Debt (Tables)

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Convertible Notes

Our convertible notes consisted of the following components as of the periods presented (in millions):

September 30, 2023	2024 Notes (1)		2026 Notes (2)		2028 Notes (3)		2029 Notes (4)		Total
Principal	$	323.1	$	1,050.0	$	861.0	$	603.7	$	2,837.8
Unamortized debt discount and debt issuance costs	(7.4)		(3.8)		(5.1)		(4.9)		(21.2)
Net carrying amount of the liability component	$	315.7	$	1,046.2	$	855.9	$	598.8	$	2,816.6

July 1, 2023	2024 Notes (1)		2026 Notes (2)		2028 Notes (3)		2029 Notes (4)		Total
Principal	$	323.1	$	1,050.0	$	861.0	$	603.7	$	2,837.8
Unamortized debt discount and debt issuance costs	(11.5)		(4.1)		(5.5)		(5.1)		(26.2)
Net carrying amount of the liability component	$	311.6	$	1,045.9	$	855.5	$	598.6	$	2,811.6

(1) If the closing price of our stock exceeds $78.80 (or 130% of the conversion price of $60.62) for 20 of the last 30 trading days of any future fiscal quarter, our 2024 Notes would become convertible at the option of the holders during the next fiscal quarter. The 2024 Notes are classified as current liabilities as the debt will mature on March 15, 2024.

(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 fiscal quarter, our 2026 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 sheet.

(3) 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 sheet.

(4) 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, the 2029 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 30, 2023		October 1, 2022
Contractual interest expense	$	4.8	$	2.7
Amortization of the debt discount and debt issuance costs	4.9		5.7
Total interest expense	$	9.7	$	8.4

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 30, 2023 (in millions):

Fiscal Years	2024 Notes		2026 Notes		2028 Notes		2029 Notes		Total
2024	$	323.7	$	5.3	$	4.3	$	9.1	$	342.4
2025	—		5.3		4.3		9.1		18.7
2026	—		5.3		4.3		9.1		18.7
2027	—		1,052.5		4.3		9.1		1,065.9
2028	—		—		865.3		9.1		874.4
Thereafter	—		—		—		617.1		617.1
Total payments	$	323.7	$	1,068.4	$	882.5	$	662.6	$	2,937.2