Fair Value Measurements (Tables)

3 Months Ended

Sep. 27, 2025

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
September 27, 2025: (1)
Assets:
Cash equivalents:
Money market funds	$	125.6	$	—	$	—	$	125.6
U.S. Treasury securities	299.7		—		—		299.7
Short-term investments:
Commercial paper	—		2.7		—		2.7
Corporate debt securities	—		205.6		—		205.6
U.S. Agency securities	—		77.2		—		77.2
U.S. Treasury securities	63.4		—		—		63.4
Total assets	$	488.7	$	285.5	$	—	$	774.2

(1) Excludes $347.6 million in cash held in our bank accounts as of September 27, 2025.

	Level 1		Level 2		Level 3		Total
June 28, 2025 (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	2.5	$	—	$	2.5
Money market funds	161.7		—		—		161.7
U.S. Treasury securities	7.0		—		—		7.0
Short-term investments:
Commercial paper	—		2.7		—		2.7
Corporate debt securities	—		211.1		—		211.1
U.S. Agency securities	—		67.7		—		67.7
U.S. Treasury securities	74.9		—		—		74.9
Total assets	$	243.6	$	284.0	$	—	$	527.6

(1) Excludes $349.5 million in cash held in our bank accounts as of June 28, 2025.

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):

	September 27, 2025				June 28, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2032 Notes	$	1,254.6	$	1,444.3	$	—	$	—
2029 Notes	600.4		1,442.8		600.2		925.5
2028 Notes	858.0		1,195.1		857.7		890.2
2026 Notes	468.3		782.3		1,048.3		1,233.3
	$	3,181.3	$	4,864.5	$	2,506.2	$	3,049.0

As of September 27, 2025, the carrying amount of our term loans is not significantly different from its fair value.