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Investments (Tables) | 12 Months Ended
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Jun. 25, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Short-term Investments by Type | Short-term investments as of June 25, 2023 consist of the following:
| June 25, 2023
(in millions of U.S. Dollars) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds | $512.3 |  |  | $— |  |  | ($16.7) |  |  | $— |  |  | $495.6 |
U.S. treasury securities | 261.8 |  |  | — |  |  | (1.4) |  |  | — |  |  | 260.4 |
Municipal bonds | 179.7 |  |  | — |  |  | (4.4) |  |  | — |  |  | 175.3 |
Certificates of deposit | 112.3 |  |  | — |  |  | — |  |  | — |  |  | 112.3 |
U.S. agency securities | 77.0 |  |  | — |  |  | (0.2) |  |  | — |  |  | 76.8 |
Commercial paper | 50.2 |  |  | — |  |  | — |  |  | — |  |  | 50.2 |
Variable rate demand notes | 27.3 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
Total short-term investments | $1,220.6 |  |  | $— |  |  | ($22.7) |  |  | $— |  |  | $1,197.9 |
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 |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds | 465.8 |  |  | — |  |  | (17.8) |  |  | — |  |  | 448.0 |
Municipal bonds | 166.5 |  |  | 0.1 |  |  | (4.4) |  |  | — |  |  | 162.2 |
Variable rate demand notes | 69.4 |  |  | — |  |  | — |  |  | — |  |  | 69.4 |
U.S. treasury securities | 66.5 |  |  | — |  |  | (0.7) |  |  | — |  |  | 65.8 |
U.S. agency securities | 4.0 |  |  | — |  |  | (0.1) |  |  | — |  |  | 3.9 |
Total short-term investments | 772.2 |  |  | 0.1 |  |  | (23.0) |  |  | — |  |  | 749.3 |
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 25, 2023
| 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
Corporate bonds | $151.5 |  |  | ($0.5) |  |  | $324.1 |  |  | ($16.2) |  |  | $475.6 |  |  | ($16.7) |
U.S. treasury securities | 229.3 |  |  | (0.5) |  |  | 31.1 |  |  | (0.9) |  |  | 260.4 |  |  | (1.4) |
Municipal bonds | 61.4 |  |  | (0.4) |  |  | 105.9 |  |  | (4.0) |  |  | 167.3 |  |  | (4.4) |
U.S. agency securities | 74.8 |  |  | (0.2) |  |  | 2.0 |  |  | — |  |  | 76.8 |  |  | (0.2) |
Commercial Paper | 3.9 |  |  | — |  |  | — |  |  | — |  |  | 3.9 |  |  | — |
Total | $520.9 |  |  | ($1.6) |  |  | $463.1 |  |  | ($21.1) |  |  | $984.0 |  |  | ($22.7) |
Number of securities with an unrealized loss |  |  | 95 |  |  |  |  | 234 |  |  |  |  | 329 |
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
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 |
Schedule of Contractual Maturities of Short-term Investments by Type | The contractual maturities of short-term investments at June 25, 2023 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 | $303.7 |  |  | $191.9 |  |  | $— |  |  | $— |  |  | $495.6 |
U.S. treasury securities | 220.9 |  |  | 39.5 |  |  | — |  |  | — |  |  | 260.4 |
Municipal bonds | 91.5 |  |  | 81.4 |  |  | — |  |  | 2.4 |  |  | 175.3 |
Certificates of deposit | 112.3 |  |  | — |  |  | — |  |  | — |  |  | 112.3 |
U.S. agency securities | 66.8 |  |  | 10.0 |  |  | — |  |  | — |  |  | 76.8 |
Commercial paper | 50.2 |  |  | — |  |  | — |  |  | — |  |  | 50.2 |
Variable rate demand notes | — |  |  | — |  |  | 9.7 |  |  | 17.6 |  |  | 27.3 |
Total short-term investments | $845.4 |  |  | $322.8 |  |  | $9.7 |  |  | $20.0 |  |  | $1,197.9 |

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