Investments (Tables)

6 Months Ended

Dec. 29, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

Short-term investments as of December 29, 2019 and June 30, 2019 consisted of the following:

	December 29, 2019
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Municipal bonds	$50.7	$0.4	$—	$51.1
Corporate bonds	326.5	1.2	(0.1)	327.6
U.S. agency securities	21.5	—	—	21.5
U.S. treasury securities	96.3	0.1	—	96.4
Non-U.S. certificates of deposit	45.6	—	—	45.6
U.S. certificates of deposit	20.6	—	—	20.6
Commercial paper	6.1	—	—	6.1
Total short-term investments	$567.3	$1.7	($0.1)	$568.9
	June 30, 2019
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Municipal bonds	$78.2	$0.4	($0.1)	$78.5
Corporate bonds	256.0	1.0	—	257.0
U.S. agency securities	25.6	—	—	25.6
U.S. treasury securities	92.4	0.1	—	92.5
Non-U.S. certificates of deposit	49.1	1.1	—	50.2
U.S. certificates of deposit	22.4	—	—	22.4
Variable rate demand note	16.9	—	—	16.9
Commercial paper	7.8	—	—	7.8
Total short-term investments	$548.4	$2.6	($0.1)	$550.9

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: 

	December 29, 2019
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$8.4	$—	$1.5	$—	$9.9	$—
Corporate bonds	87.2	(0.1)	—	—	87.2	(0.1)
U.S. agency securities	13.6	—	—	—	13.6	—
U.S. treasury securities	35.8	—	—	—	35.8	—
Total	$145.0	($0.1)	$1.5	$—	$146.5	($0.1)
Number of securities with an unrealized loss		111		2		113
	June 30, 2019
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$4.3	$—	$29.8	($0.1)	$34.1	($0.1)
Corporate bonds	41.8	—	14.7	—	56.5	—
U.S. agency securities	7.7	—	—	—	7.7	—
U.S. treasury securities	2.0	—	3.9	—	5.9	—
Total	$55.8	$—	$48.4	($0.1)	$104.2	($0.1)
Number of securities with an unrealized loss		46		47		93

Schedule of Contractual Maturities of Short-term Investments by Type

The contractual maturities of short-term investments as of December 29, 2019 were as follows:

	Within One Year	After One, Within Five Years	After Five, Within Ten Years	After Ten Years	Total
Municipal bonds	$20.6	$30.5	$—	$—	$51.1
Corporate bonds	180.5	147.1	—	—	327.6
U.S. agency securities	6.0	15.5	—	—	21.5
U.S. treasury securities	80.6	15.8	—	—	96.4
Non-U.S. certificates of deposit	44.6	1.0	—	—	45.6
U.S. certificates of deposit	20.6	—	—	—	20.6
Commercial paper	6.1	—	—	—	6.1
Total short-term investments	$359.0	$209.9	$—	$—	$568.9