Fair Value Measurements (Tables)

12 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities 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
July 1, 2023 (1)
Assets:
Cash equivalents:
Money market funds	$	276.1	$	—	$	—	$	276.1
U.S. Agency securities	—		4.0		—		4.0
U.S. Treasury securities	324.6		—		—		324.6
Short-term investments:
Certificates of deposit	—		16.5		—		16.5
Commercial paper	—		132.7		—		132.7
Corporate debt securities	—		468.8		—		468.8
U.S. Agency securities	—		206.2		—		206.2
U.S. Treasury securities	330.4		—		—		330.4
Total assets	$	931.1	$	828.2	$	—	$	1,759.3

(1) Excludes $254.3 million in cash held in our bank accounts as of July 1, 2023.

	Level 1		Level 2		Level 3		Total
July 2, 2022: (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	23.6	$	—	$	23.6
Money market funds	1,000.2		—		—		1,000.2
U.S. Agency securities	—		8.0		—		8.0
U.S. Treasury securities	22.5		—		—		22.5
Short-term investments:
Certificates of deposit	—		28.3		—		28.3
Commercial paper	—		107.0		—		107.0
Corporate debt securities	—		532.5		—		532.5
Municipal bonds	—		1.0		—		1.0
U.S. Agency securities	—		65.7		—		65.7
U.S. Treasury securities	524.3		—		—		524.3
Total assets	$	1,547.0	$	766.1	$	—	$	2,313.1

(1) Excludes $235.9 million in cash held in our bank accounts as of July 2, 2022.

Summary of Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values of our convertible notes are as follows for the periods presented (in millions):

	July 1, 2023				July 2, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2029 Notes	$	598.6	$	625.2	$	—	$	—
2028 Notes	855.5		677.8		634.7		735.7
2026 Notes	1,045.9		933.2		831.4		1,065.0
2024 Notes	311.6		345.2		409.9		614.2
	$	2,811.6	$	2,581.4	$	1,876.0	$	2,414.9