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

6 Months Ended

Dec. 28, 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
December 28, 2024:
Cash	$	337.8	$	—	$	—	$	337.8
Cash equivalents:
Money market funds	130.9		—		—		130.9
U.S. Treasury securities	11.0		—		—		11.0
Total cash and cash equivalents	$	479.7	$	—	$	—	$	479.7
Short-term investments:
Commercial paper	$	13.2	$	—	$	—	$	13.2
Corporate debt securities	241.5		0.3		(0.5)		241.3
U.S. Agency securities	49.5		—		(0.1)		49.4
U.S. Treasury securities	113.2		—		(0.1)		113.1
Total short-term investments	$	417.4	$	0.3	$	(0.7)	$	417.0
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

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
December 28, 2024:
U.S. Agency securities	$	—	$	—	$	36.4	$	(0.1)	$	(0.1)
Commercial paper	—		—		7.1		—		—
Corporate debt securities	31.7		—		104.4		(0.5)		(0.5)
U.S. government bonds	58.6		—		28.0		(0.1)		(0.1)
Total	$	90.3	$	—	$	175.9	$	(0.7)	$	(0.7)
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)

Schedule of Investments in Debt Securities by Contractual Maturities

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

	December 28, 2024				June 29, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	265.8	$	265.9	$	405.5	$	404.1
Due in 1 year to 5 years	151.6		151.1		46.2		46.2
Total	$	417.4	$	417.0	$	451.7	$	450.3