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Fair Value Measurements (Tables)

9 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

At March 2024 and June 2023, financial assets measured at fair value on a recurring basis are summarized below (in millions):

		March 2024												June 2023
		Level 1				Level 2				Total (1)				Level 1				Level 2				Total (1)
Assets:
Cash equivalents:
Money market funds		$	591.8			$	—			$	591.8			$	54.4			$	—			$	54.4
Treasury bills			—				—				—				16.4				—				16.4
Certificates of deposit			—				41.0				41.0				—				—				—
Short-term investments:
Certificates of deposit			—				—				—				—				0.2				0.2
Corporate debt securities			—				0.5				0.5				—				6.3				6.3
Municipal bonds			—				—				—				—				3.1				3.1
Total assets		$	591.8			$	41.5			$	633.3			$	70.8			$	9.6			$	80.4

(1) Excludes $195.3 million and $853.9 million in cash held in our bank accounts as of March 2024 and June 2023, respectively. We did not have any financial assets requiring Level 3 measurement in the periods presented.

Schedule of Carrying Amounts and Estimated Fair Values of the Senior Notes and Term Debt

The carrying amounts and estimated fair values of the Senior Notes and Term Loan Facility are as follows for the periods presented (in millions):

		March 2024								June 2023
		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Senior Notes due 2029		$	396.1			$	355.5			$	395.6			$	337.2
Term Loan Facility due 2028			577.7				577.0			$	582.4			$	575.3
		$	973.8			$	932.5			$	978.0			$	912.5

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- References

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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