XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Investments | 12 Months Ended
--- | ---
Jun. 26, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments 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. The Company did not have any long-term investments as of June 26, 2022 and June 27, 2021. Short-term investments as of June 26, 2022 consist of the following:
| June 26, 2022
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Municipal bonds | $166.5 |  |  | $0.1 |  |  | ($4.4) |  |  | $162.2 |
Corporate bonds | 465.8 |  |  | — |  |  | (17.8) |  |  | 448.0 |
U.S. agency securities | 4.0 |  |  | — |  |  | (0.1) |  |  | 3.9 |
U.S. treasury securities | 66.5 |  |  | — |  |  | (0.7) |  |  | 65.8 |
Variable rate demand notes | 69.4 |  |  | — |  |  | — |  |  | 69.4 |
Total short-term investments | $772.2 |  |  | $0.1 |  |  | ($23.0) |  |  | $749.3 |
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 26, 2022
| 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 | $150.0 |  |  | ($4.4) |  |  | $1.0 |  |  | $— |  |  | $151.0 |  |  | ($4.4) |
Corporate bonds | 431.1 |  |  | (17.4) |  |  | 8.3 |  |  | (0.4) |  |  | 439.4 |  |  | (17.8) |
U.S. agency securities | 3.9 |  |  | (0.1) |  |  | — |  |  | — |  |  | 3.9 |  |  | (0.1) |
U.S. treasury securities | 65.8 |  |  | (0.7) |  |  | — |  |  | — |  |  | 65.8 |  |  | (0.7) |
Total | $650.8 |  |  | ($22.6) |  |  | $9.3 |  |  | ($0.4) |  |  | $660.1 |  |  | ($23.0) |
Number of securities with an unrealized loss |  |  | 346 |  |  |  |  | 5 |  |  |  |  | 351 |
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 notes | 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 | $13.4 |  |  | $— |  |  | $— |  |  | $— |  |  | $13.4 |  |  | $— |
Corporate bonds | 133.8 |  |  | (0.3) |  |  | — |  |  | — |  |  | 133.8 |  |  | (0.3) |
U.S. agency securities | 10.7 |  |  | — |  |  | — |  |  | — |  |  | 10.7 |  |  | — |
U.S. treasury securities | 47.9 |  |  | (0.1) |  |  | — |  |  | — |  |  | 47.9 |  |  | (0.1) |
Certificates of deposit | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total | $206.5 |  |  | ($0.4) |  |  | $— |  |  | $— |  |  | $206.5 |  |  | ($0.4) |
Number of securities with an unrealized loss |  |  | 128 |  |  |  |  | — |  |  |  |  | 128 |
Additionally, the Company held cash equivalent securities in unrealized loss positions as of June 26, 2022 and June 27, 2021. As of June 26, 2022, the Company held six cash equivalent securities in unrealized loss positions with an aggregate fair value of $69.0 million and an aggregate unrealized loss of less than $0.1 million. As of June 27, 2021, the Company held six cash equivalent securities in unrealized loss positions with an aggregate fair value of $21.4 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of June 26, 2022 and June 27, 2021 have been in unrealized loss positions for less than 12 months. 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 $5.9 million and $5.5 million as of June 26, 2022 and June 27, 2021, 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 26, 2022 and June 27, 2021. 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 26, 2022 until the investments fully recover in market value. No allowance for credit losses was recorded as of June 26, 2022. The contractual maturities of short-term investments at June 26, 2022 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 | $40.3 |  |  | $121.9 |  |  | $— |  |  | $— |  |  | $162.2 |
Corporate bonds | 116.2 |  |  | 331.8 |  |  | — |  |  | — |  |  | 448.0 |
U.S. agency securities | 2.0 |  |  | 1.9 |  |  | — |  |  | — |  |  | 3.9 |
U.S. treasury securities | 34.4 |  |  | 31.4 |  |  | — |  |  | — |  |  | 65.8 |
Variable rate demand notes | — |  |  | — |  |  | 14.7 |  |  | 54.7 |  |  | 69.4 |
Total short-term investments | $192.9 |  |  | $487.0 |  |  | $14.7 |  |  | $54.7 |  |  | $749.3 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://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 https://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 https://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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration