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LONG-TERM DEBT AND OTHER BORROWINGS
 3 Months Ended
Sep. 26, 2021
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND OTHER BORROWINGS LONG-TERM DEBT AND OTHER BORROWINGS
As of September 26, 2021, and June 27, 2021, the Company’s outstanding debt consisted of the following:
September 26, 2021June 27, 2021
Amount
(in thousands)		Effective Interest RateAmount
(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 debt outstanding, at par5,000,000 5,000,000 
Unamortized discount(37,634)(38,243)
Fair value adjustment - interest rate contracts6,174 
(1)
6,621 
(1)
Unamortized bond issuance costs(7,291)(7,443)
Total debt outstanding, at carrying value$4,961,249 $4,960,935 
Reported as:
Long-term debt$4,961,249 $4,960,935 
____________________________

(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.
Senior Notes
On May 5, 2020, the company completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due June 15, 2030 (the “2030 Notes”), $750 million aggregate principal amount of the Company’s Senior Notes due June 15, 2050 (the “2050 Notes”), and $500 million aggregate principal amount of the Company’s Senior Notes due June 15, 2060 (the “2060 Notes”). The Company pays interest at an annual rate of 1.90%, 2.875%, and 3.125%, on the 2030, 2050, and 2060 Notes, respectively, on a semi-annual basis on June 15 and December 15 of each year.
On March 4, 2019, the company completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1.0 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”). The Company pays interest at an annual rate of 3.75%, 4.00%, and 4.875%, on the 2026, 2029, and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year.
On March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”). The Company pays interest at an annual rate of 3.80% on the 2025 Notes on a semi-annual basis on March 15 and September 15 of each year.
The Company may redeem the 2025, 2026, 2029, 2030, 2049, 2050, and 2060 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, before March 15, 2030 for the 2030 Notes, before September 15, 2048 for the 2049 Notes, before December 15, 2049 for the 2050 Notes, and before December 15, 2059 for the 2060 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after December 24, 2024 for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, on or after March 15, 2030 for the 2030 Notes, on or after September 15, 2048 for the 2049 Notes, on or after December 15, 2049 for the 2050 Notes, and on or after December 15, 2059 for the 2060 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.
Selected additional information regarding the Senior Notes outstanding as of September 26, 2021, is as follows: 
Remaining Amortization periodFair Value of Notes (Level 2)
(years)(in thousands)
2025 Notes3.5$545,650 
2026 Notes4.5$833,085 
2029 Notes7.5$1,154,650 
2030 Notes8.7$753,600 
2049 Notes27.5$1,033,058 
2050 Notes28.7$772,118 
2060 Notes38.7$529,535 
Revolving Credit Facility
On March 12, 2014, the Company established an unsecured Credit Agreement. This agreement was amended on November 10, 2015 (the “Amended and Restated Credit Agreement”), October 13, 2017 (the “2nd Amendment”), February 25, 2019 (the “3rd Amendment”), and June 17, 2021 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a $1.50 billion revolving credit facility with a syndicate of lenders, along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $600.0 million, for a potential total commitment of $2.10 billion. The facility matures on June 17, 2026.
Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (1) a base rate, defined as the greatest of (a) prime rate, (b) Federal Funds rate plus 0.5%, or (c) one-month LIBOR plus 1.0%, plus a spread of 0.00% to 0.30%, or (2) LIBOR multiplied by the statutory rate, plus a spread of 0.805% to 1.30%, in each case plus a facility fee, with such spread and facility fee determined based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt. Such spreads and such facility fees are further subject to sustainability adjustments as described in the Second Amended and Restated Credit Agreement, in each case based on the Company’s performance of certain energy savings and health and safety standards metrics. Principal and any accrued and unpaid interest is due and payable upon maturity. Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company’s credit rating. The Second Amended and Restated Credit Agreement incorporates provisions for the replacement of LIBOR or other reference rates with alternative reference rates under certain circumstances, including when, or if, such reference rates cease to be available. The Second Amended and Restated Credit Agreement contains affirmative covenants, negative covenants, financial covenants, and events of default. As of September 26, 2021, the Company had no borrowings outstanding under the credit facility and was in compliance with all financial covenants.
Commercial Paper Program
On November 13, 2017, the Company established a commercial paper program (“the CP Program”) under which the Company may issue unsecured commercial paper notes on a private placement basis up to a maximum aggregate principal amount of $1.25 billion. In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $1.50 billion. The net proceeds from the CP Program will be used for general corporate purposes, including repurchases of the Company’s Common Stock from time to time under the Company’s stock repurchase program. Amounts available under the CP Program may be re-borrowed. The CP Program is backstopped by the Company’s Revolving Credit Arrangement. As of September 26, 2021 and June 27, 2021, the Company had no outstanding borrowings under the CP Program.
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 three months ended September 26, 2021 and September 27, 2020.
Three Months Ended
September 26,
2021		September 27,
2020
(in thousands)
Contractual interest coupon$43,782 $49,571 
Amortization of interest discount683 1,012 
Amortization of issuance costs335 411 
Effect of interest rate contracts, net605 506 
Total interest cost recognized$45,405 $51,500