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Investments (Tables)

6 Months Ended

Dec. 25, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

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.

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):

						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

Schedule of Contractual Maturities of Short-term Investments by Type

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

- 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 https://asc.fasb.org/topic&trid=2196928

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+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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