v3.26.1
Debt (Tables)
 9 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consists of the following:
March 28, 2026June 28, 2025
Short-termLong-termTotalShort-termLong-termTotal
Convertible notes (1)
$3,183.4 $— $3,183.4 $— $2,506.2 $2,506.2 
Term loans55.2 43.2 98.4 10.6 56.4 67.0 
Total$3,238.6 $43.2 $3,281.8 $10.6 $2,562.6 $2,573.2 
(1) Since the closing price of our stock was at least 130% of the applicable conversion price for each series of Notes for 20 of the last 30 trading days of our second and third quarters of fiscal year 2026, all of our Notes remain convertible at the option of the holders during the fourth quarter of fiscal year 2026. The outstanding Notes are recorded as short-term debt, which is presented as current liabilities in our condensed consolidated balance sheets as of March 28, 2026, net of unamortized debt issuance costs. If the Notes are converted by holders, we are required to satisfy our conversion obligations with respect to each series of converted Notes by paying cash equal to the principal amounts of such series of converted Notes and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at our election, with respect to any conversion value in excess thereof. The outstanding Notes are recorded as convertible notes, non-current in our consolidated balance sheets as of June 28, 2025, net of unamortized debt issuance costs.
As of April 30, 2026, we have received early conversion requests totaling $500.8 million aggregate principal amount of the Notes, which will be settled in cash and the conversion value in excess thereof will be settled in shares of common stock in accordance with Indenture governing the applicable series of Notes. In the three and nine months ended March 28, 2026, the aggregate principal amount of the Notes settled in cash was $0.1 million and $0.2 million, respectively.
On April 7, 2026, we entered into privately negotiated exchange arrangements with certain holders of our 2026 Notes and 2029 Notes. Pursuant to these agreements, we issued an aggregate of approximately 5.7 million shares of our common stock in exchange for approximately $264.8 million and $209.8 million aggregate principal amount of the 2026 Notes and 2029 Notes, respectively, and the related conversion value in excess of the principal amounts thereof. The issuance of common stock in the exchange transactions resulted in incremental dilution of approximately 0.6 million shares of common stock related to the principal amounts. Refer to “Note 17. Subsequent Event” for further details.
Schedule of Convertible Notes
The table below summarizes the applicable conversion price and the equivalent 130% of the conversion price of each series of Notes (per share amount):
Conversion Price130% of Conversion Price
2032 Notes$187.77 $244.10 
2029 Notes69.54 90.40 
2028 Notes131.03 170.34 
2026 Notes99.29 129.08 
Our convertible notes consisted of the following components as of the periods presented (in millions):
March 28, 20262026 Notes2028 Notes2029 Notes2032 NotesTotal
Principal$468.7 $861.0 $603.7 $1,265.0 $3,198.4 
Unamortized debt issuance costs(0.4)(2.5)(2.8)(9.3)(15.0)
Net carrying amount of the liability component$468.3 $858.5 $600.9 $1,255.7 $3,183.4 
June 28, 20252026 Notes2028 Notes2029 NotesTotal
Principal$1,050.0 $861.0 $603.7 $2,514.7 
Unamortized 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 
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 EndedNine Months Ended
March 28, 2026March 29, 2025March 28, 2026March 29, 2025
Contractual interest expense$4.9 $4.7 $14.6 $14.0 
Amortization of debt issuance costs1.0 0.8 2.9 2.3 
Total interest expense
$5.9 $5.5 $17.5 $16.3 
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 March 28, 2026 (in millions):
Fiscal Years2026 Notes2028 Notes2029 Notes2032 NotesTotal
2026$1.0 $2.1 $3.9 $— $7.0 
2027469.7 4.3 6.7 4.7 485.4 
2028— 865.3 6.7 4.7 876.7 
2029— — 6.7 4.7 11.4 
2030— — 607.1 4.7 611.8 
Thereafter— — — 1,274.5 1,274.5 
Total payments$470.7 $871.7 $631.1 $1,293.3 $3,266.8