Fair Value Measurements (Tables)

12 Months Ended

Jun. 27, 2020

Fair Value Disclosures [Abstract]

Summary of financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):

	Level 1		Level 2		Level 3		Total
June 27, 2020 (1)
Assets:
Cash equivalents:
Money market funds	$	159.6	$	—	$	—	$	159.6
U.S. Treasury securities	24.2		—		—		24.2
Short-term investments:
Certificates of deposit	—		12.9		—		12.9
Commercial paper	—		180.2		—		180.2
Corporate debt securities	—		436.6		—		436.6
Foreign government bonds	—		1.7		—		1.7
U.S. Agency securities	—		59.5		—		59.5
U.S. Treasury securities	564.9		—		—		564.9
Total assets	$	748.7	$	690.9	$	—	$	1,439.6

(1) Excludes $114.2 million in cash held in our bank accounts as of June 27, 2020.

	Level 1		Level 2		Level 3		Total
June 29, 2019: (1)
Assets:
Cash equivalents:
Commercial paper	$	—	$	37.4	$	—	$	37.4
Money market funds	168.1		—		—		168.1
U.S. Treasury securities	13.3		—		—		13.3
Short-term investments:
Certificates of deposit	—		1.9		—		1.9
Commercial paper	—		22.3		—		22.3
Asset-backed securities	—		55.1		—		55.1
Corporate debt securities	—		208.4		—		208.4
Municipal bonds	—		1.3		—		1.3
Mortgage-backed securities	—		6.6		—		6.6
Foreign government bonds	—		6.2		—		6.2
U.S. Agency securities	—		4.6		—		4.6
U.S. Treasury securities	29.5		—		—		29.5
Total assets	$	210.9	$	343.8	$	—	$	554.7
Other accrued liabilities:
Acquisition contingencies	$	—	$	—	$	2.7	$	2.7
Total other accrued liabilities	$	—	$	—	$	2.7	$	2.7

(1) Excludes $213.8 million in cash held in our bank accounts as of June 29, 2019.

Summary of fair value measurements, recurring and nonrecurring

The carrying amounts and estimated fair values of the 2026 Notes and the 2024 Notes are as follows for the periods presented (in millions):

	June 27, 2020				June 29, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2026 Notes	$	749.7	$	1,070.2	$	—	$	—
2024 Notes	370.6		620.0		351.9		527.0
	$	1,120.3	$	1,690.2	$	351.9	$	527.0