Investments and Fair Value Measurements (Tables)

12 Months Ended

Jul. 01, 2017

Investments and Fair Value Measurements [Abstract]

Schedule of available-for-sale securities

As of July 1, 2017, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale securities:
U.S. treasuries	$	56.8	$	—	$	(0.1	)	$	56.7
U.S. agencies	45.0		—		(0.1		)	44.9
Municipal bonds and sovereign debt instruments	4.4		—		—			4.4
Asset-backed securities	71.5		—		(0.4		)	71.1
Corporate securities	326.1		0.1		(0.2		)	326.0
Certificates of deposit	6.0		—		—			6.0
Total available-for-sale securities	$	509.8	$	0.1	$	(0.8	)	$	509.1

As of July 2, 2016, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Debt securities:
U.S. treasuries	$	46.1	$	—	$	—		$	46.1
U.S. agencies	24.9		—		—			24.9
Municipal bonds and sovereign debt instruments	2.0		—		—			2.0
Asset-backed securities	50.4		0.1		(0.3		)	50.2
Corporate securities	224.5		0.2		(0.1		)	224.6
Total debt securities	347.9		0.3		(0.4		)	347.8
Marketable equity securities	62.1		109.2		—			171.3
Total available-for-sale securities	$	410.0	$	109.5	$	(0.4	)	$	519.1

Schedule of gross unrealized losses on available-for-sale securities

As of July 2, 2016, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, were as follows (in millions):



	Less than 12 Months			Greater than 12 Months			Total
Asset-backed securities	$	—		$	(0.3	)	$	(0.3	)
Corporate securities	(0.1		)	—			(0.1		)
Total gross unrealized losses	$	(0.1	)	$	(0.3	)	$	(0.4	)

As of July 1, 2017, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, were as follows (in millions):



	Less than 12 Months			Greater than 12 Months			Total
U.S. treasuries and agencies	$	(0.2	)	—			$	(0.2	)
Asset-backed securities	(0.1		)	$	(0.3	)	$	(0.4	)
Corporate securities	(0.2		)	—			(0.2		)
Total gross unrealized losses	$	(0.5	)	$	(0.3	)	$	(0.8	)

Schedule of contractual maturities of available-for-sale securities

As of July 1, 2017, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):



	Amortized Cost/Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	365.3	$	365.2
Amounts maturing in 1 - 5 years	143.5		143.2
Amounts maturing in more than 5 years	1.0		0.7
Total debt available-for-sale securities	$	509.8	$	509.1

Schedule of assets measured at fair value

Assets measured at fair value as of July 1, 2017 and July 2, 2016 are summarized below (in millions):



	Fair Value Measurement as of						Fair Value Measurement as of
	July 1, 2017						July 2, 2016
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Debt available-for-sale securities:
U.S. treasuries	$	56.7	$	56.7	$	—	$	46.1	$	46.1	$	—
U.S. agencies	44.9		—		44.9		24.9		—		24.9
Municipal bonds and sovereign debt instruments	4.4		—		4.4		2.0		—		2.0
Asset-backed securities	71.1		—		71.1		50.2				50.2
Corporate securities	326.0		—		326.0		224.6		—		224.6
Certificate of deposits	6.0		—		6.0		—
Total debt available-for-sale securities	509.1		56.7		452.4		347.8		46.1		301.7
Marketable equity securities	—		—		—		171.3		171.3		—
Money market funds	726.4		726.4		—		274.4		274.4		—
Trading securities	2.0		2.0		—		2.4		2.4		—
Foreign currency forward contracts	7.3		—		7.3		—
Total assets (1)	$	1,244.8	$	785.1	$	459.7	$	795.9	$	494.2	$	301.7

Liability:
Foreign currency forward contracts	1.3		—		1.3		—		—		—
Total liabilities (2)	$	1.3	$	—	$	1.3	$	—	$	—	$	—

(1)

$789.2 million in cash and cash equivalents, $432.2 million in short-term investments, $11.0 million in restricted cash, $7.3 million in other current assets, and $5.1 million in other non-current assets on the Company’s Consolidated Balance Sheets as of July 1, 2017. $295.4 million in cash and cash equivalents, $484.7 million in short-term investments, $11.3 million in restricted cash, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of July 2, 2016.


(2)	$1.3 million in other current liabilities on the Company’s Consolidated Balance Sheets as of July 1, 2017.