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Debt financing | 3 Months Ended
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Sep. 27, 2014
Debt Disclosure [Abstract] |
Debt financing | Debt financing Short-term debt consists of the following (in thousands):
| September 27, 2014 |  | June 28, 2014 |  | September 27, 2014 |  | June 28, 2014
| Interest Rate |  | Carrying Balance
Bank credit facilities and other | 2.76% |  | 3.20% |  | $ | 213,251 |  |  | $ | 250,088 |
Accounts receivable securitization program | — |  | 0.60% |  | — |  |  | 615,000 |
Notes due September 1, 2015 | 6.00% |  | — |  | 250,000 |  |  | — |
Short-term debt |  |  |  |  | $ | 463,251 |  |  | $ | 865,088 |
Bank credit facilities and other consists of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of foreign operations. Long-term debt consists of the following (in thousands):
| September 27, 2014 |  | June 28, 2014 |  | September 27, 2014 |  | June 28, 2014
| Interest Rate |  | Carrying Balance
Revolving credit facilities: |  |  |  |  |  |  |
Accounts receivable securitization program | 0.56% |  | — |  | $ | 675,000 |  |  | $ | — |
2014 Credit Facility | 3.55% |  | — |  | — |  |  | — |
2012 Credit Facility | — |  | 3.55% |  | — |  |  | 12,000 |
Notes due: |  |  |  |  |  |  |
September 1, 2015 | — |  | 6.00% |  | — |  |  | 250,000 |
September 15, 2016 | 6.63% |  | 6.63% |  | 300,000 |  |  | 300,000 |
June 15, 2020 | 5.88% |  | 5.88% |  | 300,000 |  |  | 300,000 |
December 1, 2022 | 4.88% |  | 4.88% |  | 350,000 |  |  | 350,000 |
Other long-term debt | 1.52% |  | 1.40% |  | 2,689 |  |  | 3,867 |
Long-term debt before discount |  |  |  |  | 1,627,689 |  |  | 1,215,867 |
Discount on notes |  |  |  |  | (1,930 | ) |  | (2,053 | )
Long-term debt |  |  |  |  | $ | 1,625,759 |  |  | $ | 1,213,814 |
In August 2014, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of accounts receivable, to provide security or collateral for borrowings up to a maximum of $900.0 million. The Program does not qualify for sale accounting treatment and, as a result, any borrowings under the Program are recorded as debt on the consolidated balance sheets. Under the Program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such isolated receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.45 billion and $1.65 billion at September 27, 2014 and June 28, 2014, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of September 27, 2014. The Program has a two-year term that expires in August 2016. As a result of the two-year term, outstanding borrowings under the Program are classified as long-term debt at September 27, 2014. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.38%. The facility fee is 0.38%. In July 2014, the Company terminated its existing Credit Facility and entered into a five-year $1.25 billion senior unsecured revolving credit facility (the “2014 Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $150.0 million of letters of credit, which expires in July 2019. Under the 2014 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2014 Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The 2014 Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of September 27, 2014. At September 27, 2014, there were $2.0 million in letters of credit issued under the 2014 Credit Facility. At June 28, 2014, there were $2.0 million in letters of credit issued. At September 27, 2014, the carrying value and fair value of the Company’s total debt was $2.09 billion and $2.18 billion, respectively. At June 28, 2014, the carrying value and fair value of the Company's total debt was $2.08 billion and $2.19 billion, respectively. Fair value was estimated primarily based upon quoted market prices.

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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 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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
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