Long Term Debt and Other Borrowings (Tables)

12 Months Ended

Jun. 26, 2022

As of June 26, 2022, and June 27, 2021, the Company’s outstanding debt consisted of the following:


	June 26, 2022					June 27, 2021
	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 debt outstanding, at par	5,000,000					5,000,000
Unamortized discount	(35,549)					(38,243)
Fair value adjustment - interest rate contracts	4,835		(1)			6,621		(1)
Unamortized bond issuance costs	(6,827)					(7,443)
Total debt outstanding, at carrying value	$	4,962,459				$	4,960,935
Reported as:

Long-term debt	$	4,962,459				$	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.

Schedule of Contractual Cash Obligations

The Company’s contractual cash obligations relating to its outstanding debt as of June 26, 2022, were as follows:


Payments Due by Fiscal Year:	Principal		Interest
	(in thousands)
2023	$	—	$	175,125
2024	—		175,125
2025	500,000		175,125
2026	750,000		161,222
2027	—		128,000
Thereafter	3,750,000		1,914,214
Total	$	5,000,000	$	2,728,811

Schedule of Additional Senior Notes Information

Selected additional information regarding the Senior Notes outstanding as of June 26, 2022, is as follows:


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

2025 Notes	2.7	$	498,500
2026 Notes	3.7	$	745,103
2029 Notes	6.7	$	980,970
2030 Notes	8.0	$	632,693
2049 Notes	26.7	$	764,078
2050 Notes	28.0	$	546,735
2060 Notes	38.0	$	360,625

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 26, 2022, June 27, 2021, and June 28, 2020.


	Year Ended
	June 26, 2022		June 27, 2021		June 28, 2020
	(in thousands)
Contractual interest coupon	$	175,128	$	197,367	$	169,483
Amortization of interest discount	2,767		3,934		4,280
Amortization of issuance costs	1,351		1,639		1,632
Effect of interest rate contracts, net	2,455		2,070		1,037
Total interest cost recognized	$	181,701	$	205,010	$	176,432