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ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
|
94-2896096
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Title of each class
Common stock, $0.001 par value
|
|
Name of each exchange on which registered
The NASDAQ Global Select Market
|
Large Accelerated Filer
ý
|
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Accelerated Filer
o
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Non-accelerated Filer
o
(Do not check if a smaller reporting company)
|
|
Smaller Reporting Company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
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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 revisited financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
(1)
|
Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the Proxy Statement for Maxim Integrated Products, Inc.'s 2018 Annual Meeting of Stockholders, to be filed subsequently.
|
|
Forward-Looking Statements
|
|
|
|
Part I
|
|
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Business
|
|
||
Risk Factors
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|
||
Unresolved Staff Comments
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|
||
Properties
|
|
||
Legal Proceedings
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|
||
Mine Safety Disclosures
|
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||
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Part II
|
|
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Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
||
Selected Financial Data
|
|
||
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
||
Quantitative and Qualitative Disclosures about Market Risk
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||
Financial Statements and Supplementary Data
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|
||
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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||
Controls and Procedures
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Other Information
|
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||
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Part III
|
|
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Directors, Executive Officers, and Corporate Governance
|
|
||
Executive Compensation
|
|
||
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
||
Certain Relationships and Related Transactions, and Director Independence
|
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Principal Accountant Fees and Services
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||
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Part IV
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|
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Exhibits and Financial Statement Schedules
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||
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Form 10-K Summary
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•
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digital devices, such as memories and microprocessors that operate primarily in the digital domain;
|
•
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linear devices, such as amplifiers, references, analog multiplexers and switches that operate primarily in the analog domain; and
|
•
|
mixed-signal devices such as data converter devices that combine linear and digital functions on the same integrated circuit and interface between the analog and digital domains.
|
MAJOR END-MARKET
|
MARKET
|
|
|
AUTOMOTIVE
|
Infotainment
|
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Powertrain
|
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Body Electronics
|
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Safety & Security
|
|
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COMMUNICATIONS & DATA CENTER
|
Base Stations
|
|
Data Center
|
|
Data Storage
|
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Network & Datacom
|
|
Servers
|
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Telecom
|
|
Other Communications
|
|
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COMPUTING
|
Desktop Computers
|
|
Notebook Computers
|
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Peripherals & Other Computer
|
|
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CONSUMER
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Smartphones
|
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Digital Cameras
|
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Handheld Computers
|
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Home Entertainment & Appliances
|
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Mobility & Fitness Wearables
|
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Other Consumer
|
|
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INDUSTRIAL
|
Automatic Test Equipment
|
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Control & Automation
|
|
Electrical Instrumentation
|
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Financial Terminals
|
|
Medical
|
|
Security
|
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USB Extension
|
|
Other Industrial
|
•
|
new product definition and development of differentiated products;
|
•
|
design of products with performance differentiation that achieve high manufacturing yield and reliability;
|
•
|
development of, and access to, manufacturing processes and advanced packaging;
|
•
|
development of hardware, software, and algorithms to support the acceptance and design-in of our products in the end customer's system; and
|
•
|
development of high-integration products across multiple end markets.
|
•
|
technical innovation;
|
•
|
service and support;
|
•
|
time to market;
|
•
|
business, operational, marketing and financial strategy;
|
•
|
differentiated product performance and features;
|
•
|
quality and reliability;
|
•
|
product pricing and delivery capabilities;
|
•
|
customized design and applications;
|
•
|
business relationship with customers;
|
•
|
experience, skill and productivity of employees and management; and
|
•
|
manufacturing competence and inventory management.
|
•
|
the jurisdictions in which profits are determined to be earned and taxed;
|
•
|
changes in our global structure that involve changes to investment in technology outside of the United States;
|
•
|
the resolution of issues arising from tax audits with various tax authorities and, in particular, the outcome of the Internal Revenue Service audit of our tax returns for fiscal years 2009-2011 and fiscal years 2012-2014;
|
•
|
changes in the valuation of our deferred tax assets and liabilities;
|
•
|
adjustments to estimated taxes upon finalization of various tax returns;
|
•
|
increases in expenses not deductible for tax purposes, including impairments of goodwill in connection with acquisitions;
|
•
|
changes in available tax credits;
|
•
|
changes in share-based compensation;
|
•
|
changes in tax laws or the interpretation of such tax laws, including laws or rules enacted by countries in response to the Base Erosion and Profit Shifting (“BEPS”) project conducted by the Organization for Economic Co-operation and Development (“OECD”); and
|
•
|
changes in generally accepted accounting principles.
|
•
|
Fluctuations in demand for our products and services;
|
•
|
Loss of a significant customer or significant customers electing to purchase from another supplier;
|
•
|
Reduced visibility into our customers' spending plans and associated revenue;
|
•
|
The level of price and competition in our product markets;
|
•
|
Our pricing practices, including our use of available information to maximize pricing potential;
|
•
|
The impact of the uncertain economic and credit environment on our customers, channel partners, and suppliers, including their ability to obtain financing or to fund capital expenditures;
|
•
|
The overall movement toward industry consolidations among our customers and competitors;
|
•
|
Below industry-average growth of the non-consumer segments of our business;
|
•
|
Announcements and introductions of new products by our competitors;
|
•
|
Our ability to generate sufficient earnings and cash flow to pay dividends to our stockholders;
|
•
|
Deferrals of customer orders in anticipation of new products or product enhancements (introduced by us or our competitors);
|
•
|
Our ability to meet increases in customer orders in a timely manner;
|
•
|
Striking an appropriate balance between short-term execution and long-term innovation;
|
•
|
Our ability to develop, introduce, and market new products and enhancements and market acceptance of such new products and enhancements; and
|
•
|
Our levels of operating expenses.
|
Principal Properties
|
Use(s)
|
Approximate
Floor Space
(sq. ft.)
|
|
|
|
|
|
Cavite, the Philippines
|
Manufacturing, engineering, administration, office space, customer service, shipping and other
|
489,000
|
|
|
|
|
|
San Jose, California
|
Corporate headquarters, office space, engineering, administration, customer services, shipping and other
|
435,000
|
|
|
|
|
|
Beaverton, Oregon
|
Wafer fabrication, engineering, office space and administration
|
312,000
|
|
|
|
|
|
Chonburi Province, Thailand
|
Manufacturing, engineering, administration, office space, customer service, shipping and other
|
144,000
|
|
|
|
|
|
Dallas, Texas†
|
Corporate functions, engineering and lab
|
82,000
|
|
|
|
|
|
Chandler, Arizona
|
Office space, engineering and test
|
65,000
|
|
|
|
|
|
Bangalore, India†
|
Office space, engineering, administration and other
|
49,000
|
|
|
|
|
|
Colorado Springs, Colorado†
|
Office space, engineering, and administration
|
24,000
|
|
|
|
|
|
Dublin, Ireland†
|
Office space, administration and customer services
|
20,000
|
|
|
High
|
|
Low
|
Fiscal Year ended June 30, 2018
|
|
|
|
First Quarter
|
$47.84
|
|
$43.71
|
Second Quarter
|
$55.33
|
|
$46.70
|
Third Quarter
|
$66.27
|
|
$52.97
|
Fourth Quarter
|
$61.56
|
|
$53.78
|
|
|
|
|
|
High
|
|
Low
|
Fiscal Year ended June 24, 2017
|
|
|
|
First Quarter
|
$40.28
|
|
$32.82
|
Second Quarter
|
$39.47
|
|
$36.74
|
Third Quarter
|
$45.68
|
|
$37.89
|
Fourth Quarter
|
$49.41
|
|
$43.39
|
|
Fiscal Years
|
||
|
2018
|
|
2017
|
|
|
|
|
First Quarter
|
$0.36
|
|
$0.33
|
Second Quarter
|
$0.36
|
|
$0.33
|
Third Quarter
|
$0.42
|
|
$0.33
|
Fourth Quarter
|
$0.42
|
|
$0.33
|
|
Issuer Purchases of Equity Securities
|
||||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Amount That May Yet Be Purchased Under the Plans or Programs
|
||||||
Apr. 1, 2018 - Apr. 28, 2018
|
696
|
|
|
$
|
57.47
|
|
|
696
|
|
|
$
|
706,374
|
|
Apr. 29, 2018 - May 26, 2018
|
706
|
|
|
$
|
56.69
|
|
|
706
|
|
|
$
|
666,368
|
|
May 27, 2018 - Jun. 30, 2018
|
799
|
|
|
$
|
60.07
|
|
|
799
|
|
|
$
|
618,359
|
|
Total
|
2,201
|
|
|
$
|
58.17
|
|
|
2,201
|
|
|
$
|
618,359
|
|
|
Base Year
|
|
Fiscal Year Ended
|
||||||||||||||||||||
|
June 29,
2013 |
|
June 28,
2014 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 24,
2017 |
|
June 30,
2018 |
||||||||||||
Maxim Integrated Products, Inc.
|
$
|
100.00
|
|
|
$
|
126.36
|
|
|
$
|
134.07
|
|
|
$
|
140.12
|
|
|
$
|
189.04
|
|
|
$
|
248.56
|
|
NASDAQ Composite-Total Return
|
$
|
100.00
|
|
|
$
|
130.85
|
|
|
$
|
152.90
|
|
|
$
|
143.45
|
|
|
$
|
193.14
|
|
|
$
|
234.02
|
|
Philadelphia Semiconductor-Total Return
|
$
|
100.00
|
|
|
$
|
136.81
|
|
|
$
|
155.35
|
|
|
$
|
153.31
|
|
|
$
|
251.41
|
|
|
$
|
309.10
|
|
|
Fiscal Year Ended
|
||||||||||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
|
June 27,
2015 |
|
June 28,
2014 |
||||||||||
|
(in thousands, except percentages and per share data)
|
||||||||||||||||||
Consolidated Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net revenues
|
$
|
2,480,066
|
|
|
$
|
2,295,615
|
|
|
$
|
2,194,719
|
|
|
$
|
2,306,864
|
|
|
$
|
2,453,663
|
|
Cost of goods sold
|
853,945
|
|
|
849,135
|
|
|
950,331
|
|
|
1,034,997
|
|
|
1,068,898
|
|
|||||
Gross margin
|
$
|
1,626,121
|
|
|
$
|
1,446,480
|
|
|
$
|
1,244,388
|
|
|
$
|
1,271,867
|
|
|
$
|
1,384,765
|
|
Gross margin %
|
65.6
|
%
|
|
63.0
|
%
|
|
56.7
|
%
|
|
55.1
|
%
|
|
56.4
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
$
|
833,448
|
|
|
$
|
694,777
|
|
|
$
|
313,849
|
|
|
$
|
237,280
|
|
|
$
|
422,291
|
|
% of net revenues
|
33.6
|
%
|
|
30.3
|
%
|
|
14.3
|
%
|
|
10.3
|
%
|
|
17.2
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
|
$
|
206,038
|
|
|
$
|
354,810
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic net income per share
|
$
|
1.66
|
|
|
$
|
2.02
|
|
|
$
|
0.80
|
|
|
$
|
0.73
|
|
|
$
|
1.25
|
|
Diluted net income per share
|
$
|
1.64
|
|
|
$
|
1.98
|
|
|
$
|
0.79
|
|
|
$
|
0.71
|
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used in the calculation of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
280,979
|
|
|
283,147
|
|
|
285,081
|
|
|
283,675
|
|
|
283,344
|
|
|||||
Diluted
|
285,674
|
|
|
287,974
|
|
|
289,479
|
|
|
288,949
|
|
|
289,108
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends declared and paid per share
|
$
|
1.56
|
|
|
$
|
1.32
|
|
|
$
|
1.20
|
|
|
$
|
1.12
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of
|
||||||||||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
|
June 27,
2015 |
|
June 28,
2014 |
||||||||||
|
(in thousands)
|
||||||||||||||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash, cash equivalents and short-term investments
|
$
|
2,626,399
|
|
|
$
|
2,744,839
|
|
|
$
|
2,230,668
|
|
|
$
|
1,626,119
|
|
|
$
|
1,372,425
|
|
Working capital
|
$
|
2,413,014
|
|
|
$
|
3,026,597
|
|
|
$
|
2,197,645
|
|
|
$
|
1,936,226
|
|
|
$
|
1,687,292
|
|
Total assets
|
$
|
4,451,561
|
|
|
$
|
4,570,233
|
|
|
$
|
4,234,616
|
|
|
$
|
4,216,071
|
|
|
$
|
4,391,558
|
|
Long-term debt, excluding current portion
|
$
|
991,147
|
|
|
$
|
1,487,678
|
|
|
$
|
990,090
|
|
|
$
|
987,687
|
|
|
$
|
986,966
|
|
Total stockholders' equity
|
$
|
1,930,940
|
|
|
$
|
2,202,694
|
|
|
$
|
2,107,814
|
|
|
$
|
2,290,020
|
|
|
$
|
2,429,911
|
|
|
For the Year Ended
|
|||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
|||
|
|
|
|
|
|
|
|
|
Net revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
34.4
|
%
|
|
37.0
|
%
|
|
43.3
|
%
|
Gross margin
|
65.6
|
%
|
|
63.0
|
%
|
|
56.7
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
18.2
|
%
|
|
19.8
|
%
|
|
21.3
|
%
|
Selling, general and administrative
|
13.0
|
%
|
|
12.7
|
%
|
|
13.2
|
%
|
Intangible asset amortization
|
0.2
|
%
|
|
0.4
|
%
|
|
0.6
|
%
|
Impairment of long-lived assets
|
—
|
%
|
|
0.3
|
%
|
|
7.3
|
%
|
Impairment of goodwill and intangible assets
|
—
|
%
|
|
—
|
%
|
|
1.3
|
%
|
Severance and restructuring expenses
|
0.6
|
%
|
|
0.5
|
%
|
|
1.1
|
%
|
Other operating expenses (income), net
|
(0.1
|
)%
|
|
(1.0
|
)%
|
|
(2.4
|
)%
|
Total operating expenses
|
32.0
|
%
|
|
32.7
|
%
|
|
42.4
|
%
|
Operating income
|
33.6
|
%
|
|
30.3
|
%
|
|
14.3
|
%
|
Interest and other income (expense), net
|
(0.3
|
)%
|
|
(0.7
|
)%
|
|
(1.3
|
)%
|
Income before provision for income taxes
|
33.3
|
%
|
|
29.6
|
%
|
|
13.0
|
%
|
Provision for income taxes
|
14.4
|
%
|
|
4.7
|
%
|
|
2.6
|
%
|
Net income
|
18.8
|
%
|
|
24.9
|
%
|
|
10.4
|
%
|
|
For the Year Ended
|
|||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
|||
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
0.4
|
%
|
|
0.4
|
%
|
|
0.4
|
%
|
Research and development
|
1.5
|
%
|
|
1.6
|
%
|
|
1.7
|
%
|
Selling, general and administrative
|
1.3
|
%
|
|
1.1
|
%
|
|
1.1
|
%
|
|
3.2
|
%
|
|
3.1
|
%
|
|
3.2
|
%
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Domestic pre-tax income (loss)
|
$
|
149,056
|
|
|
$
|
154,628
|
|
|
$
|
(48,985
|
)
|
Foreign pre-tax income (loss)
|
675,829
|
|
|
524,961
|
|
|
334,039
|
|
|||
Total
|
$
|
824,885
|
|
|
$
|
679,589
|
|
|
$
|
285,054
|
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
819,464
|
|
|
$
|
773,657
|
|
|
$
|
721,885
|
|
Net cash provided by (used in) investing activities
|
(710,066
|
)
|
|
(325,396
|
)
|
|
62,722
|
|
|||
Net cash provided by (used in) financing activities
|
(812,035
|
)
|
|
(307,369
|
)
|
|
(230,343
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
(702,637
|
)
|
|
$
|
140,892
|
|
|
$
|
554,264
|
|
|
Payment due by period
|
||||||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Contractual Obligations:
|
(in thousands)
|
||||||||||||||||||
Operating lease obligations (1)
|
$
|
55,780
|
|
|
$
|
10,090
|
|
|
$
|
14,378
|
|
|
$
|
12,101
|
|
|
$
|
19,211
|
|
Outstanding debt obligations (2)
|
1,500,000
|
|
|
500,000
|
|
|
—
|
|
|
500,000
|
|
|
500,000
|
|
|||||
Interest payments associated with debt obligations (3)
|
237,647
|
|
|
38,986
|
|
|
68,250
|
|
|
63,328
|
|
|
67,083
|
|
|||||
Inventory related purchase obligations (4)
|
500,058
|
|
|
78,797
|
|
|
129,381
|
|
|
85,371
|
|
|
206,509
|
|
|||||
Transition Tax (5)
|
247,961
|
|
|
19,837
|
|
|
39,674
|
|
|
39,674
|
|
|
148,776
|
|
|||||
Total
|
$
|
2,541,446
|
|
|
$
|
647,710
|
|
|
$
|
251,683
|
|
|
$
|
700,474
|
|
|
$
|
941,579
|
|
Name
|
|
Age
|
|
Position
|
Tunç Doluca
|
|
60
|
|
President and Chief Executive Officer
|
Bruce E. Kiddoo
|
|
57
|
|
Senior Vice President and Chief Financial Officer
|
Vivek Jain
|
|
58
|
|
Senior Vice President, Technology and Manufacturing Group
|
Edwin B. Medlin
|
|
61
|
|
Senior Vice President and General Counsel
|
Christopher J. Neil
|
|
52
|
|
Senior Vice President, New Ventures
|
Bryan J. Preeshl
|
|
56
|
|
Senior Vice President, Quality
|
David Loftus
|
|
57
|
|
Vice President, Worldwide Sales and Marketing
|
Sumeet Gagneja
|
|
48
|
|
Vice President and Chief Accounting Officer
|
|
|
|
|
Page
|
|
(1)
|
Financial Statements.
|
|
|
|
|
Consolidated Balance Sheets at June 30, 2018 and June 24, 2017
|
|
|
|
|
Consolidated Statements of Income for each of the three years in the period ended June 30, 2018
|
|
|
|
|
Consolidated Statements of Comprehensive Income for each of the three years in the period ended June 30, 2018
|
|
|
|
|
Consolidated Statements of Stockholders' Equity for each of the three years in the period ended June 30, 2018
|
|
|
|
|
Consolidated Statements of Cash Flows for each of the three years in the period ended June 30, 2018
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
(2)
|
Financial Statement Schedule.
|
|
|
|
|
The following financial statement schedule is filed as part of this Annual Report on Form 10-K and should be read in conjunction with the financial statements.
|
|
|
|
|
Schedule II - Valuation and Qualifying Accounts
|
|
|
|
|
All other schedules are omitted because they are not applicable, or because the required information is included in the consolidated financial statements or notes thereto.
|
|
|
|
(3)
|
The Exhibits filed as a part of this Report are listed in the attached Index to Exhibits.
|
|
|
|
June 30,
2018 |
|
June 24,
2017 |
||||
|
(in thousands, except par value)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,543,484
|
|
|
$
|
2,246,121
|
|
Short-term investments
|
1,082,915
|
|
|
498,718
|
|
||
Total cash, cash equivalents and short-term investments
|
2,626,399
|
|
|
2,744,839
|
|
||
Accounts receivable, net of allowances of $140,296 in 2018 and $46,575 in 2017
|
280,072
|
|
|
256,454
|
|
||
Inventories
|
282,390
|
|
|
247,242
|
|
||
Other current assets
|
21,548
|
|
|
57,059
|
|
||
Total current assets
|
3,210,409
|
|
|
3,305,594
|
|
||
Property, plant and equipment, net
|
579,364
|
|
|
606,581
|
|
||
Intangible assets, net
|
78,246
|
|
|
90,867
|
|
||
Goodwill
|
532,251
|
|
|
491,015
|
|
||
Other assets
|
51,291
|
|
|
76,176
|
|
||
TOTAL ASSETS
|
$
|
4,451,561
|
|
|
$
|
4,570,233
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|||
Accounts payable
|
$
|
92,572
|
|
|
$
|
77,373
|
|
Income taxes payable
|
17,961
|
|
|
3,688
|
|
||
Accrued salary and related expenses
|
151,682
|
|
|
145,299
|
|
||
Accrued expenses
|
35,774
|
|
|
37,663
|
|
||
Deferred margin on shipments to distributors
|
—
|
|
|
14,974
|
|
||
Current portion of debt
|
499,406
|
|
|
—
|
|
||
Total current liabilities
|
797,395
|
|
|
278,997
|
|
||
Long-term debt
|
991,147
|
|
|
1,487,678
|
|
||
Income taxes payable
|
661,336
|
|
|
557,498
|
|
||
Other liabilities
|
70,743
|
|
|
43,366
|
|
||
Total liabilities
|
2,520,621
|
|
|
2,367,539
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.001 par value
|
|
|
|
||||
Authorized: 2,000 shares, issued and outstanding: none
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value
|
|
|
|
||||
Authorized: 960,000 shares
|
|
|
|
||||
Issued and outstanding: 278,664 in 2018 and 282,912 in 2017
|
279
|
|
|
283
|
|
||
Additional paid-in capital
|
—
|
|
|
—
|
|
||
Retained earnings
|
1,945,646
|
|
|
2,212,301
|
|
||
Accumulated other comprehensive loss
|
(14,985
|
)
|
|
(9,890
|
)
|
||
Total stockholders' equity
|
1,930,940
|
|
|
2,202,694
|
|
||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
|
$
|
4,451,561
|
|
|
$
|
4,570,233
|
|
|
For the Years Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands, except per share data)
|
||||||||||
|
|
|
|
|
|
||||||
Net revenues
|
$
|
2,480,066
|
|
|
$
|
2,295,615
|
|
|
$
|
2,194,719
|
|
Cost of goods sold
|
853,945
|
|
|
849,135
|
|
|
950,331
|
|
|||
Gross margin
|
1,626,121
|
|
|
1,446,480
|
|
|
1,244,388
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||
Research and development
|
450,943
|
|
|
453,977
|
|
|
467,161
|
|
|||
Selling, general and administrative
|
322,918
|
|
|
291,511
|
|
|
288,899
|
|
|||
Intangible asset amortization
|
4,467
|
|
|
9,189
|
|
|
12,205
|
|
|||
Impairment of long-lived assets
|
892
|
|
|
7,517
|
|
|
160,582
|
|
|||
Impairment of goodwill and intangible assets
|
—
|
|
|
—
|
|
|
27,602
|
|
|||
Severance and restructuring expenses
|
15,060
|
|
|
12,453
|
|
|
24,479
|
|
|||
Other operating expenses (income), net
|
(1,607
|
)
|
|
(22,944
|
)
|
|
(50,389
|
)
|
|||
Total operating expenses
|
792,673
|
|
|
751,703
|
|
|
930,539
|
|
|||
Operating income (loss)
|
833,448
|
|
|
694,777
|
|
|
313,849
|
|
|||
Interest and other income (expense), net
|
(8,563
|
)
|
|
(15,188
|
)
|
|
(28,795
|
)
|
|||
Income (loss) before provision for income taxes
|
824,885
|
|
|
679,589
|
|
|
285,054
|
|
|||
Income tax provision
|
357,567
|
|
|
107,976
|
|
|
57,579
|
|
|||
Net income (loss)
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.66
|
|
|
$
|
2.02
|
|
|
$
|
0.80
|
|
Diluted
|
$
|
1.64
|
|
|
$
|
1.98
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
||||||
Shares used in the calculation of earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
280,979
|
|
|
283,147
|
|
|
285,081
|
|
|||
Diluted
|
285,674
|
|
|
287,974
|
|
|
289,479
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Dividends declared and paid per share
|
$
|
1.56
|
|
|
$
|
1.32
|
|
|
$
|
1.20
|
|
|
For the Years Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Net income (loss)
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Change in net unrealized gains and losses on available-for-sale securities, net of tax benefit (expense) of $184 in 2018, $0 in 2017, and $0 in 2016
|
(2,436
|
)
|
|
(1,723
|
)
|
|
356
|
|
|||
Change in net unrealized gains and losses on cash flow hedges, net of tax benefit
(expense) of $291 in 2018, $(137) in 2017, $202 in 2016
|
(1,401
|
)
|
|
510
|
|
|
(545
|
)
|
|||
Change in net unrealized gains and losses on post-retirement benefits, net of tax benefit
(expense) of $115 in 2018, $(2,988) in 2017, $(455) in 2016
|
(1,258
|
)
|
|
5,542
|
|
|
3,204
|
|
|||
Other comprehensive income (loss), net
|
(5,095
|
)
|
|
4,329
|
|
|
3,015
|
|
|||
Total comprehensive income (loss)
|
$
|
462,223
|
|
|
$
|
575,942
|
|
|
$
|
230,490
|
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total
Stockholders' Equity
|
|||||||||||||
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||
|
(in thousands)
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, June 27, 2015
|
284,823
|
|
|
$
|
283
|
|
|
$
|
27,859
|
|
|
$
|
2,279,112
|
|
|
$
|
(17,234
|
)
|
|
$
|
2,290,020
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
227,475
|
|
|
—
|
|
|
227,475
|
|
|||||
Other comprehensive income (loss), net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,015
|
|
|
3,015
|
|
|||||
Repurchase of common stock
|
(6,811
|
)
|
|
(7
|
)
|
|
(194,264
|
)
|
|
(42,815
|
)
|
|
—
|
|
|
(237,086
|
)
|
|||||
Net issuance of restricted stock units
|
1,416
|
|
|
2
|
|
|
(24,086
|
)
|
|
—
|
|
|
—
|
|
|
(24,084
|
)
|
|||||
Stock options exercised
|
3,200
|
|
|
4
|
|
|
79,604
|
|
|
—
|
|
|
—
|
|
|
79,608
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
69,539
|
|
|
—
|
|
|
—
|
|
|
69,539
|
|
|||||
Tax benefit (shortfall) on settlement of equity instruments
|
—
|
|
|
—
|
|
|
7,375
|
|
|
—
|
|
|
—
|
|
|
7,375
|
|
|||||
Common stock issued under Employee Stock Purchase Plan
|
1,281
|
|
|
2
|
|
|
33,973
|
|
|
—
|
|
|
—
|
|
|
33,975
|
|
|||||
Dividends paid, $1.20 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(342,023
|
)
|
|
—
|
|
|
(342,023
|
)
|
|||||
Balance, June 25, 2016
|
283,909
|
|
|
$
|
284
|
|
|
$
|
—
|
|
|
$
|
2,121,749
|
|
|
$
|
(14,219
|
)
|
|
$
|
2,107,814
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
571,613
|
|
|
—
|
|
|
571,613
|
|
|||||
Other comprehensive income (loss), net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,329
|
|
|
4,329
|
|
|||||
Repurchase of common stock
|
(6,057
|
)
|
|
(6
|
)
|
|
(143,309
|
)
|
|
(108,484
|
)
|
|
—
|
|
|
(251,799
|
)
|
|||||
Net issuance of restricted stock units
|
1,275
|
|
|
1
|
|
|
(25,184
|
)
|
|
—
|
|
|
—
|
|
|
(25,183
|
)
|
|||||
Stock options exercised
|
2,741
|
|
|
3
|
|
|
63,000
|
|
|
—
|
|
|
—
|
|
|
63,003
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
71,225
|
|
|
—
|
|
|
—
|
|
|
71,225
|
|
|||||
Cumulative adjustment for adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
—
|
|
|
1,394
|
|
|||||
Common stock issued under Employee Stock Purchase Plan
|
1,044
|
|
|
1
|
|
|
34,268
|
|
|
—
|
|
|
—
|
|
|
34,269
|
|
|||||
Dividends paid, $1.32 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(373,971
|
)
|
|
—
|
|
|
(373,971
|
)
|
|||||
Balance, June 24, 2017
|
282,912
|
|
|
$
|
283
|
|
|
$
|
—
|
|
|
$
|
2,212,301
|
|
|
$
|
(9,890
|
)
|
|
$
|
2,202,694
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
467,318
|
|
|
—
|
|
|
467,318
|
|
|||||
Other comprehensive income (loss), net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,095
|
)
|
|
(5,095
|
)
|
|||||
Repurchase of common stock
|
(7,487
|
)
|
|
(7
|
)
|
|
(112,075
|
)
|
|
(295,886
|
)
|
|
—
|
|
|
(407,968
|
)
|
|||||
Net issuance of restricted stock units
|
1,241
|
|
|
1
|
|
|
(30,311
|
)
|
|
—
|
|
|
—
|
|
|
(30,310
|
)
|
|||||
Stock options exercised
|
1,090
|
|
|
1
|
|
|
28,008
|
|
|
—
|
|
|
—
|
|
|
28,009
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
78,058
|
|
|
—
|
|
|
—
|
|
|
78,058
|
|
|||||
Common stock issued under Employee Stock Purchase Plan
|
908
|
|
|
1
|
|
|
36,320
|
|
|
—
|
|
|
—
|
|
|
36,321
|
|
|||||
Dividends paid, $1.56 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(438,087
|
)
|
|
—
|
|
|
(438,087
|
)
|
|||||
Balance, June 30, 2018
|
278,664
|
|
|
$
|
279
|
|
|
$
|
—
|
|
|
$
|
1,945,646
|
|
|
$
|
(14,985
|
)
|
|
$
|
1,930,940
|
|
|
For the Years Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
||||
Stock-based compensation
|
78,685
|
|
|
71,117
|
|
|
69,701
|
|
|||
Depreciation and amortization
|
144,974
|
|
|
164,292
|
|
|
244,637
|
|
|||
Deferred taxes
|
27,715
|
|
|
(7,895
|
)
|
|
(48,138
|
)
|
|||
In process research and development written-off
|
—
|
|
|
—
|
|
|
27,602
|
|
|||
Loss (gain) from sale of property, plant and equipment
|
995
|
|
|
16,365
|
|
|
2,283
|
|
|||
Tax benefit (shortfall) on settlement of equity instruments
|
—
|
|
|
—
|
|
|
7,375
|
|
|||
Excess tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
(9,550
|
)
|
|||
Impairment of long-lived assets
|
42
|
|
|
1,462
|
|
|
160,153
|
|
|||
Impairment of investments in privately-held companies
|
850
|
|
|
6,720
|
|
|
—
|
|
|||
Loss (gain) on sale of business
|
—
|
|
|
(26,620
|
)
|
|
(58,944
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
(19,714
|
)
|
|
78
|
|
|
22,313
|
|
|||
Inventories
|
(32,776
|
)
|
|
(21,215
|
)
|
|
44,086
|
|
|||
Other current assets
|
32,368
|
|
|
(3,547
|
)
|
|
2,943
|
|
|||
Accounts payable
|
9,560
|
|
|
(6,205
|
)
|
|
(3,676
|
)
|
|||
Income taxes payable
|
117,654
|
|
|
60,798
|
|
|
56,641
|
|
|||
Deferred margin on shipments to distributors
|
(14,974
|
)
|
|
(23,805
|
)
|
|
8,452
|
|
|||
All other accrued liabilities
|
6,767
|
|
|
(29,501
|
)
|
|
(31,468
|
)
|
|||
Net cash provided by (used in) operating activities
|
819,464
|
|
|
773,657
|
|
|
721,885
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of property, plant and equipment
|
(65,782
|
)
|
|
(51,421
|
)
|
|
(69,369
|
)
|
|||
Proceeds from sale of property, plant, and equipment
|
5,823
|
|
|
10,792
|
|
|
85,142
|
|
|||
Proceeds from sale of available-for-sale securities
|
107,291
|
|
|
50,994
|
|
|
—
|
|
|||
Proceeds from maturity of available-for-sale securities
|
753,249
|
|
|
75,000
|
|
|
50,000
|
|
|||
Proceeds from sale of business
|
—
|
|
|
42,199
|
|
|
105,000
|
|
|||
Payment in connection with business acquisition, net of cash acquired
|
(57,773
|
)
|
|
—
|
|
|
—
|
|
|||
Purchases of available-for-sale securities
|
(1,447,354
|
)
|
|
(450,135
|
)
|
|
(99,948
|
)
|
|||
Purchases of privately-held companies' securities
|
(5,520
|
)
|
|
(2,825
|
)
|
|
(10,483
|
)
|
|||
Other investing activities
|
—
|
|
|
—
|
|
|
2,380
|
|
|||
Net cash provided by (used in) investing activities
|
(710,066
|
)
|
|
(325,396
|
)
|
|
62,722
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|||
Excess tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
9,550
|
|
|||
Repayment of notes payable
|
—
|
|
|
(250,000
|
)
|
|
—
|
|
|||
Issuance of debt
|
—
|
|
|
500,000
|
|
|
250,000
|
|
|||
Debt issuance cost
|
—
|
|
|
(3,688
|
)
|
|
(283
|
)
|
|||
Net issuance of restricted stock units
|
(30,310
|
)
|
|
(25,183
|
)
|
|
(24,084
|
)
|
|||
Proceeds from stock options exercised
|
28,009
|
|
|
63,003
|
|
|
79,608
|
|
|||
Issuance of common stock under employee stock purchase program
|
36,321
|
|
|
34,269
|
|
|
33,975
|
|
|||
Repurchase of common stock
|
(407,968
|
)
|
|
(251,799
|
)
|
|
(237,086
|
)
|
|||
Dividends paid
|
(438,087
|
)
|
|
(373,971
|
)
|
|
(342,023
|
)
|
|||
Net cash provided by (used in) financing activities
|
(812,035
|
)
|
|
(307,369
|
)
|
|
(230,343
|
)
|
|||
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(702,637
|
)
|
|
140,892
|
|
|
554,264
|
|
|||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|||
Beginning of year
|
2,246,121
|
|
|
2,105,229
|
|
|
1,550,965
|
|
|||
End of year
|
$
|
1,543,484
|
|
|
$
|
2,246,121
|
|
|
$
|
2,105,229
|
|
|
|
|
|
|
|
|
|
|
|||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Cash paid (refunded), net during the year for income taxes
|
$
|
189,100
|
|
|
$
|
76,243
|
|
|
$
|
43,898
|
|
Cash paid for interest
|
$
|
46,625
|
|
|
$
|
29,375
|
|
|
$
|
29,381
|
|
|
|
|
|
|
|
|
|
||||
Noncash financing and investing activities:
|
|
|
|
|
|
|
|
||||
Accounts payable related to property, plant and equipment purchases
|
$
|
8,833
|
|
|
$
|
3,853
|
|
|
$
|
2,810
|
|
Common stock valued at $40.0 million received as consideration in sale of inventory, property, plant and equipment for the Company's wafer manufacturing facility in San Antonio, Texas
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,000
|
|
|
June 30,
2018 |
|
June 24,
2017 |
||||
Inventories:
|
(in thousands)
|
||||||
Raw materials
|
$
|
16,251
|
|
|
$
|
11,779
|
|
Work-in-process
|
173,859
|
|
|
151,614
|
|
||
Finished goods
|
92,280
|
|
|
83,849
|
|
||
|
$
|
282,390
|
|
|
$
|
247,242
|
|
|
June 30,
2018 |
|
June 24,
2017 |
||||
Property, plant and equipment:
|
(in thousands)
|
||||||
Land
|
$
|
17,731
|
|
|
$
|
18,952
|
|
Buildings and building improvements
|
254,733
|
|
|
254,513
|
|
||
Machinery, equipment and software
|
1,309,487
|
|
|
1,286,031
|
|
||
|
1,581,951
|
|
|
1,559,496
|
|
||
Less: accumulated depreciation and amortization
|
(1,002,587
|
)
|
|
(952,915
|
)
|
||
|
$
|
579,364
|
|
|
$
|
606,581
|
|
|
June 30,
2018 |
|
June 24,
2017 |
||||
Accrued salary and related expenses:
|
(in thousands)
|
||||||
Accrued bonus
|
$
|
92,288
|
|
|
$
|
85,600
|
|
Accrued vacation
|
30,695
|
|
|
29,621
|
|
||
Accrued salaries
|
8,210
|
|
|
14,528
|
|
||
Accrued fringe benefits
|
4,752
|
|
|
4,317
|
|
||
Other
|
15,737
|
|
|
11,233
|
|
||
|
$
|
151,682
|
|
|
$
|
145,299
|
|
|
As of June 30, 2018
|
|
As of June 24, 2017
|
||||||||||||||||||||||||||||
|
Fair Value
|
|
|
|
Fair Value
|
|
|
||||||||||||||||||||||||
|
Measurements Using
|
|
Total Balance
|
|
Measurements Using
|
|
Total Balance
|
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Agency securities
|
$
|
—
|
|
|
$
|
13,946
|
|
|
$
|
—
|
|
|
$
|
13,946
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit
|
—
|
|
|
6,000
|
|
|
—
|
|
|
6,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Commercial paper
|
—
|
|
|
45,063
|
|
|
—
|
|
|
45,063
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate debt securities
|
—
|
|
|
3,819
|
|
|
—
|
|
|
3,819
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Money market funds
|
98,467
|
|
|
—
|
|
|
—
|
|
|
98,467
|
|
|
952,462
|
|
|
—
|
|
|
—
|
|
|
952,462
|
|
||||||||
U.S. Treasury securities
|
—
|
|
|
30,988
|
|
|
—
|
|
|
30,988
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short term investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Certificates of deposit
|
—
|
|
|
52,428
|
|
|
—
|
|
|
52,428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Commercial paper
|
—
|
|
|
64,354
|
|
|
—
|
|
|
64,354
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate debt securities
|
—
|
|
|
367,765
|
|
|
—
|
|
|
367,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. Treasury securities
|
—
|
|
|
598,368
|
|
|
—
|
|
|
598,368
|
|
|
—
|
|
|
498,718
|
|
|
—
|
|
|
498,718
|
|
||||||||
Other current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency forward contracts
|
—
|
|
|
235
|
|
|
—
|
|
|
235
|
|
|
—
|
|
|
848
|
|
|
—
|
|
|
848
|
|
||||||||
Total Assets
|
$
|
98,467
|
|
|
$
|
1,182,966
|
|
|
$
|
—
|
|
|
$
|
1,281,433
|
|
|
$
|
952,462
|
|
|
$
|
499,566
|
|
|
$
|
—
|
|
|
$
|
1,452,028
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Accrued expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency forward contracts
|
$
|
—
|
|
|
$
|
1,845
|
|
|
$
|
—
|
|
|
$
|
1,845
|
|
|
$
|
—
|
|
|
$
|
386
|
|
|
$
|
—
|
|
|
$
|
386
|
|
Contingent consideration
|
—
|
|
|
—
|
|
|
8,000
|
|
|
8,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contingent consideration
|
—
|
|
|
—
|
|
|
8,000
|
|
|
8,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total Liabilities
|
$
|
—
|
|
|
$
|
1,845
|
|
|
$
|
16,000
|
|
|
$
|
17,845
|
|
|
$
|
—
|
|
|
$
|
386
|
|
|
$
|
—
|
|
|
$
|
386
|
|
|
June 30, 2018
|
|
June 24, 2017
|
||||||||||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Available-for-sale investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Certificates of deposit
|
$
|
52,429
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
52,428
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
64,354
|
|
|
—
|
|
|
—
|
|
|
64,354
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Corporate debt securities
|
369,734
|
|
|
39
|
|
|
(2,008
|
)
|
|
367,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
U.S. Treasury securities
|
600,068
|
|
|
10
|
|
|
(1,710
|
)
|
|
598,368
|
|
|
499,952
|
|
|
—
|
|
|
(1,234
|
)
|
|
498,718
|
|
||||||||
Total available-for-sale investments
|
$
|
1,086,585
|
|
|
$
|
49
|
|
|
$
|
(3,719
|
)
|
|
$
|
1,082,915
|
|
|
$
|
499,952
|
|
|
$
|
—
|
|
|
$
|
(1,234
|
)
|
|
$
|
498,718
|
|
|
June 30, 2018
|
||||||||||
|
Net Revenue
|
|
Cost of Goods Sold
|
|
Operating Expenses
|
||||||
|
(in thousands)
|
||||||||||
Income and expenses line items in which the effects of cash flow hedges are recorded
|
$
|
2,480,066
|
|
|
$
|
853,945
|
|
|
$
|
792,673
|
|
|
|
|
|
|
|
||||||
Gain (loss) on cash flow hedges:
|
|
|
|
|
|
||||||
Foreign exchange contracts:
|
|
|
|
|
|
||||||
Gain (loss) reclassified from accumulated other comprehensive income into income
|
$
|
(54
|
)
|
|
$
|
(78
|
)
|
|
$
|
1,551
|
|
|
June 30,
2018 |
|
June 24,
2017 |
||||
|
(in thousands)
|
||||||
3.450% fixed rate notes due June 2027
|
$
|
500,000
|
|
|
$
|
500,000
|
|
2.5% fixed rate notes due November 2018
|
500,000
|
|
|
500,000
|
|
||
3.375% fixed rate notes due March 2023
|
500,000
|
|
|
500,000
|
|
||
Total outstanding debt
|
1,500,000
|
|
|
1,500,000
|
|
||
Less: Current portion (included in “Current portion of debt”)
|
(499,406
|
)
|
|
—
|
|
||
Less: Reduction for unamortized discount and debt issuance costs
|
(9,447
|
)
|
|
(12,322
|
)
|
||
Total long-term debt
|
$
|
991,147
|
|
|
$
|
1,487,678
|
|
|
For the Year Ended
|
||||||||||||||
|
June 30, 2018
|
||||||||||||||
|
Stock Options
|
|
Restricted Stock Units and Other Awards
|
|
Employee Stock Purchase Plan
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of goods sold
|
$
|
212
|
|
|
$
|
8,131
|
|
|
$
|
2,098
|
|
|
$
|
10,441
|
|
Research and development
|
518
|
|
|
32,088
|
|
|
4,442
|
|
|
37,048
|
|
||||
Selling, general and administrative
|
700
|
|
|
28,162
|
|
|
2,334
|
|
|
31,196
|
|
||||
Pre-tax stock-based compensation expense
|
$
|
1,430
|
|
|
$
|
68,381
|
|
|
$
|
8,874
|
|
|
$
|
78,685
|
|
Less: income tax effect
|
|
|
|
|
|
|
9,342
|
|
|||||||
Net stock-based compensation expense
|
|
|
|
|
|
|
$
|
69,343
|
|
|
For the Year Ended
|
||||||||||||||
|
June 24, 2017
|
||||||||||||||
|
Stock Options
|
|
Restricted Stock Units and Other Awards
|
|
Employee Stock Purchase Plan
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of goods sold
|
$
|
536
|
|
|
$
|
6,630
|
|
|
$
|
1,928
|
|
|
$
|
9,094
|
|
Research and development
|
1,654
|
|
|
29,504
|
|
|
4,514
|
|
|
35,672
|
|
||||
Selling, general and administrative
|
1,424
|
|
|
22,713
|
|
|
2,214
|
|
|
26,351
|
|
||||
Pre-tax stock-based compensation expense
|
$
|
3,614
|
|
|
$
|
58,847
|
|
|
$
|
8,656
|
|
|
$
|
71,117
|
|
Less: income tax effect
|
|
|
|
|
|
|
12,934
|
|
|||||||
Net stock-based compensation expense
|
|
|
|
|
|
|
$
|
58,183
|
|
|
For the Year Ended
|
||||||||||||||
|
June 25, 2016
|
||||||||||||||
|
Stock Options
|
|
Restricted Stock Units and Other Awards
|
|
Employee Stock Purchase Plan
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Cost of goods sold
|
$
|
837
|
|
|
$
|
5,697
|
|
|
$
|
2,340
|
|
|
$
|
8,874
|
|
Research and development
|
3,469
|
|
|
27,784
|
|
|
5,133
|
|
|
36,386
|
|
||||
Selling, general and administrative
|
3,043
|
|
|
19,127
|
|
|
2,271
|
|
|
24,441
|
|
||||
Pre-tax stock-based compensation expense
|
$
|
7,349
|
|
|
$
|
52,608
|
|
|
$
|
9,744
|
|
|
$
|
69,701
|
|
Less: income tax effect
|
|
|
|
|
|
|
11,314
|
|
|||||||
Net stock-based compensation expense
|
|
|
|
|
|
|
$
|
58,387
|
|
|
Options
|
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value (1)
|
|||||
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
||||||
Balance at June 27, 2015
|
10,173,016
|
|
|
$25.83
|
|
|
|
|
|
|
Options Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
Options Exercised
|
(3,242,881
|
)
|
|
25.05
|
|
|
|
|
|
|
Options Cancelled
|
(995,056
|
)
|
|
32.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Balance at June 25, 2016
|
5,935,079
|
|
|
25.11
|
|
|
|
|
|
|
Options Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
Options Exercised
|
(2,741,659
|
)
|
|
22.98
|
|
|
|
|
|
|
Options Cancelled
|
(393,413
|
)
|
|
27.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at June 24, 2017
|
2,800,007
|
|
|
26.92
|
|
|
|
|
||
Options Granted
|
—
|
|
|
—
|
|
|
|
|
||
Options Exercised
|
(1,090,163
|
)
|
|
25.69
|
|
|
|
|
||
Options Cancelled
|
(21,591
|
)
|
|
26.47
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|||
Balance at June 30, 2018
|
1,688,253
|
|
|
$27.72
|
|
1.8
|
|
$
|
55,152,145
|
|
|
|
|
|
|
|
|
|
|||
Exercisable at June 30, 2018
|
1,686,694
|
|
|
$27.72
|
|
1.8
|
|
$
|
55,103,599
|
|
|
|
|
|
|
|
|
|
|||
Vested and expected to vest, June 30, 2018
|
1,688,227
|
|
|
$27.72
|
|
1.8
|
|
$
|
55,151,345
|
|
(1)
|
Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company's common stock on June 29, 2018, the last business day preceding the fiscal year end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of
June 30, 2018
.
|
|
|
Outstanding Options
|
|
Options Exercisable
|
||||||||
Range of Exercise Prices
|
|
Number
Outstanding at
June 30, 2018
|
|
Weighted Average
Remaining Contractual Term (in years) |
|
Weighted
Average
Exercise
Price
|
|
Number
Exercisable at
June 30, 2018
|
|
Weighted
Average
Exercise
Price
|
||
$12.00 - $20.00
|
|
42,232
|
|
|
2.0
|
|
$19.47
|
|
42,232
|
|
|
$19.47
|
$20.01 - $30.00
|
|
1,562,697
|
|
|
1.8
|
|
$27.66
|
|
1,561,696
|
|
|
$27.66
|
$30.01 - $40.00
|
|
83,324
|
|
|
2.6
|
|
$32.99
|
|
82,766
|
|
|
$33.01
|
|
|
1,688,253
|
|
|
|
|
|
|
1,686,694
|
|
|
|
|
Number of
Shares
|
|
Weighted Average Remaining Contractual Term
(in years) |
|
Aggregate
Intrinsic
Value (1)
|
|||
Balance at June 27, 2015
|
7,129,985
|
|
|
|
|
|
|
|
Restricted stock units and other awards granted
|
2,905,973
|
|
|
|
|
|
|
|
Restricted stock units and other awards released
|
(2,049,430
|
)
|
|
|
|
|
|
|
Restricted stock units and other awards cancelled
|
(1,365,715
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at June 25, 2016
|
6,620,813
|
|
|
|
|
|
||
Restricted stock units and other awards granted
|
2,237,679
|
|
|
|
|
|
||
Restricted stock units and other awards released
|
(1,876,050
|
)
|
|
|
|
|
||
Restricted stock units and other awards cancelled
|
(1,040,319
|
)
|
|
|
|
|
||
|
|
|
|
|
|
|||
Balance at June 24, 2017
|
5,942,123
|
|
|
|
|
|
||
Restricted stock units and other awards granted
|
1,989,959
|
|
|
|
|
|
||
Restricted stock units and other awards released
|
(1,794,029
|
)
|
|
|
|
|
||
Restricted stock units and other awards cancelled
|
(613,621
|
)
|
|
|
|
|
||
|
|
|
|
|
|
|||
Balance at June 30, 2018
|
5,524,432
|
|
|
2.6
|
|
$
|
334,768,100
|
|
|
|
|
|
|
|
|||
Expected to vest at June 30, 2018
|
4,669,741
|
|
|
2.6
|
|
$
|
282,005,686
|
|
|
Number of
Shares
|
|
Weighted Average Remaining Contractual Term
(in years) |
|
Aggregate
Intrinsic
Value (1)
|
|||
Balance at June 27, 2015
|
414,840
|
|
|
|
|
|
|
|
Market stock units granted
|
361,684
|
|
|
|
|
|
|
|
Market stock units released
|
—
|
|
|
|
|
|
|
|
Market stock units cancelled
|
(102,992
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Balance at June 25, 2016
|
673,532
|
|
|
|
|
|
||
Market stock units granted
|
308,432
|
|
|
|
|
|
||
Market stock units released
|
—
|
|
|
|
|
|
||
Market stock units cancelled
|
(163,936
|
)
|
|
|
|
|
||
|
|
|
|
|
|
|||
Balance at June 24, 2017
|
818,028
|
|
|
|
|
|
||
Market stock units granted
|
292,336
|
|
|
|
|
|
||
Market stock units released
|
—
|
|
|
|
|
|
||
Market stock units cancelled
|
(31,300
|
)
|
|
|
|
|
||
|
|
|
|
|
|
|||
Balance at June 30, 2018
|
1,079,064
|
|
|
2.6
|
|
$
|
65,164,675
|
|
|
|
|
|
|
|
|||
Expected to vest at June 30, 2018
|
663,497
|
|
|
2.7
|
|
$
|
40,068,559
|
|
|
ESPP For the Year Ended
|
||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
Expected holding period (in years)
|
0.5
|
|
0.5
|
|
0.5
|
Risk-free interest rate
|
0.8% - 2.1%
|
|
0.5% - 1.1%
|
|
0.1% - 0.5%
|
Expected stock price volatility
|
19.1% - 32.7%
|
|
19.1% - 30.4%
|
|
21.8% - 33.1%
|
Dividend yield
|
2.8% - 3.4%
|
|
3.0% - 3.6%
|
|
3.3% - 3.6%
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands, except per share data)
|
||||||||||
Numerator for basic earnings (loss) per share and diluted earnings (loss) per share
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
|
|
|
|
|
|
||||||
Denominator for basic earnings (loss) per share
|
280,979
|
|
|
283,147
|
|
|
285,081
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|||
Stock options, ESPP, RSUs and MSUs
|
4,695
|
|
|
4,827
|
|
|
4,398
|
|
|||
Denominator for diluted earnings (loss) per share
|
285,674
|
|
|
287,974
|
|
|
289,479
|
|
|||
|
|
|
|
|
|
||||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.66
|
|
|
$
|
2.02
|
|
|
$
|
0.80
|
|
Diluted
|
$
|
1.64
|
|
|
$
|
1.98
|
|
|
$
|
0.79
|
|
|
Goodwill
|
||
|
(in thousands)
|
||
Balance at June 25, 2016
|
$
|
490,648
|
|
Adjustments
|
367
|
|
|
Balance at June 24, 2017
|
491,015
|
|
|
Acquisitions
|
41,889
|
|
|
Adjustments
|
(653
|
)
|
|
Balance at June 30, 2018
|
$
|
532,251
|
|
Asset
|
|
Life
|
Intellectual property
|
|
1-10 years
|
Customer relationships
|
|
3-10 years
|
Trade name
|
|
1-4 years
|
Patents
|
|
5 years
|
|
June 30, 2018
|
|
June 24, 2017
|
||||||||||||||||||||
|
Original
Cost
|
|
Accumulated Amortization
|
|
Net
|
|
Original
Cost
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Intellectual property
|
$
|
485,465
|
|
|
$
|
423,869
|
|
|
$
|
61,596
|
|
|
$
|
451,885
|
|
|
$
|
377,806
|
|
|
$
|
74,079
|
|
Customer relationships
|
116,294
|
|
|
103,217
|
|
|
13,077
|
|
|
115,634
|
|
|
99,812
|
|
|
15,822
|
|
||||||
Trade name
|
9,340
|
|
|
8,588
|
|
|
752
|
|
|
8,500
|
|
|
8,086
|
|
|
414
|
|
||||||
Patent
|
2,500
|
|
|
2,469
|
|
|
31
|
|
|
2,500
|
|
|
1,948
|
|
|
552
|
|
||||||
Total amortizable purchased intangible assets
|
613,599
|
|
|
538,143
|
|
|
75,456
|
|
|
578,519
|
|
|
487,652
|
|
|
90,867
|
|
||||||
IPR&D
|
2,790
|
|
|
—
|
|
|
2,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total purchased intangible assets
|
$
|
616,389
|
|
|
$
|
538,143
|
|
|
$
|
78,246
|
|
|
$
|
578,519
|
|
|
$
|
487,652
|
|
|
$
|
90,867
|
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Cost of goods sold
|
$
|
46,063
|
|
|
$
|
46,484
|
|
|
$
|
55,031
|
|
Intangible asset amortization
|
4,467
|
|
|
9,189
|
|
|
12,205
|
|
|||
Total intangible asset amortization expenses
|
$
|
50,530
|
|
|
$
|
55,673
|
|
|
$
|
67,236
|
|
Fiscal Year
|
|
Amount
|
||
|
|
(in thousands)
|
||
2019
|
|
$
|
24,180
|
|
2020
|
|
14,523
|
|
|
2021
|
|
12,823
|
|
|
2022
|
|
7,144
|
|
|
2023
|
|
6,660
|
|
|
Thereafter
|
|
10,126
|
|
|
Total intangible assets
|
|
$
|
75,456
|
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
United States
|
$
|
306,453
|
|
|
$
|
286,732
|
|
|
$
|
246,969
|
|
China
|
885,319
|
|
|
843,371
|
|
|
837,345
|
|
|||
Rest of Asia
|
786,814
|
|
|
718,540
|
|
|
676,116
|
|
|||
Europe
|
440,658
|
|
|
390,488
|
|
|
377,938
|
|
|||
Rest of World
|
60,822
|
|
|
56,484
|
|
|
56,351
|
|
|||
|
$
|
2,480,066
|
|
|
$
|
2,295,615
|
|
|
$
|
2,194,719
|
|
|
Fiscal Year Ended
|
||||||
|
June 30,
2018 |
|
June 24,
2017 |
||||
|
(in thousands)
|
||||||
|
|
|
|
||||
United States
|
$
|
361,432
|
|
|
$
|
374,775
|
|
Philippines
|
120,657
|
|
|
128,241
|
|
||
Rest of World
|
97,275
|
|
|
103,565
|
|
||
|
$
|
579,364
|
|
|
$
|
606,581
|
|
|
Payment due by period
|
||||||||||||||||||||||||||
|
Total
|
|
Fiscal year
2019
|
|
Fiscal year
2020
|
|
Fiscal year
2021
|
|
Fiscal year
2022
|
|
Fiscal year
2023
|
|
Thereafter
|
||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||
Operating lease obligations (1)
|
$
|
55,780
|
|
|
$
|
10,090
|
|
|
$
|
7,506
|
|
|
$
|
6,872
|
|
|
$
|
6,491
|
|
|
$
|
5,610
|
|
|
$
|
19,211
|
|
Inventory related purchase obligations (2)
|
500,058
|
|
|
78,797
|
|
|
72,659
|
|
|
56,722
|
|
|
42,746
|
|
|
42,625
|
|
|
206,509
|
|
|||||||
Total
|
$
|
555,838
|
|
|
$
|
88,887
|
|
|
$
|
80,165
|
|
|
$
|
63,594
|
|
|
$
|
49,237
|
|
|
$
|
48,235
|
|
|
$
|
225,720
|
|
|
Unrealized gain (loss) on intercompany receivables
|
|
Unrealized gain (loss) on post-retirement benefits
|
|
Cumulative translation adjustment
|
|
Unrealized gain (loss) on cash flow hedges
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 25, 2016
|
$
|
(6,280
|
)
|
|
$
|
(6,800
|
)
|
|
$
|
(1,136
|
)
|
|
$
|
(492
|
)
|
|
$
|
489
|
|
|
$
|
(14,219
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
7,563
|
|
|
—
|
|
|
(1,412
|
)
|
|
2,728
|
|
|
8,879
|
|
||||||
Amounts reclassified out of accumulated other comprehensive income (loss)
|
—
|
|
|
967
|
|
|
—
|
|
|
2,059
|
|
|
(4,451
|
)
|
|
(1,425
|
)
|
||||||
Tax effects
|
—
|
|
|
(2,988
|
)
|
|
—
|
|
|
(137
|
)
|
|
—
|
|
|
(3,125
|
)
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
5,542
|
|
|
—
|
|
|
510
|
|
|
(1,723
|
)
|
|
4,329
|
|
||||||
June 24, 2017
|
$
|
(6,280
|
)
|
|
$
|
(1,258
|
)
|
|
$
|
(1,136
|
)
|
|
$
|
18
|
|
|
$
|
(1,234
|
)
|
|
$
|
(9,890
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(1,510
|
)
|
|
—
|
|
|
(273
|
)
|
|
(2,620
|
)
|
|
(4,403
|
)
|
||||||
Amounts reclassified out of accumulated other comprehensive income (loss)
|
—
|
|
|
137
|
|
|
—
|
|
|
(1,419
|
)
|
|
—
|
|
|
(1,282
|
)
|
||||||
Tax effects
|
—
|
|
|
115
|
|
|
—
|
|
|
291
|
|
|
184
|
|
|
590
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
(1,258
|
)
|
|
—
|
|
|
(1,401
|
)
|
|
(2,436
|
)
|
|
(5,095
|
)
|
||||||
June 30, 2018
|
$
|
(6,280
|
)
|
|
$
|
(2,516
|
)
|
|
$
|
(1,136
|
)
|
|
$
|
(1,383
|
)
|
|
$
|
(3,670
|
)
|
|
$
|
(14,985
|
)
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Interest and other income (expense):
|
|
|
|
|
|
||||||
Interest (expense)
|
$
|
(50,215
|
)
|
|
$
|
(34,274
|
)
|
|
$
|
(32,676
|
)
|
Interest income
|
38,292
|
|
|
11,568
|
|
|
2,919
|
|
|||
Other income (expense), net
|
3,360
|
|
|
7,518
|
|
|
962
|
|
|||
Total
|
$
|
(8,563
|
)
|
|
$
|
(15,188
|
)
|
|
$
|
(28,795
|
)
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Domestic pre-tax income (loss)
|
$
|
149,056
|
|
|
$
|
154,628
|
|
|
$
|
(48,985
|
)
|
Foreign pre-tax income (loss)
|
675,829
|
|
|
524,961
|
|
|
334,039
|
|
|||
Total
|
$
|
824,885
|
|
|
$
|
679,589
|
|
|
$
|
285,054
|
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Federal
|
|
|
|
|
|
|
|
|
|||
Current
|
$
|
318,288
|
|
|
$
|
107,303
|
|
|
$
|
98,810
|
|
Deferred
|
25,769
|
|
|
(8,171
|
)
|
|
(52,240
|
)
|
|||
State
|
|
|
|
|
|
||||||
Current
|
117
|
|
|
(361
|
)
|
|
1,808
|
|
|||
Deferred
|
1,325
|
|
|
(436
|
)
|
|
(2,406
|
)
|
|||
Foreign
|
|
|
|
|
|
||||||
Current
|
11,450
|
|
|
8,930
|
|
|
10,278
|
|
|||
Deferred
|
618
|
|
|
711
|
|
|
1,329
|
|
|||
Total provision for income taxes
|
$
|
357,567
|
|
|
$
|
107,976
|
|
|
$
|
57,579
|
|
|
For the Year Ended
|
|||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
|||
|
|
|||||||
Federal statutory rate
|
28.1
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State tax, net of federal benefit
|
0.2
|
|
|
(0.2
|
)
|
|
(0.6
|
)
|
General business credits
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(2.8
|
)
|
Effect of foreign operations
|
(16.7
|
)
|
|
(20.2
|
)
|
|
(21.7
|
)
|
Stock-based compensation
|
0.4
|
|
|
0.1
|
|
|
4.7
|
|
Interest accrual for unrecognized tax benefits
|
2.1
|
|
|
2.1
|
|
|
3.2
|
|
Non-deductible goodwill
|
—
|
|
|
—
|
|
|
2.5
|
|
Provisional Transition Tax
|
28.7
|
|
|
—
|
|
|
—
|
|
Deferred tax remeasurement
|
1.6
|
|
|
—
|
|
|
—
|
|
Other
|
(0.3
|
)
|
|
0.4
|
|
|
(0.1
|
)
|
Effective tax rate
|
43.3
|
%
|
|
15.9
|
%
|
|
20.2
|
%
|
|
For the Year Ended
|
||||||
|
June 30,
2018 |
|
June 24,
2017 |
||||
|
(in thousands)
|
||||||
Deferred tax assets:
|
|
|
|
|
|
||
Distributor related accruals and sales return and allowance accruals
|
$
|
3,855
|
|
|
$
|
10,746
|
|
Accrued compensation
|
8,361
|
|
|
36,630
|
|
||
Stock-based compensation
|
10,071
|
|
|
14,919
|
|
||
Net operating loss carryovers
|
40,989
|
|
|
45,743
|
|
||
Tax credit carryovers
|
90,968
|
|
|
71,231
|
|
||
Other reserves and accruals not currently deductible for tax purposes
|
29,903
|
|
|
50,126
|
|
||
Other
|
4,707
|
|
|
5,179
|
|
||
Total deferred tax assets
|
188,854
|
|
|
234,574
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Fixed assets and intangible assets cost recovery, net
|
(52,704
|
)
|
|
(66,355
|
)
|
||
Unremitted earnings of foreign subsidiaries
|
(1,532
|
)
|
|
(13,703
|
)
|
||
Other
|
(2,553
|
)
|
|
(3,296
|
)
|
||
Total deferred tax liabilities
|
(56,789
|
)
|
|
(83,354
|
)
|
||
|
|
|
|
||||
Net deferred tax assets /(liabilities) before valuation allowance
|
132,065
|
|
|
151,220
|
|
||
Valuation allowance
|
(128,128
|
)
|
|
(110,411
|
)
|
||
Net deferred tax assets/(liabilities)
|
$
|
3,937
|
|
|
$
|
40,809
|
|
|
For the Year Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands)
|
||||||||||
Balance as of beginning of year
|
$
|
539,569
|
|
|
$
|
482,745
|
|
|
$
|
427,629
|
|
Tax positions related to current year:
|
|
|
|
|
|
||||||
Addition
|
48,646
|
|
|
57,791
|
|
|
53,899
|
|
|||
Tax positions related to prior year:
|
|
|
|
|
|
||||||
Addition
|
3,806
|
|
|
1,059
|
|
|
3,035
|
|
|||
Reduction
|
—
|
|
|
(1,410
|
)
|
|
(205
|
)
|
|||
Settlements
|
—
|
|
|
—
|
|
|
(943
|
)
|
|||
Lapses in statutes of limitations
|
(563
|
)
|
|
(616
|
)
|
|
(670
|
)
|
|||
Balance as of end of year
|
$
|
591,458
|
|
|
$
|
539,569
|
|
|
$
|
482,745
|
|
United States - Federal
|
2009
|
-
|
Forward
|
United States - Various States
|
2009
|
-
|
Forward
|
Ireland
|
2014
|
-
|
Forward
|
Philippines
|
2015
|
-
|
Forward
|
Singapore
|
2014
|
-
|
Forward
|
United Kingdom
|
2012
|
-
|
Forward
|
|
|
Balance, June 25, 2016
|
|
Fiscal 2017
|
|
Balance, June 24, 2017
|
|
Fiscal 2018
|
|
Balance, June 30, 2018
|
||||||||||||||||||||||||||
Charges
|
|
Cash Payments
|
|
Change in Estimates
|
|
Charges
|
|
Cash Payments
|
|
Change in Estimates
|
|
|||||||||||||||||||||||||
|
(in thousands)
|
|||||||||||||||||||||||||||||||||||
Severance - All plans (1)
|
|
$
|
7,578
|
|
|
$
|
12,671
|
|
|
$
|
(19,506
|
)
|
|
$
|
(217
|
)
|
|
$
|
526
|
|
|
$
|
15,464
|
|
|
$
|
(12,617
|
)
|
|
$
|
(404
|
)
|
|
$
|
2,969
|
|
Total
|
|
$
|
7,578
|
|
|
$
|
12,671
|
|
|
$
|
(19,506
|
)
|
|
$
|
(217
|
)
|
|
$
|
526
|
|
|
$
|
15,464
|
|
|
$
|
(12,617
|
)
|
|
$
|
(404
|
)
|
|
$
|
2,969
|
|
|
For the Years Ended
|
||||||||||
|
June 30,
2018 |
|
June 24,
2017 |
|
June 25,
2016 |
||||||
|
(in thousands, except per share data)
|
||||||||||
|
|
|
|
|
|
||||||
Operating income (loss), as reported
|
$
|
833,448
|
|
|
$
|
694,777
|
|
|
$
|
313,849
|
|
Operating income (loss), excluding accelerated depreciation expense
|
833,448
|
|
|
699,003
|
|
|
368,475
|
|
|||
Effect of change in estimate
|
$
|
—
|
|
|
$
|
(4,226
|
)
|
|
$
|
(54,626
|
)
|
|
|
|
|
|
|
||||||
Net income (loss), as reported
|
$
|
467,318
|
|
|
$
|
571,613
|
|
|
$
|
227,475
|
|
Net income (loss), excluding accelerated depreciation expense
|
467,318
|
|
|
575,547
|
|
|
283,129
|
|
|||
Effect of change in estimate
|
$
|
—
|
|
|
$
|
(3,934
|
)
|
|
$
|
(55,654
|
)
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share, as reported
|
$
|
1.66
|
|
|
$
|
2.02
|
|
|
$
|
0.80
|
|
Diluted earnings (loss) per share, as reported
|
$
|
1.64
|
|
|
$
|
1.98
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share, excluding accelerated depreciation expense
|
$
|
1.66
|
|
|
$
|
2.03
|
|
|
$
|
0.99
|
|
Diluted earnings (loss) per share, excluding accelerated depreciation expense
|
$
|
1.64
|
|
|
$
|
2.00
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
||||||
Effect of change in estimate - basic earnings (loss) per share
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.19
|
)
|
Effect of change in estimate - diluted earnings (loss) per share
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.19
|
)
|
|
June 30,
2018 |
|
Estimated Fiscal Year 2019 Expense
|
|
June 24,
2017 |
|
Fiscal Year 2018 Expense
|
||||||||
|
(in thousands, except percentages)
|
||||||||||||||
Accumulated post-retirement benefit obligation (APBO):
|
|
|
|
|
|
|
|
||||||||
Retirees and beneficiaries
|
$
|
(18,023
|
)
|
|
|
|
$
|
(15,983
|
)
|
|
|
||||
Active participants
|
(1,367
|
)
|
|
|
|
(2,110
|
)
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Funded status
|
$
|
(19,390
|
)
|
|
|
|
$
|
(18,093
|
)
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Actuarial gain (loss)
|
$
|
(1,279
|
)
|
|
|
|
$
|
99
|
|
|
|
||||
Prior service cost
|
—
|
|
|
|
|
—
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Amounts recognized in accumulated other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
1,054
|
|
|
|
|
$
|
225
|
|
|
|
||||
Prior service cost
|
962
|
|
|
|
|
1,318
|
|
|
|
||||||
Total
|
$
|
2,016
|
|
|
|
|
$
|
1,543
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net periodic post-retirement benefit cost (income):
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
|
|
$
|
741
|
|
|
|
|
$
|
674
|
|
||||
Amortization:
|
|
|
|
|
|
|
|
||||||||
Prior service cost
|
|
|
356
|
|
|
|
|
356
|
|
||||||
Total net periodic post-retirement benefit cost
|
|
|
$
|
1,097
|
|
|
|
|
$
|
1,030
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Employer contributions
|
|
|
$
|
796
|
|
|
|
|
$
|
656
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Economic assumptions:
|
|
|
|
|
|
|
|
||||||||
Discount rate
|
3.9%
|
|
|
|
3.8%
|
|
|
||||||||
Medical trend
|
7.5%-5.0%
|
|
|
|
6.5%-5.0%
|
|
|
|
Non-Pension Benefits
|
||
|
(in thousands)
|
||
2019
|
$
|
796
|
|
2020
|
811
|
|
|
2021
|
882
|
|
|
2022
|
938
|
|
|
2023
|
946
|
|
|
Thereafter
|
15,017
|
|
|
|
$
|
19,390
|
|
|
Quarter Ended
|
||||||||||||||
Fiscal Year 2018
|
6/30/2018
|
|
3/31/2018
|
|
12/30/2017
|
|
9/23/2017
|
||||||||
|
(in thousands, except percentages and per share data)
|
||||||||||||||
Net revenues (1)
|
$
|
633,154
|
|
|
$
|
648,599
|
|
|
$
|
622,637
|
|
|
$
|
575,676
|
|
Cost of goods sold
|
214,486
|
|
|
224,653
|
|
|
212,961
|
|
|
201,845
|
|
||||
Gross margin
|
$
|
418,668
|
|
|
$
|
423,946
|
|
|
$
|
409,676
|
|
|
$
|
373,831
|
|
Gross margin %
|
66.1
|
%
|
|
65.4
|
%
|
|
65.8
|
%
|
|
64.9
|
%
|
||||
Operating income (loss)
|
$
|
222,395
|
|
|
$
|
224,838
|
|
|
$
|
201,048
|
|
|
$
|
185,166
|
|
% of net revenues
|
35.1
|
%
|
|
34.7
|
%
|
|
32.3
|
%
|
|
32.2
|
%
|
||||
Net income (loss) (2)
|
$
|
194,172
|
|
|
$
|
193,627
|
|
|
$
|
(75,015
|
)
|
|
$
|
154,533
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.70
|
|
|
$
|
0.69
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.55
|
|
Diluted
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in the calculation of earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
279,304
|
|
|
280,850
|
|
|
281,560
|
|
|
282,170
|
|
||||
Diluted
|
283,934
|
|
|
285,881
|
|
|
281,560
|
|
|
286,437
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividends declared and paid per share
|
$
|
0.42
|
|
|
$
|
0.42
|
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
|
Quarter Ended
|
||||||||||||||
Fiscal Year 2017
|
6/24/2017
|
|
3/25/2017
|
|
12/24/2016
|
|
9/24/2016
|
||||||||
|
(in thousands, except percentages and per share data)
|
||||||||||||||
Net revenues (1)
|
$
|
602,005
|
|
|
$
|
581,216
|
|
|
$
|
550,998
|
|
|
$
|
561,396
|
|
Cost of goods sold
|
208,339
|
|
|
214,312
|
|
|
210,820
|
|
|
215,664
|
|
||||
Gross margin
|
$
|
393,666
|
|
|
$
|
366,904
|
|
|
$
|
340,178
|
|
|
$
|
345,732
|
|
Gross margin %
|
65.4
|
%
|
|
63.1
|
%
|
|
61.7
|
%
|
|
61.6
|
%
|
||||
Operating income (loss)
|
$
|
199,378
|
|
|
$
|
174,252
|
|
|
$
|
149,074
|
|
|
$
|
172,073
|
|
% of net revenues
|
33.1
|
%
|
|
30.0
|
%
|
|
27.1
|
%
|
|
30.7
|
%
|
||||
Net income (loss) (2)
|
$
|
163,309
|
|
|
$
|
140,213
|
|
|
$
|
130,477
|
|
|
$
|
137,614
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.58
|
|
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
0.49
|
|
Diluted
|
$
|
0.57
|
|
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in the calculation of earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
282,747
|
|
|
282,903
|
|
|
283,294
|
|
|
283,633
|
|
||||
Diluted
|
287,494
|
|
|
287,882
|
|
|
288,106
|
|
|
288,574
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared and paid per share
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
Balance at
Beginning of
Period
|
|
Additions (Reductions) to Allowances
|
|
Deductions
|
|
Balance at
End of
Period
|
||||||||
|
(in thousands)
|
||||||||||||||
Returns and allowances
|
|
|
|
|
|
|
|
||||||||
Year ended June 30, 2018
|
$
|
46,575
|
|
|
$
|
659,023
|
|
|
$
|
(565,483
|
)
|
|
$
|
140,115
|
|
Year ended June 24, 2017
|
$
|
31,461
|
|
|
$
|
143,950
|
|
|
$
|
(128,836
|
)
|
|
$
|
46,575
|
|
Year ended June 25, 2016
|
$
|
17,412
|
|
|
$
|
79,956
|
|
|
$
|
(65,907
|
)
|
|
$
|
31,461
|
|
Exhibit Number
|
|
Description
|
|
Incorporated by Reference From Form
|
|
Incorporated by Reference From Exhibit Number
|
|
Date Filed
|
|
|
|
|
|
|
|
|
|
1.1
|
|
|
8-K
|
|
|
6/13/2017
|
||
|
|
|
|
|
|
|
|
|
3.1
|
|
Restated Certificate of Incorporation of the Company.
|
|
10-K
|
|
3.1
|
|
9/26/1995
|
|
|
|
|
|
|
|
|
|
3.2
|
|
Amendments to Restated Certificate of Incorporation of the Company.
|
|
10-K
10-K
10-Q
10-Q
8-K
|
|
3.3
3.3
3.3
3.3
|
|
9/29/1997
9/24/1998
2/08/2000
2/09/2001
11/17/2015
|
|
|
|
|
|
|
|
|
|
3.3
|
|
|
10-Q
|
|
|
1/27/2017
|
||
|
|
|
|
|
|
|
|
|
4.1
|
|
Reference is made to Exhibits 3.1, 3.2, and 3.3.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1 (A)
|
|
|
10-K
|
|
|
9/8/2005
|
||
|
|
|
|
|
|
|
|
|
10.2 (A)
|
|
|
Proxy Statement
|
|
Appendix B
|
|
9/30/2016
|
|
|
|
|
|
|
|
|
|
|
10.3 (A)
|
|
Assumption Agreement, dated April 11, 2001, relating to Dallas Semiconductor Corporation Executives Retiree Medical Plan.
|
|
10-K
|
|
10.26
|
|
9/24/2001
|
|
|
|
|
|
|
|
|
|
10.4 (A)
|
|
Dallas Semiconductor Corporation Executives Retiree Medical Plan.
|
|
10-K
|
|
10.28
|
|
9/24/2001
|
|
|
|
|
|
|
|
|
|
10.5 (A)
|
|
|
10-Q
|
|
|
11/5/2009
|
||
|
|
|
|
|
|
|
|
|
10.6 (A)
|
|
|
10-Q
|
|
|
11/5/2009
|
||
|
|
|
|
|
|
|
|
|
10.7 (A)
|
|
|
10-K
|
|
|
9/30/2008
|
||
|
|
|
|
|
|
|
|
|
10.8 (A)
|
|
|
10-Q
|
|
|
9/30/2008
|
||
|
|
|
|
|
|
|
|
|
10.9 (A)
|
|
|
10-Q
|
|
|
11/6/2008
|
||
|
|
|
|
|
|
|
|
|
10.10 (A)
|
|
|
10-Q
|
|
|
11/6/2008
|
||
|
|
|
|
|
|
|
|
|
10.11 (A)
|
|
|
Proxy Statement
|
|
Appendix A
|
|
9/30/2016
|
|
|
|
|
|
|
|
|
|
|
10.12 (A)
|
|
|
10-K
|
|
|
8/26/2009
|
||
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
Incorporated by Reference From Form
|
|
Incorporated by Reference From Exhibit Number
|
|
Date Filed
|
|
|
|
|
|
|
|
|
|
10.13 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.14 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.15 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.16
|
|
|
10-Q
|
|
|
10/26/2011
|
||
|
|
|
|
|
|
|
|
|
10.17
|
|
|
8-K
|
|
|
3/14/2013
|
||
|
|
|
|
|
|
|
|
|
10.18
|
|
|
8-K
|
|
|
6/13/2017
|
||
|
|
|
|
|
|
|
|
|
10.19
|
|
|
8-K
|
|
|
11/21/2013
|
||
|
|
|
|
|
|
|
|
|
10.20
|
|
|
S-3
|
|
|
6/10/2010
|
||
|
|
|
|
|
|
|
|
|
10.21
|
|
|
8-K
|
|
|
3/21/2013
|
||
|
|
|
|
|
|
|
|
|
10.22
|
|
|
|
8-K
|
|
|
6/20/2017
|
|
|
|
|
|
|
|
|
|
|
10.23 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.24 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.25 (A)
|
|
|
10-Q
|
|
|
10/20/2017
|
||
|
|
|
|
|
|
|
|
|
10.26
|
|
|
10-K
|
|
|
8/18/2015
|
||
|
|
|
|
|
|
|
|
|
10.27
|
|
|
10-K
|
|
|
8/12/2016
|
||
|
|
|
|
|
|
|
|
|
10.28 †
|
|
|
10-Q/A
|
|
|
5/10/2016
|
||
|
|
|
|
|
|
|
|
|
10.29
|
|
|
8-K
|
|
|
6/24/2016
|
||
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
Incorporated by Reference From Form
|
|
Incorporated by Reference From Exhibit Number
|
|
Date Filed
|
|
|
|
|
|
|
|
|
|
10.30
|
|
|
8-K
|
|
|
6/24/2016
|
||
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
16.1
|
|
|
8-K
|
|
|
11/28/2016
|
||
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Filed herewith
|
|
|
|
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Filed herewith
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August 17, 2018
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MAXIM INTEGRATED PRODUCTS, INC.
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By:/s/ Sumeet Gagneja
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Sumeet Gagneja
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Vice President, Chief Accounting Officer
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(Chief Accounting Officer and Duly Authorized Officer)
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Signature
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Title
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Date
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/s/ Tunç Doluca
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President, Director and Chief Executive Officer
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August 17, 2018
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Tunç Doluca
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(Principal Executive Officer)
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/s/ Bruce E. Kiddoo
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Senior Vice President and Chief Financial Officer
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August 17, 2018
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Bruce E. Kiddoo
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(Principal Financial Officer)
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/s/ Sumeet Gagneja
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Vice President and Chief Accounting Officer
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August 17, 2018
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Sumeet Gagneja
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(Principal Accounting Officer)
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/s/ William P. Sullivan
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Director and Chairman of the Board
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August 17, 2018
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William P. Sullivan
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/s/ Tracy C. Accardi
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Director
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August 17, 2018
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Tracy C. Accardi
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/s/ James R. Bergman
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Director
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August 17, 2018
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James R. Bergman
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/s/ Joseph R. Bronson
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Director
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August 17, 2018
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Joseph R. Bronson
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/s/ Robert E. Grady
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Director
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August 17, 2018
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Robert E. Grady
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/s/ William D. Watkins
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Director
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August 17, 2018
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William D. Watkins
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/s/ MaryAnn Wright
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Director
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August 17, 2018
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MaryAnn Wright
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
Customers
Customer name | Ticker |
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IES Holdings, Inc. | IESC |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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