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LONG-TERM DEBT AND OTHER BORROWINGS (Tables) | 9 Months Ended
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Mar. 29, 2015
Components of Convertible Notes | As of March 29, 2015 and June 29, 2014, the Convertible Notes consisted of the following:
|  | March 29, 2015 |  |  | June 29, 2014 |
|  | 2016 Notes |  |  | 2018 Notes |  |  | 2041 Notes(1) |  |  | 2016 Notes |  |  | 2018 Notes |  |  | 2041 Notes(1) |
|  | (in thousands, except years, percentages, conversion rate, and conversion price) |
Carrying value, long-term |  | $ | 431,447 |  |  | $ | 398,502 |  |  | $ | — |  |  | $ | 419,561 |  |  | $ | 387,338 |  |  | $ | — |
Carrying value, current portion |  |  | — |  |  |  | — |  |  |  | 519,366 |  |  |  | — |  |  |  | — |  |  |  | 516,586 |
Unamortized discount |  |  | 18,553 |  |  |  | 51,498 |  |  |  | 180,569 |  |  |  | 30,439 |  |  |  | 62,662 |  |  |  | 183,349 |
Principal amount |  | $ | 450,000 |  |  | $ | 450,000 |  |  | $ | 699,935 |  |  | $ | 450,000 |  |  | $ | 450,000 |  |  | $ | 699,935 |
Remaining amortization period (years) |  |  | 1.1 |  |  |  | 3.1 |  |  |  | 26.1 |  |  |  |  |  |  |  |  |  |  |  |  |
Effective interest rate on liability component |  |  | 4.29 | % |  |  | 5.27 | % |  |  | 4.28 | % |  |  |  |  |  |  |  |  |  |  |  |
Carrying amount of equity component, net of tax |  | $ | 76,230 |  |  | $ | 104,895 |  |  | $ | 328,109 |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Notes (Level 2) |  | $ | 548,825 |  |  | $ | 586,350 |  |  | $ | 1,470,612 |  |  |  |  |  |  |  |  |  |  |  |  |
Conversion rate (shares of common stock per $1,000 principal amount of notes) |  |  | 16.0228 |  |  |  | 16.0228 |  |  |  | 28.7547 |  |  |  |  |  |  |  |  |  |  |  |  |
Conversion price (per share of common stock) |  | $ | 62.41 |  |  | $ | 62.41 |  |  | $ | 34.78 |  |  |  |  |  |  |  |  |  |  |  |  |
If-converted value in excess of par value |  | $ | 69,426 |  |  | $ | 69,426 |  |  | $ | 749,973 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | During the quarter-ended March 29, 2015 and June 29, 2014, the market value of the Company’s Common Stock was greater than or equal to 130% of the 2041 Note conversion price for 20 or more trading days of the 30 consecutive trading days preceding the quarter end. As a result, the 2041 Notes are convertible at the option of the holder. The carrying amount of the 2041 Notes was classified in current liabilities and the excess of the amount of cash payable, if converted, over the carrying amount of the 2041 Notes was classified as temporary equity on the Company’s Consolidated Balance Sheets as of March 29, 2015 and June 29, 2014. Upon closure of a conversion period, all 2041 Notes not converted will be reclassified back to noncurrent liabilities and the temporary equity will be reclassified to permanent equity.
Warrants and Convertible Note Hedge Arrangements | The following table presents the details of the warrants and convertible note hedge arrangements as of March 29, 2015:
|  | 2016 Notes |  |  | 2018 Notes |
|  | (shares in thousands) |
Warrants: |  |  |  |  |  |  |  |
Number of shares to be delivered upon exercise |  |  | 7,210 |  |  |  | 7,210 |
Exercise price |  | $ | 70.65 |  |  | $ | 75.37 |
Expiration date range |  |  | August 15 - October 21, 2016 |  |  |  | August 15 - October 23, 2018 |
Convertible Note Hedge: |  |  |  |  |  |  |  |
Number of shares available from counterparties |  |  | 7,210 |  |  |  | 7,210 |
Exercise price |  | $ | 62.41 |  |  | $ | 62.41 |
Components of Senior Notes | As of March 29, 2015 the Senior Notes consisted of the following:
|  | March 29, 2015 |
|  | 2020 Notes |  |  | 2025 Notes |
|  | (in thousands, except years) |
Carrying value, long-term |  | $ | 497,200 |  |  | $ | 496,553 |
Unamortized discount |  |  | 2,800 |  |  |  | 3,447 |
Principal amount |  | $ | 500,000 |  |  | $ | 500,000 |
Remaining amortization period (years) |  |  | 5.0 |  |  |  | 10.0 |
Fair Value of Notes (Level 2) |  | $ | 503,160 |  |  | $ | 501,700 |
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 three and nine months ended March 29, 2015 and March 30, 2014.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 29, 2015 |  |  | March 30, 2014 |  |  | March 29, 2015 |  |  | March 30, 2014 |
|  | (in thousands) |
Contractual interest coupon |  | $ | 8,200 |  |  | $ | 6,562 |  |  | $ | 21,324 |  |  | $ | 19,686 |
Amortization of discount |  |  | 8,749 |  |  |  | 8,313 |  |  |  | 25,868 |  |  |  | 24,652 |
Amortization of issuance costs |  |  | 603 |  |  |  | 591 |  |  |  | 1,784 |  |  |  | 1,772 |
Amortization of interest rate contracts |  |  | 19 |  |  |  | — |  |  |  | 19 |  |  |  | — |
Total interest cost recognized |  | $ | 17,571 |  |  | $ | 15,466 |  |  | $ | 48,995 |  |  | $ | 46,110 |

X
- Definition Tabular disclosure of warrants issued and note hedge held. Warrants outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Note hedge are derivative securities that provide the Company with the right to put shares to a counterparty at a specified price within a certain time frame. Including disclose of the aggregate amount of securities called for by warrants or note hedge, the date from which the warrants or note hedge are exercisable, and the price at which the warrant or note hedge is exercisable. + References No definition available. + Details
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- Definition Tabular disclosure of interest expense related to convertible debt instruments which have been recognized for the period, including the contractual interest coupon, amortization of the debt discount, if any and amortization of debt issuance costs, if any. + References No definition available. + Details
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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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