XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Investments | 3 Months Ended
--- | ---
Sep. 24, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Short-term investments consisted of the following (in millions of U.S. Dollars):
|  | September 24, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Credit Loss Allowance |  | Estimated Fair Value
U.S. treasury securities |  | $691.6 |  |  | $— |  |  | ($1.3) |  |  | $— |  |  | $690.3 |
Corporate bonds |  | 483.8 |  |  | — |  |  | (15.0) |  |  | — |  |  | 468.8 |
Municipal bonds |  | 146.0 |  |  | — |  |  | (4.3) |  |  | — |  |  | 141.7 |
Commercial paper |  | 127.9 |  |  | — |  |  | — |  |  | — |  |  | 127.9 |
U.S. agency securities |  | 72.8 |  |  | — |  |  | (0.2) |  |  | — |  |  | 72.6 |
Certificates of deposit |  | 57.1 |  |  | — |  |  | — |  |  | — |  |  | 57.1 |
Variable rate demand notes |  | 27.2 |  |  | — |  |  | — |  |  | — |  |  | 27.2 |
Total short-term investments |  | $1,606.4 |  |  | $— |  |  | ($20.8) |  |  | $— |  |  | $1,585.6 |
|  | June 25, 2023
|  | 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 |
All short-term investments are classified as available-for-sale. The Company did not have any long-term investments as of September 24, 2023 and June 25, 2023. 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 24, 2023
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. treasury securities |  | $631.5 |  |  | ($0.7) |  |  | $26.3 |  |  | ($0.7) |  |  | $657.8 |  |  | ($1.4) |
Corporate bonds |  | 157.5 |  |  | (0.5) |  |  | 292.2 |  |  | (14.4) |  |  | 449.7 |  |  | (14.9) |
Municipal bonds |  | 43.2 |  |  | (0.2) |  |  | 93.7 |  |  | (4.1) |  |  | 136.9 |  |  | (4.3) |
U.S. agency securities |  | 70.6 |  |  | (0.2) |  |  | 2.0 |  |  | — |  |  | 72.6 |  |  | (0.2) |
Commercial Paper |  | 4.0 |  |  | — |  |  | — |  |  | — |  |  | 4.0 |  |  | — |
Total |  | $906.8 |  |  | ($1.6) |  |  | $414.2 |  |  | ($19.2) |  |  | $1,321.0 |  |  | ($20.8) |
Number of securities with an unrealized loss |  |  |  | 119 |  |  |  |  | 209 |  |  |  |  | 328 |
|  | June 25, 2023
|  | Less than 12 Months |  | Greater than 12 Months |  | Total
|  | 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 |
Additionally, the Company held cash equivalent securities in unrealized loss positions as of September 24, 2023 and June 25, 2023. As of September 24, 2023, the Company held six cash equivalent securities in an unrealized loss position with a fair value of $92.6 million and an unrealized loss of less than $0.1 million. As of June 25, 2023, the Company held two cash equivalent securities in unrealized loss positions with an aggregate fair value of $18.5 million and an aggregate unrealized loss of less than $0.1 million. All cash equivalents in unrealized loss positions as of September 24, 2023 and June 25, 2023 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 $13.3 million and $10.1 million as of September 24, 2023 and June 25, 2023, 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 24, 2023 and September 25, 2022. 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 24, 2023 until the investments fully recover in market value. No allowance for credit losses was recorded as of September 24, 2023. The contractual maturities of short-term investments as of September 24, 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
U.S. treasury securities |  | $591.4 |  |  | $98.9 |  |  | $— |  |  | $— |  |  | $690.3 |
Corporate bonds |  | 218.1 |  |  | 250.7 |  |  | — |  |  | — |  |  | 468.8 |
Municipal bonds |  | 58.1 |  |  | 81.2 |  |  | — |  |  | 2.4 |  |  | 141.7 |
Commercial paper |  | 127.9 |  |  | — |  |  | — |  |  | — |  |  | 127.9 |
U.S. agency securities |  | 72.6 |  |  | — |  |  | — |  |  | — |  |  | 72.6 |
Certificates of deposit |  | 57.1 |  |  | — |  |  | — |  |  | — |  |  | 57.1 |
Variable rate demand notes |  | — |  |  | — |  |  | 9.7 |  |  | 17.5 |  |  | 27.2 |
Total short-term investments |  | $1,125.2 |  |  | $430.8 |  |  | $9.7 |  |  | $19.9 |  |  | $1,585.6 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration