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

3 Months Ended

Sep. 30, 2023

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
September 30, 2023:
Cash	$	156.3	$	—	$	—	$	156.3
Cash equivalents:
Commercial paper	4.8		—		—		4.8
Money market funds	285.3		—		—		285.3
U.S. Treasury securities	415.1		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 paper	119.2		—		(0.1)		119.1
Corporate debt securities	459.4		—		(3.2)		456.2
Municipal bonds	4.6		—		—		4.6
U.S. Agency securities	194.7		—		(1.4)		193.3
U.S. Treasury securities	281.4		—		(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 funds	276.1		—		—		276.1
U.S. Agency securities	4.0		—		—		4.0
U.S. Treasury securities	324.6		—		—		324.6
Total cash and cash equivalents	$	859.0	$	—	$	—	$	859.0
Short-term investments:
Certificates of deposit	$	16.5	$	—	$	—	$	16.5
Commercial paper	132.9		—		(0.2)		132.7
Corporate debt securities	472.7		—		(3.9)		468.8
U.S. Agency securities	207.9		—		(1.7)		206.2
U.S. Treasury securities	332.4		—		(2.0)		330.4
Total short-term investments	$	1,162.4	$	—	$	(7.8)	$	1,154.6

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
September 30, 2023:
U.S. Agency securities	$	159.5	$	(1.2)	$	33.8	$	(0.2)	$	(1.4)
Certificates of deposit	11.7		—		—		—		—
Commercial paper	89.9		(0.1)		—		—		(0.1)
Corporate debt securities	351.3		(2.7)		68.7		(0.5)		(3.2)
Foreign government bonds	4.6		—		—		—		—
U.S. government bonds	215.4		(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 securities	93.6		(1.2)		$	358.9	(2.7)		(3.9)
U.S. government bonds	50.8		(0.6)		$	221.4	(1.4)		(2.0)
Total	$	184.0	$	(2.2)	$	887.1	$	(5.6)	$	(7.8)

Schedule of Investments in Debt Securities by Contractual Maturities

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

	September 30, 2023				July 1, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year	$	735.8	$	733.3	$	762.9	$	759.1
Due in 1 year through 5 years	353.1		349.4		399.5		395.5
	$	1,088.9	$	1,082.7	$	1,162.4	$	1,154.6