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v3.23.1

Investments (Tables) | 9 Months Ended
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Mar. 26, 2023
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):
|  | March 26, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
Corporate bonds |  | $612.8 |  |  | $0.1 |  |  | ($16.7) |  |  | $— |  |  | $596.2 |
U.S. treasury securities |  | 299.0 |  |  | 0.4 |  |  | (0.8) |  |  | — |  |  | 298.6 |
Certificates of deposit |  | 203.5 |  |  | — |  |  | — |  |  | — |  |  | 203.5 |
Municipal bonds |  | 191.3 |  |  | 0.1 |  |  | (3.8) |  |  | — |  |  | 187.6 |
U.S. agency securities |  | 76.9 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | 76.9 |
Variable rate demand notes |  | 55.6 |  |  | — |  |  | — |  |  | — |  |  | 55.6 |
Commercial paper |  | 34.7 |  |  | — |  |  | — |  |  | — |  |  | 34.7 |
Total short-term investments |  | $1,473.8 |  |  | $0.7 |  |  | ($21.4) |  |  | $— |  |  | $1,453.1 |
|  | 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 March 26, 2023 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):
|  | March 26, 2023
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Corporate bonds |  | $176.5 |  |  | ($0.5) |  |  | $352.4 |  |  | ($16.3) |  |  | $528.9 |  |  | ($16.8) |
Municipal bonds |  | 22.1 |  |  | (0.1) |  |  | 112.4 |  |  | (3.7) |  |  | 134.5 |  |  | (3.8) |
U.S. treasury securities |  | 54.6 |  |  | — |  |  | 31.2 |  |  | (0.7) |  |  | 85.8 |  |  | (0.7) |
U.S. agency securities |  | 26.5 |  |  | — |  |  | 1.9 |  |  | (0.1) |  |  | 28.4 |  |  | (0.1) |
Total |  | $279.7 |  |  | ($0.6) |  |  | $497.9 |  |  | ($20.8) |  |  | $777.6 |  |  | ($21.4) |
Number of securities with an unrealized loss |  |  |  | 67 |  |  |  |  | 262 |  |  |  |  | 329 |
|  | 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 March 26, 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 |  | $356.5 |  |  | $239.7 |  |  | $— |  |  | $— |  |  | $596.2 |
U.S. treasury securities |  | 249.1 |  |  | 49.5 |  |  | — |  |  | — |  |  | 298.6 |
Certificates of deposit |  | 203.5 |  |  | — |  |  | — |  |  | — |  |  | 203.5 |
Municipal bonds |  | 88.9 |  |  | 96.3 |  |  | — |  |  | 2.4 |  |  | 187.6 |
U.S. agency securities |  | 56.9 |  |  | 20.0 |  |  | — |  |  | — |  |  | 76.9 |
Variable rate demand notes |  | — |  |  | — |  |  | 14.7 |  |  | 40.9 |  |  | 55.6 |
Commercial paper |  | 34.7 |  |  | — |  |  | — |  |  | — |  |  | 34.7 |
Total short-term investments |  | $989.6 |  |  | $405.5 |  |  | $14.7 |  |  | $43.3 |  |  | $1,453.1 |

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