v3.26.1
Fair Value Measurements
 12 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We determine fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value assumes that a transaction to sell an asset or transfer a liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined
based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:
•Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments.
•Level 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.
Our Level 1 financial instruments are traded in active markets and for which the fair value is based on quoted market prices for identical instruments. The fair value of our Level 2 fixed-income securities is obtained from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data. Our marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.
Financial assets measured at fair value on a recurring basis were as follows:
20262025
Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cash equivalents:
Money market funds$— $— $— $16.7 $— $16.7 
Certificates of deposit— 51.8 51.8 — 14.1 14.1 
Short-term investments:
Certificates of deposit— — — — 61.0 61.0 
Total assets$— $51.8 $51.8 $16.7 $75.1 $91.8 
The above table excludes $390.7 million and $360.7 million of cash held in bank accounts at the end of June 2026 and 2025, respectively. We did not have any financial instruments measured at fair value on a recurring basis within Level 1 or Level 3 fair value during fiscal 2026, and within Level 3 fair value during fiscal 2025. There were no transfers in or out of our Level 1, 2, or 3 assets during the same periods.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
We report our financial instruments at fair value with the exception of the Senior Notes and 2031 Notes. See “Note 8. Debt and Revolving Credit Facility.” The estimated fair value of the Senior Notes was determined based on the trading price of the notes as of the last day of trading for the period. We consider the fair value of these notes to be a Level 2 measurement as they are not traded in active markets.
The carrying amounts and estimated fair values of the Senior Notes and 2031 Notes were as follows:
20262025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes$397.7 $382.8 $397.0 $373.2 
2031 Notes439.6 658.0 437.8 415.7 
$837.3 $1,040.8 $834.8 $788.9