v3.25.3
Fair Value Measurements (Tables)
 3 Months Ended
Sep. 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 3Total
September 27, 2025: (1)
Assets:
Cash equivalents:
Money market funds$125.6 $— $— $125.6 
U.S. Treasury securities299.7 — — 299.7 
Short-term investments:
Commercial paper— 2.7 — 2.7 
Corporate debt securities— 205.6 — 205.6 
U.S. Agency securities— 77.2 — 77.2 
U.S. Treasury securities63.4 — — 63.4 
Total assets$488.7 $285.5 $— $774.2 
(1) Excludes $347.6 million in cash held in our bank accounts as of September 27, 2025.
Level 1Level 2Level 3Total
June 28, 2025 (1)
Assets:
Cash equivalents:
Commercial paper$— $2.5 $— $2.5 
Money market funds161.7 — — 161.7 
U.S. Treasury securities7.0 — — 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 securities74.9 — — 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):
September 27, 2025June 28, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2032 Notes$1,254.6 $1,444.3 $— $— 
2029 Notes600.4 1,442.8 600.2 925.5 
2028 Notes858.0 1,195.1 857.7 890.2 
2026 Notes468.3 782.3 1,048.3 1,233.3 
$3,181.3 $4,864.5 $2,506.2 $3,049.0 
As of September 27, 2025, the carrying amount of our term loans is not significantly different from its fair value.