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LONG-TERM DEBT AND OTHER BORROWINGS (Tables)
 3 Months Ended
Sep. 27, 2020
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
As of September 27, 2020, and June 28, 2020, the Company’s outstanding debt consisted of the following:
September 27, 2020June 28, 2020
Amount
(in thousands)		Effective Interest RateAmount
(in thousands)		Effective Interest Rate
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 1.90% Senior Note Due June 15, 2030 ("2030 Notes")
750,000 2.01 %750,000 2.01 %
Fixed-rate 2.625% Convertible Notes Due May 15, 2041 ("2041 Notes")
30,361 
(1)
4.28 %48,460 
(1)
4.28 %
Fixed-rate 4.875% Senior Notes Due March 15, 2049 ("2049 Notes")
750,000 4.93 %750,000 4.93 %
Fixed-rate 2.875% Senior Note Due June 15, 2050 ("2050 Notes")
750,000 2.93 %750,000 2.93 %
Fixed-rate 3.125% Senior Note Due June 15, 2060 ("2060 Notes")
500,000 3.18 %500,000 3.18 %
Total debt outstanding, at par5,830,361 5,848,460 
Unamortized discount(47,451)(53,086)
Fair value adjustment - interest rate contracts7,959 
(2)
8,405 
(2)
Unamortized bond issuance costs(8,085)(8,301)
Total debt outstanding, at carrying value$5,782,784 $5,795,478 
Reported as:
Current portion of long-term debt$823,051 $836,107 
Long-term debt4,959,733 4,959,371 
Total debt outstanding, at carrying value$5,782,784 $5,795,478 
____________________________
(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 Condensed 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 represents a cumulative fair market gain for discontinued hedging relationships, net of an immaterial amount of amortization as of the periods presented.
Components of Convertible Notes
Selected additional information regarding the 2041 Notes outstanding as of September 27, 2020, and June 28, 2020, is as follows:
September 27,
2020		June 28,
2020
2041 Notes2041 Notes
(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying amount of permanent equity component, net of tax$161,531 $161,467 
Carrying amount of temporary equity component, net of tax$6,307 $10,995 
Remaining amortization period (years)20.620.9
Fair Value of Notes (Level 2)$315,182 
Conversion rate (shares of common stock per $1,000 principal amount of notes)
31.5206
Conversion price (per share of common stock)$31.73 
If-converted value in excess of par value$285,706 
Estimated share dilution using average quarterly stock price $344.03 per share
869 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Selected additional information regarding the Senior Notes outstanding as of September 27, 2020, is as follows: 
Remaining Amortization periodFair Value of Notes (Level 2)
(years)(in thousands)
2021 Notes0.7$811,752 
2025 Notes4.5$562,955 
2026 Notes5.5$860,393 
2029 Notes8.5$1,197,500 
2030 Notes9.7$775,058 
2049 Notes28.5$1,065,315 
2050 Notes29.7$782,858 
2060 Notes39.7$545,435 
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, commercial paper, and the revolving credit facility during the three months ended September 27, 2020 and September 29, 2019.
Three Months Ended
September 27,
2020		September 29,
2019
(in thousands)
Contractual interest coupon$49,571 $41,122 
Amortization of interest discount1,012 1,235 
Amortization of issuance costs411 414 
Effect of interest rate contracts, net506 675 
Total interest cost recognized$51,500 $43,446