Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 30, 2024

As of June 30, 2024, and June 25, 2023, the Company’s outstanding debt consisted of the following:


	June 30, 2024				June 25, 2023
	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	(28,148)				(32,934)
Fair value adjustment - interest rate contracts	—				3,050		(1)
Unamortized bond issuance costs	(5,435)				(6,189)
Other financing arrangements	944				1,438
Total debt outstanding, at carrying value	$	4,967,361			$	4,965,365
Reported as:
Current portion of long-term debt	$	501,316			$	421
Long-term debt	$	4,466,045			$	4,964,944

(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 30, 2024, were as follows:


Payments Due by Fiscal Year:	Principal		Interest
	(in thousands)
2025	$	500,000	$	169,583
2026	750,000		147,922
2027	—		128,000
2028	—		128,000
2029	1,000,000		116,333
Thereafter	2,750,000		1,669,880
Total	$	5,000,000	$	2,359,718

Schedule of Additional Senior Notes Information

Selected additional information regarding the Senior Notes outstanding as of June 30, 2024, is as follows:


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

2025 Notes	0.7	$	494,015
2026 Notes	1.7	$	731,970
2029 Notes	4.7	$	961,560
2030 Notes	6.0	$	632,880
2049 Notes	24.7	$	685,553
2050 Notes	26.0	$	488,130
2060 Notes	36.0	$	317,660

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, and the revolving credit facility during the fiscal years ended June 30, 2024, June 25, 2023, and June 26, 2022.


	Year Ended
	June 30, 2024		June 25, 2023		June 26, 2022
	(in thousands)
Contractual interest coupon	$	175,128	$	175,128	$	175,128
Amortization of interest discount	3,274		2,862		2,767
Amortization of issuance costs	1,488		1,376		1,351
Effect of interest rate contracts, net	3,145		2,545		2,455
Total interest cost recognized	$	183,035	$	181,911	$	181,701