XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Investments (Tables) | 9 Months Ended
--- | ---
Mar. 27, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Short-term Investments by Type | Short-term investments as of March 27, 2022 and June 27, 2021 consisted of the following (in millions of U.S. Dollars):
|  | March 27, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Municipal bonds |  | $173.5 |  |  | $0.1 |  |  | ($3.1) |  |  | $— |  |  | $170.5 |
Corporate bonds |  | 478.0 |  |  | 0.1 |  |  | (12.0) |  |  | — |  |  | 466.1 |
U.S. agency securities |  | 4.0 |  |  | — |  |  | (0.1) |  |  | — |  |  | 3.9 |
U.S. treasury securities |  | 99.0 |  |  | — |  |  | (0.3) |  |  | — |  |  | 98.7 |
Non-U.S. government securities |  | 7.7 |  |  | — |  |  | (0.3) |  |  | — |  |  | 7.4 |
Commercial paper |  | 29.0 |  |  | — |  |  | — |  |  | — |  |  | 29.0 |
Variable rate demand notes |  | 24.6 |  |  | — |  |  | — |  |  | — |  |  | 24.6 |
Total short-term investments |  | $815.8 |  |  | $0.2 |  |  | ($15.8) |  |  | $— |  |  | $800.2 |
|  | June 27, 2021
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | 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 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 (in millions of U.S. Dollars):
|  | March 27, 2022
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Municipal bonds |  | $154.5 |  |  | ($3.1) |  |  | $1.0 |  |  | $— |  |  | $155.5 |  |  | ($3.1) |
Corporate bonds |  | 435.8 |  |  | (12.0) |  |  | 7.1 |  |  | (0.3) |  |  | 442.9 |  |  | (12.3) |
U.S. agency securities |  | 3.9 |  |  | (0.1) |  |  | — |  |  | — |  |  | 3.9 |  |  | (0.1) |
U.S. treasury securities |  | 59.7 |  |  | (0.3) |  |  | — |  |  | — |  |  | 59.7 |  |  | (0.3) |
Total |  | $653.9 |  |  | ($15.5) |  |  | $8.1 |  |  | ($0.3) |  |  | $662.0 |  |  | ($15.8) |
Number of securities with an unrealized loss |  |  |  | 344 |  |  |  |  | 4 |  |  |  |  | 348 |
|  | June 27, 2021
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | 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 as of March 27, 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 |  | $39.4 |  |  | $131.1 |  |  | $— |  |  | $— |  |  | $170.5 |
Corporate bonds |  | 97.5 |  |  | 368.6 |  |  | — |  |  | — |  |  | 466.1 |
U.S. agency securities |  | 2.0 |  |  | 1.9 |  |  | — |  |  | — |  |  | 3.9 |
U.S. treasury securities |  | 67.0 |  |  | 31.7 |  |  | — |  |  | — |  |  | 98.7 |
Non-U.S. government securities |  | — |  |  | — |  |  | 7.4 |  |  | — |  |  | 7.4 |
Commercial paper |  | 29.0 |  |  | — |  |  | — |  |  | — |  |  | 29.0 |
Variable rate demand notes |  | — |  |  | — |  |  | — |  |  | 24.6 |  |  | 24.6 |
Total short-term investments |  | $234.9 |  |  | $533.3 |  |  | $7.4 |  |  | $24.6 |  |  | $800.2 |

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 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration