XML 66 R61.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Dec. 02, 2021
Mar. 30, 2024
Mar. 25, 2023
Mar. 30, 2024
Mar. 25, 2023
Jun. 24, 2023
Mar. 16, 2023
Mar. 11, 2021
Debt Instrument [Line Items]                
Carrying amount $ 600.0              
Debt instrument interest rate, stated percentage 1.00%              
Debt issuance costs $ 11.2 $ 5.7   $ 5.7        
Interest expense long-term debt   4.1 $ 4.1 12.5 $ 12.5      
Cash and cash equivalents   828.1   828.1   $ 924.7    
Interest expense   $ 11.9 $ 11.4 $ 35.9 $ 26.4      
Debt instrument maturity date Dec. 02, 2028              
Common stock, par value   $ 0.001   $ 0.001   $ 0.001    
Debt instrument aggregate principal amount $ 600.0              
Common stock shares issued related to convertible notes   69,597,233   69,597,233   68,687,511    
Covenant description       Under the Credit Agreement, there are various restrictive covenants, including two financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, which, after the Third Amendment, only applies if our cash and cash equivalents balance is less than $450 million as of the last day of any fiscal quarter. The leverage ratio is the ratio of net debt as of the measurement date to Consolidated EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.0. The interest coverage ratio is Consolidated EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. If our quarter-end cash and cash equivalents balance is less than $450.0 million, the interest coverage ratio must not be less than 3.50 to 1.0 as of the date of determination. As of March 2024, we remain in compliance with the restrictive covenants.        
Percentage of voting capital stock       65.00%        
Percentage of non-voting capital stock       100.00%        
Basis spread on variable rate       25.00%        
London Interbank Offered Rate                
Debt Instrument [Line Items]                
Debt instrument interest rate, stated percentage 2.25%              
Base Rate [Member]                
Debt Instrument [Line Items]                
Debt instrument interest rate, stated percentage 1.25%              
Term Loan debt [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.00%     50.00%        
Term Loan debt [Member] | Federal Funds Rates [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate 0.50%              
4.0% Senior Notes Due 2029 [Member]                
Debt Instrument [Line Items]                
Carrying amount               $ 400.0
Debt instrument interest rate, stated percentage   4.00%   4.00%        
Repayment date, description       Prior to June 15, 2024, we may redeem the Senior Notes, in whole or in part, at a redemption price of 100% of the principal amount thereof, plus a make-whole premium set forth in the Indenture, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.        
Redemption of principal amount percentage       100.00%        
Maturity period       Jun. 15, 2024        
Redemption of debt in cash, percentage       104.00%        
Debt instrument aggregate principal amount               $ 400.0
Amended and Restated Credit Agreement | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maturity period       Mar. 11, 2026        
Cash and cash equivalents   $ 450.0   $ 450.0        
Debt amortization period       60 months        
Maximum leverage ratio permitted   3.75%   3.75%        
Covenant description       As of March 2024, we remain in compliance with the restrictive covenants.        
Line of credit, maximum borrowing capacity   $ 250.0   $ 250.0        
Line of credit facility allowable requests for additional borrowing   150.0   150.0        
Outstanding principal amount   0.0   $ 0.0        
Repayment date, description       the revolving credit facility are required to be repaid in full by March 11, 2026. Debt issuance costs relating to the revolving credit facility of $1.6 million, included in non-current other assets on our consolidated balance sheet, are being amortized over 60 months.        
Debt issuance cost       $ 1.6        
Description of base rate       The Credit Agreement bears interest, at our election, of a Base Rate plus an Applicable Margin or Adjusted Term SOFR, as defined in the Second Amendment, plus an Applicable Margin. Swingline loans bear interest at a Base Rate plus an Applicable Margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or Adjusted Term SOFR plus 100 basis points. The Applicable Margin is based on a sliding scale which ranges from 25 to 100 basis points for Base Rate loans and 100 basis points to 175 basis points for Adjusted Term SOFR loans.        
Minimum interest coverage ratio       3.50%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Wells Fargo Securities, LLC [Member]                
Debt Instrument [Line Items]                
Cash and cash equivalents             $ 450.0  
Amended and Restated Credit Agreement | Revolving Credit Facility | Federal Funds Rates [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate       50.00%        
Amended and Restated Credit Agreement | Revolving Credit Facility | London Interbank Offered Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate       100.00%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum [Member]                
Debt Instrument [Line Items]                
Commitment fee percentage of unused portion       0.175%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum [Member] | London Interbank Offered Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate       100.00%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum [Member] | Base Rate [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate       25.00%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum                
Debt Instrument [Line Items]                
Commitment fee percentage of unused portion       0.25%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | London Interbank Offered Rate                
Debt Instrument [Line Items]                
Basis spread on variable rate       175.00%        
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | Base Rate [Member]                
Debt Instrument [Line Items]                
Basis spread on variable rate       100.00%        
Amended and Restated Credit Agreement | Letter of Credit [Member]                
Debt Instrument [Line Items]                
Line of credit, maximum borrowing capacity   20.0   $ 20.0        
Amended and Restated Credit Agreement | Bridge Loan [Member]                
Debt Instrument [Line Items]                
Line of credit, maximum borrowing capacity   $ 25.0   $ 25.0        
Amended and Restated Credit Agreement | For The First Four Fiscal Quarters Ending After Date of Material Acquisition [Member] | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum leverage ratio permitted   4.25%   4.25%        
Amended and Restated Credit Agreement | Thereafter [Member] | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum leverage ratio permitted   3.75%   3.75%