v3.25.2
Long Term Debt and Other Borrowings
 12 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
Long Term Debt and Other Borrowings Long Term Debt and Other Borrowings
As of June 29, 2025, and June 30, 2024, the Company’s outstanding debt consisted of the following:
June 29, 2025June 30, 2024
Amount
(in thousands)		Effective Interest RateAmount
(in thousands)		Effective Interest Rate
Fixed-rate 3.80% Senior Notes Due March 15, 2025 (“2025 Notes”)
$— 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 par4,500,000 5,000,000 
Unamortized discount(26,428)(28,148)
Unamortized bond issuance costs(4,774)(5,435)
Other financing arrangements566 944 
Total debt outstanding, at carrying value$4,469,364 $4,967,361 
Reported as:
Current portion of long-term debt$749,670 $501,316 
Long-term debt$3,719,694 $4,466,045 
The Company’s contractual cash obligations relating to its outstanding debt as of June 29, 2025, were as follows: 
Payments Due by Fiscal Year:PrincipalInterest
 (in thousands)
2026$750,000 $147,922 
2027— 128,000 
2028— 128,000 
20291,000,000 116,333 
2030750,000 87,406 
Thereafter2,000,000 1,582,474 
Total$4,500,000 $2,190,135 
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 2025 Notes were settled upon maturity during the three months ended March 30, 2025.
The Company may redeem the 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 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 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 June 29, 2025, is as follows: 
Remaining Amortization periodFair Value of Notes (Level 2)
(years)(in thousands)
2026 Notes0.7$746,618 
2029 Notes3.7$992,260 
2030 Notes5.0$668,018 
2049 Notes23.7$679,920 
2050 Notes25.0$481,178 
2060 Notes35.0$308,895 
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”), June 17, 2021 (the “Second Amended and Restated Credit Agreement”), December 7, 2022 (“Amendment No.1 to Second Amended and Restated Credit Agreement”), and January 27, 2025 (the “Third Amended and Restated Credit Agreement”). The Third Amended and Restated Credit Agreement provides for a $2.0 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 $750.0 million, for a potential total commitment of $2.75 billion. The facility matures on January 25, 2030.
Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (1) a base rate, plus a spread of 0.00% to 0.10%, or (2) an adjusted term Secured Overnight Financing Rate, plus a spread of 0.70% to 1.10%, in each case plus a facility fee, with such spread and facility fee determined in accordance with the Third Amended and Restated Credit Agreement, and with the spread and facility fee based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt. Principal and any accrued and unpaid interest are 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 as described above. As of June 29, 2025, 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 may 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 June 29, 2025, 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, and the revolving credit facility during the fiscal years ended June 29, 2025, June 30, 2024, and June 25, 2023. 
Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
 (in thousands)
Contractual interest coupon$169,586 $175,128 $175,128 
Amortization of interest discount2,987 3,274 2,862 
Amortization of issuance costs1,514 1,488 1,376 
Effect of interest rate contracts, net3,132 3,145 2,545 
Total interest cost recognized$177,219 $183,035 $181,911