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Cash, Cash Equivalents and Short-term Investments
 3 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-term Investments
Note 5. 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
September 30, 2023:
Cash$156.3 $— $— $156.3 
Cash equivalents:
Commercial paper4.8 — — 4.8 
Money market funds285.3 — — 285.3 
U.S. Treasury securities415.1 0.1 — 415.2 
Total cash and cash equivalents$861.5 $0.1 $— $861.6 
Short-term investments:
Certificates of deposit$29.6 $— $— $29.6 
Commercial paper119.2 — (0.1)119.1 
Corporate debt securities459.4 — (3.2)456.2 
Municipal bonds4.6 — — 4.6 
U.S. Agency securities194.7 — (1.4)193.3 
U.S. Treasury securities281.4 — (1.5)279.9 
Total short-term investments$1,088.9 $— $(6.2)$1,082.7 
July 1, 2023:
Cash$254.3 $— $— $254.3 
Cash equivalents:
Money market funds276.1 — — 276.1 
U.S. Agency securities4.0 — — 4.0 
U.S. Treasury securities324.6 — — 324.6 
Total cash and cash equivalents$859.0 $— $— $859.0 
Short-term investments:
Certificates of deposit$16.5 $— $— $16.5 
Commercial paper132.9 — (0.2)132.7 
Corporate debt securities472.7 — (3.9)468.8 
U.S. Agency securities207.9 — (1.7)206.2 
U.S. Treasury securities332.4 — (2.0)330.4 
Total short-term investments$1,162.4 $— $(7.8)$1,154.6 
We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period sufficient to allow for any anticipated recovery in value. For the debt instruments we own, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis.
We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three months ended September 30, 2023 and October 1, 2022, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale.
During the three months ended September 30, 2023 and October 1, 2022, our other income, net was $21.2 million and $13.8 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $21.7 million and $4.8 million, respectively.
As of September 30, 2023 and July 1, 2023, we recorded interest receivables of $8.0 million and $6.7 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented, as there were no such losses.
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 ValueUnrealized LossesFair ValueUnrealized Losses
September 30, 2023:
U.S. Agency securities$159.5 $(1.2)$33.8 $(0.2)$(1.4)
Certificates of deposit11.7 — — — — 
Commercial paper89.9 (0.1)— — (0.1)
Corporate debt securities351.3 (2.7)68.7 (0.5)(3.2)
Foreign government bonds4.6 — — — — 
U.S. government bonds215.4 (1.3)22.9 (0.2)(1.5)
Total $832.4 $(5.3)$125.4 $(0.9)$(6.2)
July 1, 2023:
U.S. Agency securities$39.6 $(0.4)$170.6 $(1.3)$(1.7)
Certificates of deposit— — $7.7 — — 
Commercial paper— — $128.5 (0.2)(0.2)
Corporate debt securities93.6 (1.2)$358.9 (2.7)(3.9)
U.S. government bonds50.8 (0.6)$221.4 (1.4)(2.0)
Total$184.0 $(2.2)$887.1 $(5.6)$(7.8)
The following table classifies our short-term investments by remaining maturities (in millions): 
September 30, 2023July 1, 2023
Amortized CostFair ValueAmortized CostFair Value
Due in 1 year$735.8 $733.3 $762.9 $759.1 
Due in 1 year through 5 years353.1 349.4 399.5 395.5 
$1,088.9 $1,082.7 $1,162.4 $1,154.6 
All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.