v3.26.1
Cash, Cash Equivalents and Short-term Investments
 9 Months Ended
Mar. 28, 2026
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
Gains		Gross
Unrealized
Losses		Fair Value
March 28, 2026:
Cash$517.7 $— $— $517.7 
Cash equivalents:
Certificates of deposit281.5 — — 281.5 
Money market funds1,818.6 — — 1,818.6 
Total cash and cash equivalents$2,617.8 $— $— $2,617.8 
Short-term investments:
Commercial paper21.6 — — 21.6 
Corporate debt securities304.2 0.1 (1.1)303.2 
U.S. Agency securities127.1 — (0.2)126.9 
U.S. Treasury securities102.9 0.1 (0.2)102.8 
Total short-term investments$555.8 $0.2 $(1.5)$554.5 
June 28, 2025:
Cash$349.5 $— $— $349.5 
Cash equivalents:
Commercial paper2.5 — — 2.5 
Money market funds161.7 — — 161.7 
U.S. Treasury securities7.0 — — 7.0 
Total cash and cash equivalents$520.7 $— $— $520.7 
Short-term investments:
Commercial paper$2.7 $— $— $2.7 
Corporate debt securities210.9 0.3 (0.1)211.1 
U.S. Agency securities67.6 0.1 — 67.7 
U.S. Treasury securities74.8 0.1 — 74.9 
Total short-term investments$356.0 $0.5 $(0.1)$356.4 
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 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 our results of operations 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 the three and nine months ended March 28, 2026, 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.
During the three and nine months ended March 28, 2026, our other income, net was $15.5 million and $30.7 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $14.9 million and $35.1 million, respectively.
During the three and nine months ended March 29, 2025, our other income, net was $4.2 million and $27.8 million, respectively, which includes interest and investment income on cash equivalents and short-term investments of $7.8 million and $26.2 million, respectively.
As of March 28, 2026 and June 28, 2025, we recorded interest receivables of $10.9 million and $5.2 million, respectively, included in prepayments and other current assets within the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivables in any of the periods presented.
The following table summarizes unrealized losses on our cash equivalents and short-term investments by category that have been in a continuous unrealized loss position for more than 12 months and less than 12 months as of the periods presented, respectively (in millions):
Continuous Loss Position for
 More Than 12 Months
Continuous Loss Position for
 Less Than 12 Months
Gross Unrealized Losses
Fair ValueUnrealized LossesFair ValueUnrealized Losses
March 28, 2026:
U.S. Agency securities$— $— $99.7 $(0.2)$(0.2)
Commercial paper— — 21.6 — — 
Corporate debt securities— — 244.9 (1.1)(1.1)
U.S. government bonds— — 67.1 (0.2)(0.2)
Total $— $— $433.3 $(1.5)$(1.5)
June 28, 2025:
U.S. Agency securities$— $— $24.5 $— $— 
Commercial paper— — 5.2 — — 
Corporate debt securities— — 73.8 (0.1)(0.1)
U.S. government bonds— — 35.3 — — 
Total$— $— $138.8 $(0.1)$(0.1)
The following table classifies our short-term investments by remaining maturities (in millions): 
March 28, 2026June 28, 2025
Amortized CostFair ValueAmortized CostFair Value
Due within 1 year$209.0 $209.1 $139.9 $140.0 
Due in 1 year to 5 years346.8 345.4 216.1 216.4 
Total$555.8 $554.5 $356.0 $356.4 
All available-for-sale securities have been classified as current, based on management’s intent and ability to use the funds in current operations.