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Investments and Forward Contracts | 6 Months Ended
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Jan. 02, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment 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 January 2, 2021 (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 January 2, 2021, 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 January 2, 2021, were $1.6 million, of which $0.4 million was invested in debt securities, $0.2 million was invested in money market instruments and funds and $1.0 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 three and six months ended January 2, 2021 and December 28, 2019, the Company recorded no other-than-temporary impairment charges in each respective period. The following table presents contractual maturities of the Company’s debt securities classified as available-for-sale as of January 2, 2021, (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 |
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 |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Asset-backed securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.4) |  |  | $ | 0.5 |
Total available-for-sale securities | $ | 0.9 |  |  | $ | — |  |  | $ | (0.4) |  |  | $ | 0.5 |
As of June 27, 2020, the estimated fair value of $0.5 million was classified as other non-current assets. In addition to the amounts presented above, as of June 27, 2020, the Company’s short-term investments classified as trading securities, related to the deferred compensation plan, 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. 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 January 2, 2021, the Company had forward contracts that were effectively closed but not settled with the counterparties by quarter end. Therefore, the fair value of these contracts of $8.4 million and $1.5 million is reflected as prepayments and other current assets and other current liabilities, respectively. As of June 27, 2020, 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. The forward contracts outstanding and not effectively closed, with a term of less than 120 days, were transacted near quarter end; therefore, the fair value of the contracts is not significant. As of January 2, 2021 and June 27, 2020, the notional amounts of the forward contracts the Company held to purchase foreign currencies were $142.4 million and $146.4 million, respectively, and the notional amounts of forward contracts the Company held to sell foreign currencies were $19.0 million and $22.0 million, respectively. The change in the fair value of 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 gains of $6.9 million and $13.3 million for the three and six months ended January 2, 2021 and gains of $4.8 million and $2.2 million for the three and six months ended December 28, 2019, respectively.

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- 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
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