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Long Term Debt and Other Borrowings (Tables) | 12 Months Ended
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Jun. 28, 2020
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | As of June 28, 2020, and June 30, 2019, the Company’s outstanding debt consisted of the following:
| June 28, 2020 |  | June 30, 2019 |
| Amount (in thousands) |  | Effective Interest Rate |  | Amount (in thousands) |  | Effective Interest Rate |
Fixed-rate 2.75% Senior Notes Due March 15, 2020 (“2020 Notes”) | $ | — |  |  | — |  |  | $ | 500,000 |  |  | 2.88 | % |
Fixed-rate 2.80% Senior Notes Due June 15, 2021 (“2021 Notes”) | 800,000 |  |  | 2.95 | % |  | 800,000 |  |  | 2.95 | % |
Fixed-rate 3.80% Senior Notes Due March 15, 2025 (“2025 Notes”) | 500,000 |  |  | 3.87 | % |  | 500,000 |  |  | 3.87 | % |
Fixed-rate 3.75% Senior Notes Due March 15, 2026 ("2026 Notes") | 750,000 |  |  | 3.86 | % |  | 750,000 |  |  | 3.86 | % |
Fixed-rate 4.00% Senior Notes Due March 15, 2029 ("2029 Notes") | 1,000,000 |  |  | 4.09 | % |  | 1,000,000 |  |  | 4.09 | % |
Fixed-rate 1.90% Senior Note Due June 15, 2030 ("2030 Notes") | 750,000 |  |  | 2.01 | % |  | — |  |  | — |  |
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 (“2041 Notes”) | 48,460 |  | (1) | 4.28 | % |  | 212,349 |  | (1) | 4.28 | % |
Fixed-rate 4.875% Senior Notes Due March 15, 2049 ("2049 Notes") | 750,000 |  |  | 4.93 | % |  | 750,000 |  |  | 4.93 | % |
Fixed-rate 2.875% Senior Note Due June 15, 2050 ("2050 Notes") | 750,000 |  |  | 2.93 | % |  | — |  |  | — |  |
Fixed-rate 3.125% Senior Note Due June 15, 2060 ("2060 Notes") | 500,000 |  |  | 3.18 | % |  | — |  |  | — |  |
Total debt outstanding, at par | 5,848,460 |  |  |  |  | 4,512,349 |  |  |  |
Unamortized discount | (53,086 | ) |  |  |  | (73,191 | ) |  |  |
Fair value adjustment - interest rate contracts | 8,405 |  | (2) |  |  | (3,612 | ) |  |  |
Unamortized bond issuance costs | (8,301 | ) |  |  |  | (5,535 | ) |  |  |
Total debt outstanding, at carrying value | $ | 5,795,478 |  |  |  |  | $ | 4,430,011 |  |  |  |
Reported as: |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | 836,107 |  |  |  |  | $ | 662,308 |  |  |  |
Long-term debt | 4,959,371 |  |  |  |  | 3,767,703 |  |  |  |
Total debt outstanding, at carrying value | $ | 5,795,478 |  |  |  |  | $ | 4,430,011 |  |  |  |
(1) | As of the report date, these notes were convertible at the option of the bondholder. This is a result of the following condition being met: 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 2041 Notes were classified in current liabilities and a portion of the equity component associated with the convertible notes, representing the unamortized discount, was classified in temporary equity on the Company’s Consolidated Balance Sheets. Upon closure of the conversion period, the notes not converted will be reclassified back into noncurrent liabilities and the temporary equity will be reclassified into permanent equity.
(2) | This amount represents a cumulative fair market gain for discontinued hedging relationships, net of an immaterial amount of amortization for the year ended June 28, 2020.
Schedule of Contractual Cash Obligations | The Company’s contractual cash obligations relating to its outstanding debt as of June 28, 2020, were as follows:
Payments Due by Fiscal Year: |
| (in thousands)
2021 (1) | $ | 848,460 |
2022 | — |
2023 | — |
2024 | — |
2025 | 500,000 |
Thereafter | 4,500,000 |
Total | $ | 5,848,460 |
(1) As noted above, the conversion period for the 2041 Notes is open as of June 28, 2020. As there is the potential for conversion at the option of the holder, the principal balance of the 2041 Notes has been included in the one-year payment period.
Components of Convertible Notes | Selected additional information regarding the 2041 Notes outstanding as of June 28, 2020, and June 30, 2019, is as follows:
| 2041 Notes
| June 28, 2020 |  | June 30, 2019
| (in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax | $ | 161,467 |  |  | $ | 160,604 |
Carrying amount of temporary equity component, net of tax | $ | 10,995 |  |  | $ | 49,439 |
Remaining amortization period (years) | 20.9 |  |  | 21.9 |
Fair Value of Notes (Level 2) | $ | 462,857 |  |  |
Conversion rate (shares of common stock per $1,000 principal amount of notes) | 31.5206 |  |  |
Conversion price (per share of common stock) | $ | 31.73 |  |  |
If-converted value in excess of par value | $ | 413,636 |  |  |
Estimated share dilution using average quarterly stock price of $270.53 per share | 1,348 |  |  |
Schedule of Additional Senior Notes Information | Selected additional information regarding the Senior Notes outstanding as of June 28, 2020, is as follows:
| Remaining Amortization period |  | Fair Value of Notes (Level 2)
| (years) |  | (in thousands)
2021 Notes | 1.0 |  | $ | 815,560 |
2025 Notes | 4.7 |  | $ | 565,985 |
2026 Notes | 5.7 |  | $ | 859,560 |
2029 Notes | 8.7 |  | $ | 1,185,430 |
2030 Notes | 10.0 |  | $ | 763,793 |
2049 Notes | 28.7 |  | $ | 1,045,035 |
2050 Notes | 30.0 |  | $ | 773,603 |
2060 Notes | 40.0 |  | $ | 527,825 |
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 Senior Notes, convertible notes, commercial paper, and the revolving credit facility during the fiscal years ended June 28, 2020, June 30, 2019, and June 24, 2018.
| Year Ended
| June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
Contractual interest coupon | $ | 169,483 |  |  | $ | 100,712 |  |  | $ | 77,091 |
Amortization of interest discount | 4,280 |  |  | 3,937 |  |  | 12,225 |
Amortization of issuance costs | 1,632 |  |  | 1,426 |  |  | 2,034 |
Effect of interest rate contracts, net | 1,037 |  |  | 4,086 |  |  | 3 |
Total interest cost recognized | $ | 176,432 |  |  | $ | 110,161 |  |  | $ | 91,353 |

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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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