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

9 Months Ended

Apr. 02, 2022

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
April 2, 2022:
Cash	$	149.4	$	—	$	—	$	149.4
Cash equivalents:
Commercial paper	291.9		—		—		291.9
Corporate debt securities	10.2		—		—		10.2
Money market funds	178.4		—		—		178.4
U.S. Treasury securities	500.4		—		—		500.4
Total cash and cash equivalents	$	1,130.3	$	—	$	—	$	1,130.3
Short-term investments:
Certificates of deposit	$	11.3	$	—	$	—	$	11.3
Commercial paper	99.4		—		(0.1)		99.3
Corporate debt securities	649.7		—		(6.6)		643.1
Municipal bonds	1.0		—		—		1.0
U.S. Agency securities	65.2		—		(1.2)		64.0
U.S. Treasury securities	618.5		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 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

Schedule 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
April 2, 2022:
U.S. Agency securities	$	64.0	(1.2)
Certificates of deposit	11.3		—
Commercial paper	253.3		(0.1)
Corporate debt securities	639.3		(6.6)
Municipal bonds	1.0		—
U.S. government bonds	566.3		(3.5)
Total	$	1,535.2	$	(11.4)
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)

Schedule of investments in debt securities by contractual maturities

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

	April 2, 2022				July 3, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year	$	1,044.6	$	1,039.1	$	587.0	$	587.1
Due in 1 year through 5 years	400.5		394.7		584.8		584.6
	$	1,445.1	$	1,433.8	$	1,171.8	$	1,171.7