v3.25.3
Debt (Tables)
 3 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consists of the following:
September 27, 2025June 28, 2025
Short-termLong-termTotalShort-termLong-termTotal
Convertible notes$1,068.7 $2,112.6 $3,181.3 $— $2,506.2 $2,506.2 
Term loans10.3 51.9 62.2 10.6 56.4 67.0 
Total$1,079.0 $2,164.5 $3,243.5 $10.6 $2,562.6 $2,573.2 
Schedule of Convertible Notes
Our convertible notes consisted of the following components as of the periods presented (in millions):
September 27, 2025
2026 Notes (1)
2028 Notes (2)
2029 Notes (3)
2032 Notes (4)
Total
Principal$468.9 $861.0 $603.7 $1,265.0 $3,198.6 
Unamortized debt discount and debt issuance costs(0.6)(3.0)(3.3)(10.4)(17.3)
Net carrying amount of the liability component$468.3 $858.0 $600.4 $1,254.6 $3,181.3 
June 28, 2025
2026 Notes (1)
2028 Notes (2)
2029 Notes (3)
Total
Principal$1,050.0 $861.0 $603.7 $2,514.7 
Unamortized debt discount and debt issuance costs(1.7)(3.3)(3.5)(8.5)
Net carrying amount of the liability component$1,048.3 $857.7 $600.2 $2,506.2 
(1) If the closing price of our stock exceeds $129.08 (or 130% of the conversion price of $99.29) for 20 of the last 30 trading days of any future fiscal quarter, our 2026 Notes would become convertible at the option of the holders during the subsequent fiscal quarter, which was the case as of the end of the first quarter of fiscal year 2026, and therefore, the debt was reclassified to current liabilities in our condensed consolidated balance sheets.
(2) If the closing price of our stock exceeds $170.34 (or 130% of the conversion price of $131.03) for 20 of the last 30 trading days of any future fiscal quarter, our 2028 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our condensed consolidated balance sheets.
(3) If the closing price of our stock exceeds $90.40 (or 130% of the conversion price of $69.54) for 20 of the last 30 trading days of any future quarter, our 2029 Notes would become convertible at the option of the holders during the subsequent fiscal quarter, which was the case as of the end of the first quarter of fiscal year 2026, and therefore, the debt was reclassified to current liabilities in our consolidated balance sheets.
(4) If the closing price of our stock exceeds $244.10 (or 130% of the conversion price of $187.77) for 20 of the last 30 trading days of any future quarter, our 2032 Notes would become convertible at the option of the holders during the subsequent fiscal quarter and the debt would be reclassified to current liabilities in our consolidated balance sheets.
Schedule of Interest Expense
The following table sets forth interest expense information related to the convertible notes for the periods presented (in millions):
Three Months Ended
September 27, 2025September 28, 2024
Contractual interest expense$4.7 $4.7 
Amortization of the debt discount and debt issuance costs0.8 0.7 
Total interest expense
$5.5 $5.4 
Schedule of Future Interest and Principal Payments Related to Debts
The future interest and principal payments related to our convertible notes are as follows as of September 27, 2025 (in millions):
Fiscal Years2026 Notes2028 Notes2029 Notes2032 NotesTotal
2026$3.0 $4.3 $9.1 $2.4 $18.8 
2027470.1 4.3 9.1 4.7 488.2 
2028— 865.3 9.1 4.7 879.1 
2029— — 9.1 4.7 13.8 
2030— — 608.1 4.7 612.8 
Thereafter— — — 1,274.7 1,274.7 
Total payments$473.1 $873.9 $644.5 $1,295.9 $3,287.4