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Fair Value of Financial Instruments
 9 Months Ended
Mar. 30, 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 following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy:
 March 30, 2025June 30, 2024
(in millions of U.S. Dollars)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents:
Money market funds$113.1 $— $113.1 $87.3 $— $87.3 
Municipal bonds— 7.8 7.8 — — — 
Corporate bonds— 4.3 4.3 — — — 
U.S. treasury securities15.0 — 15.0 10.0 — 10.0 
Commercial paper— 15.5 15.5 — — — 
Total cash equivalents128.1 27.6 155.7 97.3 — 97.3 
Short-term investments:
U.S. treasury securities224.8 — 224.8 552.7 — 552.7 
Corporate bonds— 262.1 262.1 — 417.0 417.0 
Municipal bonds— 92.5 92.5 — 100.8 100.8 
Commercial paper— 3.0 3.0 — 16.7 16.7 
U.S. agency securities— — — — 10.0 10.0 
Certificates of deposit— 17.0 17.0 — 31.5 31.5 
Total short-term investments224.8 374.6 599.4 552.7 576.0 1,128.7 
Other current assets:
MACOM Shares70.1 — 70.1 — — — 
Total current assets70.1 — 70.1 — — — 
Other long-term investments:
MACOM Shares— — — 79.3 — 79.3 
Total other long-term investments$— $— $— $79.3 $— $79.3 
Total assets$423.0 $402.2 $825.2 $729.3 $576.0 $1,305.3 
As of March 30, 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 expense (income), net.