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

6 Months Ended

Dec. 31, 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
December 31, 2022:
Cash	$	383.3	$	—	$	—	$	383.3
Cash equivalents:
Commercial paper	4.8		—		—		4.8
Money market funds	180.1		—		—		180.1
U.S. Treasury securities	23.9		—		—		23.9
Total cash and cash equivalents	$	592.1	$	—	$	—	$	592.1
Short-term investments:
Certificates of deposit	$	27.6	$	—	$	—	$	27.6
Commercial paper	88.0		—		(0.2)		87.8
Corporate debt securities	504.2		0.1		(4.8)		499.5
Municipal bonds	1.0		—		—		1.0
Foreign government bonds	1.4		—		—		1.4
U.S. Agency securities	130.5		—		(1.6)		128.9
U.S. Treasury securities	344.9		—		(2.8)		342.1
Total short-term investments	$	1,097.6	$	0.1	$	(9.4)	$	1,088.3
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

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 more than 12 months and less than 12 months as of the periods presented, respectively (in millions):

	Continuous Loss Position For  More Than 12 Months				Continuous Loss Position For  Less Than 12 Months				Gross Unrealized Losses
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022:
U.S. Agency securities	$	45.9	$	(1.1)	$	83.0	$	(0.5)	$	(1.6)
Certificates of deposit	—		—		5.7		—		—
Commercial paper	—		—		73.4		(0.2)		(0.2)
Corporate debt securities	283.9		(3.0)		176.2		(1.8)		(4.8)
Municipal bonds	1.0		—		—		—		—
Foreign government bonds	—		—		1.4		—		—
U.S. government bonds	148.1		(2.4)		98.2		(0.4)		(2.8)
Total	$	478.9	$	(6.5)	$	437.9	$	(2.9)	$	(9.4)
July 2, 2022:
U.S. Agency securities	$	—	$	—	$	73.7	$	(1.4)	$	(1.4)
Certificates of deposit	—		—		16.2		—		—
Commercial paper	—		—		130.7		(0.4)		(0.4)
Corporate debt securities	57.4		(0.9)		473.2		(6.5)		(7.4)
Municipal bonds	—		—		1.0		—		—
U.S. government bonds	—		—		366.0		(4.2)		(4.2)
Total	$	57.4	$	(0.9)	$	1,060.8	$	(12.5)	$	(13.4)

Schedule of Investments in Debt Securities by Contractual Maturities

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

	December 31, 2022				July 2, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year	$	879.5	$	871.6	$	1,010.9	$	1,002.2
Due in 1 year through 5 years	218.1		216.7		261.0		256.6
	$	1,097.6	$	1,088.3	$	1,271.9	$	1,258.8