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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

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- References

No definition available.

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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 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)

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