Fair Value Measurements (Tables)

12 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities 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
June 29, 2024 (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	15.9	$	—	$	15.9
Money market funds	$	223.9	$	—	$	—	$	223.9
Short-term investments:
Certificates of deposit	—		0.8		—		0.8
Commercial paper	—		12.6		—		12.6
Corporate debt securities	—		243.9		—		243.9
U.S. Agency securities			80.9				80.9
U.S. Treasury securities	112.1		—		—		112.1
Total assets	$	336.0	$	354.1	$	—	$	690.1

(1) Excludes $196.9 million in cash held in our bank accounts as of June 29, 2024.

	Level 1		Level 2		Level 3		Total
July 1, 2023 (1)
Assets:
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
Short-term investments:
Certificates of deposit	—		16.5		—		16.5
Commercial paper	—		132.7		—		132.7
Corporate debt securities	—		468.8		—		468.8
U.S. Agency securities	—		206.2		—		206.2
U.S. Treasury securities	330.4		—		—		330.4
Total assets	$	931.1	$	828.2	$	—	$	1,759.3

(1) Excludes $254.3 million in cash held in our bank accounts as of July 1, 2023.

Summary of Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values of our convertible notes are as follows for the periods presented (in millions):

	June 29, 2024				July 1, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2029 Notes	$	599.4	$	588.8	$	598.6	$	625.2
2028 Notes	856.6		680.2		855.5		677.8
2026 Notes	1,047.2		948.3		1,045.9		933.2
2024 Notes	—		—		311.6		345.2
	$	2,503.2	$	2,217.3	$	2,811.6	$	2,581.4