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Investments (Tables)

9 Months Ended

Mar. 28, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

Short-term investments as of March 28, 2021 and June 28, 2020 consisted of the following:

						March 28, 2021
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses (1)						Credit Loss Allowance (2)						Estimated Fair Value
Municipal bonds						$135.6						$2.0						$—						$—						$137.6
Corporate bonds						470.5						3.8						(0.2)						—						474.1
U.S. agency securities						15.3						—						—						—						15.3
U.S. treasury securities						69.4						0.3						—						—						69.7
Certificates of deposit						12.8						—						—						—						12.8
Variable rate demand note						11.0						—						—						—						11.0
Commercial paper						41.2						—						—						—						41.2
Total short-term investments						$755.8						$6.1						($0.2)						$—						$761.7
												June 28, 2020
												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
Variable rate demand note												2.5						—						—						2.5
Commercial paper												11.0						—						—						11.0
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.

(2) 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.

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:

						March 28, 2021
						Less than 12 Months												Greater than 12 Months												Total
						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Municipal bonds						$6.4						$—						$—						$—						$6.4						$—
Corporate bonds						113.4						(0.2)						—						—						113.4						(0.2)
U.S. agency securities						13.2						—						—						—						13.2						—
U.S. treasury securities						19.4						—						—						—						19.4						—
Certificates of deposit						0.7						—						—						—						0.7						—
Total						$153.1						($0.2)						$—						$—						$153.1						($0.2)
Number of securities with an unrealized loss												104												—												104
						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 for the period 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 March 28, 2021 were as follows:

						Within One Year						After One, Within Five Years						After Five, Within Ten Years						After Ten Years						Total
Municipal bonds						$25.9						$111.7						$—						$—						$137.6
Corporate bonds						120.5						353.6						—						—						474.1
U.S. agency securities						3.0						12.3						—						—						15.3
U.S. treasury securities						9.6						60.1						—						—						69.7
Certificates of deposit						12.8						—						—						—						12.8
Variable rate demand note						—						—						—						11.0						11.0
Commercial paper						41.2						—						—						—						41.2
Total short-term investments						$213.0						$537.7						$—						$11.0						$761.7

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).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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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).

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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