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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

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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