Fair Value Measurements (Tables)

9 Months Ended

Apr. 02, 2022

Fair Value Disclosures [Abstract]

Schedule 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
April 2, 2022: (1)
Assets:
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
Short-term investments:
Certificates of deposit	—		11.3		—		11.3
Commercial paper	—		99.3		—		99.3
Corporate debt securities	—		643.1		—		643.1
Municipal bonds	—		1.0		—		1.0
U.S. Agency securities	—		64.0		—		64.0
U.S. Treasury securities	615.1		—		—		615.1
Total assets	$	1,293.9	$	1,120.8	$	—	$	2,414.7

(1) Excludes $149.4 million in cash held in our bank accounts as of April 2, 2022.

	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.

Schedule of fair value measurements, recurring and nonrecurring

The carrying amounts and estimated fair values of the 2028 Notes, 2026 Notes and the 2024 Notes are as follows for the periods presented (in millions):

	April 2, 2022				July 3, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2028 Notes	$	626.8	$	831.3	$	—	$	—
2026 Notes	820.8		1,208.0		789.8		1,146.1
2024 Notes	406.1		728.4		390.7		669.3
	$	1,853.7	$	2,767.7	$	1,180.5	$	1,815.4