Investments, Forward Contracts and Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2018

Schedule of available-for-sale securities

As of July 1, 2017, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
U.S. treasuries	$	56.8	$	—	$	(0.1	)	$	56.7
U.S. agencies	45.0		—		(0.1		)	44.9
Municipal bonds and sovereign debt instruments	4.4		—		—			4.4
Asset-backed securities	71.5		—		(0.4		)	71.1
Corporate securities	326.1		0.1		(0.2		)	326.0
Certificates of deposit	6.0		—		—			6.0
Total available-for-sale securities	$	509.8	$	0.1	$	(0.8	)	$	509.1

As of March 31, 2018, the Company’s available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities:
U.S. treasuries	$	27.8	$	(0.1	)	$	27.7
U.S. agencies	17.7		(0.1		)	17.6
Municipal bonds and sovereign debt instruments	2.8		(0.1		)	2.7
Asset-backed securities	30.0		(0.4		)	29.6
Corporate securities	127.2		(0.7		)	126.5
Total available-for-sale debt securities	$	205.5	$	(1.4	)	$	204.1

Schedule of contractual maturities of available-for-sale securities

As of March 31, 2018, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):



	Amortized Cost/ Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	133.4	$	133.1
Amounts maturing in 1 - 5 years	71.1		70.3
Amounts maturing in more than 5 years	1.0		0.7
Total debt available-for-sale securities	$	205.5	$	204.1

Schedule of assets measured at fair value

Assets measured at fair value as of March 31, 2018 and July 1, 2017 are summarized below (in millions):



	Fair value measurement as of						Fair value measurement as of
	March 31, 2018						July 1, 2017
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets:
Debt available-for-sale securities
U.S. treasuries	$	27.7	$	27.7	$	—	$	56.7	$	56.7	$	—
U.S. agencies	17.6		—		17.6		44.9		—		44.9
Municipal bonds and sovereign debt instruments	2.7		—		2.7		4.4		—		4.4
Asset-backed securities	29.6		—		29.6		71.1		—		71.1
Corporate securities	126.5		—		126.5		326.0		—		326.0
Certificate of deposits	—		—		—		6.0		—		6.0
Total debt available-for-sale securities	204.1		27.7		176.4		509.1		56.7		452.4
Money market funds	280.1		280.1		—		726.4		726.4		—
Trading securities	1.6		1.6		—		2.0		2.0		—
Foreign currency forward contracts	4.8		—		4.8		7.3		—		7.3
Total assets (1)	$	490.6	$	309.4	$	181.2	$	1,244.8	$	785.1	$	459.7

Liability:
Foreign currency forward contracts	0.8		—		0.8		1.3		—		1.3
Total liabilities (2)	$	0.8	$	—	$	0.8	$	1.3	$	—	$	1.3

(1) $277.6 million in cash and cash equivalents, $196.2 million in short-term investments, $7.4 million in restricted cash, $4.8 million in prepayments and other current assets, and $4.6 million in other non-current assets on the Company’s Consolidated Balance Sheets as of March 31, 2018. $789.2 million in cash and cash equivalents, $432.2 million in short-term investments, $11.0 million in restricted cash, $7.3 million in prepayments and other current assets, and $5.1 million in other non-current assets on the Company’s Consolidated Balance Sheets as of July 1, 2017.

(2) $0.8 million and $1.3 million in other current liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2018 and July 1, 2017, respectively.