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Fair Value Measurements
 9 Months Ended
Mar. 29, 2025
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. The fair value assumes that the transaction to sell the asset or transfer the 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 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.
At March 2025 and June 2024, financial assets measured at fair value on a recurring basis are summarized below (in millions):
March 2025June 2024
Level 1Level 2Total (1)Level 1Level 2Total (1)
Assets:
Cash equivalents:
Money market funds$6.3 $— $6.3 $600.4 $— $600.4 
Certificates of deposit— 13.1 13.1 — 38.1 38.1 
Short-term investments:
Certificates of deposit— 61.0 61.0 — — — 
Total assets$6.3 $74.1 $80.4 $600.4 $38.1 $638.5 
(1)Excludes $341.0 million and $238.4 million in cash held in our bank accounts as of March 2025 and June 2024, respectively. We did not have any financial assets requiring Level 3 measurement in the periods presented.
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, Term Loan Facility and the Convertible Senior Notes, or collectively the Notes, as defined in Note 12. Debt. The estimated fair value of the Notes was determined based on the trading prices of the Notes as of the last day of trading for the periods presented. We use Level 2 measurement criteria to determine the fair value of our Notes as they are not actively traded in markets.
The carrying amounts and estimated fair values of the Notes are as follows for the periods presented (in millions):
March 2025June 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes due 2029
$396.8 $364.1 $396.3 $359.6 
Term Loan Facility due 2028
— — 576.6 577.0 
Convertible Senior Notes due 2031437.4 409.7 — — 
$834.2 $773.8 $972.9 $936.6