External financing

9 Months Ended

Mar. 30, 2013

Debt Disclosure [Abstract]

External financing

External financing

Short-term debt consists of the following:

	March 30, 2013		June 30, 2012
	(Thousands)
Bank credit facilities	$	166,201	$	201,390
Borrowings under the accounts receivable securitization program	411,000		670,000
Other debt due within one year	1,353		1,014
Short-term debt	$	578,554	$	872,404

Bank credit facilities consist of various committed and uncommitted lines of credit with financial institutions utilized primarily to support the working capital requirements of foreign operations. The weighted average interest rate on the bank credit facilities was 5.0% and 6.1% at March 30, 2013 and June 30, 2012, respectively.

In August 2012, the Company amended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to sell, on a revolving basis, an undivided interest of up to $800,000,000 ($750,000,000 prior to the amendment) in eligible receivables while retaining a subordinated interest in a portion of the receivables. The Program does not qualify for sale treatment and, as a result, any borrowings under the Program are recorded as debt on the consolidated balance sheet. The Program contains certain covenants, all of which the Company was in compliance with as of March 30, 2013. The Program has a one year term that expires in August 2013. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.35%. The facility fee is 0.35%.

Long-term debt consists of the following:

	March 30, 2013			June 30, 2012
	(Thousands)
5.875% Notes due March 15, 2014	$	300,000		$	300,000
6.00% Notes due September 1, 2015	250,000			250,000
6.625% Notes due September 15, 2016	300,000			300,000
5.875% Notes due June 15, 2020	300,000			300,000
4.875% Notes due December 1, 2022	350,000			—
Other long-term debt	3,838			124,456
Subtotal	1,503,838			1,274,456
Discount on notes	(2,788		)	(2,471		)
Long-term debt	$	1,501,050		$	1,271,985

During the second quarter of fiscal 2013, the Company issued $350,000,000 of 4.875% Notes due December 1, 2022. The Company received proceeds of $349,258,000 from the offering, net of discount, and paid $2,275,000 in underwriting fees. The 4.875% Notes due 2022 rank equally in right of payment with all existing and future senior unsecured debt and interest will be payable in cash semi-annually on June 1 and December 1.

The Company has a five-year$1.0 billion senior unsecured revolving credit facility (the "2012 Credit Facility") with a syndicate of banks that expires in November 2016. Under the 2012 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2012 Credit Facility contains certain covenants, all of which the Company was in compliance with as of March 30, 2013. At March 30, 2013, there were no borrowings under the 2012 Credit Facility. Letters of credit aggregating $13,309,000 have been issued under the 2012 Credit Facility, which represent a utilization of borrowing capacity but are not recorded in the consolidated balance sheet as the letters of credit are not debt. At June 30, 2012, there were $110,072,000 of borrowings outstanding under the 2012 Credit Facility included in “Other long-term debt” in the preceding table and $17,202,000 in letters of credit issued.

At March 30, 2013, the carrying value and fair value of the Company’s total debt was $2,079,604,000 and $2,199,903,000, respectively. Fair value was estimated primarily based upon quoted market prices.