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v3.23.3

Investments (Tables) | 3 Months Ended
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Sep. 24, 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):
|  | 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 |
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):
|  | 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 |
Schedule of Contractual Maturities of Short-term Investments by Type | 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 |

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