Fair Value Measurements (Tables)

6 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets 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
December 28, 2024: (1)
Assets:
Cash equivalents:
Money market funds	$	130.9	$	—	$	—	$	130.9
U.S. Treasury securities	11.0		—		—		11.0
Short-term investments:
Commercial paper	—		13.2		—		13.2
Corporate debt securities	—		241.2		—		241.2
U.S. Agency securities	—		49.5		—		49.5
U.S. Treasury securities	113.1		—		—		113.1
Total assets	$	255.0	$	303.9	$	—	$	558.9

(1) Excludes $337.8 million in cash held in our bank accounts as of December 28, 2024.

	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.

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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

	December 28, 2024				June 29, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2029 Notes	$	599.9	$	845.7	$	599.4	$	588.8
2028 Notes	857.1		833.5		856.6		680.2
2026 Notes	1,047.7		1,158.5		1,047.2		948.3
	$	2,504.7	$	2,837.7	$	2,503.2	$	2,217.3