Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 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
December 31, 2022: (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	4.8	$	—	$	4.8
Money market funds	180.1		—		—		180.1
U.S. Treasury securities	23.9		—		—		23.9
Short-term investments:
Certificates of deposit	—		27.6		—		27.6
Commercial paper	—		87.8		—		87.8
Corporate debt securities	—		499.5		—		499.5
Municipal bonds	—		1.0		—		1.0
Foreign government bonds	—		1.4		—		1.4
U.S. Agency securities	—		128.9		—		128.9
U.S. Treasury securities	342.1		—		—		342.1
Total assets	$	546.1	$	751.0	$	—	$	1,297.1

(1) Excludes $383.3 million in cash held in our bank accounts as of December 31, 2022.

	Level 1		Level 2		Level 3		Total
July 2, 2022: (1)
Assets:
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
Short-term investments:
Certificates of deposit	—		28.3		—		28.3
Commercial paper	—		107.0		—		107.0
Corporate debt securities	—		532.5		—		532.5
Municipal bonds	—		1.0		—		1.0
U.S. Agency securities	—		65.7		—		65.7
U.S. Treasury securities	524.3		—		—		524.3
Total assets	$	1,547.0	$	766.1	$	—	$	2,313.1

(1) Excludes $235.9 million in cash held in our bank accounts as of July 2, 2022.

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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

	December 31, 2022				July 2, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2028 Notes	$	855.0	$	659.7	$	634.7	$	735.7
2026 Notes	1,045.3		907.4		831.4		1,065.0
2024 Notes	420.7		473.2		409.9		614.2
	$	2,321.0	$	2,040.3	$	1,876.0	$	2,414.9