XML 55 R41.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Tables)
 12 Months Ended
Jul. 03, 2021
Debt Disclosure [Abstract]  
Components of convertible notes
Our convertible notes consisted of the following components as of the periods presented (in millions):
Liability component:July 3, 2021June 27, 2020
2024 Notes (1)
2026 Notes2024 Notes2026 Notes
Principal$450.0 $1,050.0 $450.0 $1,050.0 
Unamortized debt discount and debt issuance costs(59.3)(260.2)(79.4)(300.3)
Net carrying amount of the liability component$390.7 $789.8 $370.6 $749.7 
(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 fourth quarter of fiscal 2021, the 2024 Notes have become convertible at the option of the holders. Therefore, the debt component of our 2024 Notes as of July 3, 2021 has been classified as current liabilities in our 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):
July 3, 2021June 27, 2020June 29, 2019
Contractual interest expense$6.5 $3.9 $1.1 
Amortization of the debt discount and debt issuance costs60.2 39.1 17.7 
Total interest expense$66.7 $43.0 $18.8 
Schedule of future interest and principal payments
The future interest and principal payments related to our convertible notes are as follows as of July 3, 2021 (in millions):
Fiscal Years2024 Notes2026 NotesTotal
2022$1.1 $5.3 $6.4 
20231.1 5.2 6.3 
2024451.2 5.3 456.5 
2025— 5.2 5.2 
2026— 5.3 5.3 
Thereafter— 1,052.6 1,052.6 
Total convertible notes payments
$453.4 $1,078.9 $1,532.3