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Debt (Tables)
 6 Months Ended
Dec. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consists of the following:
December 27, 2025June 28, 2025
Short-termLong-termTotalShort-termLong-termTotal
Convertible notes (1)
$3,182.5 $— $3,182.5 $— $2,506.2 $2,506.2 
Term loans57.7 47.1 104.8 10.6 56.4 67.0 
Total$3,240.2 $47.1 $3,287.3 $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 quarter of fiscal year 2026, all of our Notes became convertible at the option of the holders during the third 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 December 27, 2025, 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 amount 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.
Schedule of Convertible Notes
The carrying amounts and estimated fair values of the convertible notes are as follows for the periods presented (in millions):
December 27, 2025June 28, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2032 Notes$1,255.3 $2,840.8 $— $— 
2029 Notes600.6 3,400.1 600.2 925.5 
2028 Notes858.3 2,584.6 857.7 890.2 
2026 Notes468.3 1,844.6 1,048.3 1,233.3 
$3,182.5 $10,670.1 $2,506.2 $3,049.0 
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):
December 27, 20252026 Notes2028 Notes2029 Notes2032 NotesTotal
Principal$468.8 $861.0 $603.7 $1,265.0 $3,198.5 
Unamortized debt issuance costs(0.5)(2.7)(3.1)(9.7)(16.0)
Net carrying amount of the liability component$468.3 $858.3 $600.6 $1,255.3 $3,182.5 
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 EndedSix Months Ended
December 27, 2025December 28, 2024December 27, 2025December 28, 2024
Contractual interest expense$5.0 $4.6 $9.7 $9.3 
Amortization of debt issuance costs1.1 0.8 1.9 1.5 
Total interest expense
$6.1 $5.4 $11.6 $10.8 
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 December 27, 2025 (in millions):
Fiscal Years2026 Notes2028 Notes2029 Notes2032 NotesTotal
2026$1.2 $2.2 $4.5 $2.4 $10.3 
2027469.8 4.3 9.1 4.7 487.9 
2028— 865.3 9.1 4.7 879.1 
2029— — 9.1 4.7 13.8 
2030— — 608.1 4.7 612.8 
Thereafter— — — 1,274.7 1,274.7 
Total payments$471.0 $871.8 $639.9 $1,295.9 $3,278.6