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Debt | 6 Months Ended
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Jan. 01, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following as of January 1, 2021 and July 3, 2020:
| January 1, 2021 |  | July 3, 2020
| (in millions)
0.50% convertible senior notes due 2020 | $ | — |  |  | $ | 35 |
Variable interest rate Term Loan A-1 maturing 2023 | 4,457 |  |  | 4,583 |
Variable interest rate Term Loan B-4 maturing 2023 | 1,393 |  |  | 1,693 |
1.50% convertible notes due 2024 | 1,100 |  |  | 1,100 |
4.75% senior unsecured notes due 2026 | 2,300 |  |  | 2,300 |
Total debt | 9,250 |  |  | 9,711 |
Issuance costs and debt discounts | (117) |  |  | (136) |
Subtotal | 9,133 |  |  | 9,575 |
Less current portion of long-term debt | (251) |  |  | (286) |
Long-term debt | $ | 8,882 |  |  | $ | 9,289 |
The credit agreement governing the revolving credit facility and Term Loan A-1 requires the Company to comply with certain financial covenants, consisting of a leverage ratio and an interest coverage ratio. As of January 1, 2021, the Company was in compliance with these financial covenants. During the six months ended January 1, 2021, the Company made voluntary prepayments totaling $300 million on its Term Loan B-4. In October 2020, the 0.50% convertible senior notes due 2020 were settled in full in accordance with their terms

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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