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Cash, Cash Equivalents and Short-term Investments
 9 Months Ended
Apr. 02, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-term Investments
Note 4. 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
April 2, 2022:
Cash$149.4 $— $— $149.4 
Cash equivalents:
Commercial paper291.9 — — 291.9 
Corporate debt securities10.2 — — 10.2 
Money market funds178.4 — — 178.4 
U.S. Treasury securities500.4 — — 500.4 
Total cash and cash equivalents$1,130.3 $— $— $1,130.3 
Short-term investments:
Certificates of deposit$11.3 $— $— $11.3 
Commercial paper99.4 — (0.1)99.3 
Corporate debt securities649.7 — (6.6)643.1 
Municipal bonds1.0 — — 1.0 
U.S. Agency securities65.2 — (1.2)64.0 
U.S. Treasury securities618.5 0.1 (3.5)615.1 
Total short-term investments$1,445.1 $0.1 $(11.4)$1,433.8 
July 3, 2021:
Cash$128.3 $— $— $128.3 
Cash equivalents:
Commercial paper7.5 — — 7.5 
Corporate debt securities7.0 — — 7.0 
Money market funds631.5 — — 631.5 
Total cash and cash equivalents$774.3 $— $— $774.3 
Short-term investments:
Certificates of deposit$28.5 $— $— $28.5 
Commercial paper136.7 — — 136.7 
Corporate debt securities626.0 0.3 (0.4)625.9 
Municipal bonds1.0 — — 1.0 
U.S. Agency securities29.3 — — 29.3 
U.S. Treasury securities350.3 — — 350.3 
Total short-term investments$1,171.8 $0.3 $(0.4)$1,171.7 
We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to: the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in value. For our debt instruments, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis.
We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three and nine months ended April 2, 2022 and April 3, 2021, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale.
During the three and nine months ended April 2, 2022, our other income (expense), net was $2.2 million income and $3.8 million income, respectively, which includes interest and investment income on cash equivalents and short-term investments of $1.1 million and $2.3 million, respectively. During the three and nine months ended April 3, 2021, our other income (expense), net was $2.4 million and $2.1 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $1.0 million and $4.9 million, respectively.
As of April 2, 2022 and July 3, 2021, we recorded interest receivables of $4.1 million and $4.1 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented as there were no such losses.
As of April 2, 2022 and July 3, 2021, the Company does not have any cash equivalents and short-term investments that have been in a continuous unrealized gain or loss position for more than 12 months as of the periods presented. 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 ValueUnrealized Losses
April 2, 2022:
U.S. Agency securities$64.0 (1.2)
Certificates of deposit11.3 — 
Commercial paper253.3 (0.1)
Corporate debt securities639.3 (6.6)
Municipal bonds1.0 — 
U.S. government bonds566.3 (3.5)
Total $1,535.2 $(11.4)
July 3, 2021:
U.S. Agency securities$28.3 $— 
Certificates of deposit6.0 — 
Commercial paper43.0 — 
Corporate debt securities432.3 (0.4)
Municipal bonds1.0 — 
U.S. government bonds106.9 — 
Total$617.5 $(0.4)
The following table classifies our short-term investments by contractual maturities (in millions): 
April 2, 2022July 3, 2021
Amortized CostFair ValueAmortized CostFair Value
Due in 1 year$1,044.6 $1,039.1 $587.0 $587.1 
Due in 1 year through 5 years400.5 394.7 584.8 584.6 
$1,445.1 $1,433.8 $1,171.8 $1,171.7 
All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.