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Long Term Debt and Other Borrowings (Tables) | 12 Months Ended
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Jun. 26, 2016
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | As of June 26, 2016 and June 28, 2015, the Company's outstanding debt consisted of the following:
| June 26, 2016 |  | June 28, 2015
| Amount (in thousands) |  | Effective Interest Rate |  | Amount (in thousands) |  | Effective Interest Rate
Fixed-rate 0.50% Convertible Notes Due May 15, 2016 ("2016 Notes") | $ | — |  |  | — |  |  | $ | 450,000 |  | (3) | 4.29 | %
Fixed-rate 1.25% Convertible Notes Due May 15, 2018 ("2018 Notes") | 449,954 |  | (1) | 5.27 | % |  | 450,000 |  | (3) | 5.27 | %
Fixed-rate 2.75% Senior Notes Due March 15, 2020 ("2020 Notes") | 500,000 |  |  | 2.88 | % |  | 500,000 |  |  | 2.88 | %
Fixed-rate 2.80% Senior Notes Due June 15, 2021 ("2021 Notes") | 800,000 |  |  | 2.95 | % |  | — |  |  | — |
Fixed-rate 3.45% Senior Notes Due June 15, 2023 ("2023 Notes") | 600,000 |  |  | 3.60 | % |  | — |  |  | — |
Fixed-rate 3.80% Senior Notes Due March 15, 2025 ("2025 Notes") | 500,000 |  |  | 3.87 | % |  | 500,000 |  |  | 3.87 | %
Fixed-rate 3.90% Senior Notes Due June 15, 2026 ("2026 Notes") | 1,000,000 |  |  | 4.01 | % |  | — |  |  | — |
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes") | 699,895 |  | (1) | 4.28 | % |  | 699,935 |  | (3) | 4.28 | %
Total debt outstanding, at par | 4,549,849 |  |  |  |  | 2,599,935 |  |  |
Unamortized discount | (232,727 | ) |  |  |  | (247,849 | ) |  |
Fair value adjustment - interest rate contracts | 8,552 |  |  |  |  | — |  |  |
Total debt outstanding, at carrying value | $ | 4,325,674 |  |  |  |  | $ | 2,352,086 |  |  |
Reported as: |  |  |  |  |  |  |
Current portion of long-term debt | $ | 942,298 |  | (2) |  |  | $ | 1,358,126 |  | (2) |
Long-term debt | 3,383,376 |  |  |  |  | 993,960 |  |  |
Total debt outstanding, at carrying value | $ | 4,325,674 |  |  |  |  | $ | 2,352,086 |  |  |
______________________________ (1) As of June 26, 2016, these notes were convertible at the option of the bondholder, as a result of the condition described in (2) below. Upon closure of the conversion period, Notes not converted will be reclassified back into noncurrent liabilities and the temporary equity will be reclassified into permanent equity. (2) As of the report date the market value of the Company's Common Stock was greater than 130% of the convertible notes conversion price for 20 or more of the 30 consecutive trading days preceding the quarter-end. As a result, the convertible notes were classified in current liabilities and a portion of the equity component, representing the unamortized discount, was classified in temporary equity on the Company's Consolidated Balance Sheets. (3) As of June 28, 2015, these notes were convertible at the option of the bond holder, as a result of the condition described in (2) above.
Schedule of Contractual Cash Obligations | The Company’s contractual cash obligations relating to its outstanding debt as of June 26, 2016 were as follows:
Payments Due By Fiscal Year: | Long-term Debt
| (in thousands)
2017(1) | $ | 1,149,849 |
2018 | — |
2019 | — |
2020 | 500,000 |
2021 | 800,000 |
Thereafter | 2,100,000 |
Total | $ | 4,549,849 |
__________________________________ (1) As noted above, the conversion period for the 2018 and 2041 Notes is open as of June 26, 2016. 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.
Components of Convertible Notes | Selected additional information regarding the Convertible Notes outstanding as of June 26, 2016 and June 28, 2015 is as follows:
| June 26, 2016 |  | June 28, 2015
| 2018 Notes |  | 2041 Notes |  | 2016 Notes |  | 2018 Notes |  | 2041 Notes
| (in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax | $ | 72,992 |  |  | $ | 152,397 |  |  | $ | 61,723 |  |  | $ | 57,215 |  |  | $ | 148,487 |
Carrying amount of temporary equity component, net of tax | $ | 31,894 |  |  | $ | 175,658 |  |  | $ | 14,507 |  |  | $ | 47,679 |  |  | $ | 179,622 |
Remaining amortization period (years) | 1.9 |  |  | 24.9 |  |  |  |  |  |  |
Fair Value of Notes (Level 2) | $ | 645,009 |  |  | $ | 1,732,240 |  |  |  |  |  |  |
Conversion rate (shares of common stock per $1,000 principal amount of notes) | 16.3354 |  |  | 29.3158 |  |  |  |  |  |  |
Conversion price (per share of common stock) | $ | 61.22 |  |  | $ | 34.11 |  |  |  |  |  |  |
If-converted value in excess of par value | $ | 154,818 |  |  | $ | 988,326 |  |  |  |  |  |  |
Estimated share dilution using average quarterly stock price of $80.08 per share | 1,731 |  |  | 11,778 |  |  |  |  |  |  |
Warrants and Convertible Note Hedge Arrangements | The following table presents the details of the warrants and convertible note hedge arrangements as of June 26, 2016:
| 2016 Notes |  | 2018 Notes
| (shares in thousands)
Warrants: |  |  |
Number of shares to be delivered upon exercise | 7,351 |  |  | 7,350 |
Estimated share dilution using average quarterly stock price $80.08 per share | 990 |  |  | 565 |
Exercise price | $ | 69.30 |  |  | $ | 73.93 |
Expiration date range | August 15 - October 21, 2016 |  |  | August 15 - October 23, 2018 |
Convertible Note Hedge: |  |  |
Number of shares available from counterparties | — |  |  | 7,350 |
Exercise price | — |  |  | $ | 61.22 |
Schedule of Additional Senior Notes Information | Selected additional information regarding the Senior Notes outstanding as of June 26, 2016 is as follows:
| Remaining Amortization period |  | Fair Value of Notes (Level 2)
| (years) |  | (in thousands)
2020 Notes | 3.7 |  | $ | 506,250 |
2021 Notes | 5.0 |  | $ | 818,104 |
2023 Notes | 7.0 |  | $ | 614,970 |
2025 Notes | 8.7 |  | $ | 510,750 |
2026 Notes | 10.0 |  | $ | 1,049,510 |
Schedule of Recognized Interest Cost | 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 long-term debt and other borrowings during the fiscal years ended June 26, 2016, June 28, 2015, and June 29, 2014.
| June 26, 2016 |  | June 28, 2015 |  | June 29, 2014
| (in thousands)
Contractual interest coupon | $ | 63,053 |  |  | $ | 36,074 |  |  | $ | 26,248 |
Amortization of interest discount | 35,206 |  |  | 34,886 |  |  | 33,065 |
Amortization of issuance costs | 35,315 |  |  | 2,435 |  |  | 2,362 |
Amortization of interest rate contract | 359 |  |  | 113 |  |  | — |
Total interest cost recognized | $ | 133,933 |  |  | $ | 73,508 |  |  | $ | 61,675 |

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- 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 carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + 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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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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