Cash, Cash Equivalents and Short-term Investments

3 Months Ended

Sep. 27, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-term Investments

Note 4. 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
September 27, 2025:
Cash	$	347.6	$	—	$	—	$	347.6
Cash equivalents:
Money market funds	125.6		—		—		125.6
U.S. Treasury securities	299.7		—		—		299.7
Total cash and cash equivalents	$	772.9	$	—	$	—	$	772.9
Short-term investments:
Commercial paper	2.7		—		—		2.7
Corporate debt securities	205.1		0.6		(0.1)		205.6
U.S. Agency securities	77.1		0.1		—		77.2
U.S. Treasury securities	63.2		0.2		—		63.4
Total short-term investments	$	348.1	$	0.9	$	(0.1)	$	348.9
June 28, 2025:
Cash	$	349.5	$	—	$	—	$	349.5
Cash equivalents:
Commercial paper	2.5		—		—		2.5
Money market funds	161.7		—		—		161.7
U.S. Treasury securities	7.0		—		—		7.0
Total cash and cash equivalents	$	520.7	$	—	$	—	$	520.7
Short-term investments:
Commercial paper	$	2.7	$	—	$	—	$	2.7
Corporate debt securities	210.9		0.3		(0.1)		211.1
U.S. Agency securities	67.6		0.1		—		67.7
U.S. Treasury securities	74.8		0.1		—		74.9
Total short-term investments	$	356.0	$	0.5	$	(0.1)	$	356.4

We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period sufficient to allow for any anticipated recovery in value. For the debt instruments we own, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis.

We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During the three months ended September 27, 2025 and September 28, 2024, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale.

During the three months ended September 27, 2025 and September 28, 2024, our other income, net was $4.2 million and $8.7 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $8.6 million and $9.4 million, respectively.

As of September 27, 2025 and June 28, 2025, we recorded interest receivables of $4.9 million and $5.2 million, respectively, in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented.

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
September 27, 2025:
U.S. Agency securities	$	16.0	$	—	$	—	$	—	$	—
Commercial paper	2.7		—		—		—		—
Corporate debt securities	32.5		(0.1)		3.0		—		(0.1)
U.S. government bonds	20.0		—		—		—		—
Total	$	71.2	$	(0.1)	$	3.0	$	—	$	(0.1)
June 28, 2025:
U.S. Agency securities	$	—	$	—	$	24.5	$	—	$	—
Commercial paper	—		—		5.2		—		—
Corporate debt securities	—		—		73.8		(0.1)		(0.1)
U.S. government bonds	—		—		35.3		—		—
Total	$	—	$	—	$	138.8	$	(0.1)	$	(0.1)

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

	September 27, 2025				June 28, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	123.7	$	123.9	$	139.9	$	140.0
Due in 1 year to 5 years	224.4		225.0		216.1		216.4
Total	$	348.1	$	348.9	$	356.0	$	356.4

All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.