v3.26.1
Debt (Tables)
 12 Months Ended
Jun. 27, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consists of the following:
June 27, 2026June 28, 2025
Short-termLong-termTotalShort-termLong-termTotal
Convertible notes (1)
$1,544.6 $— $1,544.6 $— $2,506.2 $2,506.2 
Term loans52.3 40.5 92.8 10.6 56.4 67.0 
Total$1,596.9 $40.5 $1,637.4 $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 fiscal year 2026, all of our Notes remain convertible at the option of the holders during the first quarter of fiscal year 2027. The outstanding Notes are recorded as current portion of long-term debt, which is presented as current liabilities in our consolidated balance sheets as of June 27, 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 as of June 28, 2025 are recorded as long-term debt, which is presented as non-current liabilities in our consolidated balance sheets, net of unamortized debt issuance costs.
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 
The table below summarizes activities related to the aggregate principal amount of our convertible notes during the twelve months ended June 27, 2026 (in millions):
June 28, 2025
Debt Issuance (1)
Debt Conversions (2)
Debt Equitizations (3)
Debt Inducement (4)
June 27, 2026
2026 Notes$1,050.0 $— $(149.3)$(264.8)$(581.1)$54.8 
2028 Notes861.0 — (31.0)(650.4)— 179.6 
2029 Notes603.7 — (339.1)(209.7)— 54.9 
2032 Notes— 1,265.0 — — — 1,265.0 
$2,514.7 $1,265.0 $(519.4)$(1,124.9)$(581.1)$1,554.3 
(1) Refer to “2032 Notes” discussion below.
(2) Refer to “Debt Conversions” discussion below.
(3) Refer to “Debt Equitizations” discussion below.
(4) Refer to “Debt Inducement” discussion below.
Our convertible notes consisted of the following components as of the periods presented (in millions):
June 27, 20262026 Notes2028 Notes2029 Notes2032 NotesTotal
Principal$54.8 $179.6 $54.9 $1,265.0 $1,554.3 
Unamortized debt discount and debt issuance costs(0.1)(0.5)(0.2)(8.9)(9.7)
Net carrying amount of the liability component$54.7 $179.1 $54.7 $1,256.1 $1,544.6 
June 28, 20252026 Notes2028 Notes2029 Notes2032 NotesTotal
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 
Schedule of Interest Expense
The following table sets forth interest expense information related to our convertible notes for the periods presented (in millions):
June 27, 2026June 28, 2025June 29, 2024
Contractual interest expense$16.9 $18.6 $19.2 
Amortization of the debt discount and debt issuance costs3.5 3.0 14.6 
Total interest expense$20.4 $21.6 $33.8 
Schedule of Future Interest and Principal Payments Related to Debts
The future principal and interest payments related to our convertible notes are as follows as of June 27, 2026 (in millions):
Fiscal Years2026 Notes2028 Notes2029 Notes2032 NotesTotal
2027$54.8 $0.3 $0.4 $4.7 $60.2 
2028— 179.90.4 4.8 185.1 
2029— — 0.5 4.7 5.2 
2030— — 55.1 4.8 59.9 
2031— — — 4.7 4.7 
Thereafter— — — 1,269.8 1,269.8 
Total payments$54.8 $180.2 $56.4 $1,293.5 $1,584.9