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DEBT | 12 Months Ended
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Jun. 27, 2018
Debt Disclosure [Abstract] |
DEBT | Long-term debt consists of the following (in thousands):
| June 27, 2018 |  | June 28, 2017
Revolving credit facility | $ | 820,250 |  |  | $ | 392,250 |
5.00% notes | 350,000 |  |  | 350,000 |
3.88% notes | 300,000 |  |  | 300,000 |
2.60% notes | — |  |  | 250,000 |
Capital lease obligations (see Note 8 - Leases) | 43,018 |  |  | 45,417 |
Total long-term debt | 1,513,268 |  |  | 1,337,667 |
Less unamortized debt issuance costs and discounts | (6,556 | ) |  | (8,189 | )
Total long-term debt less unamortized debt issuance costs and discounts | 1,506,712 |  |  | 1,329,478 |
Less current installments | (7,088 | ) |  | (9,649 | )
| $ | 1,499,624 |  |  | $ | 1,319,829 |
Excluding capital lease obligations (see Note 8 - Leases) and interest, our long-term debt maturities for the five fiscal years following June 27, 2018 and thereafter are as follows (in thousands):
| Long-Term Debt
2019 | $ | — |
2020 | — |
2021 | — |
2022 | 820,250 |
2023 | 300,000 |
Thereafter | 350,000 |
| $ | 1,470,250 |
Revolving Credit Facility In September 2016, we amended the revolving credit facility to increase the borrowing capacity from $750.0 million to $1.0 billion. We capitalized debt issuance costs of $4.0 million associated with the amendment of the revolving credit facility, which are included in Other assets in the Consolidated Balance Sheets as of June 27, 2018. Additionally, in May 2018, an amendment to the revolving credit facility was executed. This amendment was executed to provide the ability to execute certain sale-leaseback transactions and to increase the restricted payment capacity. The related debt issuance costs of $1.6 million are also included in Other assets in the Consolidated Balance Sheets as of June 27, 2018. Under the amended $1.0 billion revolving credit facility, the maturity date for $890.0 million of the facility was 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 generally 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%. For a period of 180 days following the third amendment to the revolving credit facility, we are paying interest at a rate of LIBOR plus 1.70% for a total of 3.79%. One month LIBOR at June 27, 2018 was approximately 2.09%. During fiscal 2018, net borrowings of $428.0 million were drawn on the revolving credit facility, which included the $250.0 million utilized to repay the principal balance of the 2.60% notes that came due in May 2018. As of June 27, 2018, $179.8 million of credit was available under the revolving credit facility. During fiscal 2017, $250.0 million was drawn from the $1.0 billion revolving credit facility primarily to fund share repurchases. We repaid a total of $388.0 million of the revolving credit facility during fiscal 2017. 5.00% Notes In September 2016, we completed the private offering of $350.0 million of our 5.00% senior notes due October 2024 (the “2024 Notes”). We received proceeds of $350.0 million and utilized the proceeds to fund a $300.0 million accelerated share repurchase agreement and to repay $50.0 million on the amended $1.0 billion revolving credit facility. See Note 1 - Nature of Operations and Summary of Significant Accounting Policies for additional disclosures related to the accelerated share repurchase agreement. The notes require semi-annual interest payments which began on April 1, 2017. The indenture for the 2024 Notes contains certain covenants, including, but not limited to, limitations and restrictions on the ability of the Company and its Restricted Subsidiaries (as defined in the indenture) to (i) create liens on Principal Property (as defined in the Indenture) and (ii) merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of their property. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations. 2.60% and 3.88% Notes In May 2013, we issued $550.0 million of notes consisting of two tranches - $250.0 million of 2.60% notes due in May 2018 and $300.0 million of 3.88% notes due in May 2023. The notes require semi-annual interest payments which began in the second quarter of fiscal 2014. In May 2018, we repaid $250.0 million that was due under our 2.60% notes utilizing availability on our revolving credit facility. Financial Covenants 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.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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