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Investments (Tables)

12 Months Ended

Jun. 27, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

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

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.

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

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

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.

Schedule of Contractual Maturities of Short-term Investments by Type

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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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