v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Jun. 27, 2026
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 1Level 2Level 3Total
June 27, 2026 (1)
Assets:
Cash equivalents:
Certificate of deposit$131.8 $— $— $131.8 
Commercial paper— 14.5 — 14.5 
Money market funds1,261.3 — — 1,261.3 
Short-term investments:
Commercial paper— 54.5 — 54.5 
Asset-backed securities— 
Corporate debt securities— 349.6 — 349.6 
U.S. Agency securities— 154.3 — 154.3 
U.S. Treasury securities136.5 — — 136.5 
Total assets$1,529.6 $572.9 $— $2,102.5 
(1) Excludes $635.9 million in cash held in our bank accounts as of June 27, 2026.
Level 1Level 2Level 3Total
June 28, 2025 (1)
Assets:
Cash equivalents:
Commercial paper$— $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 our convertible notes are as follows for the periods presented (in millions):
June 27, 2026June 28, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2032 Notes$1,256.1 $5,411.1 $— $— 
2029 Notes54.7 640.2 600.2 925.5 
2028 Notes179.1 1,108.7 857.7 890.2 
2026 Notes54.7 447.2 1,048.3 1,233.3 
$1,544.6 $7,607.2 $2,506.2 $3,049.0