Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 28, 2015

As of June 28, 2015 and June 29, 2014, the Convertible Notes consisted of the following:


	June 28, 2015						June 29, 2014
	2016 Notes		2018 Notes		2041 Notes		2016 Notes		2018 Notes		2041 Notes
	(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying value, long-term	$	—	$	—	$	—	$	419,561	$	387,338	$	—
Carrying value, current portion		435,493		402,320		520,313		—		—		516,586
Unamortized discount		14,507		47,680		179,622		30,439		62,662		183,349

Principal amount	$	450,000	$	450,000	$	699,935	$	450,000	$	450,000	$	699,935

Carrying amount of permanent equity component, net of tax	$	61,723	$	57,215	$	148,487	$	76,230	$	104,895	$	144,760
Carrying amount of temporary equity component, net of tax	$	14,507	$	47,679	$	179,622	$	—	$	—	$	183,349
Remaining amortization period (years)		0.9		2.9		25.9
Effective interest rate on liability component		4.29%		5.27%		4.28%
Fair Value of Notes (Level 2)	$	604,004	$	643,500	$	1,679,844
Conversion rate (shares of common stock per $1,000 principal amount of notes)		16.0806		16.0806		28.8585
Conversion price (per share of common stock)	$	62.19	$	62.19	$	34.65
If-converted value in excess of par value	$	149,598	$	149,598	$	973,758

Warrants and Convertible Note Hedge Arrangements

The following table presents the details of the warrants and convertible note hedge arrangements as of June 28, 2015:


	2016 Notes	2018 Notes
	(shares in thousands)
Warrants:
Number of shares to be delivered upon exercise	7,236	7,236
Exercise price	$70.40	$75.10
Expiration date range	August 15 - October 21, 2016	August 15 - October 23, 2018
Convertible Note Hedge:
Number of shares available from counterparties	7,236	7,236
Exercise price	$62.19	$62.19

Components of Senior Notes

As of June 28, 2015 the Senior Notes consisted of the following:


	June 28, 2015
	2020 Notes		2025 Notes
	(in thousands, except years)
Carrying value, long-term	$	497,053	$	496,907
Unamortized discount		2,947		3,093

Principal amount	$	500,000	$	500,000

Remaining amortization period (years)		4.7		9.7
Fair Value of Notes (Level 2)	$	497,805	$	492,945

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

The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes and the Convertible Notes during the twelve months ended June 29, 2015, June 28, 2014, and June 30, 2013.


	Twelve Months Ended
	June 28, 2015		June 29, 2014		June 30, 2013
	(in thousands)
Contractual interest coupon	$	36,074	$	26,248	$	26,248
Amortization of interest discount		34,886		33,065		31,560
Amortization of issuance costs		2,435		2,362		2,362
Amortization of interest rate contract		113		—		—

Total interest cost recognized	$	73,508	$	61,675	$	60,170

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

The Company’s contractual cash obligations relating to its Convertible Notes and other long-term debt as of June 28, 2015 were as follows:


	Long-term Debt
	(in thousands)
Payments due by period:
2016*	$	1,599,935
2017		—
2018		—
2019		—
2020		500,000
Thereafter		500,000

Total		2,599,935
Current portion of long-term debt		1,599,935

Long-term debt	$	1,000,000

As noted above, the conversion periods for the Convertible Notes are open as of June 28, 2015. As there is the potential for conversion at the option of the holder, the principal balance of the 2018 and 2041 Notes have been included in the one year payment period. As of August 6, 2015, none of the Convertible Notes have been converted during fiscal year 2015 or 2014.