Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 25, 2023

As of June 25, 2023, and June 26, 2022, the Company’s outstanding debt consisted of the following:


	June 25, 2023					June 26, 2022
	Amount (in thousands)			Effective Interest Rate		Amount (in thousands)			Effective Interest Rate
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 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 Senior Notes outstanding, at par	5,000,000					5,000,000
Unamortized discount	(32,934)					(35,549)
Fair value adjustment - interest rate contracts	3,050		(1)			4,835		(1)
Unamortized bond issuance costs	(6,189)					(6,827)
Other financing arrangements	1,438					—
Total debt outstanding, at carrying value	$	4,965,365				$	4,962,459
Reported as:
Current portion of long-term debt	$	421				$	—
Long-term debt	$	4,964,944				$	4,962,459

(1)This amount represents a cumulative fair value gain for discontinued hedging relationships, net of an immaterial amount of amortization as of the periods presented.

Schedule of Contractual Cash Obligations

The Company’s contractual cash obligations relating to its outstanding debt as of June 25, 2023, were as follows:


Payments Due by Fiscal Year:	Principal		Interest
	(in thousands)
2024	$	—	$	175,125
2025	500,000		169,425
2026	750,000		147,922
2027	—		128,000
2028	—		128,000
Thereafter	3,750,000		1,786,213
Total	$	5,000,000	$	2,534,685

Schedule of Additional Senior Notes Information

Selected additional information regarding the Senior Notes outstanding as of June 25, 2023, is as follows:


	Remaining Amortization period	Fair Value of Notes (Level 2)
	(years)	(in thousands)

2025 Notes	1.7	$	488,620
2026 Notes	2.7	$	730,725
2029 Notes	5.7	$	969,760
2030 Notes	7.0	$	624,825
2049 Notes	25.7	$	730,500
2050 Notes	27.0	$	525,233
2060 Notes	37.0	$	340,365

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 Senior Notes, convertible notes, and the revolving credit facility during the fiscal years ended June 25, 2023, June 26, 2022, and June 27, 2021.


	Year Ended
	June 25, 2023		June 26, 2022		June 27, 2021
	(in thousands)
Contractual interest coupon	$	175,128	$	175,128	$	197,367
Amortization of interest discount	2,862		2,767		3,934
Amortization of issuance costs	1,376		1,351		1,639
Effect of interest rate contracts, net	2,545		2,455		2,070
Total interest cost recognized	$	181,911	$	181,701	$	205,010