Cash, Cash Equivalents and Short-term Investments (Tables)

3 Months Ended

Oct. 02, 2021

Cash and Cash Equivalents [Abstract]

Schedule of cash, cash equivalents and short-term investments

The following table summarizes our cash, cash equivalents and short-term investments by category for the periods presented (in millions):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
October 2, 2021:
Cash	$	196.1	$	—	$	—	$	196.1
Cash equivalents:
Money market funds	204.7		—		—		204.7
U.S. Treasury securities	210.2		—		—		210.2
Total cash and cash equivalents	$	611.0	$	—	$	—	$	611.0
Short-term investments:
Certificates of deposit	$	28.5	$	—	$	—	$	28.5
Commercial paper	124.8		—		—		124.8
Corporate debt securities	671.3		0.3		(0.2)		671.4
Municipal bonds	2.0		—		—		2.0
U.S. Agency securities	28.2		—		—		28.2
U.S. Treasury securities	418.6		0.1		—		418.7
Total short-term investments	$	1,273.4	$	0.4	$	(0.2)	$	1,273.6
July 3, 2021:
Cash	$	128.3	$	—	$	—	$	128.3
Cash equivalents:
Commercial paper	7.5		—		—		7.5
Corporate debt securities	7.0		—		—		7.0
Money market funds	631.5		—		—		631.5
Total cash and cash equivalents	$	774.3	$	—	$	—	$	774.3
Short-term investments:
Certificates of deposit	$	28.5	$	—	$	—	$	28.5
Commercial paper	136.7		—		—		136.7
Corporate debt securities	626.0		0.3		(0.4)		625.9
Municipal bonds	1.0		—		—		1.0
U.S. Agency securities	29.3		—		—		29.3
U.S. Treasury securities	350.3		—		—		350.3
Total short-term investments	$	1,171.8	$	0.3	$	(0.4)	$	1,171.7

Summary of unrealized losses on cash equivalents and short-term investments

The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for less than 12 months as of the periods presented (in millions):

	Fair Value		Unrealized Losses
October 2, 2021:
Commercial paper	$	24.5	$	—
Corporate debt securities	329.6		(0.2)
Municipal bonds	1.0		—
U.S. government bonds	338.2		—
Total	$	693.3	$	(0.2)
July 3, 2021:
U.S. Agency securities	$	28.3	$	—
Certificates of deposit	6.0		—
Commercial paper	43.0		—
Corporate debt securities	432.3		(0.4)
Municipal bonds	1.0		—
U.S. government bonds	106.9		—
Total	$	617.5	$	(0.4)

Classification of investments in debt securities by contractual maturities

The following table classifies our short-term investments by contractual maturities (in millions): 

	October 2, 2021				July 3, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year	$	714.3	$	714.5	$	587.0	$	587.1
Due in 1 year through 5 years	559.1		559.1		584.8		584.6
	$	1,273.4	$	1,273.6	$	1,171.8	$	1,171.7