XML 43 R33.htm IDEA: XBRL DOCUMENT v3.22.1
Debt (Tables)
 9 Months Ended
Apr. 02, 2022
Debt Disclosure [Abstract]  
Schedule of convertible notes
Our convertible notes consisted of the following components as of the periods presented (in millions):
Liability component:April 2, 2022July 3, 2021
2024 Notes (1)
2026 Notes (2)
2028 Notes (3)
2024 Notes2026 Notes
Principal$450.0 $1,050.0 $861.0 $450.0 $1,050.0 
Unamortized debt discount and issuance costs(43.9)(229.2)(234.2)(59.3)(260.2)
Net carrying amount of the liability component$406.1 $820.8 $626.8 $390.7 $789.8 
(1) Since the closing price of our stock exceeded $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of the third quarter of fiscal 2022, the 2024 Notes have become convertible at the option of the holders. Therefore, the debt component of our 2024 Notes as of April 2, 2022 has been classified as current liabilities in our condensed consolidated balance sheet.
(2) 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 quarter, our 2026 Notes would also become convertible at the option of the holders and the debt component would be reclassified to current liabilities in our condensed consolidated balance sheet.
(3) During any fiscal quarter commencing after July 2, 2022, 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 such quarter, our 2028 Notes would also become convertible at the option of the holders and the debt component would be reclassified to current liabilities in our condensed consolidated balance sheet.
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
April 2, 2022April 3, 2021April 2, 2022April 3, 2021
Contractual interest expense$1.9 $1.6 $5.1 $4.8 
Amortization of the debt discount and debt issuance costs17.8 14.8 48.6 43.9 
Total interest expense
$19.7 $16.4 $53.7 $48.7 
Schedule of future interest and principal payments related to our convertible notes
The future interest and principal payments related to our convertible notes are as follows as of April 2, 2022 (in millions):
Fiscal Years2024 Notes2026 Notes2028 NotesTotal
Remainder of 2022$1.8 $2.7 $1.2 $5.7 
20231.1 5.3 4.3 10.7 
2024449.4 5.3 4.3 459.0 
2025— 5.3 4.3 9.6 
2026— 5.3 4.3 9.6 
Thereafter— 1,052.4 869.6 1,922.0 
Total convertible notes payments
$452.3 $1,076.3 $888.0 $2,416.6