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LONG-TERM DEBT AND OTHER BORROWINGS (Tables)
 3 Months Ended
Sep. 29, 2019
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
As of September 29, 2019, and June 30, 2019, the Company’s outstanding debt consisted of the following:
 
September 29, 2019
 
June 30, 2019
 
 
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
%
 
750,000

 
3.86
%
 
Fixed-rate 4.00% Senior Notes Due March 15, 2029 ("2029 Notes")
1,000,000

 
4.09
%
 
1,000,000

 
4.09
%
 
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes")
184,294

(1) 
4.28
%
 
212,349

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

 
4.93
%
 
750,000

 
4.93
%
 
Total debt outstanding, at par
4,484,294

 
 
 
4,512,349

 
 
 
Unamortized discount
(65,446
)
 
 
 
(73,191
)
 
 
 
Fair value adjustment - interest rate contracts
3,778

(2) 
 
 
(3,612
)
 
 
 
Unamortized bond issuance costs
(5,317
)
 
 
 
(5,535
)
 
 
 
Total debt outstanding, at carrying value
$
4,417,309

 
 
 
$
4,430,011

 
 
 
Reported as:
 
 
 
 
 
 
 
 
Current portion of long-term debt, and commercial paper
$
641,353

 
 
 
$
662,308

 
 
 
Long-term debt
3,775,956

 
 
 
3,767,703

 
 
 
Total debt outstanding, at carrying value
$
4,417,309

 
 
 
$
4,430,011

 
 
 
____________________________
(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) This amount includes a cumulative fair market gain of $3.0 million for discontinued hedging relationships, net of an immaterial amount of amortization for the three months ended, September 29, 2019.
Components of Convertible Notes
Selected additional information regarding the 2041 Notes outstanding as of September 29, 2019, and June 30, 2019, is as follows:
 
September 29,
2019
 
June 30,
2019
 
2041 Notes
 
2041 Notes
 
(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax
$
160,979

 
$
160,604

Carrying amount of temporary equity component, net of tax
$
42,553

 
$
49,439

Remaining amortization period (years)
21.6

 
21.9

Fair Value of Notes (Level 2)
$
1,303,285

 
 
Conversion rate (shares of common stock per $1,000 principal amount of notes)
30.9197

 
 
Conversion price (per share of common stock)
$
32.34

 
 
If-converted value in excess of par value
$
886,078

 
 
Estimated share dilution using average quarterly stock price $209.64 per share
4,819

 
 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Selected additional information regarding the Senior Notes outstanding as of September 29, 2019, is as follows: 
 
Remaining Amortization period
 
Fair Value of Notes (Level 2)
 
(years)
 
(in thousands)
2020 Notes
0.5
 
$
501,065

2021 Notes
1.7
 
$
809,032

2025 Notes
5.5
 
$
535,600

2026 Notes
6.5
 
$
800,220

2029 Notes
9.5
 
$
1,102,670

2049 Notes
29.5
 
$
915,225
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 29, 2019 and September 23, 2018.
 
Three Months Ended
 
September 29,
2019
 
September 23,
2018
 
(in thousands)
Contractual interest coupon
$
41,122

 
$
17,427

Amortization of interest discount
1,235

 
900

Amortization of issuance costs
414

 
329

Effect of interest rate contracts, net
675

 
753

Total interest cost recognized
$
43,446

 
$
19,409