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Cash, Cash Equivalents and Short-term Investments
 12 Months Ended
Jul. 01, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Short-term Investments
Note 5. 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 GainsGross Unrealized LossesFair Value
July 1, 2023:
Cash$254.3 $— $— $254.3 
Cash equivalents:
Money market funds276.1 — — 276.1 
U.S. Agency securities4.0 — — 4.0 
U.S. Treasury securities324.6 — — 324.6 
Total cash and cash equivalents$859.0 $— $— $859.0 
Short-term investments:
Certificates of deposit$16.5 $— $— $16.5 
Commercial paper132.9 — (0.2)132.7 
Corporate debt securities472.7 — (3.9)468.8 
U.S. Agency securities207.9 — (1.7)206.2 
U.S. Treasury securities332.4 — (2.0)330.4 
Total short-term investments$1,162.4 $— $(7.8)$1,154.6 
July 2, 2022:
Cash$235.9 $— $— $235.9 
Cash equivalents:
Commercial paper23.6 — — 23.6 
Money market funds1,000.2 — — 1,000.2 
U.S. Agency securities8.0 — — 8.0 
U.S. Treasury securities22.5 — — 22.5 
Total cash and cash equivalents$1,290.2 $— $— $1,290.2 
Short-term investments:
Certificates of deposit$28.3 $— $— $28.3 
Commercial paper107.4 — (0.4)107.0 
Corporate debt securities539.9 — (7.4)532.5 
Municipal bonds1.0 — — 1.0 
U.S. Agency securities67.1 — (1.4)65.7 
U.S. Treasury securities528.2 0.3 (4.2)524.3 
Total short-term investments$1,271.9 $0.3 $(13.4)$1,258.8 
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 of time 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 fiscal 2023, 2022 and 2021, 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.
The components of other income, net are as follows for the years presented (in millions):
Years Ended
July 1, 2023July 2, 2022July 3, 2021
Foreign exchange gains (losses), net$7.0 $6.1 $(4.4)
Interest and investment income40.8 6.1 5.7 
Other income (losses), net1.0 (0.2)1.5 
Other income, net$48.8 $12.0 $2.8 
Included in the interest and investment income are $6.7 million, $3.9 million and $4.1 million of interest receivable as of July 1, 2023, July 2, 2022 and July 3, 2021, respectively, recorded in prepayments and other current assets within the consolidated balance sheets. We did not recognize an allowance for credit losses against the interest receivable in any of the periods presented as there were no such losses.
Concurrent with the issuance of the 2029 Notes in June 2023, we used $132.8 million of the net proceeds to repurchase $125.0 million aggregate principal amount of the 2024 Notes. We recognized a gain of $1.0 million, which was recorded under other income, net on our consolidated statements of operations for the year ended July 1, 2023. Refer to “Note 10. Debt”.
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, respectively, as of the periods presented (in millions):
Continuous Loss Position For
 More Than 12 Months		Continuous Loss Position For
 Less Than 12 Months		Gross Unrealized Losses
Fair ValueUnrealized LossesFair ValueUnrealized Losses
July 1, 2023
U.S. Agency securities$39.6 $(0.4)$170.6 $(1.3)$(1.7)
Certificates of deposit— — 7.7 — — 
Commercial paper— — 128.5 (0.2)(0.2)
Corporate debt securities93.6 (1.2)358.9 (2.7)(3.9)
U.S. government bonds50.8 (0.6)221.4 (1.4)(2.0)
Total$184.0 $(2.2)$887.1 $(5.6)$(7.8)
July 2, 2022
U.S. Agency securities$— $— $73.7 $(1.4)$(1.4)
Certificates of deposit— — 16.2 — — 
Commercial paper— — 130.7 (0.4)(0.4)
Corporate debt securities57.4 (0.9)473.2 (6.5)(7.4)
Municipal bonds— — 1.0 — — 
U.S. government bonds— — 366.0 (4.2)(4.2)
Total$57.4 $(0.9)$1,060.8 $(12.5)$(13.4)
The following table classifies our short-term investments by remaining maturities (in millions): 
July 1, 2023July 2, 2022
Amortized CostFair ValueAmortized CostFair Value
Due within 1 year$762.9 $759.1 $1,010.9 $1,002.2 
Due between 1 year to 5 years399.5 395.5 261.0 256.6 
$1,162.4 $1,154.6 $1,271.9 $1,258.8 
All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.