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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

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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
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