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LONG-TERM DEBT AND OTHER BORROWINGS (Tables)
 9 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt As of March 31, 2019, and June 24, 2018, the Company’s outstanding debt consisted of the following:
 
March 31, 2019
 
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 3.75% Senior Notes Due March 15, 2026 ("2026 Notes")
750,000

 
3.86
%
 
—

 
—

 
Fixed-rate 4.00% Senior Notes Due March 15, 2029 ("2029 Notes")
1,000,000

 
4.09
%
 
—

 
—

 
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes")
212,352

(1) 
4.28
%
 
326,953

(1) 
4.28
%
 
Fixed-rate 4.875% Senior Notes Due March 15, 2049 ("2049 Notes")
750,000

 
4.93
%
 
—

 
—

 
Commercial paper
300,000

 
3.00
%
(2) 
360,000

 
2.33
%
(2) 
Total debt outstanding, at par
4,812,352

 
 
 
2,486,953

 
 
 
Unamortized discount
(74,987
)
 
 
 
(85,196
)
 
 
 
Fair value adjustment - interest rate contracts
(14,917
)
 
 
 
(31,189
)
 
 
 
Unamortized bond issuance costs
(5,993
)
 
 
 
(1,820
)
 
 
 
Total debt outstanding, at carrying value
$
4,716,455

 
 
 
$
2,368,748

 
 
 
Reported as:
 
 
 
 
 
 
 
 
Current portion of long-term debt, and commercial paper
$
961,154

 
 
 
$
608,532

 
 
 
Long-term debt
3,755,301

 
 
 
1,760,216

 
 
 
Total debt outstanding, at carrying value
$
4,716,455

 
 
 
$
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 March 31, 2019, and June 24, 2018, is as follows:
 
March 31,
2019
 
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
$
160,261

 
$
159,120

Carrying amount of temporary equity component, net of tax
$
49,783

 
$
78,192

Remaining amortization period (years)
22.1

 
22.9

Fair Value of Notes (Level 2)
$
1,166,900

 
 
Conversion rate (shares of common stock per $1,000 principal amount of notes)
30.7418

 
 
Conversion price (per share of common stock)
$
32.53

 
 
If-converted value in excess of par value
$
956,238

 
 
Estimated share dilution using average quarterly stock price $164.19 per share
5,235

 
 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments Selected additional information regarding the Senior Notes outstanding as of March 31, 2019, is as follows: 
 
Remaining Amortization period
 
Fair Value of Notes (Level 2)
 
(years)
 
(in thousands)
2020 Notes
1.0
 
$
499,720

2021 Notes
2.2
 
$
798,880

2025 Notes
6.0
 
$
515,335

2026 Notes
7.0
 
$
764,295

2029 Notes
10.0
 
$
1,021,010

2049 Notes
30.0
 
$
791,888
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 and nine months ended March 31, 2019 and March 25, 2018.
 
Three Months Ended
 
Nine Months Ended
 
March 31,
2019
 
March 25,
2018
 
March 31,
2019
 
March 25,
2018
 
(in thousands)
Contractual interest coupon
$
24,837

 
$
20,663

 
$
58,814

 
$
57,246

Amortization of interest discount
956

 
2,860

 
2,743

 
10,374

Amortization of issuance costs
355

 
561

 
1,013

 
1,590

Effect of interest rate contracts, net
1,558

 
51

 
3,088

 
(552
)
Total interest cost recognized
$
27,706

 
$
24,135

 
$
65,658

 
$
68,658