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LONG-TERM DEBT AND OTHER BORROWINGS (Tables) | 6 Months Ended
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Dec. 29, 2019
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | As of December 29, 2019, and June 30, 2019, the Company’s outstanding debt consisted of the following:
| December 29, 2019 |  | 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 | % |  | $ | 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 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes") | 167,091 |  | (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 | % |
Total debt outstanding, at par | 4,467,091 |  |  |  |  | 4,512,349 |  |  |  |
Unamortized discount | (60,332 | ) |  |  |  | (73,191 | ) |  |  |
Fair value adjustment - interest rate contracts | 1,300 |  | (2) |  |  | (3,612 | ) |  |  |
Unamortized bond issuance costs | (5,096 | ) |  |  |  | (5,535 | ) |  |  |
Total debt outstanding, at carrying value | $ | 4,402,963 |  |  |  |  | $ | 4,430,011 |  |  |  |
Reported as: |  |  |  |  |  |  |  |
Current portion of long-term debt, and commercial paper | $ | 628,614 |  |  |  |  | $ | 662,308 |  |  |  |
Long-term debt | 3,774,349 |  |  |  |  | 3,767,703 |  |  |  |
Total debt outstanding, at carrying value | $ | 4,402,963 |  |  |  |  | $ | 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 includes a cumulative fair market gain of $2.8 million for discontinued hedging relationships, net of an immaterial amount of amortization for the three and six months ended December 29, 2019.
Components of Convertible Notes | Selected additional information regarding the 2041 Notes outstanding as of December 29, 2019, and June 30, 2019, is as follows:
| December 29, 2019 |  | June 30, 2019
| 2041 Notes |  | 2041 Notes
| (in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax | $ | 161,271 |  |  | $ | 160,604 |
Carrying amount of temporary equity component, net of tax | $ | 38,304 |  |  | $ | 49,439 |
Remaining amortization period (years) | 21.4 |  |  | 21.9 |
Fair Value of Notes (Level 2) | $ | 1,532,188 |  |  |
Conversion rate (shares of common stock per $1,000 principal amount of notes) | 31.2089 |  |  |
Conversion price (per share of common stock) | $ | 32.04 |  |  |
If-converted value in excess of par value | $ | 1,364,475 |  |  |
Estimated share dilution using average quarterly stock price $264.15 per share | 4,582 |  |  |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Selected additional information regarding the Senior Notes outstanding as of December 29, 2019, is as follows:
| Remaining Amortization period |  | Fair Value of Notes (Level 2)
| (years) |  | (in thousands)
2020 Notes | 0.2 |  | $ | 500,410 |
2021 Notes | 1.5 |  | $ | 809,552 |
2025 Notes | 5.2 |  | $ | 536,190 |
2026 Notes | 6.2 |  | $ | 805,748 |
2029 Notes | 9.2 |  | $ | 1,104,060 |
2049 Notes | 29.2 |  | $ | 947,325 |
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, convertible notes, the term loan agreement, commercial paper, and the revolving credit facility during the three and six months ended December 29, 2019 and December 23, 2018.
| Three Months Ended |  | Six Months Ended
| December 29, 2019 |  | December 23, 2018 |  | December 29, 2019 |  | December 23, 2018
| (in thousands)
Contractual interest coupon | $ | 40,665 |  |  | $ | 16,550 |  |  | $ | 81,787 |  |  | $ | 33,977 |
Amortization of interest discount | 1,158 |  |  | 887 |  |  | 2,393 |  |  | 1,787 |
Amortization of issuance costs | 416 |  |  | 329 |  |  | 830 |  |  | 658 |
Effect of interest rate contracts, net | 155 |  |  | 777 |  |  | 830 |  |  | 1,530 |
Total interest cost recognized | $ | 42,394 |  |  | $ | 18,543 |  |  | $ | 85,840 |  |  | $ | 37,952 |

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