Lumentum Holdings Inc., balance sheet: debt

US$ in thousands

	Jun 28, 2025	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020
Current portion of long-term debt	10,600)	—)	311,600)	409,900)	390,700)	—)
Finance lease liabilities, current	—)	—)	—)	—)	—)	600)
Long-term debt, excluding current portion	2,562,600)	2,503,200)	2,500,000)	1,466,100)	789,800)	1,120,300)
Total debt (carrying amount)	2,573,200)	2,503,200)	2,811,600)	1,876,000)	1,180,500)	1,120,900)

Based on: 10-K (reporting date: 2025-06-28), 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27).

The carrying amount of total debt exhibited a fluctuating pattern over the observed period. Initially, an increase is noted, followed by a substantial rise and then a decrease, with a slight increase at the end of the period.

Overall Trend: Total debt began at US$1,120.9 million in June 2020 and increased to US$1,180.5 million in July 2021. A significant increase followed, reaching US$1,876.0 million in July 2022, and peaking at US$2,811.6 million in July 2023. Subsequently, the total debt decreased to US$2,503.2 million in June 2024, and further increased to US$2,573.2 million in June 2025.
Current Portion of Long-Term Debt: The current portion of long-term debt was not reported in June 2020. It stood at US$390.7 million in July 2021 and increased to US$409.9 million in July 2022. A decrease to US$311.6 million was observed in July 2023, with no value reported for June 2024, and a minimal value of US$10.6 million in June 2025.
Long-Term Debt (Excluding Current Portion): Long-term debt, excluding the current portion, was US$1,120.3 million in June 2020, decreasing to US$789.8 million in July 2021. It then increased substantially to US$1,466.1 million in July 2022 and further to US$2,500.0 million in July 2023. This trend continued with US$2,503.2 million in June 2024 and US$2,562.6 million in June 2025.
Finance Lease Liabilities: Finance lease liabilities, current, were reported as US$600 thousand in June 2020, with no subsequent reporting for the remainder of the period.

The most substantial change in total debt occurred between July 2022 and July 2023, representing a significant increase. The subsequent decrease in June 2024 suggests a potential debt reduction strategy, although the debt level increased again by June 2025. The long-term debt component appears to be the primary driver of the overall trend, with the current portion exhibiting more moderate fluctuations.

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	Jun 28, 2025
Selected Financial Data (US$ in thousands)
Convertible notes	3,049,000)
Term loans	67,000)
Finance lease liabilities	—)
Total debt (fair value)	3,116,000)
Financial Ratio
Debt, fair value to carrying amount ratio	1.21

Based on: 10-K (reporting date: 2025-06-28).

Weighted-average effective interest rate on convertible notes: 4.74%

Interest rate	Debt amount¹	Interest rate × Debt amount
1.50%	600,200)	9,003)
5.70%	857,700)	48,889)
5.80%	1,048,300)	60,801)
Total	2,506,200)	118,693)
4.74%

Based on: 10-K (reporting date: 2025-06-28).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 118,693 ÷ 2,506,200 = 4.74%

Lumentum Holdings Inc. (NASDAQ:LITE)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt