Fair Value Measurements (Tables)

6 Months Ended

Dec. 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
December 27, 2025: (1)
Assets:
Cash equivalents:
Certificates of deposit	$	31.3	$	—	$	—	$	31.3
Money market funds	74.6		—		—		74.6
U.S. Treasury securities	91.7		—		—		91.7
Short-term investments:
Commercial paper	—		24.6		—		24.6
Corporate debt securities	—		276.0		—		276.0
U.S. Agency securities	—		137.2		—		137.2
U.S. Treasury securities	59.8		—		—		59.8
Total assets	$	257.4	$	437.8	$	—	$	695.2

(1) Excludes $460.1 million in cash held in our bank accounts as of December 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):

	December 27, 2025				June 28, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2032 Notes	$	1,255.3	$	2,840.8	$	—	$	—
2029 Notes	600.6		3,400.1		600.2		925.5
2028 Notes	858.3		2,584.6		857.7		890.2
2026 Notes	468.3		1,844.6		1,048.3		1,233.3
	$	3,182.5	$	10,670.1	$	2,506.2	$	3,049.0

As of December 27, 2025, the fair value of our Japan term loans in aggregate is lower than the carrying value by approximately $1.2 million.