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Investments | 12 Months Ended
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Jun. 27, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | InvestmentsInvestments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, commercial paper, certificates of deposit, and variable rate demand notes. All short-term investments are classified as available-for-sale. As of June 28, 2020, other long-term investments consisted of the Company's formerly held ownership interest in ENNOSTAR Inc. (formerly Lextar Electronics Corporation) (ENNOSTAR). In the fourth quarter of fiscal 2021, the Company liquidated its common stock ownership interest in ENNOSTAR. The Company did not have any long-term investments as of June 27, 2021. Short-term investments as of June 27, 2021 consist of the following:
| June 27, 2021
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Municipal bonds | $139.4 |  |  | $1.9 |  |  | $— |  |  | $141.3 |
Corporate bonds | 456.5 |  |  | 3.3 |  |  | (0.3) |  |  | 459.5 |
U.S. agency securities | 15.8 |  |  | — |  |  | — |  |  | 15.8 |
U.S. treasury securities | 72.3 |  |  | 0.3 |  |  | (0.1) |  |  | 72.5 |
Certificates of deposit | 16.5 |  |  | — |  |  | — |  |  | 16.5 |
Commercial paper | 50.0 |  |  | — |  |  | — |  |  | 50.0 |
Variable rate demand note | 20.0 |  |  | — |  |  | — |  |  | 20.0 |
Total short-term investments | $770.5 |  |  | $5.5 |  |  | ($0.4) |  |  | $775.6 |
The following table presents 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:
| June 27, 2021
| Less than 12 Months |  | Greater than 12 Months |  | Total
(in millions of U.S. Dollars) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Municipal bonds | $28.8 |  |  | $— |  |  | $— |  |  | $— |  |  | $28.8 |  |  | $— |
Corporate bonds | 133.8 |  |  | (0.3) |  |  | — |  |  | — |  |  | 133.8 |  |  | (0.3) |
U.S. agency securities | 16.7 |  |  | — |  |  | — |  |  | — |  |  | 16.7 |  |  | — |
U.S. treasury securities | 47.9 |  |  | (0.1) |  |  | — |  |  | — |  |  | 47.9 |  |  | (0.1) |
Certificates of deposit | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total | $227.9 |  |  | ($0.4) |  |  | $— |  |  | $— |  |  | $227.9 |  |  | ($0.4) |
Number of securities with an unrealized loss |  |  | 134 |  |  |  |  | — |  |  |  |  | 134 |
Short-term investments as of June 28, 2020 consist of the following:
| June 28, 2020
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | 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 | 83.3 |  |  | — |  |  | — |  |  | 83.3 |
Commercial paper | 11.0 |  |  | — |  |  | — |  |  | 11.0 |
Variable rate demand note | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Total short-term investments | 782.0 |  |  | 8.9 |  |  | — |  |  | 790.9 |
(1) The Company had an unrealized loss of less than $0.1 million as of June 28, 2020. The following table presents 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:
| June 28, 2020
| Less than 12 Months |  | Greater than 12 Months |  | Total
(in millions of U.S. Dollars) | 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 had an unrealized loss value of less than $0.1 million, individually and in the aggregate. The Company does not include accrued interest in estimated fair values of short-term investments and does not record an allowance for credit losses on receivables related to accrued interest. Accrued interest receivable was $5.5 million and $4.3 million as of June 27, 2021 and June 28, 2020, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write-offs of noncollectable interest income are recorded as a reversal to interest income. There were no write-offs of noncollectable interest income for the years ended June 27, 2021 and June 28, 2020. The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses are included in non-operating expense (income), net in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the Company determines there is an expected credit loss. The Company evaluates its investments for expected credit losses. The Company believes it is able to and intends to hold each of the investments held with an unrealized loss as of June 27, 2021 until the investments fully recover in market value. No allowance for credit losses was recorded as of June 27, 2021. The contractual maturities of short-term investments at June 27, 2021 were as follows:
(in millions of U.S. Dollars) | Within One Year |  | After One, Within Five Years |  | After Five, Within Ten Years |  | After Ten Years |  | Total
Municipal bonds | $24.7 |  |  | $116.6 |  |  | $— |  |  | $— |  |  | $141.3 |
Corporate bonds | 80.3 |  |  | 379.2 |  |  | — |  |  | — |  |  | 459.5 |
U.S. agency securities | 3.5 |  |  | 12.3 |  |  | — |  |  | — |  |  | 15.8 |
U.S. treasury securities | 24.7 |  |  | 47.8 |  |  | — |  |  | — |  |  | 72.5 |
Certificates of deposit | 16.5 |  |  | — |  |  | — |  |  | — |  |  | 16.5 |
Commercial paper | 50.0 |  |  | — |  |  | — |  |  | — |  |  | 50.0 |
Variable rate demand note | — |  |  | — |  |  | — |  |  | 20.0 |  |  | 20.0 |
Total short-term investments | $199.7 |  |  | $555.9 |  |  | $— |  |  | $20.0 |  |  | $775.6 |

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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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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