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

6 Months Ended

Dec. 27, 2025

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 27, 2025:
Cash	$	460.1	$	—	$	—	$	460.1
Cash equivalents:
Certificates of deposit	31.3		—		—		31.3
Money market funds	74.6		—		—		74.6
U.S. Treasury securities	91.7		—		—		91.7
Total cash and cash equivalents	$	657.7	$	—	$	—	$	657.7
Short-term investments:
Commercial paper	24.6		—		—		24.6
Corporate debt securities	275.3		0.8		(0.1)		276.0
U.S. Agency securities	137.0		0.2		—		137.2
U.S. Treasury securities	59.6		0.2		—		59.8
Total short-term investments	$	496.5	$	1.2	$	(0.1)	$	497.6
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

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 27, 2025:
U.S. Agency securities	$	—	$	—	$	68.4	$	—	$	—
Commercial paper	—		—		9.9		—		—
Corporate debt securities	1.0		—		69.2		(0.1)		(0.1)
U.S. government bonds	—		—		3.5		—		—
Total	$	1.0	$	—	$	151.0	$	(0.1)	$	(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)

Schedule of Investments in Debt Securities by Contractual Maturities

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

	December 27, 2025				June 28, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	171.7	$	171.9	$	139.9	$	140.0
Due in 1 year to 5 years	324.8		325.7		216.1		216.4
Total	$	496.5	$	497.6	$	356.0	$	356.4