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Investments

6 Months Ended

Dec. 25, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Short-term investments consisted of the following (in millions of U.S. Dollars):

						December 25, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Credit Loss Allowance						Estimated Fair Value
Corporate bonds						$618.2						$0.1						($20.2)						$—						$598.1
U.S. treasury securities						251.2						—						(1.1)						—						250.1
Certificates of deposit						196.9						—						—						—						196.9
Municipal bonds						180.6						0.1						(5.0)						—						175.7
Variable rate demand notes						94.4						—						—						—						94.4
Commercial paper						64.0						—						—						—						64.0
U.S. agency securities						20.2						—						(0.1)						—						20.1
Total short-term investments						$1,425.5						$0.2						($26.4)						$—						$1,399.3
						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

All short-term investments are classified as available-for-sale. The Company did not have any long-term investments as of December 25, 2022 and June 26, 2022.

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):

						December 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						$361.0						($12.1)						$146.4						($8.1)						$507.4						($20.2)
Municipal bonds						108.5						(3.2)						35.7						(1.8)						144.2						(5.0)
U.S. treasury securities						133.6						(1.1)						—						—						133.6						(1.1)
U.S. agency securities						5.0						—						1.9						(0.1)						6.9						(0.1)
Total						$608.1						($16.4)						$184.0						($10.0)						$792.1						($26.4)
Number of securities with an unrealized loss												265												90												355
						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 December 25, 2022 and June 26, 2022. As of December 25, 2022, the Company held ten cash equivalent securities in unrealized loss positions with an aggregate fair value of $104.7 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 December 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 $11.2 million and $5.9 million as of December 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 and six months ended December 25, 2022 and December 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 December 25, 2022 until the investments fully recover in market value. No allowance for credit losses was recorded as of December 25, 2022.

The contractual maturities of short-term investments as of December 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						$298.0						$300.1						$—						$—						$598.1
U.S. treasury securities						196.8						53.3						—						—						250.1
Certificates of deposit						196.9						—						—						—						196.9
Municipal bonds						66.1						109.6						—						—						175.7
Variable rate demand notes						—						—						14.7						79.7						94.4
Commercial paper						64.0						—						—						—						64.0
U.S. agency securities						15.1						5.0						—						—						20.1
Total short-term investments						$836.9						$468.0						$14.7						$79.7						$1,399.3

X

- References

No definition available.

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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)

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