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v3.25.3

Debt | 3 Months Ended
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Sep. 27, 2025
Debt |
Debt | 4. Debt Short-term debt consists of the following (carrying balances in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | June 28, | ​ | September 27, | ​ | June 28, | ​
​ | ​ | 2025 |  | 2025 |  | 2025 |  | 2025 | ​
​ | ​ | Interest Rate | ​ | Carrying Balance |
Term loan - current portion | ​ | 4.20 | % | ​ | — | % | ​ | $ | 90,786 | ​ | ​ | — | ​
Other short-term debt | ​ | 5.01 | % | ​ | 5.17 | % | ​ |  | 98,525 | ​ |  | 87,284 | ​
Short-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 189,311 | ​ | $ | 87,284 | ​
​ Other short-term debt consists of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the ongoing working capital requirements of the Company, including its foreign operations. ​ Long-term debt consists of the following (carrying balances in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 27, | ​ | June 28, | ​ | September 27, | ​ | June 28, | ​
​ | ​ | 2025 |  | 2025 |  | 2025 |  | 2025 | ​
​ | ​ | Interest Rate | ​ | Carrying Balance |
Revolving credit facilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable securitization program (due December 2026) | ​ | 5.01 | % | ​ | 5.18 | % | ​ | $ | 200,600 | ​ | $ | 500,000 | ​
Credit Facility (due January 2030) | ​ | 5.08 | % | ​ | 5.46 | % | ​ | ​ | 122,682 | ​ | ​ | 411,586 | ​
Term loan - noncurrent portion | ​ | 4.31 | % | ​ | — | % | ​ | ​ | 175,745 | ​ | ​ | — | ​
Other long-term debt | ​ | 4.74 | % | ​ | 4.74 | % | ​ | ​ | 21,121 | ​ | ​ | 21,975 | ​
Public notes due: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
April 2026 (1) | ​ | 4.63 | % | ​ | 4.63 | % | ​ | ​ | 550,000 | ​ | ​ | 550,000 | ​
March 2028 | ​ | 6.25 | % | ​ | 6.25 | % | ​ |  | 500,000 | ​ |  | 500,000 | ​
September 2030 (Convertible Notes) | ​ | 1.75 | % | ​ | — | % | ​ | ​ | 650,000 | ​ | ​ | — | ​
May 2031 | ​ | 3.00 | % | ​ | 3.00 | % | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​
June 2032 | ​ | 5.50 | % | ​ | 5.50 | % | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​
Long-term debt before discount and debt issuance costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,820,148 | ​ |  | 2,583,561 | ​
Discount and debt issuance costs – unamortized | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (24,200) | ​ |  | (8,832) | ​
Long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,795,948 | ​ | $ | 2,574,729 | ​
​
(1) | As of September 27, 2025, the Company classified its $550 million of 4.63% Notes due April 2026 as long-term debt based on its ability and intent to refinance these notes on a long-term basis.
The Company has a trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions, which is due in December 2026. The Securitization Program allows the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings of up to $500 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $825.0 million and $813.9 million at September 27, 2025, and June 28, 2025, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. The Company has a five-year $1.50 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in January 2030. It consists of revolving credit facilities and the issuance of up to $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies. As of September 27, 2025, and June 28, 2025, there were $0.8 million and $0.9 million, respectively, in letters of credit issued under the Credit Facility. Under the Credit Facility, the Company may select from various interest rate options, currencies, and maturities. The Credit Facility contains certain covenants, including various limitations on debt incurrence, share repurchases, dividends, investments, and capital expenditures. The Credit Facility also includes a financial covenant requiring the Company to maintain a leverage ratio below a certain threshold, which the Company was in compliance with as of September 27, 2025, and June 28, 2025. On August 28, 2025, the Company amended its Credit Facility through September 2026 to temporarily raise the maximum permitted leverage ratio. The amendment also restricts the Company's ability to make certain payments including the repurchase of shares in excess of $100 million worth of its common stock, which was reached in the first quarter of fiscal 2026 in connection with the issuance of the Convertible Notes discussed further below. In July of 2026 the Company entered into a credit agreement (“Term Loan”) for approximately $266.5 million that matures in approximately equal annual installments over the next three years. The Term Loan bears a blended variable interest rate between tranches as outlined in the tables above. Convertible Notes In September 2025, the Company issued $650 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”). The net proceeds from the sale of the Convertible Notes were approximately $633.8 million. The Convertible Notes accrue interest at a rate of 1.75% per annum. Before June 1, 2030, noteholders will have the right to convert their Convertible Notes only upon the occurrence of certain events, including but not limited to, the Company’s common stock trading above approximately $91 per share for a specific period, the market value of the Convertible Notes trading below 98% of the product of the trading price of the Company’s common stock and the conversion rate for a specific period, and certain fundamental changes to the Company’s corporate structure. The initial conversion price is approximately $70.27 per share of common stock. The Company may redeem all or any portion of the Convertible Notes, at the Company’s option, on or after September 8, 2028, if the sale price of the Company’s common stock has been at least approximately $91 per common share for at least 20 trading days during any 30 consecutive trading-day period. Upon conversion of the Convertible Notes, the Company must satisfy the aggregate principal amount of the notes being converted in cash. For any conversion obligation exceeding the aggregate principal amount, the Company may, at its discretion, settle the remainder through cash, shares of the Company’s common stock, or a combination thereof. As of September 27, 2025, the carrying value and fair value of the Company’s total debt was $2.99 billion and $2.99 billion, respectively. At June 28, 2025, the carrying value and fair value of the Company’s total debt was $2.66 billion and $2.65 billion, respectively. Fair value for public notes including convertible notes was estimated based on quoted market prices (Level 1) and, for other forms of debt, fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities (Level 2).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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