XML 21 R9.htm IDEA: XBRL DOCUMENT
v3.5.0.2

LONG-TERM DEBT | 3 Months Ended
--- | ---
Sep. 28, 2016
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands):
| September 28, 2016 |  | June 29, 2016
Revolving credit facility | $ | 517,250 |  |  | $ | 530,250 |
5.00% notes | 350,000 |  |  | 0 |
3.88% notes | 300,000 |  |  | 300,000 |
2.60% notes | 250,000 |  |  | 250,000 |
Capital lease obligations | 37,788 |  |  | 37,532 |
Total long-term debt | 1,455,038 |  |  | 1,117,782 |
Less unamortized debt issuance costs and discounts | (9,211 | ) |  | (3,526 | )
Total long-term debt less unamortized debt issuance costs and discounts | 1,445,827 |  |  | 1,114,256 |
Less current installments | (3,848 | ) |  | (3,563 | )
| $ | 1,441,979 |  |  | $ | 1,110,693 |
During the first two months of fiscal 2017, $70.0 million was drawn from the $750 million revolving credit facility primarily to fund share repurchases for which we repaid a total of $20.0 million. On September 13, 2016, we amended the revolving credit agreement to increase the borrowing capacity from $750 million to $1 billion. We capitalized debt issuance costs of $4.0 million associated with the amendment of the revolving credit facility which is included in other assets in the consolidated balance sheet as of September 28, 2016. Subsequent to the amendment, we repaid an additional $13.0 million. On September 23, 2016, we completed the private offering of $350 million of our 5.0% senior notes due October 2024. We received proceeds of $350.0 million prior to debt issuance costs of $5.9 million and utilized the proceeds to fund a $300 million accelerated share repurchase agreement and to repay $50 million on the amended $1 billion revolving credit facility. See Note 8 for additional disclosures related to the accelerated share repurchase agreement. The notes require semi-annual interest payments beginning on April 1, 2017. Under the amended $1 billion revolving credit facility, the maturity date for $890.0 million of the facility is extended from March 12, 2020 to September 12, 2021 and the remaining $110.0 million remains due on March 12, 2020. The amended revolving credit facility bears interest of LIBOR plus an applicable margin, which is a function of our credit rating and debt to cash flow ratio, but is subject to a maximum of LIBOR plus 2.00%. Based on our current credit rating, we are paying interest at a rate of LIBOR plus 1.38% for a total of 1.90%. One month LIBOR at September 28, 2016 was approximately 0.52%. As of September 28, 2016, $482.8 million of credit is available under the revolving credit facility. Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage and fixed charge coverage ratios. The financial covenants were not significantly changed as a result of the new and amended debt agreements. We are currently in compliance with all financial covenants.

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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration