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

12 Months Ended

Jul. 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
July 2, 2022:
Cash	$	235.9	$	—	$	—	$	235.9
Cash equivalents:
Commercial paper	23.6		—		—		23.6
Money market funds	1,000.2		—		—		1,000.2
U.S. Agency securities	8.0		—		—		8.0
U.S. Treasury securities	22.5		—		—		22.5
Total cash and cash equivalents	$	1,290.2	$	—	$	—	$	1,290.2
Short-term investments:
Certificates of deposit	$	28.3	$	—	$	—	$	28.3
Commercial paper	107.4		—		(0.4)		107.0
Corporate debt securities	539.9		—		(7.4)		532.5
Municipal bonds	1.0		—		—		1.0
U.S. Agency securities	67.1		—		(1.4)		65.7
U.S. Treasury securities	528.2		0.3		(4.2)		524.3
Total short-term investments	$	1,271.9	$	0.3	$	(13.4)	$	1,258.8
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 components of interest and other income (expense), net

The components of other income (expense), net are as follows for the years presented (in millions):

	Years Ended
	July 2, 2022		July 3, 2021		June 27, 2020
Foreign exchange gains (losses), net	$	6.1	$	(4.4)	$	(1.4)
Interest and investment income	6.1		5.7		15.8
Other income (losses), net	(0.2)		1.5		17.0
Total other income (expense), net	$	12.0	$	2.8	$	31.4

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
July 2, 2022
U.S. Agency securities	$	73.7	$	(1.4)
Certificates of deposit	16.2		—
Commercial paper	130.7		(0.4)
Corporate debt securities	473.2		(6.5)
Municipal bonds	1.0		—
U.S. government bonds	366.0		(4.2)
Total	$	1,060.8	$	(12.5)
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): 

	July 2, 2022				July 3, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	1,010.9	$	1,002.2	$	587.0	$	587.1
Due between 1 year to 5 years	261.0		256.6		584.8		584.6
	$	1,271.9	$	1,258.8	$	1,171.8	$	1,171.7