XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments and Forward Contracts | 12 Months Ended
--- | ---
Jun. 27, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments and Forward Contracts | Note 7. Investments and Forward Contracts Available-For-Sale Investments The following table presents the Company’s available-for-sale securities as of June 27, 2020 (in millions):
| Amortized Cost/ Carrying Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.4 | ) |  | $ | 0.5 |
Total available-for-sale debt securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.4 | ) |  | $ | 0.5 |
The Company generally classifies debt securities as available-for-sale and as cash equivalents, short-term investments, or other non-current assets based on the stated maturities; however, certain securities with stated maturities of longer than twelve months, which are highly liquid and available to support current operations are also classified as short-term investments. As of June 27, 2020, the total estimated fair value of $0.5 million was classified as other non-current assets. In addition to the amounts presented above, the Company’s short-term investments classified as trading securities related to the deferred compensation plan as of June 27, 2020, were $1.4 million, of which $0.3 million was invested in debt securities, $0.2 million was invested in money market instruments and funds and $0.9 million was invested in equity securities. Trading securities are reported at fair value, with the unrealized gains or losses resulting from changes in fair value recognized in the Company’s Consolidated Statements of Operations as a component of interest and other income, net. During the fiscal years ended June 27, 2020, June 29, 2019 and June 30, 2018, respectively, the Company recorded no other-than-temporary impairment charges in each respective period. As of June 27, 2020, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument, are as follows (in millions):
| Less than 12 Months |  | Greater than 12 Months |  | Total
Asset-backed securities | $ | — |  |  | $ | (0.4 | ) |  | $ | (0.4 | )
Total gross unrealized losses | $ | — |  |  | $ | (0.4 | ) |  | $ | (0.4 | )
As of June 27, 2020, the Company’s debt securities classified as available-for-sale securities with contractual maturities are as follows (in millions):
| Amortized Cost/Carrying Cost |  | Estimated Fair Value
Amounts maturing in more than 5 years | $ | 0.9 |  |  | $ | 0.5 |
Total debt available-for-sale securities | $ | 0.9 |  |  | $ | 0.5 |
As of June 29, 2019, the Company’s available-for-sale securities are as follows (in millions):
| Amortized Cost/ Carrying Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.3 | ) |  | $ | 0.6 |
Total available-for-sale securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.3 | ) |  | $ | 0.6 |
As of June 29, 2019, the estimated fair value of $0.6 million was classified as other non-current assets. In addition to the amounts presented above, as of June 29, 2019, the Company’s short-term investments classified as trading securities, related to the deferred compensation plan, were $1.5 million, of which $0.4 million was invested in debt securities, $0.3 million was invested in money market instruments and funds and $0.8 million was invested in equity securities. Trading securities are reported at fair value, with the unrealized gains or losses resulting from changes in fair value recognized in the Company’s Consolidated Statements of Operations as a component of interest and other income, net. As of June 29, 2019, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by investment type, are as follows (in millions):
| Less than 12 Months |  | Greater than 12 Months |  | Total
Asset-backed securities | $ | — |  |  | $ | (0.3 | ) |  | $ | (0.3 | )
Total gross unrealized losses | $ | — |  |  | $ | (0.3 | ) |  | $ | (0.3 | )
Non-Designated Foreign Currency Forward Contracts The Company has foreign subsidiaries that operate and sell the Company’s products in various markets around the world. As a result, the Company is exposed to foreign exchange risks. The Company utilizes foreign exchange forward contracts to manage foreign currency risk associated with foreign currency denominated monetary assets and liabilities, primarily certain short-term intercompany receivables and payables, and to reduce the volatility of earnings and cash flows related to foreign-currency transactions. The Company does not use these foreign currency forward contracts for trading purposes. As of June 27, 2020, the Company had forward contracts that were effectively closed but not settled with the counterparties by year end. Therefore, the fair value of these contracts of $2.2 million and $1.5 million is reflected as prepayments and other current assets and other current liabilities, respectively. As of June 29, 2019, the fair value of these contracts of $1.2 million and $4.0 million is reflected as prepayments and other current assets and other current liabilities, respectively. The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near year end; therefore, the fair value of the contracts is not significant. As of June 27, 2020 and June 29, 2019, the notional amounts of the forward contracts that Company held to purchase foreign currencies were $146.4 million and $117.8 million, respectively, and the notional amounts of forward contracts that Company held to sell foreign currencies were $22.0 million and $31.3 million, respectively. The change in the fair value of these foreign currency forward contracts is recorded as gain or loss in the Company’s Consolidated Statements of Operations as a component of interest and other income, net. The cash flows related to the settlement of foreign currency forward contracts are classified as operating activities. The foreign exchange forward contracts incurred loss of $0.8 million and $6.9 million for the years ended June 27, 2020 and June 29, 2019, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration