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LONG-TERM DEBT AND OTHER BORROWINGS (Tables)
 9 Months Ended
Mar. 27, 2016
Debt Disclosure [Abstract]  
Components of Convertible Notes
As of March 27, 2016 and June 28, 2015, the Convertible Notes consisted of the following:
 
March 27, 2016
 
June 28, 2015
2016 Notes
 
2018 Notes
 
2041 Notes
 
2016 Notes
 
2018 Notes
 
2041 Notes
(in thousands, except years, percentages, conversion rate, and conversion price)
 
Carrying value, long-term
$
—

 
$
414,038

 
$
—

 
$
—

 
$
—

 
$
—

 
Carrying value, current portion
447,882

 
—

 
523,217

 
435,493

 
402,320

 
520,313

Unamortized discount
2,105

 
35,916

 
176,684

 
14,507

 
47,680

 
179,622

Principal amount
$
449,987

 
$
449,954

 
$
699,901

 
$
450,000

 
$
450,000

 
$
699,935

 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying amount of permanent equity component, net of tax
$
74,123

 
$
104,886

 
$
151,380

 
$
61,723

 
$
57,215

 
$
148,487

Carrying amount of temporary equity component, net of tax
$
2,105

 
$
—

 
$
176,684

 
$
14,507

 
$
47,679

 
$
179,622

 
Remaining amortization period (years)
0.1

 
2.1

 
25.1

 
 
 
 
 
 
 
Effective interest rate on liability component
4.29
%
 
5.27
%
 
4.28
%
 
 
 
 
 
 
Fair Value of Notes (Level 2)
$
569,796

 
$
630,476

 
$
1,623,000

 
 
 
 
 
 
Conversion rate (shares of common stock per $1,000 principal amount of notes)
16.2764

 
16.2764

 
29.2100

 
 
 
 
 
 
Conversion price (per share of common stock)
$
61.44

 
$
61.44

 
$
34.23

 
 
 
 
 
 
If-converted value in excess of par value
$
127,743

 
$
127,734

 
$
912,730

 
 
 
 
 
 
Estimated share dilution using average quarterly stock price $72.41 per share
1,110

 
1,110

 
10,778

 
 
 
 
 
 
Warrants and Convertible Note Hedge Arrangements
The following table presents the details of the warrants and convertible note hedge arrangements as of March 27, 2016:
 
2016 Notes
 
2018 Notes
(shares in thousands)
Warrants:
 
 
 
Underlying shares
7,324

 
7,324

Estimated share dilution using average quarterly stock price $72.41 per share
289

 
—

Exercise price
$
69.55

 
$
74.19

Expiration date range
August 15 - October 21, 2016

 
August 15 - October 23, 2018

 
Convertible Note Hedge:
 
 
 
 
Number of shares available from counterparties
7,324

 
7,324

Exercise price
$
61.44

 
$
61.44
Components of Senior Notes
As of March 27, 2016 and June 28, 2015 the Senior Notes consisted of the following:
 
March 27, 2016
 
June 28, 2015
2020 Notes
 
2025 Notes
 
2020 Notes
 
2025 Notes
(in thousands, except years)
Carrying value, long-term
$
497,498

 
$
495,491

 
$
497,053

 
$
496,907

Unamortized discount
2,502

 
2,915

 
2,947

 
3,093

Fair value adjustment - interest rate contract
—

 
1,594

 
—

 
—

Principal amount
$
500,000

 
$
500,000

 
$
500,000

 
$
500,000

 
Remaining amortization period (years)
4.0

 
9.0

 
 
 
 
Fair Value of Notes (Level 2)
$
504,180

 
$
485,625

 
 
 
 
Schedule of Recognized Interest Cost Relating to Both Contractual Interest Coupon and Amortization of Discount on Liability Component of Notes
The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes and the Convertible Notes during the three and nine ended March 27, 2016 and March 29, 2015.
 
Three Months Ended
 
Nine Months Ended
March 27,
2016
 
March 29,
2015
 
March 27,
2016
 
March 29,
2015
(in thousands)
Contractual interest coupon
$
14,749

 
$
8,200

 
$
44,269

 
$
21,324

Amortization of interest discount
8,979

 
8,749

 
27,359

 
25,868

Amortization of issuance costs
13,124

 
603

 
28,224

 
1,784

Amortization of interest rate contracts
96

 
19

 
285

 
19

Total interest cost recognized
$
36,948

 
$
17,571

 
$
100,137

 
$
48,995