Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 26, 2016

As of June 26, 2016 and June 28, 2015, the Company's outstanding debt consisted of the following:



	June 26, 2016						June 28, 2015
	Amount (in thousands)				Effective Interest Rate		Amount (in thousands)				Effective Interest Rate
Fixed-rate 0.50% Convertible Notes Due May 15, 2016 ("2016 Notes")	$	—			—		$	450,000		⁽³⁾	4.29	%
Fixed-rate 1.25% Convertible Notes Due May 15, 2018 ("2018 Notes")	449,954			⁽¹⁾	5.27	%	450,000			⁽³⁾	5.27	%
Fixed-rate 2.75% Senior Notes Due March 15, 2020 ("2020 Notes")	500,000				2.88	%	500,000				2.88	%
Fixed-rate 2.80% Senior Notes Due June 15, 2021 ("2021 Notes")	800,000				2.95	%	—				—
Fixed-rate 3.45% Senior Notes Due June 15, 2023 ("2023 Notes")	600,000				3.60	%	—				—
Fixed-rate 3.80% Senior Notes Due March 15, 2025 ("2025 Notes")	500,000				3.87	%	500,000				3.87	%
Fixed-rate 3.90% Senior Notes Due June 15, 2026 ("2026 Notes")	1,000,000				4.01	%	—				—
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes")	699,895			⁽¹⁾	4.28	%	699,935			⁽³⁾	4.28	%
Total debt outstanding, at par	4,549,849						2,599,935
Unamortized discount	(232,727		)				(247,849		)
Fair value adjustment - interest rate contracts	8,552						—
Total debt outstanding, at carrying value	$	4,325,674					$	2,352,086
Reported as:
Current portion of long-term debt	$	942,298		⁽²⁾			$	1,358,126		⁽²⁾
Long-term debt	3,383,376						993,960
Total debt outstanding, at carrying value	$	4,325,674					$	2,352,086

______________________________

⁽¹⁾ As of June 26, 2016, these notes were convertible at the option of the bondholder, as a result of the condition described in (2) below. Upon closure of the conversion period, Notes not converted will be reclassified back into noncurrent liabilities and the temporary equity will be reclassified into permanent equity.

⁽²⁾ As of the report date the market value of the Company's Common Stock was greater than 130% of the convertible notes conversion price for 20 or more of the 30 consecutive trading days preceding the quarter-end. As a result, the convertible notes were classified in current liabilities and a portion of the equity component, representing the unamortized discount, was classified in temporary equity on the Company's Consolidated Balance Sheets.

⁽³⁾ As of June 28, 2015, these notes were convertible at the option of the bond holder, as a result of the condition described in (2) above.

Schedule of Contractual Cash Obligations

The Company’s contractual cash obligations relating to its outstanding debt as of June 26, 2016 were as follows:



Payments Due By Fiscal Year:	Long-term Debt
	(in thousands)
2017⁽¹⁾	$	1,149,849
2018	—
2019	—
2020	500,000
2021	800,000
Thereafter	2,100,000
Total	$	4,549,849

__________________________________

(1) As noted above, the conversion period for the 2018 and 2041 Notes is open as of June 26, 2016. As there is the potential for conversion at the option of the holder, the principal balance of the 2018 and 2041 Notes have been included in the one year payment period.

Components of Convertible Notes

Selected additional information regarding the Convertible Notes outstanding as of June 26, 2016 and June 28, 2015 is as follows:



	June 26, 2016				June 28, 2015
	2018 Notes		2041 Notes		2016 Notes		2018 Notes		2041 Notes
	(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax	$	72,992	$	152,397	$	61,723	$	57,215	$	148,487
Carrying amount of temporary equity component, net of tax	$	31,894	$	175,658	$	14,507	$	47,679	$	179,622
Remaining amortization period (years)	1.9		24.9
Fair Value of Notes (Level 2)	$	645,009	$	1,732,240
Conversion rate (shares of common stock per $1,000 principal amount of notes)	16.3354		29.3158
Conversion price (per share of common stock)	$	61.22	$	34.11
If-converted value in excess of par value	$	154,818	$	988,326
Estimated share dilution using average quarterly stock price of $80.08 per share	1,731		11,778

Warrants and Convertible Note Hedge Arrangements

The following table presents the details of the warrants and convertible note hedge arrangements as of June 26, 2016:



	2016 Notes		2018 Notes
	(shares in thousands)
Warrants:
Number of shares to be delivered upon exercise	7,351		7,350
Estimated share dilution using average quarterly stock price $80.08 per share	990		565
Exercise price	$	69.30	$	73.93
Expiration date range	August 15 - October 21, 2016		August 15 - October 23, 2018
Convertible Note Hedge:
Number of shares available from counterparties	—		7,350
Exercise price	—		$	61.22

Schedule of Additional Senior Notes Information

Selected additional information regarding the Senior Notes outstanding as of June 26, 2016 is as follows:



	Remaining Amortization period	Fair Value of Notes (Level 2)
	(years)	(in thousands)
2020 Notes	3.7	$	506,250
2021 Notes	5.0	$	818,104
2023 Notes	7.0	$	614,970
2025 Notes	8.7	$	510,750
2026 Notes	10.0	$	1,049,510

Schedule of Recognized Interest Cost

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 long-term debt and other borrowings during the fiscal years ended June 26, 2016, June 28, 2015, and June 29, 2014.



	June 26, 2016		June 28, 2015		June 29, 2014
	(in thousands)
Contractual interest coupon	$	63,053	$	36,074	$	26,248
Amortization of interest discount	35,206		34,886		33,065
Amortization of issuance costs	35,315		2,435		2,362
Amortization of interest rate contract	359		113		—
Total interest cost recognized	$	133,933	$	73,508	$	61,675