Fair Value Measurements (Tables)

3 Months Ended

Oct. 02, 2021

Fair Value Disclosures [Abstract]

Summary of financial assets measured at fair value on a recurring basis

Financial assets measured at fair value on a recurring basis are summarized below (in millions): 

	Level 1		Level 2		Level 3		Total
October 2, 2021: (1)
Assets:
Cash equivalents:
Money market funds	$	204.7	$	—	$	—	$	204.7
U.S. Treasury securities	210.2		—		—		210.2
Short-term investments:
Certificates of deposit	—		28.5		—		28.5
Commercial paper	—		124.8		—		124.8
Asset-backed securities	—		—		—		—
Corporate debt securities	—		671.4		—		671.4
Municipal bonds	—		2.0		—		2.0
Mortgage-backed securities	—		—		—		—
Foreign government bonds	—		—		—		—
U.S. Agency securities	—		28.2		—		28.2
U.S. Treasury securities	418.7		—		—		418.7
Total assets	$	833.6	$	854.9	$	—	$	1,688.5

(1) Excludes $196.1 million in cash held in our bank accounts as of October 2, 2021.

	Level 1		Level 2		Level 3		Total
July 3, 2021: (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	7.5	$	—	$	7.5
Corporate debt securities	—		7.0		—		7.0
Money market funds	631.5		—		—		631.5
Short-term investments:
Certificates of deposit	—		28.5		—		28.5
Commercial paper	—		136.7		—		136.7
Corporate debt securities	—		625.9		—		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 assets	$	981.8	$	835.9	$	—	$	1,817.7

(1) Excludes $128.3 million in cash held in our bank accounts as of July 3, 2021.

Fair value measurements, recurring and nonrecurring

The carrying amounts and estimated fair values of the 2026 Notes and the 2024 Notes are as follows for the periods presented (in millions):

	October 2, 2021				July 3, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2026 Notes	800.0		$	1,151.3	$	789.8	$	1,146.1
2024 Notes	395.8		670.8		390.7		669.3
	$	1,195.8	$	1,822.1	$	1,180.5	$	1,815.4