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

9 Months Ended

Mar. 30, 2024

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
March 30, 2024:
Cash	$	287.2	$	—	$	—	$	287.2
Cash equivalents:
Commercial paper	7.2		—		—		7.2
Money market funds	130.6		—		—		130.6
Total cash and cash equivalents	$	425.0	$	—	$	—	$	425.0
Short-term investments:
Certificates of deposit	$	1.8	$	—	$	—	$	1.8
Commercial paper	8.2		—		—		8.2
Corporate debt securities	222.4		0.1		(0.8)		221.7
U.S. Agency securities	95.0		—		(0.4)		94.6
U.S. Treasury securities	120.3		—		(0.7)		119.6
Total short-term investments	$	447.7	$	0.1	$	(1.9)	$	445.9
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
March 30, 2024:
U.S. Agency securities	$	3.5	$	—	$	89.2	$	(0.4)	$	(0.4)
Commercial paper	—		—		13.1		—		—
Corporate debt securities	21.6		(0.1)		175.7		(0.7)		(0.8)
U.S. government bonds	2.0		—		117.6		(0.7)		(0.7)
Total	$	27.1	$	(0.1)	$	395.6	$	(1.8)	$	(1.9)
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): 

	March 30, 2024				July 1, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	394.6	$	393.0	$	762.9	$	759.1
Due in 1 year to 5 years	53.1		52.9		399.5		395.5
Total	$	447.7	$	445.9	$	1,162.4	$	1,154.6