Debt (Tables)

3 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Notes

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

September 28, 2024	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	(2.6)		(4.1)		(4.1)		(10.8)
Net carrying amount of the liability component	$	1,047.4	$	856.9	$	599.6	$	2,503.9

June 29, 2024	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	(2.8)		(4.4)		(4.3)		(11.5)
Net carrying amount of the liability component	$	1,047.2	$	856.6	$	599.4	$	2,503.2

(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 and the debt would be reclassified to current liabilities in our condensed consolidated balance sheet.

(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 sheet.

(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, 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 28, 2024		September 30, 2023
Contractual interest expense	$	4.7	$	4.8
Amortization of the debt discount and debt issuance costs	0.7		4.9
Total interest expense	$	5.4	$	9.7

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 28, 2024 (in millions):

Fiscal Years	2026 Notes		2028 Notes		2029 Notes		Total
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
2029	—		—		617.1		617.1
Total payments	$	1,063.1	$	878.2	$	653.5	$	2,594.8