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Investments (Tables)

12 Months Ended

Jun. 26, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

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

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

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 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

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

Schedule of Contractual Maturities of Short-term Investments by Type

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

- 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 https://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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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