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LONG-TERM DEBT AND OTHER BORROWINGS (Tables)
 3 Months Ended
Sep. 23, 2018
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt As of September 23, 2018, and June 24, 2018, the Company’s outstanding debt consisted of the following:
 
September 23, 2018
 
June 24, 2018
 
 
Amount
(in thousands)
 
Effective Interest Rate
 
Amount
(in thousands)
 
Effective Interest Rate
 
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
%
 
800,000

 
2.95
%
 
Fixed-rate 3.80% Senior Notes Due March 15, 2025 ("2025 Notes")
500,000

 
3.87
%
 
500,000

 
3.87
%
 
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes")
247,510

(1) 
4.28
%
 
326,953

(1) 
4.28
%
 
Commercial paper
360,000

 
2.30
%
(2) 
360,000

 
2.33
%
(2) 
Total debt outstanding, at par
2,407,510

 
 
 
2,486,953

 
 
 
Unamortized discount
(65,388
)
 
 
 
(85,196
)
 
 
 
Fair value adjustment - interest rate contracts
(33,475
)
 
 
 
(31,189
)
 
 
 
Unamortized bond issuance costs
(1,688
)
 
 
 
(1,820
)
 
 
 
Total debt outstanding, at carrying value
$
2,306,959

 
 
 
$
2,368,748

 
 
 
Reported as:
 
 
 
 
 
 
 
 
Current portion of long-term debt, and commercial paper
$
548,400

(1) 
 
 
$
608,532

(1) 
 
 
Long-term debt
1,758,559

 
 
 
1,760,216

 
 
 
Total debt outstanding, at carrying value
$
2,306,959

 
 
 
$
2,368,748

 
 
 
____________________________
(1) As of the report date, these notes were convertible at the option of the bondholder. This is a result of the following condition being met: 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 2041 Notes were classified in current liabilities and a portion of the equity component, associated with the convertible notes representing the unamortized discount, was classified in temporary equity on the Company’s Consolidated Balance Sheets. Upon closure of the conversion period, the notes not converted will be reclassified back into noncurrent liabilities and the temporary equity will be reclassified into permanent equity.
(2) Represents the weighted average effective interest rate for all outstanding balances as of the report date.
Components of Convertible Notes Selected additional information regarding the 2041 Notes outstanding as of September 23, 2018, and June 24, 2018, is as follows:
 
September 23, 2018

 
June 24, 2018
2041 Notes
 
2041 Notes
(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax
$
159,523

 
$
159,120

Carrying amount of temporary equity component, net of tax
$
58,812

 
$
78,192

Remaining amortization period (years)
22.6

 
22.9

Fair Value of Notes (Level 2)
$
1,161,772

 
 
Conversion rate (shares of common stock per $1,000 principal amount of notes)
30.3454

 
 
Conversion price (per share of common stock)
$
32.95

 
 
If-converted value in excess of par value
$
921,771

 
 
Estimated share dilution using average quarterly stock price $172.39 per share
6,075

 
 
Warrants and Convertible Note Hedge Arrangements The following table presents the details of the outstanding warrants as of September 23, 2018:
 
2018 Notes
(shares in thousands)
Warrants:
 
Underlying shares
3,500

Estimated share dilution using average quarterly stock price $172.39 per share
2,055

Exercise price
$71.42
Remaining expiration date range
September 24 - October 24, 2018
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments Selected additional information regarding the Senior Notes outstanding as of September 23, 2018, is as follows: 
 
Remaining Amortization period
 
Fair Value of Notes (Level 2)
 
(years)
 
(in thousands)
2020 Notes
1.5
 
$
496,460

2021 Notes
2.7
 
$
787,304

2025 Notes
6.5
 
$
494,860
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, convertible notes, the term loan agreement, commercial paper, and the revolving credit facility during the three months ended September 23, 2018, and September 24, 2017.
 
Three Months Ended
September 23,
2018
 
September 24,
2017
(in thousands)
Contractual interest coupon
$
17,427

 
$
17,956

Amortization of interest discount
900

 
4,104

Amortization of issuance costs
329

 
485

Effect of interest rate contracts, net
753

 
(349
)
Total interest cost recognized
$
19,409

 
$
22,196