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Investments (Tables)

3 Months Ended

Sep. 27, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

Short-term investments as of September 27, 2020 and June 28, 2020 consisted of the following:

						September 27, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Credit Loss Allowance (1)						Estimated Fair Value
Municipal bonds						$119.6						$2.3						$—						$—						$121.9
Corporate bonds						456.3						6.2						—						—						462.5
U.S. agency securities						18.2						—						(0.1)						—						18.1
U.S. treasury securities						58.9						0.5						—						—						59.4
Certificates of deposit						33.7						—						—						—						33.7
Commercial paper						6.5						—						—						—						6.5
Total short-term investments						$693.2						$9.0						($0.1)						$—						$702.1
												June 28, 2020
												Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses (2)						Estimated Fair Value
Municipal bonds												$130.0						$2.0						$—						$132.0
Corporate bonds												473.8						6.3						—						480.1
U.S. agency securities												29.1						—						—						29.1
U.S. treasury securities												52.3						0.6						—						52.9
Certificates of deposit												95.3						—						—						95.3
Variable rate demand note												2.5						—						—						2.5
Commercial paper												11.0						—						—						11.0
Total short-term investments												$794.0						$8.9						$—						$802.9

(1) Credit loss allowance is applicable beginning in the first quarter of fiscal 2021 due to adoption of ASU 2016-13, which replaced the Company's other than temporary impairment analysis with an expected credit losses model.

(2) The Company had an unrealized loss of less than $0.1 million as of June 28, 2020.

Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time

The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position:

						September 27, 2020
						Less than 12 Months												Greater than 12 Months												Total
						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Municipal bonds						$4.0						$—						$—						$—						$4.0						$—
Corporate bonds						7.8						—						—						—						7.8						—
U.S. agency securities						16.0						(0.1)						—						—						16.0						(0.1)
U.S. treasury securities						23.8						—						—						—						23.8						—
Total						$51.6						($0.1)						$—						$—						$51.6						($0.1)
Number of securities with an unrealized loss												16												—												16
						June 28, 2020
						Less than 12 Months												Greater than 12 Months												Total
						Fair Value						Unrealized Loss (1)						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Municipal bonds						$14.3						$—						$—						$—						$14.3						$—
Corporate bonds						29.1						—						—						—						29.1						—
U.S. agency securities						8.6						—						—						—						8.6						—
U.S. treasury securities						13.8						—						—						—						13.8						—
Total						$65.8						$—						$—						$—						$65.8						$—
Number of securities with an unrealized loss												46												—												46

(1) Securities with an unrealized loss of less than 12 months as of June 28, 2020 have an unrealized loss value of less than $0.1 million, individually and in the aggregate.

Schedule of Contractual Maturities of Short-term Investments by Type

The contractual maturities of short-term investments as of September 27, 2020 were as follows:

						Within One Year						After One, Within Five Years						After Five, Within Ten Years						After Ten Years						Total
Municipal bonds						$24.1						$97.8						$—						$—						$121.9
Corporate bonds						197.1						265.4						—						—						462.5
U.S. agency securities						8.5						9.6						—						—						18.1
U.S. treasury securities						44.7						14.7						—						—						59.4
Certificates of deposit						33.7						—						—						—						33.7
Commercial paper						6.5						—						—						—						6.5
Total short-term investments						$314.6						$387.5						$—						$—						$702.1

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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