Investments (Tables)

3 Months Ended

Sep. 26, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

Short-term investments as of September 26, 2021 and June 27, 2021 consisted of the following:

	September 26, 2021
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Credit Loss Allowance	Estimated Fair Value
Municipal bonds	$135.7	$1.7	$—	$—	$137.4
Corporate bonds	366.9	2.6	(0.2)	—	369.3
U.S. agency securities	13.8	—	—	—	13.8
U.S. treasury securities	46.1	0.2	—	—	46.3
Certificates of deposit	9.5	—	—	—	9.5
Variable rate demand notes	20.0	—	—	—	20.0
Total short-term investments	$592.0	$4.5	($0.2)	$—	$596.3
	June 27, 2021
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Credit Loss Allowance	Estimated Fair Value
Municipal bonds	$139.4	$1.9	$—	$—	$141.3
Corporate bonds	456.5	3.3	(0.3)	—	459.5
U.S. agency securities	15.8	—	—	—	15.8
U.S. treasury securities	72.3	0.3	(0.1)	—	72.5
Certificates of deposit	16.5	—	—	—	16.5
Commercial paper	50.0	—	—	—	50.0
Variable rate demand notes	20.0	—	—	—	20.0
Total short-term investments	$770.5	$5.5	($0.4)	$—	$775.6

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:

	September 26, 2021
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$14.0	$—	$—	$—	$14.0	$—
Corporate bonds	94.1	(0.2)	—	—	94.1	(0.2)
U.S. agency securities	7.7	—	—	—	7.7	—
U.S. treasury securities	20.8	—	—	—	20.8	—
Total	$136.6	($0.2)	$—	$—	$136.6	($0.2)
Number of securities with an unrealized loss		75		—		75
	June 27, 2021
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$28.8	$—	$—	$—	$28.8	$—
Corporate bonds	133.8	(0.3)	—	—	133.8	(0.3)
U.S. agency securities	16.7	—	—	—	16.7	—
U.S. treasury securities	47.9	(0.1)	—	—	47.9	(0.1)
Certificates of deposit	0.7	—	—	—	0.7	—
Total	$227.9	($0.4)	$—	$—	$227.9	($0.4)
Number of securities with an unrealized loss		134		—		134

Schedule of Contractual Maturities of Short-term Investments by Type

The contractual maturities of short-term investments as of September 26, 2021 were as follows:

 

	Within One Year	After One, Within Five Years	After Five, Within Ten Years	After Ten Years	Total
Municipal bonds	$27.5	$109.9	$—	$—	$137.4
Corporate bonds	65.5	303.8	—	—	369.3
U.S. agency securities	5.5	8.3	—	—	13.8
U.S. treasury securities	16.6	29.7	—	—	46.3
Certificates of deposit	9.5	—	—	—	9.5
Variable rate demand notes	—	—	—	20.0	20.0
Total short-term investments	$124.6	$451.7	$—	$20.0	$596.3