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

12 Months Ended

Jun. 29, 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
June 29, 2024:
Cash	$	196.9	$	—	$	—	$	196.9
Cash equivalents:
Commercial paper	15.9		—		—		15.9
Money market funds	223.9		—		—		223.9
Total cash and cash equivalents	$	436.7	$	—	$	—	$	436.7
Short-term investments:
Certificates of deposit	$	0.8	$	—	$	—	$	0.8
Commercial paper	12.6		—		—		12.6
Corporate debt securities	244.5		—		(0.6)		243.9
U.S. Agency securities	81.2		—		(0.3)		80.9
U.S. Treasury securities	112.6		—		(0.5)		112.1
Total short-term investments	$	451.7	$	—	$	(1.4)	$	450.3
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 Components of Interest and Other Income , Net

The components of other income, net are as follows for the years presented (in millions):

	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022
Foreign exchange gains, net	$	0.8	$	7.0	$	6.1
Interest and investment income	61.3		40.8		6.1
Other income (losses), net	—		1.0		(0.2)
Other income, net	$	62.1	$	48.8	$	12.0

Summary 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, respectively, as of the periods presented (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
June 29, 2024:
U.S. Agency securities	$	62.3	$	(0.3)	$	12.6	$	—	$	(0.3)
Commercial paper	—		—		28.6		—		—
Corporate debt securities	133.7		(0.5)		90.6		(0.2)		(0.7)
U.S. government bonds	72.3		(0.4)		39.7		(0.1)		(0.5)
Total	$	268.3	$	(1.2)	$	171.5	$	(0.3)	$	(1.5)
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)

Classification of Investments in Debt Securities by Contractual Maturities

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

	June 29, 2024				July 1, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	405.5	$	404.1	$	762.9	$	759.1
Due between 1 year to 5 years	46.2		46.2		399.5		395.5
	$	451.7	$	450.3	$	1,162.4	$	1,154.6