Notes and Bonds		268,746		—		268,746		—
US Treasury and Agencies		155,293		155,293		—		—
Government-Sponsored Enterprises		54,805		—		54,805		—
Foreign Government Bonds		24,972		—		24,972		—
Corporate Notes and Bonds		860,492		164,885		695,607		—
Mortgage Backed Securities - Residential		27,365		—		27,365		—
Mortgage Backed Securities - Commercial		107,958		—		107,958		—

Total Short-Term Investments	$	2,224,942	$	1,045,489	$	1,179,453	$	—
Equities		7,096		7,096		—		—
Mutual Funds		18,216		18,216		—		—
Derivatives Assets		4,929		—		4,929		—

Total	$	2,255,183	$	1,070,801	$	1,184,382	$	—

Liabilities
Derivative liabilities	$	1,815	$	—	$	1,620	$	195

Schedule of Assets and Liabilities Measured at Fair Value as Reported in Consolidated Balance Sheet

The amounts in the table above are reported in the consolidated balance sheet as of June 29, 2014 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported As:
Cash Equivalents	$	1,173,551	$	1,168,261	$	5,290	$	—
Short-Term Investments		1,612,967		204,549		1,408,418		—
Restricted Cash and Investments		140,587		140,587		—		—
Prepaid Expenses and Other Current Assets		1,592		—		1,592		—
Other Assets		21,758		21,758		—		—

Total	$	2,950,455	$	1,535,155	$	1,415,300	$	—

Accrued Expenses and Other Current Liabilities	$	923	$	—	$	923	$	—
Other Non-current Liabilities		6		—		—		6

Total Liabilities	$	929	$	—	$	923	$	6

The amounts in the table above are reported in the consolidated balance sheet as of June 30, 2013 as follows:


	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Reported As:
Cash Equivalents	$	725,311	$	725,311	$	—	$	—
Short-Term Investments		1,334,746		155,293		1,179,453		—
Restricted Cash and Investments		164,885		164,885		—		—
Prepaid Expenses and Other Current Assets		4,929		—		4,929		—
Other Assets		25,312		25,312		—		—

Total	$	2,255,183	$	1,070,801	$	1,184,382	$	—

Accrued Expenses and Other Current Liabilities	$	1,620	$	—	$	1,620	$	—
Other Non-current Liabilities		195		—		—		195

Total Liabilities	$	1,815	$	—	$	1,620	$	195

Summary of Investments

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


	June 29, 2014									June 30, 2013
	Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
Cash	$	285,031	$	—	$	—		$	285,031	$	438,813	$	—	$	—		$	438,813
Fixed Income Money Market Funds		1,168,261		—		—			1,168,261		725,311		—		—			725,311
Municipal Notes and Bonds		334,329		1,108		(4	)		335,433		268,390		805		(449	)		268,746
US Treasury and Agencies		212,436		178		(27	)		212,587		155,648		18		(373	)		155,293
Government-Sponsored Enterprises		27,666		41		(15	)		27,692		54,835		65		(95	)		54,805
Foreign Government Bonds		35,438		57		(28	)		35,467		24,950		47		(25	)		24,972
Corporate Notes and Bonds		1,007,089		2,034		(335	)		1,008,788		861,109		1,328		(1,945	)		860,492
Mortgage Backed Securities - Residential		27,067		59		(182	)		26,944		27,618		29		(282	)		27,365
Mortgage Backed Securities - Commercial		112,642		100		(809	)		111,933		108,204		426		(672	)		107,958

Total Cash and Short -Term Investments	$	3,209,959	$	3,577	$	(1,400	)	$	3,212,136	$	2,664,878	$	2,718	$	(3,841	)	$	2,663,755

Publicly Traded Equity Securities	$	—	$	—	$	—		$	—	$	5,610	$	1,486	$	—		$	7,096
Private Equity Securities		—		—		—			—		5,000		—		—			5,000
Mutual Funds		18,784		2,974		—			21,758		16,611		1,619		(14	)		18,216

Total Financial Instruments	$	3,228,743	$	6,551	$	(1,400	)	$	3,233,894	$	2,692,099	$	5,823	$	(3,855	)	$	2,694,067

As Reported
Cash and Cash Equivalents	$	1,452,677	$	—	$	—		$	1,452,677	$	1,162,473	$	—	$	—		$	1,162,473
Short-Term Investments		1,610,790		3,577		(1,400	)		1,612,967		1,335,868		2,718		(3,841	)		1,334,745
Restricted Cash and Investments		146,492		—		—			146,492		166,536		—		—			166,536
Other Assets		18,784		2,974		—			21,758		27,222		3,105		(14	)		30,313

Total	$	3,228,743	$	6,551	$	(1,400	)	$	3,233,894	$	2,692,099	$	5,823	$	(3,855	)	$	2,694,067

Schedule of Fixed Income Securities in Unrealized Loss Positions

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


	June 29, 2014
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater					Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss
Fixed Income Securities
Municipal Notes and Bonds	$	5,464	$	(4	)	$	—	$	—		$	5,464	$	(4	)
US Treasury and Agencies		57,932		(27	)		—		—			57,932		(27	)
Government-Sponsored Enterprises		10,235		(15	)		—		—			10,235		(15	)
Foregin Government Bonds		14,999		(28	)		—		—			14,999		(28	)
Corporate Notes and Bonds		180,834		(293	)		6,973		(42	)		187,807		(335	)
Mortgage Backed Securities - Residential		7,993		(87	)		7,656		(95	)		15,649		(182	)
Mortgage Backed Securities - Commercial		71,848		(533	)		25,316		(276	)		97,164		(809	)

Total Fixed Income	$	349,305	$	(987	)	$	39,945	$	(413	)	$	389,250	$	(1,400	)

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, and Restricted Cash and Investments with Contractual Maturities

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


	Cost		Estimated Fair Value
	(in thousands)
Due in one year or less	$	1,464,736	$	1,465,185
Due after one year through five years		1,146,839		1,149,380
Due in more than five years		313,353		312,540

	$	2,924,928	$	2,927,105

Schedule of Outstanding Foreign Currency Forward Contracts

As of June 29, 2014, the Company had the following outstanding foreign currency forward contracts that were entered into under its cash flow and balance sheet hedge program:


	Derivatives Designated as Hedging Instruments:				Derivatives Not Designated as Hedging Instruments:
	(in thousands)
Foreign Currency Forward Contracts
	Buy Contracts		Sell Contracts		Buy Contracts		Sell Contracts
Japanese Yen	$	—	$	98,501	$	—	$	30,342
Swiss Franc		—		—		7,023		—
Euro		93,872		—		543		—
Korean Won		—		—		19,537		—
Taiwan Dollar		—		—		99,601		66,746

	$	93,872	$	98,501	$	126,704	$	97,088

Schedule of Fair Value of Derivatives Instruments

The fair value of derivatives instruments in the Company’s consolidated balance sheet as of June 29, 2014 and June 30, 2013 were as follows:

June 29, 2014

June 30, 2013

Fair Value of Derivative Instruments

Asset Derivatives

Liability Derivatives

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

(in thousands)

Derivatives designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

483

Accrued liabilities

805

Prepaid expense
and other assets

4,858

Accrued liabilities

1,577

Derivatives not designated as hedging instruments:

Foreign exchange forward contracts

Prepaid expense
and other assets

1,109

Accrued liabilities

118

Prepaid expense
and other assets

Accrued liabilities

Total derivatives

1,592

923

4,929

1,620

Schedule of Derivative Instruments Designated as Cash Flow Hedges in Statements of Operations

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


	Twelve Months Ended June 29, 2014							Twelve Months Ended June 30, 2013
	Effective Portion				Ineffective Portion and Amount Excluded from Effectiveness Testing			Effective Portion					Ineffective Portion and Amount Excluded from Effectiveness Testing
Location of Gain (Loss) Recognized in or Reclassified into Income	Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income		Gain (Loss) Recognized in Income			Gain (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income			Gain (Loss) Recognized in Income
	(in thousands)							(in thousands)
Revenue	$	7,939	$	9,027	$	277		$	8,322	$	10,036		$	376
Cost of goods sold		812		2,393		(52	)		2,443		(1,229	)		(271	)
Selling, general, and administrative		318		1,087		(23	)		1,154		(416	)		(130	)
Other income (expense)		—		—		—			—		—			(8	)

	$	9,069	$	12,507	$	202		$	11,919	$	8,391		$	(33	)

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


		Twelve Months Ended
		June 29, 2014		June 30, 2013
Derivatives Not Designated as Hedging Instruments:	Location of Gain (Loss) Recognized in Income	Gain Recognized in Income		Loss Recognized in Income
		(in thousands)
Foreign Exchange Contracts	Other income (expense)	$	8,205	($	1,585	)

Inventories (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Inventories

Inventories consist of the following:


	June 29, 2014		June 30, 2013
	(in thousands)
Raw materials	$	449,623	$	312,484
Work-in-process		126,564		101,530
Finished goods		164,316		145,303

	$	740,503	$	559,317

Property and Equipment (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Property and Equipment Net

Property and equipment, net, consist of the following:


	June 29, 2014			June 30, 2013
	(in thousands)
Manufacturing, engineering and office equipment	$	612,688		$	521,047
Computer equipment and software		131,184			120,144
Land		52,784			65,360
Buildings		199,544			249,126
Leasehold improvements		80,569			76,225
Furniture and fixtures		20,026			21,110

		1,096,795			1,053,012
Less: accumulated depreciation and amortization		(553,299	)		(449,102	)

	$	543,496		$	603,910

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	June 29, 2014		June 30, 2013
	(in thousands)
Accrued compensation	$	311,054	$	254,795
Warranty reserves		68,324		52,252
Income and other taxes payable		93,934		39,420
Dividends payable		29,240		—
Other		101,744		118,061

	$	604,296	$	464,528

Other Income (Expense), Net (Tables)

12 Months Ended

Jun. 29, 2014

Components of Other Income (Expense), Net

The significant components of other income (expense), net, were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Interest income	$	12,540		$	14,737		$	12,141
Interest expense		(61,692	)		(60,408	)		(38,962	)
Gains (losses) on deferred compensation plan related assets, net		9,559			9,764			(914	)
Foreign exchange gains (losses), net		1,529			(6,808	)		(397	)
Other, net		668			(8,698	)		(5,183	)

	$	(37,396	)	$	(51,413	)	$	(33,315	)

Net Income Per Share (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share

The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands, except per share data)
Numerator:
Net income	$	632,289	$	113,879	$	168,723

Denominator:
Basic average shares outstanding		164,741		168,932		124,176
Effect of potential dilutive securities:
Employee stock plans		2,864		2,558		910
Convertible notes		6,898		1,940		147

Diluted average shares outstanding		174,503		173,430		125,233

Net income per share - basic	$	3.84	$	0.67	$	1.36

Net income per share - diluted	$	3.62	$	0.66	$	1.35

Schedule of Potentially Dilutive Securities Excluded from EPS Calculations

The following potentially dilutive securities were excluded:

Year Ended

June 29,
2014

June 30,
2013

June 24,
2012

(in thousands)

Number of options and RSUs excluded

534

382

Comprehensive Income (Loss) (Tables)

12 Months Ended

Jun. 29, 2014

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax at the end of the period, as well as the activity during the period, were as follows:


	Accumulated foreign currency translation adjustment			Accumulated unrealized holding gain (loss) on cash flow hedges			Accumulated unrealized holding gain (loss) on available-for-sale investments			Accumulated unrealized components of defined benefit plans			Total
	(in thousands)
Balance as of June 30, 2013	$	(17,178	)	$	2,822		$	(15	)	$	(14,322	)	$	(28,693	)
Other comprehensive income (loss) before relcassifications		4,976			8,004			1,407			(2,838	)		11,549
Losses (gains) reclassified from accumulated other comprehensive income to net income		(784	)		(10,892	)⁽¹⁾		165	⁽²⁾		—			(11,511	)

Net current-period other comprehensive income (loss)	$	4,192		$	(2,888	)	$	1,572		$	(2,838	)	$	38

Balance as of June 29, 2014	$	(12,986	)	$	(66	)	$	1,557		$	(17,160	)	$	(28,655	)

(1)	Amount of after tax gains reclassified from accumulated other comprehensive income into net income located in revenue: $8,009; cost of goods sold: $2,057; and selling, general and administrative expenses: $826.

(2)	Amount of loss reclassified from accumulated other comprehensive income into net income located in other expense, net

Tax related to the components of other comprehensive income during the period were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Tax benefit (expense) on change in unrealized gains/losses on cash flow hedges:
Tax expense on unrealized gains/losses arising during the period	$	(1,065	)	$	(1,312	)	$	—
Tax expense on gains/losses reclassified to earnings		1,615			818			—

		550			(494	)		—

Tax benefit (expense) on change in unrealized gains/losses on available-for-sale investments:
Tax benefit (expense) on unrealized gains/losses arising during the period		(735	)		1,428			233
Tax (benefit) expense on gains/losses reclassified to earnings		493			(2,026	)		474

		(242	)		(598	)		707

Tax benefit on change in unrealized components of defined benefit plans		1,895			586			944

Tax benefit (expense) on other comprehensive income(loss)	$	2,203		$	(506	)	$	1,651

Equity-Based Compensation Plans (Tables)

12 Months Ended

Jun. 29, 2014

Summary of Stock Plan Activity

A summary of stock plan transactions is as follows:


	Options Outstanding					Restricted Stock Units Outstanding
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Fair Market Value at Grant
June 26, 2011		309,933		$	21.50		2,331,340		$	39.90
Awards assumed in Novellus acquisition		3,932,143		$	25.17		1,291,808		$	35.99
Granted		—		$	—		2,336,283		$	41.23
Exercised		(74,615	)	$	23.70
Canceled		(265,384	)	$	21.71		(120,070	)	$	40.91
Vested restricted stock							(1,507,883	)	$	35.47

June 24, 2012		3,902,077		$	25.14		4,331,478		$	41.01
Granted		288,867		$	42.59		2,563,670		$	38.76
Exercised		(1,546,028	)	$	25.47
Canceled		(73,993	)	$	26.24		(299,079	)	$	39.70
Vested restricted stock							(1,754,273	)	$	42.52

June 30, 2013		2,570,923		$	26.87		4,841,796		$	39.32
Granted		166,455		$	51.76		2,811,602		$	53.21
Exercised		(1,403,019	)	$	24.75
Canceled		(2,473	)	$	30.21		(281,476	)	$	41.16
Vested restricted stock							(1,736,453	)	$	40.39

June 29, 2014		1,331,886		$	32.20		5,635,469		$	45.83

Outstanding and Exercisable Options by Price Range

Outstanding and exercisable options presented by price range at June 29, 2014 were as follows:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Options Outstanding		Weighted- Average Remaining Life (Years)		Weighted- Average Exercise Price		Number of Options Exercisable		Weighted- Average Exercise Price
$9.44-$19.05		152,182		4.41	$	13.09		152,182	$	13.09
$21.04-$25.60		201,958		2.86	$	22.46		192,569	$	22.42
$26.87-29.68		476,518		4.21	$	29.26		377,573	$	29.28
$31.45-$35.68		45,906		6.77	$	32.63		19,446	$	33.09
$42.41-$51.76		455,322		6.00	$	45.94		—		—

$9.44-$51.76		1,331,886		4.73	$	32.20		741,770	$	24.28

Recognized Equity Based Compensation Expenses and Benefits

The Company recognized the following equity-based compensation expenses and benefits during the fiscal years noted:


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in millions)
Equity-based compensation expense	$	103.7	$	99.3	$	81.6
Income tax benefit recognized in the Consolidated Statement of Operations related to equity-based compensation	$	16.9	$	17.6	$	12.2
Tax benefit realized from the exercise and vesting of options and RSUs	$	32.0	$	21.6	$	11.8

Schedule of Stock Options Weighted Average Assumptions


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected volatility		35.28	%		36.60	%		38.04	%
Risk-free interest rate		1.39	%		0.81	%		0.55	%
Expected term (years)		4.78			4.79			3.89
Dividend yield		0	%		0	%		0	%

Intrinsic Value of Stock Options

The year-end intrinsic value relating to stock options for fiscal years 2014, 2013, and 2012 is presented below:


	Year Ended
	June 29,		June 30,		June 24,
	2014		2013		2012
	(millions)
Intrinsic value - options outstanding	$	46.3	$	44.9	$	49.9
Intrinsic value - options exercisable	$	31.7	$	36.9	$	30.1
Intrinsic value - options exercised	$	41.4	$	25.4	$	1.3

Schedule of ESPP Weighted-Average Assumptions

ESPP rights were valued using the Black-Scholes model. During fiscal years 2014, 2013, and 2012 ESPP was valued assuming the following weighted-average assumptions:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected life (years)		0.68			0.64			0.72
Expected stock price volatility		30.24	%		32.42	%		44.22	%
Risk-free interest rate		0.07	%		0.15	%		0.11	%
Dividend yield		0	%		0	%		0	%

Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Carrying Value of Convertible Notes and Other Long-Term Debt

The following table reflects the carrying value of the Company’s convertible notes and other long-term debt as of June 29, 2014 and June 30, 2013:


	June 29, 2014			June 30, 2013
	*(in millions)*
0.50% Notes due 2016	$	450.0		$	450.0
Less: Unamortized interest discount		(30.4	)		(45.7	)

Net carrying amount of 0.50% Notes due 2016		419.6			404.3

1.25% Notes due 2018		450.0			450.0
Less: Unamortized interest discount		(62.7	)		(76.9	)

Net carrying amount of 1.25% Notes due 2018		387.3			373.1

2.625% Notes due 2041		699.9			699.9
Less: Unamortized interest discount		(183.3	)		(186.9	)

Net carrying amount of 2.625% Notes due 2041		516.6			513.0

Total debt		1,323.5			1,290.4
Less: current portion of debt		(516.6	)		(513.0	)

Long-term debt	$	806.9		$	777.4

Schedule of Recognized Interest Cost Relating to Both Contractual Interest Coupon and Amortization of Discount on Liability Component of Notes

The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the liability component of the Notes during the years ended June 29, 2014, June 30, 2013, and June 24, 2012.


	June 29, 2014		June 30, 2013		June 24, 2012
	*(in millions)*
Contractual interest coupon	$	26.2	$	26.2	$	9.2
Amortization of interest discount		33.1		31.6		27.0
Amortization of issuance costs		2.4		2.4		2.4

Total interest cost recognized	$	61.7	$	60.2	$	38.6

Schedule of Contractual Cash Obligations Relating to Convertible Notes and Other Long-Term Debt

The Company’s contractual cash obligations relating to its convertible notes and other long-term debt as of June 29, 2014 were as follows:


	Long-term Debt
	*(in thousands)*
Payments due by period:
One year*	$	699,935
Two years		450,000
Three years		—
Four years		450,000
Five years		—
Over five years		—

Total		1,599,935
Current portion of long-term debt		699,935

Long-term debt	$	900,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Contractual Cash Obligations relating to Existing Capital Leases

The Company’s contractual cash obligations relating to its existing capital leases, including interest, as of June 29, 2014 were as follows:


	Capital Leases
	(in thousands)
Payments due by period:
One year	$	1,857
Two years		1,829
Three years		8,635

Total		12,321
Interest on capital leases		338

Current portion of capital leases		1,681

Long-term portion of capital leases	$	10,302

Schedule of Contractual Cash Obligations Relating to Operating Leases

The Company’s contractual cash obligations with respect to operating leases, excluding the residual value guarantees discussed above, as of June 29, 2014 were as follows:


	Operating Leases
	(in thousands)
Payments due by period:
One year	$	15,109
Two years		11,047
Three years		8,701
Four years		3,029
Five years		2,549
Over five years		5,482
Less: Sublease Income		(675	)

Total	$	45,242

Purchase Commitments

The Company’s commitments related to these agreements as of June 29, 2014 were as follows:


	Purchase Obligations
	(in thousands)
Payments due by period:
One year	$	185,450
Two years		8,279
Three years		3,869
Four years		2,585
Five years		2,585
Over five years		2,928

Total	$	205,696

Schedule of Changes in Product Warranty Reserves

Changes in the Company’s product warranty reserves were as follows:


	Year Ended
	June 29, 2014			June 30, 2013
	(in thousands)
Balance at beginning of period	$	58,078		$	70,161
Warranties issued during the period		87,922			74,779
Settlements made during the period		(80,280	)		(92,456	)
Changes in liability for pre-existing warranties		3,665			5,594

Balance at end of period	$	69,385		$	58,078

Income Taxes (Tables)

12 Months Ended

Jun. 29, 2014

Income Loss Before Income Taxes

The components of income (loss) before income taxes were as follows:


	Year Ended
	June 29, 2014		June 30, 2013			June 24, 2012
	(in thousands)
United States	$	78,076	$	(46,392	)	$	(6,950	)
Foreign		645,287		113,050			211,368

	$	723,363	$	66,658		$	204,418

Provision Benefit For Income Taxes

Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Federal:
Current	$	31,762		$	(1,096	)	$	5,038
Deferred		10,692			(60,172	)		(1,033	)

	$	42,454		$	(61,268	)	$	4,005

State:
Current	$	3,192		$	3,332		$	1,297
Deferred		(869	)		(6,351	)		336

	$	2,323		$	(3,019	)	$	1,633

Foreign:
Current	$	49,273		$	20,640		$	33,871
Deferred		(2,976	)		(3,574	)		(3,814	)

	$	46,297		$	17,066		$	30,057

Total Provision (Benefit) for Income Taxes	$	91,074		$	(47,221	)	$	35,695

Components of Net Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	June 29, 2014			June 30, 2013
	(in thousands)
Deferred tax assets:
Tax carryforwards	$	170,028		$	169,371
Allowances and reserves		126,895			94,720
Equity-based compensation		18,019			19,586
Inventory valuation differences		16,257			22,833
Other		12,065			11,286

Gross deferred tax assets		343,264			317,796
Valuation allowance		(74,439	)		(76,594	)

Net deferred tax assets		268,825			241,202
Deferred tax liabilities:
Intangible Assets		(87,329	)		(94,836	)
Convertible debt		(117,112	)		(98,482	)
Temporary differences for capital assets		(32,350	)		(41,470	)
Amortization of goodwill		(11,409	)		(9,950	)
Unremitted earnings of a foreign subsidiary		(34,346	)		(2,936	)
Other		(11,017	)		(11,645	)

Gross deferred tax liabilities		(293,563	)		(259,319	)

Net deferred tax assets	$	(24,738	)	$	(18,117	)

Reconciliation of Income Tax Expense Provided at Federal Statutory Rate to Actual Income Expense

A reconciliation of income tax expense provided at the federal statutory rate (35% in fiscal years 2014, 2013, and 2012) to actual income expense is as follows:


	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
	(in thousands)
Income tax expense computed at federal statutory rate	$	253,177		$	23,332		$	71,546
State income taxes, net of federal tax benefit		1,884			(13,588	)		(4,895	)
Foreign income taxed at different rates		(164,130	)		(40,255	)		(51,425	)
Tax credits		(15,650	)		(42,593	)		(5,791	)
State valuation allowance, net of federal tax benefit		(1,707	)		11,538			5,862
Equity-based compensation		23,167			20,318			14,123
Acquisition costs		—			—			5,683
Other permanent differences and miscellaneous items		(5,667	)		(5,973	)		592

	$	91,074		$	(47,221	)	$	35,695

Changes in Balance of Gross Unrecognized Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows:


	(in millions)
Balance as of June 26, 2011	$	181.5
Settlements and effective settlements with tax authorities		(0.2	)
Lapse of statute of limitations		(6.6	)
Increases in balances related to tax positions taken during prior periods		1.4
Decreases in balances related to tax positions taken during prior periods		(4.3	)
Increases in balances related to tax positions taken during current period		22.3
Tax positions assumed in Novellus transaction		149.7

Balance as of June 24, 2012		343.8
Settlements and effective settlements with tax authorities		(3.4	)
Lapse of statute of limitations		(51.4	)
Increases in balances related to tax positions taken during prior periods		11.3
Decreases in balances related to tax positions taken during prior periods		(11.3	)
Increases in balances related to tax positions taken during current period		35.2
Tax positions assumed in Novellus transaction		8.9

Balance as of June 30, 2013		333.1
Lapse of statute of limitations		(16.0	)
Increases in balances related to tax positions taken during prior periods		6.2
Decreases in balances related to tax positions taken during prior periods		(4.2	)
Increases in balances related to tax positions taken during current period		33.0

Balance as of June 29, 2014	$	352.1

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Intangible Assets

The following table provides the Company’s intangible assets as of June 29, 2014:


	Gross		Accumulated Amortization			Net
	(in thousnds)
Customer relationships	$	615,618	$	(169,162	)	$	446,456
Existing technology		643,922		(224,246	)		419,676
Patents		32,253		(24,407	)		7,846
Other intangible assets		35,270		(35,270	)		—

Intangible assets subject to amortization		1,327,063		(453,085	)		873,978
In process research and development		11,000					11,000
Development rights		9,100					9,100

Intangible assets not subject to amortization		20,100					20,100

Total intangible assets	$	1,347,163	$	(453,085	)	$	894,078

The following table provides details of the Company’s intangible assets as of June 30, 2013:


	Gross		Accumulated Amortization			Net
	(in thousnds)
Customer relationships	$	624,686	$	(103,519	)	$	521,167
Existing technology		653,628		(139,894	)		513,734
Patents		32,053		(22,036	)		10,017
Backlog		10,000		(10,000	)		—
Other intangible assets		35,216		(34,889	)		327

Intangible assets subject to amortization		1,355,583		(310,338	)		1,045,245
In process research and development		20,000					20,000
Development rights		9,100					9,100

Intangible assets not subject to amortization		29,100					29,100

Total intangible assets	$	1,384,683	$	(310,338	)	$	1,074,345

Estimated Future Amortization Expense of Intangible Assets

The estimated future amortization expense of intangible assets, excluding those with indefinite lives, as of June 29, 2014 was as follows:


Fiscal Year	Amount
	(in thousnds)
2014	$	156,719
2015		154,215
2016		152,494
2017		151,398
2018		120,254
Thereafter		138,898

	$	873,978

Intangible Assets Acquired

Intangible assets acquired during the 2014 fiscal year were as follows:


	Amount		Weighted- Average Useful Life
	(in thousands)		(Years)
Customer relationships	$	1,800	7
Existing technology		7,228	6
Patents		200	5

Total acquired intangible assets	$	9,228	6

Segment, Geographic Information and Major Customers (Tables)

12 Months Ended

Jun. 29, 2014

Revenues and Long Lived Assets by Geographic Region

Revenues and long-lived assets by geographic region were as follows:


	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands)
Revenue:
Korea	$	1,127,406	$	603,821	$	893,549
Taiwan		1,049,214		1,026,548		467,922
Japan		634,131		368,095		308,189
China		623,408		319,282		143,769
United States		622,022		734,324		458,531
Europe		303,730		292,432		244,038
Southeast Asia		247,398		254,414		149,194

	$	4,607,309	$	3,598,916	$	2,665,192


	June 29, 2014		June 30, 2013		June 24, 2012
	(in thousands)
Long-lived assets:
United States	$	429,548	$	484,273	$	463,156
Europe		89,221		109,934		107,893
Korea		18,776		991		993
Taiwan		4,259		2,953		3,169
China		846		2,291		3,673
Southeast Asia		454		2,788		4,644
Japan		392		680		1,068

	$	543,496	$	603,910	$	584,596

Stock Repurchase Program (Tables)

12 Months Ended

Jun. 29, 2014

Schedule of Repurchases under Repurchase Program

Repurchases under the repurchase program were as follows during the periods indicated:


Period	Total Number of Shares Repurchased		Total Cost of Repurchase		Average Price Paid Per Share*		Amount Available Under Repurchase Program **
	(in thousands, except per share data)
Available balance as of June 30, 2013							$	250,000
Quarter ended September 29, 2013		1,935	$	96,462	$	48.06	$	153,538
Quarter ended December 29, 2013		762	$	39,800	$	52.20	$	113,738
Quarter ended March 30, 2014		930	$	49,414	$	53.13	$	64,324
Authorization of new $850 million - April 2014							$	850,000
Quarter ended June 29, 2014		624	$	35,486	$	56.89	$	830,895

**	During the quarter ended June 29, 2014, approximately $16.4 million of repurchases were prior to the new $850 million authorization.

Summary of Significant Accounting Policies - Additional information (Detail) - USD ($)	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Assets [Line Items]
Impairments of goodwill	$ 0	$ 0	$ 0
Impairments of long lived assets held for use	$ 0	$ 0	$ 0
Equipment \| Minimum
Assets [Line Items]
Property and equipment, useful life	3 years
Equipment \| Maximum
Assets [Line Items]
Property and equipment, useful life	5 years
Furniture and Fixtures
Assets [Line Items]
Property and equipment, useful life	5 years
Computer Software \| Minimum
Assets [Line Items]
Property and equipment, useful life	3 years
Computer Software \| Maximum
Assets [Line Items]
Property and equipment, useful life	5 years
Building
Assets [Line Items]
Property and equipment, useful life	25 years

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Financial Instruments [Line Items]
Fair value	$ 2,927,105	$ 2,224,942
Derivatives Assets	1,592	4,929
Total	2,950,455	2,255,183
Derivative liabilities	929	1,815
Municipal Notes And Bonds
Financial Instruments [Line Items]
Fair value	335,433	268,746
Corporate Notes And Bonds
Financial Instruments [Line Items]
Fair value	1,008,788	860,492
Money Market Funds
Financial Instruments [Line Items]
Fair value	1,168,261	725,311
US Treasury and Agencies
Financial Instruments [Line Items]
Fair value	212,587	155,293
Government-Sponsored Enterprises
Financial Instruments [Line Items]
Fair value	27,692	54,805
Foreign Government Bonds
Financial Instruments [Line Items]
Fair value	35,467	24,972
Mortgage Backed Securities - Residential
Financial Instruments [Line Items]
Fair value	26,944	27,365
Mortgage Backed Securities - Commercial
Financial Instruments [Line Items]
Fair value	111,933	107,958
Mutual Funds
Financial Instruments [Line Items]
Fair value	21,758	18,216
Publicly Traded Equity Securities
Financial Instruments [Line Items]
Fair value		7,096
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments [Line Items]
Fair value	1,513,397	1,045,489
Total	1,535,155	1,070,801
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Notes And Bonds
Financial Instruments [Line Items]
Fair value	132,549	164,885
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money Market Funds
Financial Instruments [Line Items]
Fair value	1,168,261	725,311
Quoted Prices in Active Markets for Identical Assets (Level 1) \| US Treasury and Agencies
Financial Instruments [Line Items]
Fair value	212,587	155,293
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mutual Funds
Financial Instruments [Line Items]
Fair value	21,758	18,216
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Publicly Traded Equity Securities
Financial Instruments [Line Items]
Fair value		7,096
Significant Other Observable Inputs (Level 2)
Financial Instruments [Line Items]
Fair value	1,413,708	1,179,453
Derivatives Assets	1,592	4,929
Total	1,415,300	1,184,382
Derivative liabilities	923	1,620
Significant Other Observable Inputs (Level 2) \| Municipal Notes And Bonds
Financial Instruments [Line Items]
Fair value	335,433	268,746
Significant Other Observable Inputs (Level 2) \| Corporate Notes And Bonds
Financial Instruments [Line Items]
Fair value	876,239	695,607
Significant Other Observable Inputs (Level 2) \| Government-Sponsored Enterprises
Financial Instruments [Line Items]
Fair value	27,692	54,805
Significant Other Observable Inputs (Level 2) \| Foreign Government Bonds
Financial Instruments [Line Items]
Fair value	35,467	24,972
Significant Other Observable Inputs (Level 2) \| Mortgage Backed Securities - Residential
Financial Instruments [Line Items]
Fair value	26,944	27,365
Significant Other Observable Inputs (Level 2) \| Mortgage Backed Securities - Commercial
Financial Instruments [Line Items]
Fair value	111,933	107,958
Significant Unobservable Inputs (Level 3)
Financial Instruments [Line Items]
Derivative liabilities	$ 6	$ 195

Schedule of Assets and Liabilities Measured at Fair Value as Reported in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash Equivalents	$ 1,173,551	$ 725,311
Short-Term Investments	1,612,967	1,334,746
Restricted Cash and Investments	140,587	164,885
Prepaid Expenses and Other Current Assets	1,592	4,929
Other Assets	21,758	25,312
Total	2,950,455	2,255,183
Accrued Expenses and Other Current Liabilities	923	1,620
Other Non-current Liabilities	6	195
Total Liabilities	929	1,815
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash Equivalents	1,168,261	725,311
Short-Term Investments	204,549	155,293
Restricted Cash and Investments	140,587	164,885
Other Assets	21,758	25,312
Total	1,535,155	1,070,801
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash Equivalents	5,290
Short-Term Investments	1,408,418	1,179,453
Prepaid Expenses and Other Current Assets	1,592	4,929
Total	1,415,300	1,184,382
Accrued Expenses and Other Current Liabilities	923	1,620
Total Liabilities	923	1,620
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Non-current Liabilities	6	195
Total Liabilities	$ 6	$ 195

Summary of Investments (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Financial Instruments [Line Items]
Estimated Fair Value	$ 2,927,105	$ 2,224,942
Municipal Notes And Bonds
Financial Instruments [Line Items]
Cost	334,329	268,390
Unrealized Gain	1,108	805
Unrealized (Loss)	(4)	(449)
Estimated Fair Value	335,433	268,746
Corporate Notes And Bonds
Financial Instruments [Line Items]
Cost	1,007,089	861,109
Unrealized Gain	2,034	1,328
Unrealized (Loss)	(335)	(1,945)
Estimated Fair Value	1,008,788	860,492
Short-term Investments
Financial Instruments [Line Items]
Cost	1,610,790	1,335,868
Unrealized Gain	3,577	2,718
Unrealized (Loss)	(1,400)	(3,841)
Estimated Fair Value	1,612,967	1,334,745
Cash
Financial Instruments [Line Items]
Cost	285,031	438,813
Estimated Fair Value	285,031	438,813
Fixed Income Money Market Funds
Financial Instruments [Line Items]
Cost	1,168,261	725,311
Estimated Fair Value	1,168,261	725,311
US Treasury and Agencies
Financial Instruments [Line Items]
Cost	212,436	155,648
Unrealized Gain	178	18
Unrealized (Loss)	(27)	(373)
Estimated Fair Value	212,587	155,293
Government-Sponsored Enterprises
Financial Instruments [Line Items]
Cost	27,666	54,835
Unrealized Gain	41	65
Unrealized (Loss)	(15)	(95)
Estimated Fair Value	27,692	54,805
Foreign Government Bonds
Financial Instruments [Line Items]
Cost	35,438	24,950
Unrealized Gain	57	47
Unrealized (Loss)	(28)	(25)
Estimated Fair Value	35,467	24,972
Mortgage Backed Securities - Residential
Financial Instruments [Line Items]
Cost	27,067	27,618
Unrealized Gain	59	29
Unrealized (Loss)	(182)	(282)
Estimated Fair Value	26,944	27,365
Mortgage Backed Securities - Commercial
Financial Instruments [Line Items]
Cost	112,642	108,204
Unrealized Gain	100	426
Unrealized (Loss)	(809)	(672)
Estimated Fair Value	111,933	107,958
Cash And Short Term Investments [Member]
Financial Instruments [Line Items]
Cost	3,209,959	2,664,878
Unrealized Gain	3,577	2,718
Unrealized (Loss)	(1,400)	(3,841)
Estimated Fair Value	3,212,136	2,663,755
Publicly Traded Equity Securities
Financial Instruments [Line Items]
Cost		5,610
Unrealized Gain		1,486
Estimated Fair Value		7,096
Private Equity Securities
Financial Instruments [Line Items]
Cost		5,000
Estimated Fair Value		5,000
Mutual Funds
Financial Instruments [Line Items]
Cost	18,784	16,611
Unrealized Gain	2,974	1,619
Unrealized (Loss)		(14)
Estimated Fair Value	21,758	18,216
Financial Instruments
Financial Instruments [Line Items]
Cost	3,228,743	2,692,099
Unrealized Gain	6,551	5,823
Unrealized (Loss)	(1,400)	(3,855)
Estimated Fair Value	3,233,894	2,694,067
Cash and Cash Equivalents
Financial Instruments [Line Items]
Cost	1,452,677	1,162,473
Estimated Fair Value	1,452,677	1,162,473
Restricted Cash And Investments
Financial Instruments [Line Items]
Cost	146,492	166,536
Estimated Fair Value	146,492	166,536
Other Assets
Financial Instruments [Line Items]
Cost	18,784	27,222
Unrealized Gain	2,974	3,105
Unrealized (Loss)		(14)
Estimated Fair Value	$ 21,758	$ 30,313

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Financial Instruments [Line Items]
Other than temporary impairment included in net realized gains (losses)	$ 0	$ 3,700	$ 1,700
Gains realized from sales of investments	1,500	1,600	1,400
Losses realized from sales of investments	$ (2,000)	(1,500)	$ (1,000)
Investment classified as short term, contractual maturity period	1 year
Gains (losses) accumulated in Other Comprehensive Income expects to reclassify from Other Comprehensive Income into earnings	$ 100
Net derivative asset from master netting agreements	$ 1,592	$ 4,929
Accounts Receivable \| Customer 1
Financial Instruments [Line Items]
Percentage of account receivable by customer	15.00%	22.00%
Accounts Receivable \| Customer 2
Financial Instruments [Line Items]
Percentage of account receivable by customer	13.00%	14.00%
Accounts Receivable \| Customer 3
Financial Instruments [Line Items]
Percentage of account receivable by customer	12.00%
Accounts Receivable \| Customer 4
Financial Instruments [Line Items]
Percentage of account receivable by customer	12.00%
Foreign Exchange Forward Contracts \| Cash flow hedging
Financial Instruments [Line Items]
Potential effect of rights of set-off under master netting agreements for foreign exchange contracts assets	$ 500	$ 1,600
Potential effect of rights of set-off under master netting agreements for foreign exchange contracts liabilities	500	1,600
Net derivative asset from master netting agreements	$ 1,100	$ 3,300
Maximum
Financial Instruments [Line Items]
Foreign currency forward contract, expiration period	24 months
Maximum \| Majority of Contracts
Financial Instruments [Line Items]
Foreign currency forward contract, expiration period	12 months

Schedule of Fixed Income Securities in Unrealized Loss Positions (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	$ 349,305
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(987)
Unrealized Losses 12 Months or Greater - Fair Value	39,945
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(413)
Total - Fair Value	389,250
Total - Gross Unrealized Loss	(1,400)
Municipal Notes And Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	5,464
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(4)
Total - Fair Value	5,464
Total - Gross Unrealized Loss	(4)
Corporate Notes And Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	180,834
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(293)
Unrealized Losses 12 Months or Greater - Fair Value	6,973
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(42)
Total - Fair Value	187,807
Total - Gross Unrealized Loss	(335)
US Treasury and Agencies
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	57,932
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(27)
Total - Fair Value	57,932
Total - Gross Unrealized Loss	(27)
Government-Sponsored Enterprises
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	10,235
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(15)
Total - Fair Value	10,235
Total - Gross Unrealized Loss	(15)
Foreign Government Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	14,999
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(28)
Total - Fair Value	14,999
Total - Gross Unrealized Loss	(28)
Mortgage Backed Securities - Residential
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	7,993
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(87)
Unrealized Losses 12 Months or Greater - Fair Value	7,656
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(95)
Total - Fair Value	15,649
Total - Gross Unrealized Loss	(182)
Mortgage Backed Securities - Commercial
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Less Than 12 Months - Fair Value	71,848
Unrealized Losses Less Than 12 Months - Gross Unrealized Loss	(533)
Unrealized Losses 12 Months or Greater - Fair Value	25,316
Unrealized Losses 12 Months or Greater - Gross Unrealized Loss	(276)
Total - Fair Value	97,164
Total - Gross Unrealized Loss	$ (809)

Schedule of Amortized Cost and Fair Value of Cash Equivalents, Short-Term Investments, and Restricted Cash and Investments with Contractual Maturities (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due in one year or less, cost	$ 1,464,736
Due after one year through five years, cost	1,146,839
Due in more than five years, cost	313,353
Cost	2,924,928
Due in one year or less, estimated fair value	1,465,185
Due after one year through five years, estimated fair value	1,149,380
Due in more than five years, estimated fair value	312,540
Estimated Fair Value	$ 2,927,105	$ 2,224,942

Schedule of Outstanding Foreign Currency Forward Contracts (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Buy Contracts
Derivative [Line Items]
Derivatives Designated as Hedging Instruments	$ 93,872
Derivatives Not Designated as Hedging Instruments	126,704
Buy Contracts \| Swiss Francs
Derivative [Line Items]
Derivatives Not Designated as Hedging Instruments	7,023
Buy Contracts \| Euro
Derivative [Line Items]
Derivatives Designated as Hedging Instruments	93,872
Derivatives Not Designated as Hedging Instruments	543
Buy Contracts \| Korea (South), Won
Derivative [Line Items]
Derivatives Not Designated as Hedging Instruments	19,537
Buy Contracts \| Taiwan Dollar
Derivative [Line Items]
Derivatives Not Designated as Hedging Instruments	99,601
Sell Contracts
Derivative [Line Items]
Derivatives Designated as Hedging Instruments	98,501
Derivatives Not Designated as Hedging Instruments	97,088
Sell Contracts \| Japanese Yen
Derivative [Line Items]
Derivatives Designated as Hedging Instruments	98,501
Derivatives Not Designated as Hedging Instruments	30,342
Sell Contracts \| Taiwan Dollar
Derivative [Line Items]
Derivatives Not Designated as Hedging Instruments	$ 66,746

Schedule of Fair Value of Derivatives Instruments (Detail) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	$ 1,592	$ 4,929
Prepaid Expenses and Other Current Assets \| Derivatives Designated As Hedging Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	483	4,858
Prepaid Expenses and Other Current Assets \| Derivatives Not Designated as Hedging Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives, Fair Value	1,109	71
Accrued Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	923	1,620
Accrued Liabilities \| Derivatives Designated As Hedging Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	805	1,577
Accrued Liabilities \| Derivatives Not Designated as Hedging Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives, Fair Value	$ 118	$ 43

Schedule of Derivative Instruments Designated as Cash Flow Hedges in Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	$ 9,069	$ 11,919
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	12,507	8,391
Gain (Loss) Recognized (Excluded from Effectiveness Testing)	202	(33)
Located in revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	7,939	8,322
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	9,027	10,036
Gain (Loss) Recognized (Excluded from Effectiveness Testing)	277	376
Cost of Sales
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	812	2,443
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	2,393	(1,229)
Gain (Loss) Recognized (Excluded from Effectiveness Testing)	(52)	(271)
Located in selling, general, and administrative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in AOCI (Effective Portion)	318	1,154
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,087	(416)
Gain (Loss) Recognized (Excluded from Effectiveness Testing)	(23)	(130)
Located in other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized (Excluded from Effectiveness Testing)		(8)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized	$ 8,205	$ (1,585)

Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Inventory [Line Items]
Raw materials	$ 449,623	$ 312,484
Work-in-process	126,564	101,530
Finished goods	164,316	145,303
Total inventories	$ 740,503	$ 559,317

Schedule of Property and Equipment Net (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Property, Plant and Equipment [Line Items]
Manufacturing, engineering and office equipment	$ 612,688	$ 521,047
Computer equipment and software	131,184	120,144
Land	52,784	65,360
Buildings	199,544	249,126
Leasehold improvements	80,569	76,225
Furniture and fixtures	20,026	21,110
Property and equipment, gross	1,096,795	1,053,012
Less: accumulated depreciation and amortization	(553,299)	(449,102)
Property and equipment, net	$ 543,496	$ 603,910	$ 584,596

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 129,100	$ 126,500	$ 74,000
Assets held-for-sale	82,600
Gain on sale of a separate buildings and land	83,090	0	0
Impairment on buildings and land held for sale	$ 7,100	$ 0	$ 0

Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Schedule of Accrued Liabilities [Line Items]
Accrued compensation	$ 311,054	$ 254,795
Warranty reserves	68,324	52,252
Income and other taxes payable	93,934	39,420
Dividends payable	29,240
Other	101,744	118,061
Accrued expenses and other current liabilities	$ 604,296	$ 464,528

Components of Other Income (Expense), Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Component Of Other Expense Income Nonoperating [Line Items]
Interest income	$ 12,540	$ 14,737	$ 12,141
Interest expense	(61,692)	(60,408)	(38,962)
Gains (losses) on deferred compensation plan related assets, net	9,559	9,764	(914)
Foreign exchange gains (losses), net	1,529	(6,808)	(397)
Other, net	668	(8,698)	(5,183)
Other income (expense), net	$ (37,396)	$ (51,413)	$ (33,315)

Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 632,289	$ 113,879	$ 168,723
Basic average shares outstanding	164,741	168,932	124,176
Employee stock plans	2,864	2,558	910
Convertible notes	6,898	1,940	147
Diluted average shares outstanding	174,503	173,430	125,233
Net income per share - basic	$ 3.84	$ 0.67	$ 1.36
Net income per share - diluted	$ 3.62	$ 0.66	$ 1.35

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Schedule of Potentially Dilutive Securities Excluded from EPS Calculations (Detail) - shares shares in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options and RSUs excluded	78	534	382

Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands

12 Months Ended

Jun. 29, 2014

Jun. 30, 2013

Jun. 24, 2012

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance as of June 30, 2013

$ (28,693)

Other comprehensive income (loss) before reclassifications

11,549

Losses (gains) reclassified from accumulated other comprehensive income to net income

(11,511)

Net current-period other comprehensive income (loss)

$ 5,125

$ (43,579)

Balance as of June 29, 2014

(28,655)

(28,693)

Accumulated Foreign Currency Translation Adjustment

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance as of June 30, 2013

(17,178)

Other comprehensive income (loss) before reclassifications

4,976

Losses (gains) reclassified from accumulated other comprehensive income to net income

(784)

Net current-period other comprehensive income (loss)

4,192

Balance as of June 29, 2014

(12,986)

(17,178)

Accumulated Unrealized Holding Gains (Losses) on Cash Flow Hedges

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance as of June 30, 2013

2,822

Other comprehensive income (loss) before reclassifications

8,004

Losses (gains) reclassified from accumulated other comprehensive income to net income

^[1]

(10,892)

Net current-period other comprehensive income (loss)

(2,888)

Balance as of June 29, 2014

(66)

2,822

Accumulated Unrealized Holding Gains (Losses) on Available-For-Sale Investments

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance as of June 30, 2013

(15)

Other comprehensive income (loss) before reclassifications

1,407

Losses (gains) reclassified from accumulated other comprehensive income to net income

^[2]

165

Net current-period other comprehensive income (loss)

1,572

Balance as of June 29, 2014

1,557

(15)

Accumulated Unrealized Components of Defined Benefit Plans

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance as of June 30, 2013

(14,322)

Other comprehensive income (loss) before reclassifications

(2,838)

Net current-period other comprehensive income (loss)

(2,838)

Balance as of June 29, 2014

$ (17,160)

$ (14,322)

[1]	Amount of after tax gains reclassified from accumulated other comprehensive income into net income located in revenue: $8,009; cost of goods sold: $2,057; and selling, general and administrative expenses: $826.
[2]	Amount of loss reclassified from accumulated other comprehensive income into net income located in other expense, net

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Components of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Jun. 29, 2014 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from accumulated other comprehensive income	$ 11,511
Reclassified to Revenue
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from accumulated other comprehensive income	8,009
Reclassified to cost of goods sold
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from accumulated other comprehensive income	2,057
Reclassified to selling, general, and administrative
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from accumulated other comprehensive income	$ 826

Tax Related to Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2013	Jun. 24, 2012	Jun. 26, 2011
Tax benefit (expense) on change in unrealized gains/losses on cash flow hedges:
Tax expense on unrealized gains/losses arising during the period	$ (1,065)	$ (1,312)
Tax expense on gains/losses reclassified to earnings	1,615	818
Tax benefit (expense) on change on cash flow hedges	550	(494)
Tax benefit (expense) on change in unrealized gains/losses on available-for-sale investments:
Tax benefit (expense) on unrealized gains/losses arising during the period	(735)	1,428	$ 233
Tax (benefit) expense on gains/losses reclassified to earnings	493	(2,026)	474
Tax benefit (expense) on change on available-for-sale investments	(242)	(598)	707
Tax benefit on change in unrealized components of defined benefit plans	1,895	586	944
Tax benefit (expense) on other comprehensive income (loss)	$ 2,203	$ (506)	$ 1,651

Equity Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units vesting period, years	3 years
Unrecognized compensation expense, stock option	$ 4.7
Stock compensation expense	$ 103.7	$ 99.3	$ 81.6
Existing Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and RSUs issued and outstanding under stock plans	6,967,355
Shares available for future issuance under stock plan	9,189,362
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP purchase price per share as percentage of fair market value	85.00%
Increase in shares available for issuance under ESPP	0	0	1,800,000
Common stock issued to employees	1,196,629
Number of shares available for purchase under ESPP	8,377,578
Weighted average remaining period for recognition, years	2 months
Unrecognized compensation expense	$ 2.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period for recognition, years	1 year 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period for recognition, years	2 years
Unrecognized compensation expense	$ 179.3
Performance Based Restricted Stock Units (PRSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and RSUs issued and outstanding under stock plans	600,000
Stock price performance measurement period	50 days
Percentage increase in market-based PRSUs from target	2.00%
Percentage increase in common stock price exceeding market price performance	1.00%
Stock compensation expense	$ 3.8
Performance Based Restricted Stock Units (PRSU) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock to be issued, vesting percentage	0.00%
Performance Based Restricted Stock Units (PRSU) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock to be issued, vesting percentage	150.00%

Summary of Stock Plan Activity (Detail) - $ / shares	12 Months Ended
Summary of Stock Plan Activity (Detail) - $ / shares	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Options Outstanding Number of Shares
Beginning balance	2,570,923	3,902,077	309,933
Awards assumed in Novellus acquisition			3,932,143
Granted	166,455	288,867
Exercised	(1,403,019)	(1,546,028)	(74,615)
Canceled	(2,473)	(73,993)	(265,384)
Ending balance	1,331,886	2,570,923	3,902,077
Weighted-Average Exercise Price
Beginning balance	$ 26.87	$ 25.14	$ 21.50
Awards assumed in Novellus acquisition			25.17
Granted	51.76	42.59
Exercised	24.75	25.47	23.70
Canceled	30.21	26.24	21.71
Ending balance	$ 32.20	$ 26.87	$ 25.14
Restricted stock units outstanding number of shares
Beginning balance	4,841,796	4,331,478	2,331,340
Awards assumed in Novellus acquisition			1,291,808
Granted	2,811,602	2,563,670	2,336,283
Canceled	(281,476)	(299,079)	(120,070)
Vested restricted stock	(1,736,453)	(1,754,273)	(1,507,883)
Ending balance	5,635,469	4,841,796	4,331,478
Restricted Stock Units Outstanding Number of Shares Weighted-Average FMV at Grant
Beginning balance	$ 39.32	$ 41.01	$ 39.90
Awards assumed in Novellus acquisition			35.99
Granted	53.21	38.76	41.23
Canceled	41.16	39.70	40.91
Vested restricted stock	40.39	42.52	35.47
Ending balance	$ 45.83	$ 39.32	$ 41.01

Outstanding and Exercisable Options by Price Range (Detail)	12 Months Ended
	Jun. 29, 2014 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	$ 9.44
Range of Exercise Prices, upper limit	$ 51.76
Options Outstanding Number of Options Outstanding \| shares	1,331,886
Options Outstanding Weighted- Average Remaining Life (Years)	4 years 8 months 23 days
Options Outstanding Weighted- Average Exercise Price	$ 32.20
Options Exercisable Number of Options Exercisable \| shares	741,770
Options Exercisable Weighted- Average Exercise Price	$ 24.28
Range One
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	9.44
Range of Exercise Prices, upper limit	$ 19.05
Options Outstanding Number of Options Outstanding \| shares	152,182
Options Outstanding Weighted- Average Remaining Life (Years)	4 years 4 months 28 days
Options Outstanding Weighted- Average Exercise Price	$ 13.09
Options Exercisable Number of Options Exercisable \| shares	152,182
Options Exercisable Weighted- Average Exercise Price	$ 13.09
Range Two
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	21.04
Range of Exercise Prices, upper limit	$ 25.60
Options Outstanding Number of Options Outstanding \| shares	201,958
Options Outstanding Weighted- Average Remaining Life (Years)	2 years 10 months 10 days
Options Outstanding Weighted- Average Exercise Price	$ 22.46
Options Exercisable Number of Options Exercisable \| shares	192,569
Options Exercisable Weighted- Average Exercise Price	$ 22.42
Range Three
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	26.87
Range of Exercise Prices, upper limit	$ 29.68
Options Outstanding Number of Options Outstanding \| shares	476,518
Options Outstanding Weighted- Average Remaining Life (Years)	4 years 2 months 16 days
Options Outstanding Weighted- Average Exercise Price	$ 29.26
Options Exercisable Number of Options Exercisable \| shares	377,573
Options Exercisable Weighted- Average Exercise Price	$ 29.28
Range Four
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	31.45
Range of Exercise Prices, upper limit	$ 35.68
Options Outstanding Number of Options Outstanding \| shares	45,906
Options Outstanding Weighted- Average Remaining Life (Years)	6 years 9 months 7 days
Options Outstanding Weighted- Average Exercise Price	$ 32.63
Options Exercisable Number of Options Exercisable \| shares	19,446
Options Exercisable Weighted- Average Exercise Price	$ 33.09
Range Five
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	42.41
Range of Exercise Prices, upper limit	$ 51.76
Options Outstanding Number of Options Outstanding \| shares	455,322
Options Outstanding Weighted- Average Remaining Life (Years)	6 years
Options Outstanding Weighted- Average Exercise Price	$ 45.94

Recognized Equity Based Compensation Expenses and Related Income Tax Benefit (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 103.7	$ 99.3	$ 81.6
Income tax benefit recognized in the Consolidated Statement of Operations related to equity-based compensation	16.9	17.6	12.2
Tax benefit realized from the exercise and vesting of options and RSUs	$ 32.0	$ 21.6	$ 11.8

Schedule of Stock Options Weighted Average Assumptions (Detail) - Stock Options	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.28%	36.60%	38.04%
Risk-free interest rate	1.39%	0.81%	0.55%
Expected term (years)	4 years 9 months 11 days	4 years 9 months 15 days	3 years 10 months 21 days
Dividend yield	0.00%	0.00%	0.00%

Intrinsic Value of Stock Options (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value - options outstanding	$ 46.3	$ 44.9	$ 49.9
Intrinsic value - options exercisable	31.7	36.9	30.1
Intrinsic value - options exercised	$ 41.4	$ 25.4	$ 1.3

Schedule of ESPP Weighted-Average Assumptions (Detail) - Employee Stock Purchase Plan	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	8 months 5 days	7 months 21 days	8 months 19 days
Expected stock price volatility	30.24%	32.42%	44.22%
Risk-free interest rate	0.07%	0.15%	0.11%
Dividend yield	0.00%	0.00%	0.00%

Retirement and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Employee Benefit Plan [Line Items]
Employee 401K contribution	1.00%
Employee 401K contribution	75.00%
Employer contribution matching percentage	50.00%
Maximum employee contributions matched by the Company	6.00%
Defined benefit plan, contribution by employer	$ 10.2	$ 8.7	$ 5.8
Deferred compensation plan maximum distribution period	20 years
Liabilities of Company to plan participants	$ 93.8	79.7
Assets correlated to the deferred compensation obligation	116.7	98.1
Defined benefit obligations	$ 29.0	$ 21.4
Minimum
Employee Benefit Plan [Line Items]
Payment of benefits, duration after opening of a deferral subaccount or upon retirement	3 years

Schedule of Carrying Value of Convertible Senior Notes and Other Long-Term Debt (Detail) - USD ($) $ in Millions	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012	May 31, 2011
Debt Instrument [Line Items]
Total long-term debt	$ 1,323.5	$ 1,290.4
Less: current portion of debt	(516.6)	(513.0)
Long-term debt	806.9	777.4
0.50% Notes due 2016
Debt Instrument [Line Items]
Notes due	450.0	450.0		$ 450.0
Less: Unamortized interest discount	(30.4)	(45.7)
Net carrying amount of Notes	419.6	404.3
1.25% Notes due 2018
Debt Instrument [Line Items]
Notes due	450.0	450.0		$ 450.0
Less: Unamortized interest discount	(62.7)	(76.9)
Net carrying amount of Notes	387.3	373.1
2.625% Notes due 2041
Debt Instrument [Line Items]
Notes due	699.9	699.9	$ 700.0
Less: Unamortized interest discount	(183.3)	(186.9)
Net carrying amount of Notes	$ 516.6	$ 513.0

Schedule of Carrying Value of Convertible Senior Notes and Other Long-Term Debt (Parenthetical) (Detail)	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012	May 31, 2011
0.50% Notes due 2016
Debt Instrument [Line Items]
Convertible notes interest rate percentage	0.50%	0.50%		0.50%
Debt instruments maturity date	2016
1.25% Notes due 2018
Debt Instrument [Line Items]
Convertible notes interest rate percentage	1.25%	1.25%		1.25%
Debt instruments maturity date	2018
2.625% Notes due 2041
Debt Instrument [Line Items]
Convertible notes interest rate percentage	2.625%	2.625%	2.625%
Debt instruments maturity date	2041

Long Term Debt and Other Borrowings - Additional Information (Detail)		1 Months Ended		3 Months Ended				12 Months Ended
	Mar. 12, 2014 USD ($)	Jun. 24, 2012 USD ($) $ / shares	May 31, 2011 USD ($) $ / shares	Jun. 29, 2014 USD ($) d $ / shares $ / Unit shares	Mar. 30, 2014 d	Dec. 29, 2013 d	Jun. 30, 2013 USD ($) d	Jun. 29, 2014 USD ($) d $ / shares $ / Unit shares	Jun. 24, 2012 USD ($) Note $ / shares shares
Debt Instrument [Line Items]
Net proceeds from the sale of Convertible Senior Notes			$ 835,500,000
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter \| d				20	20	20	20
Number of consecutive trading days period required				30 days	30 days	30 days	30 days
Revolving credit facility
Debt Instrument [Line Items]
Revolving unsecured credit facility	$ 300,000,000
Credit Facility Maturity Period	Mar. 12, 2019
Additional increase in the facility	$ 200,000,000
Revolving unsecured credit facility maximum borrowing capacity	$ 500,000,000
Consolidated debt to liquidity				$ 1,000,000,000				$ 1,000,000,000
Credit facility outstanding amount				$ 0				$ 0
Revolving credit facility \| Prime Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								0.50%
Revolving credit facility \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								0.50%
Minimum
Debt Instrument [Line Items]
Stock price percentage of conversion price				130.00%	130.00%	130.00%	130.00%
Minimum \| Revolving credit facility
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								0.90%
Minimum \| Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								0.00%
Maximum \| Revolving credit facility
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								1.50%
Total consolidated indebtedness to capitalization ratio								50.00%
Maximum \| Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate								0.50%
2.625% Notes due 2041
Debt Instrument [Line Items]
Notes due		$ 700,000,000		$ 699,900,000			$ 699,900,000	$ 699,900,000	$ 700,000,000
Convertible notes interest rate percentage		2.625%		2.625%			2.625%	2.625%	2.625%
Initial conversion rate of common stock shares		28.5572
Principal amount of convertible debt conversion increments		$ 1,000		$ 1,000				$ 1,000	$ 1,000
Convertible Senior Notes conversion price \| $ / shares		$ 35.02							$ 35.02
Debt instruments maturity date								2041
Maximum amount of contingent interest rate								2.10%
Initial carrying value of liability component of convertible notes			$ 509,500,000
Discount rate used to determine liability fair value			4.28%
Carrying value of equity components				$ 328,100,000				$ 328,100,000
Effective interest rates on the liability component				4.28%				4.28%
Unamortized discount balance				$ 183,300,000			$ 186,900,000	$ 183,300,000
Remaining life of bond discount, years								26 years 10 months 24 days
If-converted value in excess of aggregate principal amount								$ 638,000,000
Percentage of product last reported sale price of common stock								98.00%
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter \| d								20
Number of consecutive trading days period required								30 days
Stock price percentage of conversion price								130.00%
Percentage of principal amounts being repurchased								100.00%
Number of Debt converted to shares of common stock \| Note									65
Debt converted, par value									$ 65,000
Debt converted, number of common shares issued \| shares									137
Fair value of notes				1,397,400,000				$ 1,397,400,000
2.625% Notes due 2041 \| On or after May 21, 2021, we may redeem all or part of the 2041 Notes for the principal plus any accrued and unpaid interest
Debt Instrument [Line Items]
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter \| d								20
Number of consecutive trading days period required								30 days
Stock price percentage of conversion price								150.00%
0.50% Notes due 2016
Debt Instrument [Line Items]
Notes due			$ 450,000,000	$ 450,000,000			$ 450,000,000	$ 450,000,000
Convertible notes interest rate percentage			0.50%	0.50%			0.50%	0.50%
Initial conversion rate of common stock shares			15.9128
Principal amount of convertible debt conversion increments			$ 1,000
Convertible Senior Notes conversion price \| $ / shares			$ 62.84	$ 62.84				$ 62.84
Debt instruments maturity date								2016
Initial carrying value of liability component of convertible notes			$ 373,800,000
Discount rate used to determine liability fair value			4.29%
Carrying value of equity components				$ 76,200,000				$ 76,200,000
Effective interest rates on the liability component				4.29%				4.29%
Unamortized discount balance				$ 30,400,000			$ 45,700,000	$ 30,400,000
Remaining life of bond discount, years								1 year 10 months 24 days
If-converted value in excess of aggregate principal amount								$ 29,000,000
Percentage of product last reported sale price of common stock								98.00%
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter \| d								20
Number of consecutive trading days period required								30 days
Stock price percentage of conversion price								130.00%
Percentage of principal amounts being repurchased								100.00%
Warrant conversion price \| $ / Unit				71.14				71.14
Shares issued under warrants \| shares				7,100,000				7,100,000
Cost of convertible bond hedge								$ 76,200,000
Convertible bond hedge at inception of the transaction on stockholders' equity								28,200,000
Proceeds from sale of warrants								57,600,000
Fair value of notes				$ 556,300,000				$ 556,300,000
0.50% Notes due 2016 \| Convertible Note Hedge
Debt Instrument [Line Items]
Warrant conversion price \| $ / Unit				71.14				71.14
1.25% Notes due 2018
Debt Instrument [Line Items]
Notes due			$ 450,000,000	$ 450,000,000			$ 450,000,000	$ 450,000,000
Convertible notes interest rate percentage			1.25%	1.25%			1.25%	1.25%
Initial conversion rate of common stock shares			15.9128
Principal amount of convertible debt conversion increments			$ 1,000
Convertible Senior Notes conversion price \| $ / shares				$ 62.84				$ 62.84
Debt instruments maturity date								2018
Initial carrying value of liability component of convertible notes			$ 345,100,000
Discount rate used to determine liability fair value			5.27%
Carrying value of equity components				$ 104,900,000				$ 104,900,000
Effective interest rates on the liability component				5.27%				5.27%
Unamortized discount balance				$ 62,700,000			$ 76,900,000	$ 62,700,000
Remaining life of bond discount, years								3 years 10 months 24 days
If-converted value in excess of aggregate principal amount								$ 29,000,000
Percentage of product last reported sale price of common stock								98.00%
Number of days on which common stock sale price was greater than or equal to 130% of conversion price, in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter \| d								20
Number of consecutive trading days period required								30 days
Stock price percentage of conversion price								130.00%
Percentage of principal amounts being repurchased								100.00%
Warrant conversion price \| $ / Unit				75.89				75.89
Shares issued under warrants \| shares				7,100,000				7,100,000
Cost of convertible bond hedge								$ 104,900,000
Convertible bond hedge at inception of the transaction on stockholders' equity								38,800,000
Proceeds from sale of warrants								$ 76,300,000
Shares of common stock agreed to sell \| shares								7,100,000
Fair value of notes				$ 600,800,000				$ 600,800,000
1.25% Notes due 2018 \| Convertible Note Hedge
Debt Instrument [Line Items]
Warrant conversion price \| $ / Unit				75.89				75.89

Schedule of Recognized Interest Cost Relating to Both Contractual Interest Coupon and Amortization of Discount on Liability Component of Notes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Debt Instrument [Line Items]
Amortization of interest discount	$ 33,063	$ 31,558	$ 27,028
2016, 2018 and 2041 Senior Notes
Debt Instrument [Line Items]
Contractual interest coupon	26,200	26,200	9,200
Amortization of interest discount	33,100	31,600	27,000
Amortization of issuance costs	2,400	2,400	2,400
Total interest cost recognized	$ 61,700	$ 60,200	$ 38,600

Schedule of Contractual Cash Obligations Relating to Convertible Notes and Other Long Term Debt (Detail) - USD ($)
$ in Thousands

Jun. 29, 2014

Jun. 30, 2013

Debt Instrument [Line Items]

Current portion of long-term debt

$ 516,600

$ 513,000

Long-term debt

806,900

$ 777,400

Contractual Obligations

Debt Instrument [Line Items]

One year

^[1]

699,935

450,000

450,000

1,599,935

Current portion of long-term debt

699,935

Long-term debt

$ 900,000

[1]

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jun. 29, 2014 USD ($)	Dec. 31, 2013 Leases	Jun. 30, 2013 USD ($)	Jun. 24, 2012 USD ($)
Commitments and Contingencies [Line Items]
Liabilities related to uncertain tax benefits	$ 258,400
Rental expense	$ 12,000		$ 14,000	$ 11,000
Operating Lease purchase option notification period, days	30 days
Restricted collateral for leasing arrangements	$ 146,492		$ 166,536
Operating Lease Cash Collateral
Commitments and Contingencies [Line Items]
Restricted collateral for leasing arrangements	132,500
Operating Lease Marketable Securities Collateral
Commitments and Contingencies [Line Items]
Restricted collateral for leasing arrangements	$ 8,000
Amended
Commitments and Contingencies [Line Items]
Approximate Operating Lease term, years	7 years
Operating Leases expiration date	Dec. 31, 2020
Operating Leases
Commitments and Contingencies [Line Items]
Number of operating leases extinguished \| Leases		2
Operating Lease residual value of guarantee, maximum	$ 191,200
Maximum percentage of aggregate investment value guaranteed	100.00%
Guarantee Obligation Maximum Exposure	$ 220,000
Operating Leases \| Amended And Restated
Commitments and Contingencies [Line Items]
Number of operating leases extinguished \| Leases		4
Operating Leases \| Amended
Commitments and Contingencies [Line Items]
Number of operating leases \| Leases		6
Standby Letters of Credit
Commitments and Contingencies [Line Items]
Guarantee Obligation Maximum Exposure	$ 20,600

Schedule of Contractual Cash Obligations relating to Existing Capital Leases (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Capital Leased Assets [Line Items]
One year	$ 1,857
Two years	1,829
Three years	8,635
Total	12,321
Interest on capital leases	338
Current portion of capital leases	1,681
Long-term portion of capital leases	$ 10,302

Schedule of Contractual Cash Obligations Relating to Operating Leases (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Operating Leased Assets [Line Items]
One year	$ 15,109
Two years	11,047
Three years	8,701
Four years	3,029
Five years	2,549
Over five years	5,482
Less: Sublease Income	(675)
Total	$ 45,242

Purchase Commitments (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
One year	$ 185,450
Two years	8,279
Three years	3,869
Four years	2,585
Five years	2,585
Over five years	2,928
Total	$ 205,696

Schedule of Changes in Product Warranty Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013
Product Warranty Liability [Line Items]
Balance at beginning of period	$ 58,078	$ 70,161
Warranties issued during the period	87,922	74,779
Settlements made during the period	(80,280)	(92,456)
Changes in liability for pre-existing warranties	3,665	5,594
Balance at end of period	$ 69,385	$ 58,078

Income Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Schedule of Income Before Income Tax [Line Items]
United States	$ 78,076	$ (46,392)	$ (6,950)
Foreign	645,287	113,050	211,368
Income before income taxes	$ 723,363	$ 66,658	$ 204,418

Provision Benefit for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Income Tax [Line Items]
Current	$ 31,762	$ (1,096)	$ 5,038
Deferred	10,692	(60,172)	(1,033)
Federal Income Tax Expense (Benefit), Continuing Operations, Total	42,454	(61,268)	4,005
Current	3,192	3,332	1,297
Deferred	(869)	(6,351)	336
State and Local Income Tax Expense (Benefit), Continuing Operations, Total	2,323	(3,019)	1,633
Current	49,273	20,640	33,871
Deferred	(2,976)	(3,574)	(3,814)
Foreign Income Tax Expense (Benefit), Continuing Operations, Total	46,297	17,066	30,057
Total Provision (Benefit) for Income Taxes	$ 91,074	$ (47,221)	$ 35,695

Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Deferred tax assets:
Tax carryforwards	$ 170,028	$ 169,371
Allowances and reserves	126,895	94,720
Equity-based compensation	18,019	19,586
Inventory valuation differences	16,257	22,833
Other	12,065	11,286
Gross deferred tax assets	343,264	317,796
Valuation allowance	(74,439)	(76,594)
Net deferred tax assets	268,825	241,202
Deferred tax liabilities:
Intangible Assets	(87,329)	(94,836)
Amortization of goodwill	(11,409)	(9,950)
Unremitted earnings of a foreign subsidiary	(34,346)	(2,936)
Other	(11,017)	(11,645)
Deferred tax liabilities	(293,563)	(259,319)
Net deferred tax assets	(24,738)	(18,117)
Convertible Debt
Deferred tax liabilities:
Deferred tax liabilities	(117,112)	(98,482)
Temporary differences for capital assets
Deferred tax liabilities:
Deferred tax liabilities	$ (32,350)	$ (41,470)

Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012	Jun. 26, 2011
Income Tax [Line Items]
Valuation allowance for deferred tax assets	$ 74,439	$ 76,594
Federal and state tax credit carry forward	$ 107,800
U.S. federal statutory tax rate	35.00%	35.00%	35.00%
Decreased income taxes due to tax ruling in Switzerland	$ 7,400	$ 10,800	$ 22,300
Benefit of the tax ruling on diluted earnings per share	$ 0.04	$ 0.06	$ 0.18
Unremitted earnings of foreign subsidiaries	$ 2,900,000
Withholding taxes on unremitted foreign earning	697,500
Unrecognized tax benefits	352,100	$ 333,100	$ 343,800	$ 181,500
Increase in unrecognized tax benefits	19,000
Unrecognized tax benefits that would impact effective tax rate	269,400	257,700	278,200
Gross interest and penalties, relating to unrecognized tax benefits accrued	29,500	$ 25,500	$ 25,200
Federal
Income Tax [Line Items]
Net operating loss carry-forwards	$ 134,500
Net operating loss carry-forwards expiration year	2019
State
Income Tax [Line Items]
Net operating loss carry-forwards	$ 31,900
Net operating loss carry-forwards expiration year	2015
Additional paid-in capital benefit upon recognition of tax carry-forwards	$ 5,000
Federal and state tax credit carry forward	212,000
Amount of tax benefits relating to the state tax credit carryforwards that will be credited to additional paid-in-capital when recognized
Income Tax [Line Items]
Federal and state tax credit carry forward	37,000
Tax Credit Carryforward Expiry Beginning in Fiscal Year 2017
Income Tax [Line Items]
Federal and state tax credit carry forward	17,900
Tax Credit Carryforward Expiry Beginning in Fiscal Year 2030
Income Tax [Line Items]
Federal and state tax credit carry forward	87,100
Tax Credit Carryforwards with Indefinite Carryforward Period
Income Tax [Line Items]
Federal and state tax credit carry forward	2,800
Federal
Income Tax [Line Items]
Additional paid-in capital benefit upon recognition of tax carry-forwards	13,000
Non U.S
Income Tax [Line Items]
Net operating loss carry-forwards	60,300
Non U.S \| Net Operating Loss Carryforwards with Indefinite Carryforward Period
Income Tax [Line Items]
Net operating loss carry-forwards	38,500
Non U.S \| Net Operating Loss Carryforwards Expiring Beginning in Fiscal Year 2015
Income Tax [Line Items]
Net operating loss carry-forwards	21,900
California And Foreign
Income Tax [Line Items]
Valuation allowance for deferred tax assets	$ 74,400

Reconciliation of Income Tax Expense Provided at Federal Statutory Rate to Actual Income Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Reconciliation Of Income Taxes [Line Items]
Income tax expense computed at federal statutory rate	$ 253,177	$ 23,332	$ 71,546
State income taxes, net of federal tax benefit	1,884	(13,588)	(4,895)
Foreign income taxed at different rates	(164,130)	(40,255)	(51,425)
Tax credits	(15,650)	(42,593)	(5,791)
State valuation allowance, net of federal tax benefit	(1,707)	11,538	5,862
Equity-based compensation	23,167	20,318	14,123
Acquisition costs			5,683
Other permanent differences and miscellaneous items	(5,667)	(5,973)	592
Total Provision (Benefit) for Income Taxes	$ 91,074	$ (47,221)	$ 35,695

Changes in Balance of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Schedule of Unrecognized Tax Benefits [Line Items]
Beginning balance	$ 333.1	$ 343.8	$ 181.5
Settlements and effective settlements with tax authorities		(3.4)	(0.2)
Lapse of statute of limitations	(16.0)	(51.4)	(6.6)
Increases in balances related to tax positions taken during prior periods	6.2	11.3	1.4
Decreases in balances related to tax positions taken during prior periods	(4.2)	(11.3)	(4.3)
Increases in balances related to tax positions taken during current period	33.0	35.2	22.3
Tax positions assumed in Novellus transaction		8.9	149.7
Ending balance	$ 352.1	$ 333.1	$ 343.8

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 1,466,225	$ 1,452,196
Tax deductible goodwill	61,000
Intangible asset amortization expense	163,200	$ 177,600	$ 26,900
In Process Research And Development
Goodwill And Intangible Assets [Line Items]
Impairment of in process research and development	$ 4,000

Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	$ 1,327,063	$ 1,355,583
Total gross intangible assets	1,347,163	1,384,683
Accumulated Amortization	(453,085)	(310,338)
Net intangible assets subject to amortization	873,978	1,045,245
Intangible assets, net	894,078	1,074,345
Intangible assets not subject to amortization	20,100	29,100
In Process Research And Development
Goodwill And Intangible Assets [Line Items]
Intangible assets not subject to amortization	11,000	20,000
Development Rights
Goodwill And Intangible Assets [Line Items]
Intangible assets not subject to amortization	9,100	9,100
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	615,618	624,686
Accumulated Amortization	(169,162)	(103,519)
Net intangible assets subject to amortization	446,456	521,167
Existing Technology
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	643,922	653,628
Accumulated Amortization	(224,246)	(139,894)
Net intangible assets subject to amortization	419,676	513,734
Patents
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	32,253	32,053
Accumulated Amortization	(24,407)	(22,036)
Net intangible assets subject to amortization	7,846	10,017
Backlog
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization		10,000
Accumulated Amortization		(10,000)
Other Intangible Assets
Goodwill And Intangible Assets [Line Items]
Gross intangible assets subject to amortization	35,270	35,216
Accumulated Amortization	$ (35,270)	(34,889)
Net intangible assets subject to amortization		$ 327

Estimated Future Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 29, 2014	Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]
2014	$ 156,719
2015	154,215
2016	152,494
2017	151,398
2018	120,254
Thereafter	138,898
Net intangible assets subject to amortization	$ 873,978	$ 1,045,245

Intangible Assets Acquired (Detail) $ in Thousands	12 Months Ended
Intangible Assets Acquired (Detail) $ in Thousands	Jun. 29, 2014 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets subject to amortization	$ 9,228
Weighted- Average Useful Life (years)	6 years
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets subject to amortization	$ 1,800
Weighted- Average Useful Life (years)	7 years
Existing Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets subject to amortization	$ 7,228
Weighted- Average Useful Life (years)	6 years
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets subject to amortization	$ 200
Weighted- Average Useful Life (years)	5 years

Segment, Geographic Information and Major Customers - Additional Information (Detail)	12 Months Ended
	Jun. 29, 2014 Location Segment	Jun. 30, 2013	Jun. 24, 2012
Segment Reporting Information [Line Items]
Number of reportable business segment \| Segment	1
Number of geographic regions the company operates \| Location	7
Revenues \| Customer 1
Segment Reporting Information [Line Items]
Percentage of revenue from major customers	23.00%	19.00%	30.00%
Revenues \| Customer 2
Segment Reporting Information [Line Items]
Percentage of revenue from major customers	15.00%	15.00%	12.00%
Revenues \| Customer 3
Segment Reporting Information [Line Items]
Percentage of revenue from major customers	14.00%	11.00%	10.00%

Revenues and Long Lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 24, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,607,309	$ 3,598,916	$ 2,665,192
Long-lived assets	543,496	603,910	584,596
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,127,406	603,821	893,549
Long-lived assets	18,776	991	993
Taiwan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,049,214	1,026,548	467,922
Long-lived assets	4,259	2,953	3,169
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	634,131	368,095	308,189
Long-lived assets	392	680	1,068
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	623,408	319,282	143,769
Long-lived assets	846	2,291	3,673
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	622,022	734,324	458,531
Long-lived assets	429,548	484,273	463,156
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	303,730	292,432	244,038
Long-lived assets	89,221	109,934	107,893
Southeast Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	247,398	254,414	149,194
Long-lived assets	$ 454	$ 2,788	$ 4,644

Stock Repurchase Program - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 29, 2014

Oct. 28, 2013

Apr. 22, 2013

Jun. 29, 2014

Mar. 30, 2014

Dec. 29, 2013

Sep. 29, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 24, 2012

Stock Repurchase Program [Line Items]

Common stock repurchased

$ 253,185

$ 934,808

$ 738,320

Net shares of settlements to cover tax withholding obligations

608,695

Amount paid for shares under net share settlements

$ 32,000

Treasury stock purchases

244,859

$ 955,661

$ 772,663

Total Number of Shares Repurchased

624,000

930,000

762,000

1,935,000

Treasury stock purchases, weighted average share price

^[1]

$ 56.89

$ 53.13

$ 52.20

$ 48.06

Treasury stock, at cost

$ 75,000

Maximum

Stock Repurchase Program [Line Items]

Total Number of Shares Repurchased

1,700,000

Repurchase Of Equity

Stock Repurchase Program [Line Items]

Authorized repurchase of Company common stock

$ 850,000

Common stock repurchased

$ 202,000

Repurchase Of Equity | Maximum

Stock Repurchase Program [Line Items]

Authorized repurchase of Company common stock

$ 850,000

$ 250,000

Share Repurchase Program Final Settlement

Stock Repurchase Program [Line Items]

Total Number of Shares Repurchased

Treasury stock purchases, weighted average share price

$ 50.40

Share Repurchase Arrangements

Stock Repurchase Program [Line Items]

Treasury stock purchases

$ 75,000

Share Repurchase Arrangements | Initial delivery

Stock Repurchase Program [Line Items]

Total Number of Shares Repurchased

1,200,000

Share Repurchase Arrangements | Subsequent delivery

Stock Repurchase Program [Line Items]

Total Number of Shares Repurchased

300,000

[1]

Schedule of Repurchases under 2013 Repurchase Program (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 29, 2014

Jun. 29, 2014

Mar. 30, 2014

Dec. 29, 2013

Sep. 29, 2013

Jun. 30, 2013

Stock Repurchase Program [Line Items]

Total Number of Shares Repurchased

624

930

762

1,935

Total Cost of Repurchase

$ 35,486

$ 49,414

$ 39,800

$ 96,462

Average Price Paid Per Share

^[1]

$ 56.89

$ 53.13

$ 52.20

$ 48.06

Amount Available Under Repurchase Program

^[2]

$ 850,000

$ 830,895

$ 64,324

$ 113,738

$ 153,538

$ 250,000

[1]	Average price paid per share excludes accelerated share repurchases for which cost was incurred during the September 2013 quarter, but that did not settle until the December 2013 quarter. See Collared Accelerated Share Repurchases section below for details regarding average price associated with the transaction.
[2]	During the quarter ended June 29, 2014, approximately $16.4 million of repurchases were prior to the new $850 million authorization.

Schedule of Repurchases under 2013 Repurchase Program (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2014	Mar. 30, 2014	Dec. 29, 2013	Sep. 29, 2013
Stock Repurchase Program [Line Items]
Total Cost of Repurchase	$ 35,486	$ 49,414	$ 39,800	$ 96,462
Repurchase Of Equity
Stock Repurchase Program [Line Items]
Total Cost of Repurchase	16,400
Authorized repurchase of Company common stock	$ 850,000

Subsequent Events - Additional Information (Detail) - Subsequent Event $ in Millions	Jul. 02, 2014 USD ($)
Subsequent Event [Line Items]
Net proceeds on sale of Industrial Applications Group	$ 59
Estimated pre-tax gain on sale of Industrial Applications Group	$ 6

Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($)
$ in Thousands

12 Months Ended

Jun. 29, 2014

Jun. 30, 2013

Jun. 24, 2012

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 5,448

$ 5,248

$ 4,720

Charged to Costs and Expenses

200

403

Write-offs, Net of Recoveries

^[1]

(500)

125

Balance at End of Period

$ 4,962

$ 5,448

$ 5,248

[1]	During fiscal year 2012, write-off, net of recoveries represents $0.1 million of recoveries against previously written-off balances

Valuation and Qualifying Accounts (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Jun. 24, 2012 USD ($)
Allowance for Doubtful Accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Recoveries against previously written-off balances	$ 0.1