Lam Research (LRCX) 10-Q29 Apr 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares shares in Thousands	9 Months Ended
Cover Page - shares shares in Thousands	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-12933
Entity Registrant Name	LAM RESEARCH CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2634797
Entity Address, Address Line One	4650 Cushing Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	510
Local Phone Number	572-0200
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	LRCX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,741
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000707549
Current Fiscal Year End Date	--06-30

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Income Statement [Abstract]
Revenue	$ 3,793,558	$ 3,869,569	$ 11,033,879	$ 14,221,259
Cost of goods sold	1,977,820	2,197,237	5,783,087	7,835,743
Restructuring charges, net - cost of goods sold	15,202	66,720	38,099	66,720
Total cost of goods sold	1,993,022	2,263,957	5,821,186	7,902,463
Gross margin	1,800,536	1,605,612	5,212,693	6,318,796
Research and development	512,274	429,451	1,404,615	1,325,211
Selling, general, and administrative	215,904	193,500	651,770	632,922
Restructuring charges, net - operating expenses	15,246	40,408	18,955	40,408
Total operating expenses	743,424	663,359	2,075,340	1,998,541
Operating income	1,057,112	942,253	3,137,353	4,320,255
Other income (expense), net	36,073	(3,331)	68,513	(74,660)
Income before income taxes	1,093,185	938,922	3,205,866	4,245,595
Income tax expense	(127,359)	(124,914)	(398,376)	(537,201)
Net income	$ 965,826	$ 814,008	$ 2,807,490	$ 3,708,394
Net income per share:
Basic (in dollars per share)	$ 7.38	$ 6.03	$ 21.32	$ 27.28
Diluted (in dollars per share)	$ 7.34	$ 6.01	$ 21.22	$ 27.20
Number of shares used in per share calculations:
Basic (in shares)	130,838	134,924	131,663	135,945
Diluted (in shares)	131,518	135,395	132,282	136,314

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 965,826	$ 814,008	$ 2,807,490	$ 3,708,394
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(14,215)	3,727	(20,363)	11,588
Cash flow hedges:
Net unrealized gains (losses) during the period	8,145	(3,320)	18,414	(3,135)
Net (gains) losses reclassified into net income	(4,231)	2,546	(25,974)	(5,478)
Net change	3,914	(774)	(7,560)	(8,613)
Available-for-sale investments:
Net unrealized gains during the period	30	652	314	1,222
Net gains reclassified into net income	0	(105)	(10)	(158)
Net change	30	547	304	1,064
Defined benefit plans, net change in unrealized component	177	276	537	848
Other comprehensive income (loss), net of tax	(10,094)	3,776	(27,082)	4,887
Comprehensive income	$ 955,732	$ 817,784	$ 2,780,408	$ 3,713,281

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023	[1]
ASSETS
Cash and cash equivalents	$ 5,672,232	$ 5,337,056
Investments	0	37,641
Accounts receivable, less allowance of $5,286 as of March 31, 2024, and $5,344 as of June 25, 2023	2,203,707	2,823,376
Inventories	4,322,967	4,816,190
Prepaid expenses and other current assets	289,530	214,149
Total current assets	12,488,436	13,228,412
Property and equipment, net	2,181,741	1,856,672
Goodwill	1,626,519	1,622,489
Intangible assets, net	142,479	168,454
Other assets	1,840,475	1,905,616
Total assets	18,279,650	18,781,643
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	531,648	470,702
Accrued expenses and other current liabilities	1,791,642	2,010,637
Deferred profit	1,601,733	1,695,221
Current portion of long-term debt and finance lease obligations	505,066	8,358
Total current liabilities	4,430,089	4,184,918
Long-term debt and finance lease obligations, less current portion	4,478,385	5,003,183
Income taxes payable	832,397	882,084
Other long-term liabilities	516,678	501,286
Total liabilities	10,257,549	10,571,471
Commitments and contingencies (refer to Note 13)
Stockholders’ equity:
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding	0	0
Common stock, at par value of $0.001 per share; authorized, 400,000 shares as of March 31, 2024 and June 25, 2023; issued and outstanding, 130,736 shares as of March 31, 2024, and 133,297 shares as of June 25, 2023	131	133
Additional paid-in capital	8,082,339	7,809,002
Treasury stock, at cost; 164,423 shares as of March 31, 2024, and 161,380 shares as of June 25, 2023	(23,984,518)	(21,530,353)
Accumulated other comprehensive loss	(127,788)	(100,706)
Retained earnings	24,051,937	22,032,096
Total stockholders’ equity	8,022,101	8,210,172
Total liabilities and stockholders’ equity	$ 18,279,650	$ 18,781,643

[1] Derived from audited financial statements

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,286	$ 5,344
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	130,736,000	133,297,000
Common stock, shares outstanding (in shares)	130,736,000	133,297,000
Treasury stock (in shares)	164,423,000	161,380,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 965,826	$ 814,008	$ 2,807,490	$ 3,708,394
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				271,342	252,828
Deferred income taxes				(137,606)	(133,101)
Equity-based compensation expense		76,854	73,911	213,966	218,105
Other, net				14,242	11,537
Changes in operating assets and liabilities				620,405	(1,550)
Net cash provided by operating activities				3,789,839	4,056,213
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets				(295,922)	(422,898)
Business acquisitions, net of cash acquired				0	(119,955)
Proceeds from maturities of available-for-sales securities				34,336	65,015
Proceeds from sales of available-for-sale securities				3,430	6,837
Other, net				(10,845)	(8,381)
Net cash used for investing activities				(269,001)	(479,382)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations				(255,155)	(21,145)
Treasury stock purchases				(2,469,257)	(1,147,998)
Dividends paid				(757,453)	(675,572)
Reissuance of treasury stock related to employee stock purchase plan				53,081	44,996
Proceeds from issuance of common stock				12,757	7,673
Other, net				(5,672)	(635)
Net cash used for financing activities				(3,421,699)	(1,792,681)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash				(12,758)	(1,349)
Net change in cash, cash equivalents, and restricted cash				86,381	1,782,801
Cash, cash equivalents, and restricted cash at beginning of period	[1]			5,587,372	3,773,535
Cash, cash equivalents, and restricted cash at end of period	[1]	5,673,753	5,556,336	5,673,753	5,556,336
Schedule of non-cash transactions:
Accrued payables for stock repurchases, including applicable excise tax				36,863	4,081
Accrued payables for capital expenditures				45,122	38,225
Dividends payable		261,463	233,043	261,463	233,043
Transfers of finished goods inventory to property and equipment				55,290	64,932
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents		5,672,232	5,305,648	5,672,232	5,305,648
Restricted cash and cash equivalents	[1]	1,521	250,688	1,521	250,688
Total cash, cash equivalents, and restricted cash	[1]	$ 5,673,753	$ 5,556,336	$ 5,673,753	$ 5,556,336

[1] Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total		Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Jun. 26, 2022			136,975
Beginning balance at Jun. 26, 2022	$ 6,278,366		$ 137	$ 7,414,916	$ (19,481,429)	$ (109,982)	$ 18,454,724
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			570
Issuance of common stock	7,673		$ 1	7,672
Purchase of treasury stock (in shares)			(2,984)
Purchase of treasury stock	(1,152,033)		$ (3)		(1,152,030)
Reissuance of treasury stock (in shares)			131
Reissuance of treasury stock	44,996			39,366	5,630
Equity-based compensation expense	218,105			218,105
Net income	3,708,394						3,708,394
Other comprehensive (loss) income	4,887					4,887
Cash dividends declared	(703,000)						(703,000)
Ending balance (in shares) at Mar. 26, 2023			134,692
Ending balance at Mar. 26, 2023	8,407,388		$ 135	7,680,059	(20,627,829)	(105,095)	21,460,118
Beginning balance (in shares) at Dec. 25, 2022			135,403
Beginning balance at Dec. 25, 2022	8,304,635		$ 135	7,606,149	(20,071,931)	(108,871)	20,879,153
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			454
Issuance of common stock	0		$ 1	(1)
Purchase of treasury stock (in shares)			(1,165)
Purchase of treasury stock	(555,899)		$ (1)		(555,898)
Equity-based compensation expense	73,911			73,911
Net income	814,008						814,008
Other comprehensive (loss) income	3,776					3,776
Cash dividends declared	(233,043)						(233,043)
Ending balance (in shares) at Mar. 26, 2023			134,692
Ending balance at Mar. 26, 2023	$ 8,407,388		$ 135	7,680,059	(20,627,829)	(105,095)	21,460,118
Beginning balance (in shares) at Jun. 25, 2023	133,297		133,297
Beginning balance at Jun. 25, 2023	$ 8,210,172	[1]	$ 133	7,809,002	(21,530,353)	(100,706)	22,032,096
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			482
Issuance of common stock	12,757		$ 1	12,756
Purchase of treasury stock (in shares)			(3,193)
Purchase of treasury stock	(2,460,634)		$ (3)		(2,460,631)
Reissuance of treasury stock (in shares)			150
Reissuance of treasury stock	53,081			46,615	6,466
Equity-based compensation expense	213,966			213,966
Net income	2,807,490						2,807,490
Other comprehensive (loss) income	(27,082)					(27,082)
Cash dividends declared	$ (787,649)						(787,649)
Ending balance (in shares) at Mar. 31, 2024	130,736		130,736
Ending balance at Mar. 31, 2024	$ 8,022,101		$ 131	8,082,339	(23,984,518)	(127,788)	24,051,937
Beginning balance (in shares) at Dec. 24, 2023			131,278
Beginning balance at Dec. 24, 2023	8,222,478		$ 131	7,997,251	(23,004,358)	(117,694)	23,347,148
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			409
Issuance of common stock	8,235		$ 1	8,234
Purchase of treasury stock (in shares)			(951)
Purchase of treasury stock	(980,161)		$ (1)		(980,160)
Equity-based compensation expense	76,854			76,854
Net income	965,826						965,826
Other comprehensive (loss) income	(10,094)					(10,094)
Cash dividends declared	$ (261,037)						(261,037)
Ending balance (in shares) at Mar. 31, 2024	130,736		130,736
Ending balance at Mar. 31, 2024	$ 8,022,101		$ 131	$ 8,082,339	$ (23,984,518)	$ (127,788)	$ 24,051,937

[1] Derived from audited financial statements

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 2	$ 1.725	$ 6	$ 5.175

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	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 25, 2023, which are included in the Company’s Annual Report on Form 10-K as of and for the year ended June 25, 2023 (the “2023 Form 10-K”). 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 30, 2024 and includes 53 weeks. The quarters ended March 31, 2024 (the “March 2024 quarter”) and March 26, 2023 included 14 weeks and 13 weeks, respectively. Reclassification: Certain amounts for the June 25, 2023 Condensed Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the current period presentation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted or Effective The Company has not adopted any new accounting standards during the nine months ended March 31, 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements. Updates Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard in the fiscal year 2025 for the annual reporting period ending June 29, 2025, with retrospective disclosure of prior periods presented. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

REVENUE

REVENUE	9 Months Ended
REVENUE	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE 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. The following table presents the Company’s revenues disaggregated between systems and customer support-related revenue: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (In thousands) Systems revenue $ 2,395,817 $ 2,256,033 $ 6,751,758 $ 8,985,538 Customer support-related revenue and other 1,397,741 1,613,536 4,282,121 5,235,721 $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259 Systems revenue includes sales of new leading-edge equipment in deposition, etch and clean markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company’s Reliant product line. The following table presents the Company’s revenues disaggregated by geographic region: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (In thousands) China $ 1,606,693 $ 839,710 $ 4,787,399 $ 3,633,692 Korea 916,812 847,728 2,176,708 2,780,158 Japan 340,331 406,219 1,177,696 1,440,857 Taiwan 334,952 713,708 1,077,325 2,825,827 United States 227,085 594,426 728,098 1,402,641 Southeast Asia 190,328 155,935 495,060 1,225,835 Europe 177,357 311,843 591,593 912,249 $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259 The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, Memory 44 % 32 % 44 % 46 % Foundry 44 % 46 % 39 % 36 % Logic/integrated device manufacturing 12 % 22 % 17 % 18 % Deferred Revenue Revenue of $302.5 million and $1,228.4 million included in deferred profit at June 25, 2023 was recognized during the three and nine months ended March 31, 2024, representing 16% and 67%, respectively, of the $1,837.9 million of deferred revenue as of June 25, 2023. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2024 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 $ 1,371,378 $ 333,416 (1) $ 41,051 (1) $ 1,745,845 (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.

EQUITY-BASED COMPENSATION PLANS

EQUITY-BASED COMPENSATION PLANS	9 Months Ended
EQUITY-BASED COMPENSATION PLANS	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION PLANS	EQUITY-BASED COMPENSATION PLANS The Lam Research Corporation 2015 Stock Incentive Plan, as amended, provides for the grant of non-qualified equity-based awards of the Company’s Common Stock to eligible employees and non-employee directors, including stock options, restricted stock units (“RSUs”), and market-based performance RSUs (“market-based PRSUs”). An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company’s market-based PRSUs contain both a market condition and a service condition. The Company’s option, RSU, and market-based PRSU awards typically vest over a period of three years. The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions. The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Equity-based compensation expense $ 76,854 $ 73,911 $ 213,966 $ 218,105 Income tax benefit recognized related to equity-based compensation expense $ 24,626 $ 12,045 $ 43,544 $ 32,249

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	9 Months Ended
OTHER INCOME (EXPENSE), NET	Mar. 31, 2024
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET The significant components of other income (expense), net, are as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Interest income $ 71,752 $ 41,974 $ 185,911 $ 83,155 Interest expense (47,153) (47,217) (138,797) (139,930) Gains on deferred compensation plan-related assets, net 26,495 5,443 49,124 3,588 Foreign exchange losses, net (4,344) (5,519) (3,643) (8,812) Other, net (10,677) 1,988 (24,082) (12,661) $ 36,073 $ (3,331) $ 68,513 $ (74,660)

INCOME TAX EXPENSE

INCOME TAX EXPENSE	9 Months Ended
INCOME TAX EXPENSE	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAX EXPENSE	INCOME TAX EXPENSE The Company’s provision for income taxes and effective tax rate are as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands, except percentages) Income tax expense $ 127,359 $ 124,914 $ 398,376 $ 537,201 Effective tax rate 11.7 % 13.3 % 12.4 % 12.7 % The difference between the U.S. federal statutory tax rate of 21% and the Company’s effective tax rate for the three and nine months ended March 31, 2024 and March 26, 2023 was primarily due to income in lower tax jurisdictions. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law. In general, the provisions of the IRA are effective beginning with the Company’s fiscal year 2024, with certain exceptions. The IRA includes a new 15% corporate minimum tax. The Company has evaluated the potential impacts of the IRA and does not expect it to have a material impact on the effective tax rate. However, the Company expects future guidance from the Treasury Department and will further analyze when the guidance is issued. The Internal Revenue Service (“IRS”) is examining the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, and June 28, 2020. To date, no significant adjustments have been proposed by the IRS. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the IRS will occur. The Company is in various stages of examinations in connection with all of its tax audits worldwide, and it is difficult to determine when these examinations will be settled. It is reasonably possible that over the next 12-month period the Company may experience an increase or decrease in its uncertain tax positions as a result of tax examinations or lapses of statutes of limitation. The change in uncertain tax positions as a result of lapses of statutes of limitation may range up to $12.4 million.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
NET INCOME PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, and restricted stock units. The following table reconciles the inputs to the basic and diluted computations for net income per share. Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands, except per share data) Numerator: Net income $ 965,826 $ 814,008 $ 2,807,490 $ 3,708,394 Denominator: Basic average shares outstanding 130,838 134,924 131,663 135,945 Effect of potential dilutive securities: Employee stock plans 680 471 619 369 Diluted average shares outstanding 131,518 135,395 132,282 136,314 Net income per share - basic $ 7.38 $ 6.03 $ 21.32 $ 27.28 Net income per share - diluted $ 7.34 $ 6.01 $ 21.22 $ 27.20 For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. These anti-dilutive securities, including options and RSUs, were not material for the three and nine months ended March 31, 2024 and March 26, 2023.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
FINANCIAL INSTRUMENTS	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2023 Form 10-K. As of March 31, 2024 and June 25, 2023, the fair value of mutual funds and debt and equity investments were not material. The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three and nine months ended March 31, 2024 and March 26, 2023. The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2024, and June 25, 2023 consisted of the following: March 31, June 25, (in thousands) Money market funds (fair value measured on a recurring basis, level 1) $ 2,277,989 $ 2,223,642 Cash 1,693,654 2,132,522 Time deposits 1,700,589 980,892 Total $ 5,672,232 $ 5,337,056 In addition, as of June 25, 2023 the Company had time deposits of $250.0 million reported within Other assets in the Condensed Consolidated Balance Sheets. Derivative Instruments and Hedging The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2023 Form 10-K. As of March 31, 2024 and June 25, 2023, the fair value of outstanding cash flow and balance sheet hedges were not material. The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three and nine months ended March 31, 2024 and March 26, 2023. Concentrations of Credit Risk

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. System shipments to customers in Japan, for which title does not transfer until customer acceptance, are classified as finished goods inventory and carried at cost until title transfers. Inventories consist of the following: March 31, June 25, (in thousands) Raw materials $ 3,020,147 $ 3,196,988 Work-in-process 290,736 325,611 Finished goods 1,012,084 1,293,591 $ 4,322,967 $ 4,816,190

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill The balance of goodwill is approximately $1.6 billion as of March 31, 2024 and June 25, 2023. As of March 31, 2024 and June 25, 2023, $65.4 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law. Intangible Assets The following table provides the Company’s intangible assets, other than goodwill: March 31, 2024 June 25, 2023 Gross Accumulated Net Gross Accumulated Net (in thousands) Customer relationships $ 644,126 $ (633,260) $ 10,866 $ 644,138 $ (631,420) $ 12,718 Existing technology 747,386 (683,380) 64,006 717,331 (674,549) 42,782 Patents and other intangible assets 202,456 (134,849) 67,607 199,532 (116,659) 82,873 Intangible assets subject to amortization 1,593,968 (1,451,489) 142,479 1,561,001 (1,422,628) 138,373 In process research and development — — — 30,081 — 30,081 Total intangible assets $ 1,593,968 $ (1,451,489) $ 142,479 $ 1,591,082 $ (1,422,628) $ 168,454 The Company recognized $15.2 million and $13.8 million in intangible asset amortization expense during the three months ended March 31, 2024 and March 26, 2023, respectively. The Company recognized $42.0 million and $37.4 million in intangible asset amortization expense during the nine months ended March 31, 2024 and March 26, 2023, respectively. The estimated future amortization expense of intangible assets as of March 31, 2024, is reflected in the table below. The table excludes $8.2 million of capitalized costs for intangible assets that have not been placed into service. Fiscal Year Amount (in thousands) 2024 (remaining 3 months) $ 13,945 2025 40,461 2026 25,770 2027 18,454 2028 14,695 Thereafter 20,955 $ 134,280

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: March 31, June 25, (in thousands) Accrued compensation $ 478,636 $ 481,354 Warranty reserves 231,391 256,781 Income and other taxes payable 244,828 460,630 Dividend payable 261,463 231,267 Restructuring 21,482 8,014 Other 553,842 572,591 $ 1,791,642 $ 2,010,637

LEASES

LEASES	9 Months Ended
LEASES	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company elected to exercise purchase options available under its finance leases for certain improved properties in Fremont and Livermore, California (the “California Facility Leases”) in the three months ended September 24, 2023. As a result, the Company released cash collateral in an aggregate of approximately $250.0 million of restricted cash that was reported in Other assets in the Company’s Condensed Consolidated Balance Sheet. Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $298.4 million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facilities Leases. As a result of the purchase of the improved properties, $250.5 million of additions were made to Property and Equipment, Net in the Company’s Condensed Consolidated Balance Sheets primarily comprised of land ($40.5 million) and buildings and improvements ($210.0 million).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees The Company has issued certain indemnifications to its lessors for taxes and general liability under some of its agreements. The Company has entered into insurance contracts that are intended to limit its exposure to such indemnifications. As of March 31, 2024, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees. Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services. The Company seeks to limit its liability for such indemnity to an amount not to exceed the sales price of the products or services subject to its indemnification obligations. The Company does not believe that it is probable that any material amounts will be paid under these guarantees. The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business. As of March 31, 2024, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $171.0 million. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid. In addition, the Company has entered into indemnification agreements with its directors, officers, and certain other employees, consistent with its Bylaws and Certificate of Incorporation; and under local law, the Company may be required to provide indemnification to its employees for actions within the scope of their employment. Although the Company maintains insurance contracts that cover some of the potential liability associated with these indemnification agreements, there is no guarantee that all such liabilities will be covered. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under such indemnification agreements or statutory obligations. Warranties The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements. As of March 31, 2024, warranty reserves totaling $23.2 million were reported in Other long-term liabilities, the remainder were included in Accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets. Changes in the Company’s product warranty reserves were as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Balance at beginning of period $ 260,840 $ 318,969 $ 286,663 $ 256,258 Warranties issued during the period 43,479 54,158 139,713 225,735 Settlements made during the period (45,916) (60,440) (147,595) (187,174) Changes in liability for warranties issued during the period (74) (942) (148) 999 Changes in liability for pre-existing warranties (3,757) 1,087 (24,061) 17,014 Balance at end of period $ 254,572 $ 312,832 $ 254,572 $ 312,832 Legal Proceedings While the Company is not currently a party to any legal proceedings that it believes material, the Company is either a defendant or plaintiff in various actions that have arisen from time to time in the normal course of business, including intellectual property claims. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on current information, the Company does not believe that a material loss from known matters is probable and therefore has not recorded an accrual of any material amount for litigation or other contingencies related to existing legal proceedings.

STOCK REPURCHASE PROGRAM

STOCK REPURCHASE PROGRAM	9 Months Ended
STOCK REPURCHASE PROGRAM	Mar. 31, 2024
Equity [Abstract]
STOCK REPURCHASE PROGRAM	STOCK REPURCHASE PROGRAM In May 2022, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balances from any prior authorizations. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Total Cost of Repurchase (1) Average Price Share (1) Amount (in thousands, except per share data) Available balance as of June 25, 2023 $ 3,537,217 Quarter ended September 24, 2023 1,257 $ 829,874 $ 660.01 $ 2,707,343 Quarter ended December 24, 2023 970 $ 640,267 $ 660.04 $ 2,067,076 Quarter ended March 31, 2024 828 $ 860,084 $ 774.77 (2) $ 1,206,992 (1) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. (2) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 31, 2024. In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 31, 2024, the Company acquired 123 thousand shares at a total cost of $120.1 million and 138 thousand shares at a total cost of $130.0 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan. Accelerated Share Repurchase Agreements On February 1, 2024, the Company entered into accelerated share repurchase agreements (the "February 2024 ASRs") with two financial institutions to repurchase a total of $700 million of Common Stock. The Company took an initial delivery of approximately 631 thousand shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on February 1, 2024. The total number of shares received under the February 2024 ASRs is based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the February 2024 ASRs occurred during April 2024, resulting in the receipt of approximately 140 thousand shares, which yielded a weighted-average share price of $917.38 (net of applicable excise taxes) for the transaction period. The Company recorded the February 2024 ASRs as equity transactions; as such, at the time of receipt, shares were included in treasury stock at fair market value as of the corresponding trade date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share.

RESTRUCTURING CHARGES, NET

RESTRUCTURING CHARGES, NET	9 Months Ended
RESTRUCTURING CHARGES, NET	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES, NET	RESTRUCTURING CHARGES, NET The Company records employee severance and separation costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Non-retirement Post-employment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with employees that elected to voluntarily terminate as part of the restructuring plan are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated. If applicable, the Company records such costs into operating expense over the terminated employees’ future service period beyond any minimum or legally required retention period. The majority of restructuring charges that have been incurred but not yet paid are recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. In the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities. Under the plan, through March 31, 2024, the Company terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs primarily relate to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements. During the three months ended March 31, 2024, net restructuring costs of $15.2 million and $15.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively, in the Condensed Consolidated Statements of Operations. During the nine months ended March 31, 2024, net restructuring costs of $38.1 million and $19.0 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Condensed Consolidated Statements of Operations. During the three and nine months ended March 26, 2023, net restructuring costs of $66.7 million and $40.4 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Condensed Consolidated Statements of Operations. The restructuring plan is expected to be substantially completed by the June 2024 quarter, and cumulative costs as of March 31, 2024 total $177.4 million. The following table is a summary of the activity related to the restructuring plan: Severance and Benefits Other Total (in thousands) Restructuring liability as of June 25, 2023 $ 7,989 $ 246 $ 8,235 Restructuring expense 30,512 26,542 57,054 Cash payments (18,751) (15,722) (34,473) Non-cash activities (158) (6,936) (7,094) Restructuring liability as of March 31, 2024 $ 19,592 $ 4,130 $ 23,722

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net income	$ 965,826	$ 814,008	$ 2,807,490	$ 3,708,394

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Timothy M. Archer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On February 27, 2024, Timothy M. Archer, the President and Chief Executive Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Archer’s Rule 10b5-1 Trading Arrangement provides for: (i) the potential sale of up to 9,650 shares of the Company’s common stock; and (ii) the potential exercise of 19,347 stock options expiring on December 6, 2025, and the associated sale of up to 19,347 shares of the Company’s common stock resulting from such exercise. Mr. Archer’s Rule 10b5-1 Trading Arrangement has a termination date of February 27, 2025.
Name	Timothy M. Archer
Title	President and Chief Executive Officer
Adoption Date	February 27, 2024
Arrangement Duration	366 days
Aggregate Available	19,347	19,347
Neil J. Fernandes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On February 15, 2024, Neil J. Fernandes, the Senior Vice President, Global Customer Operations, of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Fernandes’ Rule 10b5-1 Trading Arrangement provides for a contribution of up to 4,409 shares of the Company’s common stock to an exchange fund in exchange for shares of that fund. Mr. Fernandes’ Rule 10b5-1 Trading Arrangement has a termination date of June 27, 2024. •
Name	Neil J. Fernandes
Title	Senior Vice President
Timothy M. Archer's Rule Trading Arrangement, Common Stock [Member] \| Timothy M. Archer [Member]
Trading Arrangements, by Individual
Aggregate Available	9,650	9,650
Timothy M. Archer's Trading Arrangement, Stock Options [Member] \| Timothy M. Archer [Member]
Trading Arrangements, by Individual
Aggregate Available	19,347	19,347
Neil J. Fernandes' First Trading Arrangement [Member] \| Neil J. Fernandes [Member]
Trading Arrangements, by Individual
Adoption Date	February 15, 2024
Arrangement Duration	133 days
Aggregate Available	4,409	4,409
Neil J. Fernandes’ Second Trading Arrangement [Member] \| Neil J. Fernandes [Member]
Trading Arrangements, by Individual
Adoption Date	February 23, 2024
Termination Date	March 14, 2025
Arrangement Duration	385 days
Aggregate Available	2,370	2,370

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Consolidation	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.
Fiscal Period	The Company’s reporting period is a 52/53-week fiscal year. The Company’s current fiscal year will end June 30, 2024 and includes 53 weeks.
Reclassification	Reclassification: Certain amounts for the June 25, 2023 Condensed Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the current period presentation.
Recently Adopted or Effective and Updates Not Yet Effective	Recently Adopted or Effective The Company has not adopted any new accounting standards during the nine months ended March 31, 2024 that have a material impact on the Company’s Condensed Consolidated Financial Statements. Updates Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard in the fiscal year 2025 for the annual reporting period ending June 29, 2025, with retrospective disclosure of prior periods presented. The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.
Inventories	Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. System shipments to customers in Japan, for which title does not transfer until customer acceptance, are classified as finished goods inventory and carried at cost until title transfers.
Warranties	The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenues disaggregated between systems and customer support-related revenue: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (In thousands) Systems revenue $ 2,395,817 $ 2,256,033 $ 6,751,758 $ 8,985,538 Customer support-related revenue and other 1,397,741 1,613,536 4,282,121 5,235,721 $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259 The following table presents the Company’s revenues disaggregated by geographic region: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (In thousands) China $ 1,606,693 $ 839,710 $ 4,787,399 $ 3,633,692 Korea 916,812 847,728 2,176,708 2,780,158 Japan 340,331 406,219 1,177,696 1,440,857 Taiwan 334,952 713,708 1,077,325 2,825,827 United States 227,085 594,426 728,098 1,402,641 Southeast Asia 190,328 155,935 495,060 1,225,835 Europe 177,357 311,843 591,593 912,249 $ 3,793,558 $ 3,869,569 $ 11,033,879 $ 14,221,259
Schedule of System Revenues of Primary Markets	The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, Memory 44 % 32 % 44 % 46 % Foundry 44 % 46 % 39 % 36 % Logic/integrated device manufacturing 12 % 22 % 17 % 18 %
Schedule of Contract Transaction Price Not Yet Recognized as Revenue	The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2024 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 $ 1,371,378 $ 333,416 (1) $ 41,051 (1) $ 1,745,845 (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.

EQUITY-BASED COMPENSATION PLA_2

EQUITY-BASED COMPENSATION PLANS (Tables)	9 Months Ended
EQUITY-BASED COMPENSATION PLANS (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Recognized Equity Based Compensation Expenses and Benefits	The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Equity-based compensation expense $ 76,854 $ 73,911 $ 213,966 $ 218,105 Income tax benefit recognized related to equity-based compensation expense $ 24,626 $ 12,045 $ 43,544 $ 32,249

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	9 Months Ended
OTHER INCOME (EXPENSE), NET (Tables)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Components of Other Income (Expense), Net	The significant components of other income (expense), net, are as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Interest income $ 71,752 $ 41,974 $ 185,911 $ 83,155 Interest expense (47,153) (47,217) (138,797) (139,930) Gains on deferred compensation plan-related assets, net 26,495 5,443 49,124 3,588 Foreign exchange losses, net (4,344) (5,519) (3,643) (8,812) Other, net (10,677) 1,988 (24,082) (12,661) $ 36,073 $ (3,331) $ 68,513 $ (74,660)

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	9 Months Ended
INCOME TAX EXPENSE (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The Company’s provision for income taxes and effective tax rate are as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands, except percentages) Income tax expense $ 127,359 $ 124,914 $ 398,376 $ 537,201 Effective tax rate 11.7 % 13.3 % 12.4 % 12.7 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
NET INCOME PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share	The following table reconciles the inputs to the basic and diluted computations for net income per share. Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands, except per share data) Numerator: Net income $ 965,826 $ 814,008 $ 2,807,490 $ 3,708,394 Denominator: Basic average shares outstanding 130,838 134,924 131,663 135,945 Effect of potential dilutive securities: Employee stock plans 680 471 619 369 Diluted average shares outstanding 131,518 135,395 132,282 136,314 Net income per share - basic $ 7.38 $ 6.03 $ 21.32 $ 27.28 Net income per share - diluted $ 7.34 $ 6.01 $ 21.22 $ 27.20

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Cash, Cash Equivalents, Investments, and Other Assets Measured at Fair Value on Recurring Basis	The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2024, and June 25, 2023 consisted of the following: March 31, June 25, (in thousands) Money market funds (fair value measured on a recurring basis, level 1) $ 2,277,989 $ 2,223,642 Cash 1,693,654 2,132,522 Time deposits 1,700,589 980,892 Total $ 5,672,232 $ 5,337,056

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, June 25, (in thousands) Raw materials $ 3,020,147 $ 3,196,988 Work-in-process 290,736 325,611 Finished goods 1,012,084 1,293,591 $ 4,322,967 $ 4,816,190

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Other Than Goodwill	The following table provides the Company’s intangible assets, other than goodwill: March 31, 2024 June 25, 2023 Gross Accumulated Net Gross Accumulated Net (in thousands) Customer relationships $ 644,126 $ (633,260) $ 10,866 $ 644,138 $ (631,420) $ 12,718 Existing technology 747,386 (683,380) 64,006 717,331 (674,549) 42,782 Patents and other intangible assets 202,456 (134,849) 67,607 199,532 (116,659) 82,873 Intangible assets subject to amortization 1,593,968 (1,451,489) 142,479 1,561,001 (1,422,628) 138,373 In process research and development — — — 30,081 — 30,081 Total intangible assets $ 1,593,968 $ (1,451,489) $ 142,479 $ 1,591,082 $ (1,422,628) $ 168,454
Schedule of Estimated Future Amortization Expense of Intangible Assets	The estimated future amortization expense of intangible assets as of March 31, 2024, is reflected in the table below. The table excludes $8.2 million of capitalized costs for intangible assets that have not been placed into service. Fiscal Year Amount (in thousands) 2024 (remaining 3 months) $ 13,945 2025 40,461 2026 25,770 2027 18,454 2028 14,695 Thereafter 20,955 $ 134,280

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, June 25, (in thousands) Accrued compensation $ 478,636 $ 481,354 Warranty reserves 231,391 256,781 Income and other taxes payable 244,828 460,630 Dividend payable 261,463 231,267 Restructuring 21,482 8,014 Other 553,842 572,591 $ 1,791,642 $ 2,010,637

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Product Warranty Reserves	Changes in the Company’s product warranty reserves were as follows: Three Months Ended Nine Months Ended March 31, March 26, March 31, March 26, (in thousands) Balance at beginning of period $ 260,840 $ 318,969 $ 286,663 $ 256,258 Warranties issued during the period 43,479 54,158 139,713 225,735 Settlements made during the period (45,916) (60,440) (147,595) (187,174) Changes in liability for warranties issued during the period (74) (942) (148) 999 Changes in liability for pre-existing warranties (3,757) 1,087 (24,061) 17,014 Balance at end of period $ 254,572 $ 312,832 $ 254,572 $ 312,832

STOCK REPURCHASE PROGRAM (Table

STOCK REPURCHASE PROGRAM (Tables)	9 Months Ended
STOCK REPURCHASE PROGRAM (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Repurchases Under the Repurchase Program	Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Total Cost of Repurchase (1) Average Price Share (1) Amount (in thousands, except per share data) Available balance as of June 25, 2023 $ 3,537,217 Quarter ended September 24, 2023 1,257 $ 829,874 $ 660.01 $ 2,707,343 Quarter ended December 24, 2023 970 $ 640,267 $ 660.04 $ 2,067,076 Quarter ended March 31, 2024 828 $ 860,084 $ 774.77 (2) $ 1,206,992 (1) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. (2) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 31, 2024.

RESTRUCTURING CHARGES, NET (Tab

RESTRUCTURING CHARGES, NET (Tables)	9 Months Ended
RESTRUCTURING CHARGES, NET (Tables)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Summary of the Activity Related to the Restructuring Plan	The following table is a summary of the activity related to the restructuring plan: Severance and Benefits Other Total (in thousands) Restructuring liability as of June 25, 2023 $ 7,989 $ 246 $ 8,235 Restructuring expense 30,512 26,542 57,054 Cash payments (18,751) (15,722) (34,473) Non-cash activities (158) (6,936) (7,094) Restructuring liability as of March 31, 2024 $ 19,592 $ 4,130 $ 23,722

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
REVENUE - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) primary_market region segment	Jun. 25, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of reportable business segment \| segment		1
Number of operating geographic regions \| region		7
Number of primary markets \| primary_market		3
Revenue recognized	$ 302.5	$ 1,228.4
Percentage of deferred revenue	16%	67%
Deferred revenue			$ 1,837.9

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 3,793,558	$ 3,869,569	$ 11,033,879	$ 14,221,259
China
Disaggregation of Revenue [Line Items]
Revenue	1,606,693	839,710	4,787,399	3,633,692
Korea
Disaggregation of Revenue [Line Items]
Revenue	916,812	847,728	2,176,708	2,780,158
Japan
Disaggregation of Revenue [Line Items]
Revenue	340,331	406,219	1,177,696	1,440,857
Taiwan
Disaggregation of Revenue [Line Items]
Revenue	334,952	713,708	1,077,325	2,825,827
United States
Disaggregation of Revenue [Line Items]
Revenue	227,085	594,426	728,098	1,402,641
Southeast Asia
Disaggregation of Revenue [Line Items]
Revenue	190,328	155,935	495,060	1,225,835
Europe
Disaggregation of Revenue [Line Items]
Revenue	177,357	311,843	591,593	912,249
Systems revenue
Disaggregation of Revenue [Line Items]
Revenue	2,395,817	2,256,033	6,751,758	8,985,538
Customer support-related revenue and other
Disaggregation of Revenue [Line Items]
Revenue	$ 1,397,741	$ 1,613,536	$ 4,282,121	$ 5,235,721

REVENUE - Schedule of System Re

REVENUE - Schedule of System Revenues of Primary Markets (Details) - Equipment and upgrade revenue - Revenue	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Memory
Concentration Risk [Line Items]
Concentration	44%	32%	44%	46%
Foundry
Concentration Risk [Line Items]
Concentration	44%	46%	39%	36%
Logic/integrated device manufacturing
Concentration Risk [Line Items]
Concentration	12%	22%	17%	18%

REVENUE - Summary of Contract T

REVENUE - Summary of Contract Transaction Price Not Yet Recognized as Revenue (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1,745,845
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 1,371,378
Recognition period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 333,416
Recognition period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 41,051
Recognition period

EQUITY-BASED COMPENSATION PLA_3

EQUITY-BASED COMPENSATION PLANS - Additional Information (Details)	9 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Vesting period (in years)	3 years

EQUITY-BASED COMPENSATION PLA_4

EQUITY-BASED COMPENSATION PLANS - Recognized Equity-Based Compensation Expenses and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Share-Based Payment Arrangement [Abstract]
Equity-based compensation expense	$ 76,854	$ 73,911	$ 213,966	$ 218,105
Income tax benefit recognized related to equity-based compensation expense	$ 24,626	$ 12,045	$ 43,544	$ 32,249

OTHER INCOME (EXPENSE), NET - C

OTHER INCOME (EXPENSE), NET - Components of Other Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Other Income and Expenses [Abstract]
Interest income	$ 71,752	$ 41,974	$ 185,911	$ 83,155
Interest expense	(47,153)	(47,217)	(138,797)	(139,930)
Gains on deferred compensation plan-related assets, net	26,495	5,443	49,124	3,588
Foreign exchange losses, net	(4,344)	(5,519)	(3,643)	(8,812)
Other, net	(10,677)	1,988	(24,082)	(12,661)
Other income (expense), net	$ 36,073	$ (3,331)	$ 68,513	$ (74,660)

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAX EXPENSE (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 127,359	$ 124,914	$ 398,376	$ 537,201
Effective tax rate	11.70%	13.30%	12.40%	12.70%
Tax examinations or lapses of statute of limitation
Income Tax Contingency [Line Items]
Estimated unrecognized tax benefits reduction (up to)	$ 12,400		$ 12,400

NET INCOME PER SHARE - Schedule

NET INCOME PER SHARE - Schedule of Numerators and Denominators of Basic and Diluted Computations for Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Numerator:
Net income	$ 965,826	$ 814,008	$ 2,807,490	$ 3,708,394
Denominator:
Basic average shares outstanding (in shares)	130,838	134,924	131,663	135,945
Effect of potential dilutive securities:
Employee stock plans (in shares)	680	471	619	369
Diluted average shares outstanding (in shares)	131,518	135,395	132,282	136,314
Net income per share - basic (in dollars per share)	$ 7.38	$ 6.03	$ 21.32	$ 27.28
Net income per share - diluted (in dollars per share)	$ 7.34	$ 6.01	$ 21.22	$ 27.20

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents, Investments, and Other Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial instruments	$ 5,672,232	$ 5,337,056
Money market funds (fair value measured on a recurring basis, level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial instruments	2,277,989	2,223,642
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial instruments	1,693,654	2,132,522
Time deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial instruments	$ 1,700,589	$ 980,892

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Cash and Cash Equivalents [Line Items]
Financial instruments	$ 5,672,232	$ 5,337,056
Time deposits
Cash and Cash Equivalents [Line Items]
Financial instruments	$ 1,700,589	980,892
Other assets \| Time deposits
Cash and Cash Equivalents [Line Items]
Financial instruments		$ 250,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,020,147	$ 3,196,988
Work-in-process	290,736	325,611
Finished goods	1,012,084	1,293,591
Total inventories	$ 4,322,967	$ 4,816,190	[1]

[1] Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,626,519		$ 1,626,519		$ 1,622,489	[1]
Tax deductible goodwill	65,400		65,400		$ 65,400
Intangible asset amortization expense	15,200	$ 13,800	42,000	$ 37,400
Capitalized costs for internal-use software	$ 8,200		$ 8,200

[1] Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,593,968	$ 1,561,001
Accumulated Amortization	(1,451,489)	(1,422,628)
Net	142,479	138,373
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,593,968	1,591,082
Accumulated Amortization	(1,451,489)	(1,422,628)
Net	142,479	168,454	[1]
In process research and development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0	30,081
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	644,126	644,138
Accumulated Amortization	(633,260)	(631,420)
Net	10,866	12,718
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(633,260)	(631,420)
Existing technology
Finite-Lived Intangible Assets [Line Items]
Gross	747,386	717,331
Accumulated Amortization	(683,380)	(674,549)
Net	64,006	42,782
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(683,380)	(674,549)
Patents and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	202,456	199,532
Accumulated Amortization	(134,849)	(116,659)
Net	67,607	82,873
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (134,849)	$ (116,659)

[1] Derived from audited financial statements

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fiscal Year
2024 (remaining 3 months)	$ 13,945
2025	40,461
2026	25,770
2027	18,454
2028	14,695
Thereafter	20,955
Net	$ 134,280

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 25, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 478,636	$ 481,354
Warranty reserves	231,391	256,781
Income and other taxes payable	244,828	460,630
Dividend payable	261,463	231,267
Restructuring	21,482	8,014
Other	553,842	572,591
Accrued expenses and other current liabilities	$ 1,791,642	$ 2,010,637	[1]

[1] Derived from audited financial statements

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	3 Months Ended
LEASES (Details) - USD ($) $ in Millions	Sep. 24, 2023	Jun. 25, 2023
Improved properties
Guarantor Obligations [Line Items]
Payments to acquire assets	$ 250.5
Land
Guarantor Obligations [Line Items]
Payments to acquire assets	40.5
Building
Guarantor Obligations [Line Items]
Payments to acquire assets	$ 210
Cash collateral
Guarantor Obligations [Line Items]
Restricted cash and investments		$ 250
California Facility Leases
Guarantor Obligations [Line Items]
Maximum residual value		$ 298.4

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022	Jun. 26, 2022
Loss Contingencies [Line Items]
Warranty reserves	$ 254,572	$ 260,840	$ 286,663	$ 312,832	$ 318,969	$ 256,258
Other long-term liabilities
Loss Contingencies [Line Items]
Warranty reserves	23,200
Letters of Credit
Loss Contingencies [Line Items]
Maximum potential amount of future payments	$ 171,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Changes in Product Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023
Changes in Product Warranty Reserve
Balance at beginning of period	$ 260,840	$ 318,969	$ 286,663	$ 256,258
Warranties issued during the period	43,479	54,158	139,713	225,735
Settlements made during the period	(45,916)	(60,440)	(147,595)	(187,174)
Changes in liability for warranties issued during the period	(74)	(942)	(148)	999
Changes in liability for pre-existing warranties	(3,757)	1,087	(24,061)	17,014
Balance at end of period	$ 254,572	$ 312,832	$ 254,572	$ 312,832

STOCK REPURCHASE PROGRAM - Addi

STOCK REPURCHASE PROGRAM - Additional Information (Details) $ / shares in Units, shares in Thousands		1 Months Ended		3 Months Ended			9 Months Ended
	Feb. 01, 2024 USD ($) financial_institution shares	Apr. 29, 2024 $ / shares shares	May 31, 2022 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 24, 2023 $ / shares shares	Sep. 24, 2023 $ / shares shares	Mar. 31, 2024 USD ($) shares
Equity, Class of Treasury Stock [Line Items]
Net shares of settlements to cover tax withholding obligations (in shares)				123			138
Amount paid for shares under net share settlements \| $				$ 120,100,000			$ 130,000,000
Stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Increase in authorized amount \| $			$ 5,000,000,000
Purchase of treasury stock (in shares)				828	970	1,257
Weighted-average share price (in dollars per share) \| $ / shares				$ 774.77	$ 660.04	$ 660.01
February2024 Accelerated Share Repurchase Agreement
Equity, Class of Treasury Stock [Line Items]
Number of financial institutions \| financial_institution	2
Repurchase amount \| $	$ 700,000,000
Purchase of treasury stock (in shares)	631
Percent of prepayment amount	75%
February2024 Accelerated Share Repurchase Agreement \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)		140
Weighted-average share price (in dollars per share) \| $ / shares		$ 917.38

STOCK REPURCHASE PROGRAM - Repu

STOCK REPURCHASE PROGRAM - Repurchases Under the Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 31, 2024	Dec. 24, 2023	Sep. 24, 2023	Mar. 26, 2023	Mar. 31, 2024	Mar. 26, 2023	Jun. 25, 2023
Equity, Class of Treasury Stock [Line Items]
Total Cost of Repurchase	$ 980,161			$ 555,899	$ 2,460,634	$ 1,152,033
Stock repurchase program
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased (in shares)	828	970	1,257
Total Cost of Repurchase	$ 860,084	$ 640,267	$ 829,874
Average Price Paid Per Share (in dollars per share)	$ 774.77	$ 660.04	$ 660.01
Amount Available Under Repurchase Program	$ 1,206,992	$ 2,067,076	$ 2,707,343		$ 1,206,992		$ 3,537,217

RESTRUCTURING CHARGES, NET - Ad

RESTRUCTURING CHARGES, NET - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		21 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 26, 2023 USD ($)	Mar. 31, 2024 USD ($) employee
Restructuring and Related Activities [Abstract]
Headcount reduction \| employee					1,760
Restructuring charges, net - cost of goods sold	$ 15,202	$ 66,720	$ 38,099	$ 66,720
Restructuring charges, net - operating expenses	15,246	$ 40,408	18,955	$ 40,408
Cumulative cost	$ 177,400		$ 177,400		$ 177,400

RESTRUCTURING CHARGES, NET - Su

RESTRUCTURING CHARGES, NET - Summary of the Activity Related to the Restructuring Plan (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	$ 8,235
Restructuring expense	57,054
Cash payments	(34,473)
Non-cash activities	(7,094)
Restructuring liability as of March 31, 2024	23,722
Severance and Benefits
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	7,989
Restructuring expense	30,512
Cash payments	(18,751)
Non-cash activities	(158)
Restructuring liability as of March 31, 2024	19,592
Other
Restructuring Reserve [Roll Forward]
Restructuring liability as of June 25, 2023	246
Restructuring expense	26,542
Cash payments	(15,722)
Non-cash activities	(6,936)
Restructuring liability as of March 31, 2024	$ 4,130