XML 27 R14.htm IDEA: XBRL DOCUMENT v3.21.1

Debt

9 Months Ended

Apr. 02, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt consisted of the following as of April 2, 2021 and July 3, 2020:

			April 2, 2021						July 3, 2020
			(in millions)
0.50% convertible senior notes due 2020			$	—					$	35
Variable interest rate Term Loan A-1 maturing 2023			4,394						4,583
Variable interest rate Term Loan B-4 maturing 2023			1,243						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			9,037						9,711
Issuance costs and debt discounts			(108)						(136)
Subtotal			8,929						9,575
Less current portion of long-term debt			(251)						(286)
Long-term debt			$	8,678					$	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 April 2, 2021, the Company was in compliance with these financial covenants.

During the three and nine months ended April 2, 2021, the Company made voluntary prepayments totaling $150 million and $450 million, respectively, 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. On April 30, 2021, the Company made an incremental voluntary prepayment of $150 million on its Term Loan B-4.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration