Long Term Debt and Other Borrowings (Tables)
|
12 Months Ended |
Jun. 29, 2025 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Outstanding Debt |
As of June 29, 2025, and June 30, 2024, the Company’s outstanding debt consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | June 29, 2025 | | June 30, 2024 | | | Amount
(in thousands) | | Effective Interest Rate | | Amount
(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 par | 4,500,000 | | | | | 5,000,000 | | | | | | Unamortized discount | (26,428) | | | | | (28,148) | | | | | | | | | | | | | | | Unamortized bond issuance costs | (4,774) | | | | | (5,435) | | | | | | Other financing arrangements | 566 | | | | | 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 | | | | | | | | | | | | | | | | | | | | | | |
|
| Schedule of Contractual Cash Obligations |
The Company’s contractual cash obligations relating to its outstanding debt as of June 29, 2025, were as follows: | | | | | | | | | | | | | Payments Due by Fiscal Year: | Principal | | Interest | | | (in thousands) | | 2026 | $ | 750,000 | | | $ | 147,922 | | | 2027 | — | | | 128,000 | | | 2028 | — | | | 128,000 | | | 2029 | 1,000,000 | | | 116,333 | | | 2030 | 750,000 | | | 87,406 | | | Thereafter | 2,000,000 | | | 1,582,474 | | | Total | $ | 4,500,000 | | | $ | 2,190,135 | | | | | |
|
| Schedule of Additional Senior Notes Information |
Selected additional information regarding the Senior Notes outstanding as of June 29, 2025, is as follows: | | | | | | | | | | | | | Remaining Amortization period | | Fair Value of Notes (Level 2) | | (years) | | (in thousands) | | | | | | | | | | 2026 Notes | 0.7 | | $ | 746,618 | | | 2029 Notes | 3.7 | | $ | 992,260 | | | 2030 Notes | 5.0 | | $ | 668,018 | | | 2049 Notes | 23.7 | | $ | 679,920 | | | 2050 Notes | 25.0 | | $ | 481,178 | | | 2060 Notes | 35.0 | | $ | 308,895 | |
|
| 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, 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 discount | 2,987 | | | 3,274 | | | 2,862 | | | Amortization of issuance costs | 1,514 | | | 1,488 | | | 1,376 | | | Effect of interest rate contracts, net | 3,132 | | | 3,145 | | | 2,545 | | | Total interest cost recognized | $ | 177,219 | | | $ | 183,035 | | | $ | 181,911 | | | | | | | |
|