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v3.22.2.2

Investments | 3 Months Ended
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Sep. 25, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Short-term investments consist of corporate bonds, municipal bonds, U.S. treasury securities, variable rate demand notes and U.S. agency securities. All short-term investments are classified as available-for-sale. The Company did not have any long-term investments as of September 25, 2022 and June 26, 2022. Short-term investments as of September 25, 2022 and June 26, 2022 consisted of the following (in millions of U.S. Dollars):
|  | September 25, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds |  | $439.3 |  |  | $— |  |  | ($22.4) |  |  | $— |  |  | $416.9 |
Municipal bonds |  | 156.9 |  |  | — |  |  | (6.2) |  |  | — |  |  | 150.7 |
U.S. treasury securities |  | 56.5 |  |  | — |  |  | (1.2) |  |  | — |  |  | 55.3 |
Variable rate demand notes |  | 50.8 |  |  | — |  |  | — |  |  | — |  |  | 50.8 |
U.S. agency securities |  | 2.0 |  |  | — |  |  | (0.1) |  |  | — |  |  | 1.9 |
Total short-term investments |  | $705.5 |  |  | $— |  |  | ($29.9) |  |  | $— |  |  | $675.6 |
|  | June 26, 2022
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds |  | $465.8 |  |  | $— |  |  | ($17.8) |  |  | $— |  |  | $448.0 |
Municipal bonds |  | 166.5 |  |  | 0.1 |  |  | (4.4) |  |  | — |  |  | 162.2 |
U.S. treasury securities |  | 66.5 |  |  | — |  |  | (0.7) |  |  | — |  |  | 65.8 |
Variable rate demand notes |  | 69.4 |  |  | — |  |  | — |  |  | — |  |  | 69.4 |
U.S. agency securities |  | 4.0 |  |  | — |  |  | (0.1) |  |  | — |  |  | 3.9 |
Total short-term investments |  | $772.2 |  |  | $0.1 |  |  | ($23.0) |  |  | $— |  |  | $749.3 |
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):
|  | September 25, 2022
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $376.5 |  |  | ($20.3) |  |  | $39.8 |  |  | ($2.1) |  |  | $416.3 |  |  | ($22.4) |
Municipal bonds |  | 146.3 |  |  | (6.1) |  |  | 2.9 |  |  | (0.1) |  |  | 149.2 |  |  | (6.2) |
U.S. treasury securities |  | 55.3 |  |  | (1.2) |  |  | — |  |  | — |  |  | 55.3 |  |  | (1.2) |
U.S. agency securities |  | — |  |  | — |  |  | 1.9 |  |  | (0.1) |  |  | 1.9 |  |  | (0.1) |
Total |  | $578.1 |  |  | ($27.6) |  |  | $44.6 |  |  | ($2.3) |  |  | $622.7 |  |  | ($29.9) |
Number of securities with an unrealized loss |  |  |  | 305 |  |  |  |  | 27 |  |  |  |  | 332 |
|  | June 26, 2022
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $431.1 |  |  | ($17.4) |  |  | $8.3 |  |  | ($0.4) |  |  | $439.4 |  |  | ($17.8) |
Municipal bonds |  | 150.0 |  |  | (4.4) |  |  | 1.0 |  |  | — |  |  | 151.0 |  |  | (4.4) |
U.S. treasury securities |  | 65.8 |  |  | (0.7) |  |  | — |  |  | — |  |  | 65.8 |  |  | (0.7) |
U.S. agency securities |  | 3.9 |  |  | (0.1) |  |  | — |  |  | — |  |  | 3.9 |  |  | (0.1) |
Total |  | $650.8 |  |  | ($22.6) |  |  | $9.3 |  |  | ($0.4) |  |  | $660.1 |  |  | ($23.0) |
Number of securities with an unrealized loss |  |  |  | 346 |  |  |  |  | 5 |  |  |  |  | 351 |
Additionally, the Company held cash equivalent securities in unrealized loss positions as of September 25, 2022 and June 26, 2022. As of September 25, 2022, the Company held nine cash equivalent securities in unrealized loss positions with an aggregate fair value of $97.8 million and an aggregate unrealized loss of less than $0.1 million. 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. All cash equivalents in unrealized loss positions as of September 25, 2022 and June 26, 2022 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 $4.5 million and $5.9 million as of September 25, 2022 and June 26, 2022, 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 during the three months ended September 25, 2022 and September 26, 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 (income) expense, 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 September 25, 2022 until the investments fully recover in market value. No allowance for credit losses was recorded as of September 25, 2022. The contractual maturities of short-term investments as of September 25, 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
Corporate bonds |  | $124.5 |  |  | $292.4 |  |  | $— |  |  | $— |  |  | $416.9 |
Municipal bonds |  | 52.3 |  |  | 98.4 |  |  | — |  |  | — |  |  | 150.7 |
U.S. treasury securities |  | 29.4 |  |  | 25.9 |  |  | — |  |  | — |  |  | 55.3 |
Variable rate demand notes |  | — |  |  | — |  |  | 14.7 |  |  | 36.1 |  |  | 50.8 |
U.S. agency securities |  | — |  |  | 1.9 |  |  | — |  |  | — |  |  | 1.9 |
Total short-term investments |  | $206.2 |  |  | $418.6 |  |  | $14.7 |  |  | $36.1 |  |  | $675.6 |

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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) + Details
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