Document
false--06-28Q2202000007075491000502100053570001.102.201.152.30.0010.0014000000004000000001444330001424620001444330001424620000.0312089303020200.048750.040.0380.03750.0280.02750.02625240000023000001500000000000000.0010.0015000000500000000P6MP2Y264.15140573000143917000 0000707549 2019-07-01 2019-12-29 0000707549 2020-01-31 0000707549 2018-09-24 2018-12-23 0000707549 2018-06-25 2018-12-23 0000707549 2019-09-30 2019-12-29 0000707549 2019-12-29 0000707549 2019-06-30 0000707549 2018-12-23 0000707549 2018-06-24 0000707549 us-gaap:CommonStockMember 2018-06-25 2018-12-23 0000707549 us-gaap:RetainedEarningsMember 2019-07-01 2019-12-29 0000707549 us-gaap:CommonStockMember 2018-06-24 0000707549 us-gaap:RetainedEarningsMember 2018-12-23 0000707549 us-gaap:CommonStockMember 2018-12-23 0000707549 us-gaap:TreasuryStockMember 2019-07-01 2019-12-29 0000707549 us-gaap:CommonStockMember 2019-12-29 0000707549 us-gaap:CommonStockMember 2018-09-24 2018-12-23 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000707549 us-gaap:AdditionalPaidInCapitalMember 2018-09-24 2018-12-23 0000707549 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000707549 us-gaap:AdditionalPaidInCapitalMember 2018-06-25 2018-12-23 0000707549 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-12-29 0000707549 us-gaap:CommonStockMember 2019-07-01 2019-12-29 0000707549 2018-09-23 0000707549 us-gaap:TreasuryStockMember 2018-09-24 2018-12-23 0000707549 us-gaap:RetainedEarningsMember 2018-09-24 2018-12-23 0000707549 us-gaap:TreasuryStockMember 2019-12-29 0000707549 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 2019-12-29 0000707549 us-gaap:RetainedEarningsMember 2018-06-25 2018-12-23 0000707549 us-gaap:TreasuryStockMember 2018-06-25 2018-12-23 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:CommonStockMember 2019-06-30 0000707549 us-gaap:TreasuryStockMember 2019-09-30 2019-12-29 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-29 0000707549 2019-09-29 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-24 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-29 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:CommonStockMember 2019-09-30 2019-12-29 0000707549 us-gaap:CommonStockMember 2019-09-29 0000707549 us-gaap:AdditionalPaidInCapitalMember 2018-06-24 0000707549 us-gaap:AccountingStandardsUpdate201409Member us-gaap:RetainedEarningsMember 2018-06-25 0000707549 us-gaap:AccountingStandardsUpdate201616Member 2018-06-25 0000707549 us-gaap:AccountingStandardsUpdate201802Member us-gaap:RetainedEarningsMember 2018-06-25 2018-12-23 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-23 0000707549 us-gaap:CommonStockMember 2018-09-23 0000707549 us-gaap:TreasuryStockMember 2019-09-29 0000707549 us-gaap:TreasuryStockMember 2018-06-24 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-23 0000707549 us-gaap:AdditionalPaidInCapitalMember 2018-12-23 0000707549 us-gaap:TreasuryStockMember 2018-12-23 0000707549 us-gaap:RetainedEarningsMember 2019-12-29 0000707549 us-gaap:AdditionalPaidInCapitalMember 2019-09-29 0000707549 us-gaap:RetainedEarningsMember 2018-06-24 0000707549 us-gaap:AccountingStandardsUpdate201602Member 2019-07-01 0000707549 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:TreasuryStockMember 2018-09-23 0000707549 us-gaap:RetainedEarningsMember 2018-09-23 0000707549 us-gaap:AdditionalPaidInCapitalMember 2019-12-29 0000707549 us-gaap:AccountingStandardsUpdate201616Member us-gaap:RetainedEarningsMember 2018-06-25 0000707549 us-gaap:AdditionalPaidInCapitalMember 2018-09-23 0000707549 us-gaap:TreasuryStockMember 2019-06-30 0000707549 us-gaap:RetainedEarningsMember 2019-06-30 0000707549 us-gaap:RetainedEarningsMember 2019-09-29 0000707549 us-gaap:AccountingStandardsUpdate201602Member us-gaap:RetainedEarningsMember 2019-07-01 0000707549 us-gaap:AccountingStandardsUpdate201409Member 2018-06-25 0000707549 us-gaap:RetainedEarningsMember 2019-09-30 2019-12-29 0000707549 us-gaap:AccountingStandardsUpdate201802Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 lrcx:MemoryMember us-gaap:ProductConcentrationRiskMember 2019-07-01 2019-12-29 0000707549 lrcx:MemoryMember us-gaap:ProductConcentrationRiskMember 2019-09-30 2019-12-29 0000707549 lrcx:FoundryMember us-gaap:ProductConcentrationRiskMember 2019-09-30 2019-12-29 0000707549 lrcx:FoundryMember us-gaap:ProductConcentrationRiskMember 2019-07-01 2019-12-29 0000707549 lrcx:FoundryMember us-gaap:ProductConcentrationRiskMember 2018-06-25 2018-12-23 0000707549 lrcx:LoginIntegratedDeviceManufacturingMember us-gaap:ProductConcentrationRiskMember 2018-09-24 2018-12-23 0000707549 lrcx:LoginIntegratedDeviceManufacturingMember us-gaap:ProductConcentrationRiskMember 2018-06-25 2018-12-23 0000707549 lrcx:LoginIntegratedDeviceManufacturingMember us-gaap:ProductConcentrationRiskMember 2019-09-30 2019-12-29 0000707549 lrcx:FoundryMember us-gaap:ProductConcentrationRiskMember 2018-09-24 2018-12-23 0000707549 lrcx:LoginIntegratedDeviceManufacturingMember us-gaap:ProductConcentrationRiskMember 2019-07-01 2019-12-29 0000707549 lrcx:MemoryMember us-gaap:ProductConcentrationRiskMember 2018-06-25 2018-12-23 0000707549 lrcx:MemoryMember us-gaap:ProductConcentrationRiskMember 2018-09-24 2018-12-23 0000707549 2022-06-28 2019-12-29 0000707549 2019-12-30 2019-12-29 0000707549 2020-07-01 2019-12-29 0000707549 country:TW 2018-06-25 2018-12-23 0000707549 srt:EuropeMember 2018-06-25 2018-12-23 0000707549 country:US 2019-09-30 2019-12-29 0000707549 country:CN 2018-09-24 2018-12-23 0000707549 country:TW 2019-09-30 2019-12-29 0000707549 country:CN 2019-09-30 2019-12-29 0000707549 lrcx:SouthEastAsiaMember 2019-09-30 2019-12-29 0000707549 country:US 2018-06-25 2018-12-23 0000707549 country:KR 2019-07-01 2019-12-29 0000707549 country:TW 2019-07-01 2019-12-29 0000707549 country:US 2019-07-01 2019-12-29 0000707549 lrcx:SouthEastAsiaMember 2018-06-25 2018-12-23 0000707549 srt:EuropeMember 2019-07-01 2019-12-29 0000707549 country:CN 2019-07-01 2019-12-29 0000707549 country:KR 2018-06-25 2018-12-23 0000707549 country:JP 2018-09-24 2018-12-23 0000707549 srt:EuropeMember 2019-09-30 2019-12-29 0000707549 country:JP 2018-06-25 2018-12-23 0000707549 lrcx:SouthEastAsiaMember 2018-09-24 2018-12-23 0000707549 country:JP 2019-09-30 2019-12-29 0000707549 lrcx:SouthEastAsiaMember 2019-07-01 2019-12-29 0000707549 country:JP 2019-07-01 2019-12-29 0000707549 country:TW 2018-09-24 2018-12-23 0000707549 srt:EuropeMember 2018-09-24 2018-12-23 0000707549 country:CN 2018-06-25 2018-12-23 0000707549 country:KR 2018-09-24 2018-12-23 0000707549 country:US 2018-09-24 2018-12-23 0000707549 country:KR 2019-09-30 2019-12-29 0000707549 2023-06-26 2019-12-29 0000707549 2020-06-29 2019-12-29 0000707549 lrcx:TaxExaminationsOrLapsesOfStatuteOfLimitationMember 2019-12-29 0000707549 lrcx:OptionsAndRestrictedStockUnitsMember 2018-09-24 2018-12-23 0000707549 lrcx:OptionsAndRestrictedStockUnitsMember 2019-09-30 2019-12-29 0000707549 lrcx:OptionsAndRestrictedStockUnitsMember 2019-07-01 2019-12-29 0000707549 lrcx:OptionsAndRestrictedStockUnitsMember 2018-06-25 2018-12-23 0000707549 currency:INR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:INR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:TWD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:TWD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:SGD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:TWD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:INR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:KRW us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:CNY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:KRW us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:TWD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:INR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:CNY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:SGD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:KRW us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:KRW us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:SGD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 currency:CNY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:SGD us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 currency:CNY us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:ShortMember 2019-12-29 0000707549 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:LongMember 2019-12-29 0000707549 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongMember 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ForwardContractsMember us-gaap:NondesignatedMember us-gaap:ShortMember 2019-12-29 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel2Member 2019-06-30 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:NondesignatedMember 2019-12-29 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:NondesignatedMember 2019-06-30 0000707549 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:NondesignatedMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0000707549 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0000707549 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000707549 us-gaap:OtherAssetsMember us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0000707549 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:NondesignatedMember 2019-06-30 0000707549 us-gaap:OtherAssetsMember us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0000707549 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel1Member 2019-06-30 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2019-06-30 0000707549 us-gaap:CashMember 2019-06-30 0000707549 us-gaap:BankTimeDepositsMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialMortgageBackedSecuritiesMember 2019-06-30 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-06-30 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember 2018-09-24 2018-12-23 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:OtherExpenseMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CostOfSalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:SalesMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:BankTimeDepositsMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialMortgageBackedSecuritiesMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel1Member 2019-12-29 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2019-12-29 0000707549 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-12-29 0000707549 us-gaap:CashMember 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherExpenseMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:SalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherExpenseMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:CostOfSalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:SalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherExpenseMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherExpenseMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:OtherExpenseMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherExpenseMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:SalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:SalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherExpenseMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2019-09-30 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:OtherExpenseMember 2019-09-30 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:CostOfSalesMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:OtherIncomeMember 2018-06-25 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:OtherIncomeMember 2018-09-24 2018-12-23 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:OtherIncomeMember 2019-07-01 2019-12-29 0000707549 us-gaap:ForeignExchangeContractMember us-gaap:OtherIncomeMember 2019-09-30 2019-12-29 0000707549 us-gaap:USTreasuryAndGovernmentMember 2019-12-29 0000707549 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-12-29 0000707549 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2019-12-29 0000707549 us-gaap:MutualFundMember 2019-12-29 0000707549 us-gaap:CorporateBondSecuritiesMember 2019-12-29 0000707549 us-gaap:ForeignGovernmentDebtSecuritiesMember 2019-12-29 0000707549 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:SubsequentEventMember 2020-01-31 0000707549 lrcx:ForeignExchangeAndInterestRateContractMember 2019-12-29 0000707549 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-12-29 0000707549 srt:MaximumMember us-gaap:CashFlowHedgingMember 2019-07-01 2019-12-29 0000707549 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2019-07-01 2019-12-29 0000707549 srt:MinimumMember us-gaap:CashFlowHedgingMember 2019-07-01 2019-12-29 0000707549 lrcx:ForeignExchangeAndInterestRateContractMember 2019-06-30 0000707549 us-gaap:CashFlowHedgingMember 2019-07-01 2019-12-29 0000707549 us-gaap:PatentsMember 2019-12-29 0000707549 us-gaap:CustomerRelationshipsMember 2019-06-30 0000707549 lrcx:ExistingTechnologyMember 2019-06-30 0000707549 lrcx:ExistingTechnologyMember 2019-12-29 0000707549 us-gaap:PatentsMember 2019-06-30 0000707549 us-gaap:CustomerRelationshipsMember 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember lrcx:PermanentEquityMember 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember lrcx:TemporaryEquityMember 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember 2019-07-01 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember 2018-06-25 2019-06-30 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember lrcx:PermanentEquityMember 2019-06-30 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember lrcx:TemporaryEquityMember 2019-06-30 0000707549 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember lrcx:OneMonthLiborMember 2019-02-25 2019-02-25 0000707549 srt:MaximumMember lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember 2012-06-01 2012-06-30 0000707549 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember lrcx:OneMonthLiborMember 2019-02-25 2019-02-25 0000707549 us-gaap:RevolvingCreditFacilityMember 2019-02-25 0000707549 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-02-25 2019-02-25 0000707549 lrcx:ThreePointEightZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2015-03-12 0000707549 lrcx:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandFortyNineMember us-gaap:SeniorNotesMember 2019-03-04 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember 2012-06-30 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember us-gaap:CallOptionMember 2019-07-01 2019-12-29 0000707549 lrcx:TwoPointSevenFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:SeniorNotesMember 2015-03-12 0000707549 us-gaap:RevolvingCreditFacilityMember 2019-12-29 0000707549 us-gaap:RevolvingCreditFacilityMember lrcx:FederalFundsRateMember 2019-02-25 2019-02-25 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2019-07-01 2019-12-29 0000707549 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-02-25 2019-02-25 0000707549 lrcx:FourPointZeroPercentSeniorNotesDueTwoThousandTwentyNineMember us-gaap:SeniorNotesMember 2019-03-04 0000707549 us-gaap:RevolvingCreditFacilityMember lrcx:OneMonthLiborMember 2019-02-25 2019-02-25 0000707549 us-gaap:CommercialPaperMember 2017-11-13 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2016-06-07 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember 2019-07-01 2019-12-29 0000707549 lrcx:ConversionofTwentyFortyOneNotesMember lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember us-gaap:SubsequentEventMember 2019-12-30 2020-03-29 0000707549 lrcx:ThreePointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-03-04 0000707549 us-gaap:SeniorNotesMember 2015-03-12 2015-03-12 0000707549 us-gaap:CommercialPaperMember 2019-12-29 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember 2019-09-30 2019-12-29 0000707549 lrcx:TwoPointSevenFivePercentSeniorNotesDueTwoThousandTwentyMember 2019-07-01 2019-12-29 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember 2019-07-01 2019-12-29 0000707549 lrcx:FourPointZeroPercentSeniorNotesDueTwoThousandTwentyNineMember 2019-07-01 2019-12-29 0000707549 lrcx:TwoPointSevenFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:ThreePointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:ThreePointEightZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:ThreePointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember 2019-07-01 2019-12-29 0000707549 lrcx:FourPointZeroPercentSeniorNotesDueTwoThousandTwentyNineMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:ThreePointEightZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember 2019-07-01 2019-12-29 0000707549 lrcx:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandFortyNineMember us-gaap:FairValueInputsLevel2Member 2019-12-29 0000707549 lrcx:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandFortyNineMember 2019-07-01 2019-12-29 0000707549 lrcx:ThreePointEightZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:TwoPointSevenFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandFortyNineMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:FourPointZeroPercentSeniorNotesDueTwoThousandTwentyNineMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 lrcx:FourPointZeroPercentSeniorNotesDueTwoThousandTwentyNineMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:ThreePointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember 2019-12-29 0000707549 lrcx:TwoPointSevenFivePercentSeniorNotesDueTwoThousandTwentyMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 lrcx:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandFortyNineMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 lrcx:ThreePointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:ThreePointEightZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 lrcx:TwoPointSixTwoFivePercentConvertibleSeniorNotesDueTwoThousandFortyOneMember us-gaap:ConvertibleDebtMember 2019-06-30 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2019-12-29 0000707549 lrcx:TwoPointEightPercentSeniorNotesDueTwentyTwentyOneMember us-gaap:SeniorNotesMember 2019-06-30 0000707549 us-gaap:CommercialPaperMember 2019-06-30 0000707549 lrcx:FremontAndLivermoreLeaseMember 2019-12-29 0000707549 lrcx:OperatingLeaseCashCollateralMember 2019-12-29 0000707549 lrcx:FremontAndLivermoreLeaseMember 2019-07-01 2019-12-29 0000707549 us-gaap:StandbyLettersOfCreditMember 2019-12-29 0000707549 lrcx:StockRepurchaseProgramMember 2019-09-30 2019-12-29 0000707549 lrcx:StockRepurchaseProgramMember 2019-07-01 2019-09-29 0000707549 lrcx:StockRepurchaseProgramMember 2019-09-29 0000707549 lrcx:StockRepurchaseProgramMember 2019-12-29 0000707549 lrcx:StockRepurchaseProgramMember 2019-06-30 0000707549 lrcx:June2019AcceleratedShareRepurchaseAgreementMember 2019-06-04 0000707549 lrcx:November2019AcceleratedShareRepurchaseAgreementMember 2019-11-22 2019-11-22 0000707549 lrcx:StockRepurchaseProgramMember 2018-11-01 2019-12-29 0000707549 lrcx:StockRepurchaseProgramOpenMarketTradingMember 2019-07-01 2019-12-29 0000707549 lrcx:June2019AcceleratedShareRepurchaseAgreementMember 2019-11-01 2019-11-30 0000707549 lrcx:November2019AcceleratedShareRepurchaseAgreementMember 2019-11-22 0000707549 lrcx:StockRepurchaseProgramMember 2018-11-01 2018-11-30 0000707549 lrcx:June2019AcceleratedShareRepurchaseAgreementMember 2019-06-04 2019-06-04 0000707549 lrcx:StockRepurchaseProgramAcceleratedShareRepurchaseAgreementsMember 2019-07-01 2019-12-29 0000707549 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-07-01 2019-12-29 0000707549 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-06-30 0000707549 us-gaap:AccumulatedTranslationAdjustmentMember 2019-07-01 2019-12-29 0000707549 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-07-01 2019-12-29 0000707549 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-29 0000707549 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-29 0000707549 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-07-01 2019-12-29 0000707549 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-29 0000707549 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0000707549 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0000707549 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-07-01 2019-12-29 0000707549 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 0000707549 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-12-29 iso4217:USD xbrli:pure lrcx:region xbrli:shares lrcx:segment lrcx:market iso4217:USD xbrli:shares lrcx:financial_institution utreg:D lrcx:agreement
Table of Contents


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 29, 2019
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 0-12933 
___________________________________________________________
LAM RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
___________________________________________________________
Delaware
 
94-2634797
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
4650 Cushing Parkway,
Fremont,
California
 
94538
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (510) 572-0200
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share
LRCX
The Nasdaq Stock Market
 
 
(Nasdaq Global Select Market)
__________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of January 31, 2020, the Registrant had 145,548,470 shares of Common Stock outstanding.
 


Table of Contents



LAM RESEARCH CORPORATION
TABLE OF CONTENTS
 
 
 
Page No.
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents


PART I. FINANCIAL INFORMATION

ITEM 1.
Financial Statements

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
December 29,
2019
 
December 23,
2018
 
December 29,
2019
 
December 23,
2018
Revenue
$
2,583,501

 
$
2,522,673

 
$
4,749,247

 
$
4,853,364

Cost of goods sold
1,403,857

 
1,377,640

 
2,587,893

 
2,650,133

Gross margin
1,179,644

 
1,145,033

 
2,161,354

 
2,203,231

Research and development
318,861

 
285,556

 
605,688

 
577,228

Selling, general, and administrative
174,272

 
169,098

 
331,700

 
343,873

Total operating expenses
493,133

 
454,654

 
937,388

 
921,101

Operating income
686,511

 
690,379

 
1,223,966

 
1,282,130

Other expense, net
(13,924
)
 
(30,649
)
 
(26,652
)
 
(31,026
)
Income before income taxes
672,587

 
659,730

 
1,197,314

 
1,251,104

Income tax expense
(158,077
)
 
(90,875
)
 
(217,015
)
 
(148,889
)
Net income
$
514,510

 
$
568,855

 
$
980,299

 
$
1,102,215

Net income per share:
 
 
 
 
 
 
 
Basic
$
3.57

 
$
3.67

 
$
6.79

 
$
7.10

Diluted
$
3.43

 
$
3.51

 
$
6.52

 
$
6.73

Number of shares used in per share calculations:
 
 
 
 
 
 
 
Basic
143,987

 
155,022

 
144,330

 
155,340

Diluted
150,097

 
162,170

 
150,389

 
163,749













See Notes to Condensed Consolidated Financial Statements


3



Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
 
Three Months Ended
 
Six Months Ended
 
December 29,
2019
 
December 23,
2018
 
December 29,
2019
 
December 23,
2018
Net income
$
514,510

 
$
568,855

 
$
980,299

 
$
1,102,215

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment
7,511

 
(7,268
)
 
(1,187
)
 
(13,529
)
Cash flow hedges:
 
 
 
 
 
 
 
Net unrealized gains during the period
4,079

 
5,122

 
3,388

 
11,988

Net losses (gains) reclassified into earnings
1,384

 
(5,726
)
 
2,734

 
(4,578
)
 
5,463

 
(604
)
 
6,122

 
7,410

Available-for-sale investments:
 
 
 
 
 
 
 
Net unrealized (losses) gains during the period
(1,713
)
 
585

 
(2,713
)
 
298

Net losses (gains) reclassified into earnings
593

 
(51
)
 
983

 
(54
)
 
(1,120
)
 
534

 
(1,730
)
 
244

Defined benefit plans, net change in unrealized component
459

 
375

 
578

 
(1,368
)
Other comprehensive income (loss), net of tax
12,313

 
(6,963
)
 
3,783

 
(7,243
)
Comprehensive income
$
526,823

 
$
561,892

 
$
984,082

 
$
1,094,972


See Notes to Condensed Consolidated Financial Statements
4

Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
 
December 29,
2019
 
June 30,
2019
 
(unaudited)
 
(1)
ASSETS
 
 
 
Cash and cash equivalents
$
3,035,887

 
$
3,658,219

Investments
1,647,867

 
1,772,984

Accounts receivable, less allowance for doubtful accounts of $5,357 as of December 29, 2019, and $5,021 as of June 30, 2019
2,030,490

 
1,455,522

Inventories
1,528,620

 
1,540,140

Prepaid expenses and other current assets
212,101

 
133,544

Total current assets
8,454,965

 
8,560,409

Property and equipment, net
1,047,254

 
1,059,077

Restricted cash and investments
253,907

 
255,177

Goodwill
1,484,824

 
1,484,597

Intangible assets, net
193,116

 
216,950

Other assets
480,056

 
425,123

Total assets
$
11,914,122

 
$
12,001,333

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Trade accounts payable
$
452,779

 
$
376,561

Accrued expenses and other current liabilities
1,114,013

 
946,641

Deferred profit
366,417

 
381,317

Current portion of long-term debt and finance lease obligations
632,292

 
667,131

Total current liabilities
2,565,501

 
2,371,650

Long-term debt and finance lease obligations, less current portion
3,786,067

 
3,822,768

Income taxes payable
872,778

 
892,790

Other long-term liabilities
272,043

 
190,821

Total liabilities
7,496,389

 
7,278,029

Commitments and contingencies

 

Temporary equity, convertible notes
38,304

 
49,439

Stockholders’ equity:
 
 
 
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding

 

Common stock, at par value of $0.001 per share; authorized, 400,000 shares; issued and outstanding, 142,462 shares at December 29, 2019, and 144,433 shares at June 30, 2019
142

 
144

Additional paid-in capital
6,528,821

 
6,409,405

Treasury stock, at cost; 143,917 shares at December 29, 2019, and 140,573 shares at June 30, 2019
(12,673,292
)
 
(11,602,573
)
Accumulated other comprehensive loss
(60,247
)
 
(64,030
)
Retained earnings
10,584,005

 
9,930,919

Total stockholders’ equity
4,379,429

 
4,673,865

Total liabilities and stockholders’ equity
$
11,914,122

 
$
12,001,333

(1) Derived from audited financial statements


See Notes to Condensed Consolidated Financial Statements
5

Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
 
Six Months Ended
 
December 29,
2019
 
December 23,
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
980,299

 
$
1,102,215

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
130,194

 
161,599

Deferred income taxes
74,516

 
(62,704
)
Equity-based compensation expense
88,630

 
89,149

Amortization of note discounts and issuance costs
3,250

 
2,276

Other, net
3,699

 
848

Changes in operating assets and liabilities
(508,613
)
 
69,322

Net cash provided by operating activities
771,975

 
1,362,705

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Capital expenditures and intangible assets
(101,310
)
 
(162,021
)
Purchases of available-for-sale securities
(1,619,695
)
 
(785,188
)
Maturities of available-for-sales securities
952,327

 
364,720

Sales of available-for-sale securities
795,559

 
581,108

Other, net
(10,528
)
 
(4,019
)
Net cash provided by (used for) investing activities
16,353

 
(5,400
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Principal payments on debt
(46,952
)
 
(86,271
)
Net repayments of commercial paper

 
(359,604
)
Treasury stock purchases
(1,083,199
)
 
(1,737,414
)
Dividends paid
(325,589
)
 
(342,279
)
Reissuance of treasury stock related to employee stock purchase plan
38,447

 
32,920

Proceeds from issuance of common stock
4,501

 
109

Other, net

 
(13,207
)
Net cash used for financing activities
(1,412,792
)
 
(2,505,746
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
862

 
(5,032
)
Net decrease in cash, cash equivalents, and restricted cash
(623,602
)
 
(1,153,473
)
Cash, cash equivalents, and restricted cash at beginning of period
3,913,396

 
4,768,558

Cash, cash equivalents, and restricted cash at end of period
$
3,289,794

 
$
3,615,085

Schedule of non-cash transactions:
 
 
 
Accrued payables for stock repurchases
289

 
4

Accrued payables for capital expenditures
27,966

 
36,582

Dividends payable
163,510

 
171,196

Transfers of inventory to property and equipment, net
27,472

 
33,723

 
 
 
 
Reconciliation of cash, cash equivalents, and restricted cash
December 29,
2019
 
December 23,
2018
Cash and cash equivalents
$
3,035,887

 
$
3,359,793

Restricted cash and investments
253,907

 
255,292

Total cash, cash equivalents, and restricted cash
$
3,289,794

 
$
3,615,085


See Notes to Condensed Consolidated Financial Statements
6

Table of Contents


LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
 
Three Months Ended
 
December 29, 2019
 
Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at September 29, 2019
144,871

 
$
145

 
$
6,456,492

 
$
(11,680,689
)
 
$
(72,560
)
 
$
10,233,005

 
$
4,936,393

Sale of common stock
72

 

 
632

 

 

 

 
632

Purchase of treasury stock
(3,242
)
 
(3
)
 

 
(1,005,340
)
 

 

 
(1,005,343
)
Reissuance of treasury stock
296

 

 
25,710

 
12,737

 

 

 
38,447

Equity-based compensation expense

 

 
45,725

 

 

 

 
45,725

Effect of conversion of convertible notes
465

 

 
(3,987
)
 

 

 

 
(3,987
)
Reclassification from temporary to permanent equity

 

 
4,249

 

 

 

 
4,249

Net income

 

 

 

 

 
514,510

 
514,510

Other comprehensive income

 

 

 

 
12,313

 

 
12,313

Cash dividends declared ($1.15 per common share)

 

 

 

 

 
(163,510
)
 
(163,510
)
Balance at December 29, 2019
142,462

 
$
142

 
$
6,528,821

 
$
(12,673,292
)
 
$
(60,247
)
 
$
10,584,005

 
$
4,379,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
December 29, 2019

Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at June 30, 2019
144,433

 
$
144

 
$
6,409,405

 
$
(11,602,573
)
 
$
(64,030
)
 
$
9,930,919

 
$
4,673,865

Sale of common stock
183

 

 
4,501

 

 

 

 
4,501

Purchase of treasury stock
(3,639
)
 
(3
)
 

 
(1,083,456
)
 

 

 
(1,083,459
)
Reissuance of treasury stock
296

 

 
25,710

 
12,737

 

 

 
38,447

Equity-based compensation expense

 

 
88,630

 

 

 

 
88,630

Effect of conversion of convertible notes
1,189

 
1

 
(10,560
)
 

 

 

 
(10,559
)
Reclassification from temporary to permanent equity

 

 
11,135

 

 

 

 
11,135

Adoption of ASU 2016-02

 

 

 

 

 
3,018

 
3,018

Net income

 

 

 

 

 
980,299

 
980,299

Other comprehensive income

 

 

 

 
3,783

 

 
3,783

Cash dividends declared ($2.30 per common share)

 

 

 

 

 
(330,231
)
 
(330,231
)
Balance at December 29, 2019
142,462

 
$
142

 
$
6,528,821

 
$
(12,673,292
)
 
$
(60,247
)
 
$
10,584,005

 
$
4,379,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See Notes to Condensed Consolidated Financial Statements
7

Table of Contents


 
 
 
Three Months Ended
 
December 23, 2018
 
Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at September 23, 2018
153,384

 
$
153

 
$
6,195,024

 
$
(9,582,409
)
 
$
(57,729
)
 
$
8,767,786

 
$
5,322,825

Sale of common stock
47

 

 
109

 

 

 

 
109

Purchase of treasury stock
(1,683
)
 
(1
)
 

 
(1,360
)
 

 

 
(1,361
)
Reissuance of treasury stock
273

 

 
22,637

 
10,283

 

 

 
32,920

Equity-based compensation expense

 

 
38,806

 

 

 

 
38,806

Effect of conversion of convertible notes
141

 

 
(1,435
)
 

 

 

 
(1,435
)
Exercise of warrants
1,799

 
2

 
(2
)
 

 

 

 

Reclassification from temporary to permanent equity

 

 
1,803

 

 

 

 
1,803

Net income

 

 

 

 

 
568,855

 
568,855

Other comprehensive loss

 

 

 

 
(6,963
)
 

 
(6,963
)
Cash dividends declared ($1.10 per common share)

 

 

 

 

 
(171,196
)
 
(171,196
)
Balance at December 23, 2018
153,961

 
$
154

 
$
6,256,942

 
$
(9,573,486
)
 
$
(64,692
)
 
$
9,165,445

 
$
5,784,363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
December 23, 2018

Common
Stock
Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
 
Total
Balance at June 24, 2018
156,892

 
$
157

 
$
6,144,425

 
$
(7,846,476
)
 
$
(57,449
)
 
$
8,261,194

 
$
6,501,851

Sale of common stock
79

 

 
109

 

 

 

 
109

Purchase of treasury stock
(9,491
)
 
(9
)
 

 
(1,737,293
)
 

 

 
(1,737,302
)
Reissuance of treasury stock
273

 

 
22,637

 
10,283

 

 

 
32,920

Equity-based compensation expense

 

 
89,149

 

 

 

 
89,149

Effect of conversion of convertible notes
2,103

 
2

 
(20,549
)
 

 

 

 
(20,547
)
Exercise of warrants
4,105

 
4

 
(12
)
 

 

 

 
(8
)
Reclassification from temporary to permanent equity

 

 
21,183

 

 

 

 
21,183

Adoption of ASU 2014-09

 

 

 

 

 
139,355

 
139,355

Adoption of ASU 2016-16

 

 

 

 

 
(443
)
 
(443
)
Adoption of ASU 2018-02

 

 

 

 
(2,227
)
 
2,227

 

Net income

 

 

 

 

 
1,102,215

 
1,102,215

Other comprehensive loss

 

 

 

 
(5,016
)
 

 
(5,016
)
Cash dividends declared ($2.20 per common share)

 

 

 

 

 
(339,103
)
 
(339,103
)
Balance at December 23, 2018
153,961

 
$
154

 
$
6,256,942

 
$
(9,573,486
)
 
$
(64,692
)
 
$
9,165,445

 
$
5,784,363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


See Notes to Condensed Consolidated Financial Statements
8

Table of Contents


LAM RESEARCH CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 29, 2019
(Unaudited)
NOTE 1 — BASIS OF PRESENTATION
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of Lam Research Corporation (“Lam Research” or the “Company”) for the fiscal year ended June 30, 2019, which are included in the Company’s Annual Report on Form 10-K as of and for the year ended June 30, 2019 (the “2019 Form 10-K”). The Company’s reports on Form 10-K, Form 10-Q and Form 8-K are available online at the Securities and Exchange Commission website on the Internet. The address of that site is www.sec.gov. The Company also posts its reports on Form 10-K, Form 10-Q and Form 8-K on its corporate website at http://investor.lamresearch.com. The content on any website referred to in this Form 10-Q is not a part of or incorporated by reference in this Form 10-Q unless expressly noted.
The condensed consolidated financial statements include the accounts of Lam Research and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 28, 2020 and includes 52 weeks. The quarters ended December 29, 2019 (the “December 2019 quarter”) and December 23, 2018 (the “December 2018 quarter”) included 13 weeks.
Reclassifications: Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation.
NOTE 2 — RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted
In February 2016, the FASB issued ASU 2016-02, “Leases.” The amendment establishes the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. In January 2018 and July 2018 the FASB issued ASU 2018-01 and ASU 2018-11 amending the effects of ASU 2016-02, which in combination with ASU 2016-02 were codified as Accounting Standard Codification topic 842 (“ASC 842”). The Company adopted ASC 842 on the first day of the current fiscal year, July 1, 2019, under the modified-retrospective approach, applying the amendments to prospective reporting periods. Results for reporting periods beginning on or after July 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 840. 
The Company elected the package of practical expedients that allowed the Company not to reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct lease costs for existing leases. The Company did not elect to use hindsight in connection with the adoption of ASC 842. 
The Company adopted ASC 842 by recording operating right-of-use assets of $110.8 million, net of deferred rent liabilities of $3.0 million that were reclassified to operating right-of-use assets, and operating lease liabilities of $113.8 million.  The Company also recognized an adjustment of $3.0 million to retained earnings, net of tax; a reduction of $40.4 million to property and equipment, net; and a reduction of $43.8 million to finance leases ($42.3 million of which was previously recognized in long-term debt and finance lease obligations, less current portion and the remaining was previously recognized in current portion of long-term debt and finance lease obligations) related to its de-recognition of its previously recorded build-to-suit arrangements. The adoption of the standard did not materially impact the Company’s Condensed Consolidated Statement of Operations and had no impact on cash flows.  
Updates Not Yet Effective
In June 2016, the FASB released ASU 2016-13, “Financial Instruments Credit Losses.” The amendment revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including but not limited to, available for sale debt securities and accounts receivable. The FASB issued a subsequent amendment to the initial guidance in November 2019 within ASU 2019-11. The Company is required to adopt these amendments starting in the first quarter of fiscal year 2021 using a

9



Table of Contents


modified-retrospective approach. Early adoption is permitted. The Company is still evaluating the impact of this standard, but does not expect the adoption to have a material impact on its Condensed Consolidated Financial Statements.
In November 2018, the FASB issued ASU 2018-18, "Collaborative Arrangements (Topic 808).” The amendment clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under Topic 606 when the counterparty is a customer for a good or service that is a distinct unit of account. The amendment also precludes entities from presenting consideration from transactions with a collaborator that is not a customer together with revenue recognized from contracts with customers. The Company is required to adopt this standard starting in the first quarter of fiscal year 2021. The standard should be applied retrospectively to the period when the Company initially adopted ASC 606. The Company is currently evaluating the impact of adoptions on its Condensed Consolidated Financial Statements.
In April 2019, the FASB issued ASU 2019-04,”Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”, that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective starting in the first quarter of fiscal year 2021. The amendments of ASU 2017-12 were effective in the first quarter of fiscal year 2020, and did not have a material impact on the Company’s Condensed Consolidated Financial Statements. The Company continues to evaluate the impact of ASU 2016-13 and will consider the amendments of ASU 2019-04 as part of that process.
NOTE 3 — REVENUE
Deferred Revenue
Revenue of $125.9 million and $323.9 million included in deferred revenue at June 30, 2019 was recognized during the three and six months ended December 29, 2019.
The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of December 29, 2019 and when the Company expects to recognize the amounts as revenue:
 
Less than 1 Year
 
1-3 Years
 
More than 3 Years
 
Total
 
(In thousands)
Deferred revenue
$
372,927

 
$
37,834

(1) 
$

 
$
410,761


(1) This amount is reported in Deferred profit on the Company's Condensed Consolidated Balance Sheets as the customers can demand the liability to be performed at any time.
Disaggregation of Revenue
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, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located. The Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing.

10



Table of Contents



The following table presents the Company’s revenues disaggregated by geographic region:
 
Three Months Ended
 
Six Months Ended
December 29,
2019
 
December 23,
2018
 
December 29,
2019
 
December 23,
2018
 
(In thousands)
China
$
758,286

 
$
361,782

 
$
1,349,954

 
$
955,613

Taiwan
680,871

 
425,533

 
1,072,363

 
705,583

Korea
463,178

 
631,502

 
914,661

 
1,011,272

United States
223,725

 
135,696

 
407,384

 
255,801

Japan
208,240

 
691,817

 
481,913

 
1,361,857

Southeast Asia
184,168

 
165,204

 
397,923

 
363,340

Europe
65,033

 
111,139

 
125,049

 
199,898


$