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Fair Value of Financial Instruments
 12 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows:
•Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
•Level 2 - Valuations based on quoted prices in active markets for instruments that are similar or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The Company did not have any financial assets requiring the use of Level 3 inputs as of June 29, 2025. There were no transfers between Level 1 and Level 2 during the fiscal year ended June 29, 2025.
Financial instruments carried at fair value were as follows:
 June 29, 2025June 30, 2024
(in millions of U.S. Dollars)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cash equivalents:
Money market funds$61.8 $— $61.8 $87.3 $— $87.3 
Corporate bonds— 1.2 1.2 — — — 
U.S. treasury securities32.5 — 32.5 10.0 — 10.0 
Commercial paper— 12.0 12.0 — — — 
Total cash equivalents94.3 13.2 107.5 97.3 — 97.3 
Short-term investments:
Corporate bonds— 195.6 195.6 — 417.0 417.0 
U.S. treasury securities192.1 — 192.1 552.7 — 552.7 
Municipal bonds— 79.2 79.2 — 100.8 100.8 
Certificates of deposit— 5.0 5.0 — 31.5 31.5 
U.S. agency securities— — — — 10.0 10.0 
Commercial paper— 16.3 16.3 — 16.7 16.7 
Total short-term investments192.1 296.1 488.2 552.7 576.0 1,128.7 
Other current assets:
MACOM Shares102.0 — 102.0 — — — 
Total current assets102.0 — 102.0 — — — 
Other long-term investments:
MACOM Shares— — — 79.3 — 79.3 
Total other long-term investments— — — 79.3 — 79.3 
Total assets$388.4 $309.3 $697.7 $729.3 $576.0 $1,305.3 
As of June 29, 2025, other current assets and as of June 30, 2024, other long-term investments consist of the MACOM Shares which the Company received as partial consideration in connection with the RF Business Divestiture. These shares are remeasured to fair value each period with changes in the fair value of the shares recognized in non-operating income, net.