v3.26.1
Cash, Cash Equivalents and Short-term Investments
 12 Months Ended
Jun. 27, 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 CostGross Unrealized GainsGross Unrealized LossesFair Value
June 27, 2026:
Cash$635.9 $— $— $635.9 
Cash equivalents:
Certificate of deposit131.8 — — 131.8 
Commercial paper14.5 — — 14.5 
Money market funds1,261.3 — — 1,261.3 
Total cash and cash equivalents$2,043.5 $— $— $2,043.5 
Short-term investments:
Commercial paper$54.6 $— $(0.1)$54.5 
Corporate debt securities350.7 0.1 (1.2)349.6 
U.S. Agency securities154.7 — (0.4)154.3 
U.S. Treasury securities136.8 — (0.3)136.5 
Total short-term investments$696.8 $0.1 $(2.0)$694.9 
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)$356.4 
We review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Factors considered in determining whether a loss is other-than-temporary include, but are not limited to, the length of time and extent a security’s fair value has been below its cost, the financial condition and near-term prospects of the investee, the credit quality of the security’s issuer, likelihood of recovery and our intent and ability to hold the security for a period sufficient to allow for any anticipated recovery in value. For the debt instruments we own, we also evaluate whether we have the intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its cost basis. We have not recorded our unrealized losses on our short-term investments into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis.
We use the specific-identification method to determine any realized gains or losses from the sale of our short-term investments classified as available-for-sale. During fiscal years 2026, 2025 and 2024, we did not realize significant gains or losses on a gross level from the sale of our short-term investments classified as available-for-sale.
The components of other income, net are as follows for the years presented (in millions):
Years Ended
June 27, 2026June 28, 2025June 29, 2024
Foreign exchange (losses) gains, net$(0.5)$(4.2)$0.8 
Interest and investment income60.2 34.4 61.3 
Other losses, net(6.4)— — 
Other income, net$53.3 $30.2 $62.1 
Included in the interest and investment income are $11.1 million, $5.2 million and $5.8 million of interest receivable as of June 27, 2026, June 28, 2025 and June 29, 2024, respectively, recorded as prepayments and other current assets within the consolidated balance sheets. We did not recognize an allowance for credit losses against the interest receivable in any of the periods presented as there were no such losses.
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 less than 12 months, as of the periods presented (in millions):
Continuous Loss Position For
 Less Than 12 Months		Gross Unrealized Losses
Fair ValueUnrealized Losses
June 27, 2026:
U.S. Agency securities$130.5 $(0.4)$(0.4)
Commercial paper69.0 (0.1)(0.1)
Corporate debt securities275.8 (1.2)(1.2)
U.S. government bonds106.9 (0.3)(0.3)
Total$582.2 $(2.0)$(2.0)
June 28, 2025:
U.S. Agency securities$24.5 $— $— 
Commercial paper5.2 — — 
Corporate debt securities73.8 (0.1)(0.1)
U.S. government bonds35.3 — — 
Total$138.8 $(0.1)$(0.1)
There were no unrealized losses on our cash equivalents and short-term investments that have been in a continuous unrealized loss position for more than twelve months as of June 27, 2026 and June 28, 2025.
The following table classifies our short-term investments by remaining maturities (in millions): 
June 27, 2026June 28, 2025
Amortized CostFair ValueAmortized CostFair Value
Due within 1 year$247.9 $247.8 $139.9 $140.0 
Due between 1 year to 5 years448.9 447.1 216.1 216.4 
$696.8 $694.9 $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.