LONG-TERM DEBT AND OTHER BORROWINGS (Tables)

6 Months Ended

Dec. 28, 2014

Components of Notes

As of December 28, 2014 and June 29, 2014, the Notes consisted of the following:

	December 28, 2014									June 29, 2014
	2016 Notes			2018 Notes			2041 Notes (1)			2016 Notes		2018 Notes		2041 Notes (1)
	(in thousands, except years, percentages, conversion rate, and conversion price)
Carrying value, long-term	$	427,443		$	394,732		$	—		$	419,561	$	387,338	$	—
Carrying value, current portion		—			—			518,430			—		—		516,586
Unamortized discount		22,557			55,268			181,505			30,439		62,662		183,349
Principal amount	$	450,000		$	450,000		$	699,935		$	450,000	$	450,000	$	699,935
Remaining amortization period (years)		1.4			3.4			26.4
Effective interest rate on liability component		4.29	%		5.27	%		4.28	%
Carrying amount of equity component, net of tax	$	76,230		$	104,895		$	328,109
Fair Value of Notes (Level 1)	$	596,250		$	645,188		$	1,637,848
Conversion rate (shares of common stock per $1,000 principal amount of notes)		15.9868			15.9868			28.6901
Conversion price (per share of common stock)	$	62.55		$	62.55		$	34.86
If-converted value in excess of par value	$	132,431		$	132,431		$	925,839

(1) During the quarter-ended December 28, 2014 and June 29, 2014 the market value of the Common Stock was greater than or equal to 130% of the 2041 Note conversion price for 20 or more trading days of the 30 consecutive trading days preceding the quarter end. As a result, the 2041 Notes are convertible at the option of the holder. The carrying amount of the 2041 Notes was classified in current liabilities and the excess of the amount of cash payable, if converted, over the carrying amount of the 2041 Notes was classified as temporary equity in the Company’s Consolidated Balance Sheets as of December 28, 2014 and June 29, 2014. Upon closure of a conversion period, all 2041 Notes not converted will be reclassified back to noncurrent liabilities and the temporary equity is reclassified to permanent equity.

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 discount on the liability component of the Notes during the three and six months ended December 28, 2014 and December 29, 2013.

	Three Months Ended				Six Months Ended
	December 28, 2014		December 29, 2013		December 28, 2014		December 29, 2013
	(in thousands)
Contractual interest coupon	$	6,562	$	6,562	$	13,124	$	13,124
Amortization of interest discount		8,610		8,217		17,119		16,339
Amortization of issuance costs		590		591		1,181		1,181
Total interest cost recognized	$	15,762	$	15,370	$	31,424	$	30,644

Warrants and Convertible Note Hedge Arrangements

The following table presents the details of the warrants and convertible note hedge arrangements as of December 28, 2014:

	2016 Notes		2018 Notes
	(shares in thousands)
Warrants:
Number of shares to be delivered upon exercise		7,194		7,194
Exercise price	$	70.81	$	75.54
Expiration date range		August 15 - October 21, 2016		August 15 - October 23, 2018
Convertible Note Hedge:
Number of shares available from counterparties		7,194		7,194
Exercise price	$	62.55	$	62.55