Investments, Forward Contracts and Fair Value Measurements (Tables)

3 Months Ended

Sep. 29, 2018

Fair Value Disclosures [Abstract]

Schedule of available-for-sale securities

As of June 30, 2018, 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	$	36.0	$	—	$	(0.1	)	$	35.9
U.S. agencies	13.3		—		(0.1		)	13.2
Municipal bonds and sovereign debt instruments	2.7		—		—			2.7
Asset-backed securities	23.9		—		(0.4		)	23.5
Corporate securities	114.9		—		(0.6		)	114.3
Total available-for-sale securities	$	190.8	$	—	$	(1.2	)	$	189.6

As of September 29, 2018, 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 debt securities:
U.S. treasuries	$	4.0	$	—	$	—		$	4.0
U.S. agencies	8.8		—		(0.1		)	8.7
Municipal bonds and sovereign debt instruments	2.7		—		—			2.7
Asset-backed securities	7.0		—		(0.3		)	6.7
Corporate securities	29.0		—		(0.4		)	28.6
Total available-for-sale debt securities	$	51.5	$	—	$	(0.8	)	$	50.7

Schedule of contractual maturities of available-for-sale securities

As of September 29, 2018, contractual maturities of the Company’s debt securities classified as available-for-sale were as follows (in millions):

	Amortized Cost/ Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	32.0	$	31.7
Amounts maturing in 1 - 5 years	18.6		18.3
Amounts maturing in more than 5 years	0.9		0.7
Total debt available-for-sale securities	$	51.5	$	50.7

Schedule of assets measured at fair value

Assets measured at fair value as of September 29, 2018 and June 30, 2018 are summarized below (in millions):

	September 29, 2018						June 30, 2018
	Total		Level 1 Investments		Level 2 Investments		Total		Level 1 Investments		Level 2 Investments
Assets:
Debt available-for-sale securities
U.S. treasuries	$	4.0	$	4.0	$	—	$	35.9	$	35.9	$	—
U.S. agencies	8.7		—		8.7		13.2		—		13.2
Municipal bonds and sovereign debt instruments	2.7		—		2.7		2.7		—		2.7
Asset-backed securities	6.7		—		6.7		23.5		—		23.5
Corporate securities	28.6		—		28.6		114.3		—		114.3
Total debt available-for-sale securities	50.7		4.0		46.7		189.6		35.9		153.7
Money market funds	329.1		329.1		—		354.9		354.9		—
Trading securities	1.6		1.6		—		1.6		1.6		—
Foreign currency forward contracts	1.9		—		1.9		2.7		—		2.7
Total assets (1)	$	383.3	$	334.7	$	48.6	$	548.8	$	392.4	$	156.4
Liability:
Foreign currency forward contracts	3.2		—		3.2		11.7		—		11.7
Total liabilities (2)	$	3.2	$	—	$	3.2	$	11.7	$	—	$	11.7

(1) $318.0 million in cash and cash equivalents, $51.7 million in short-term investments, $7.1 million in restricted cash, $1.9 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 September 29, 2018. $364.8 million in cash and cash equivalents, $169.3 million in short-term investments, $7.3 million in restricted cash, $2.7 million in other current assets, and $4.7 million in other non-current assets on the Company’s Consolidated Balance Sheets as of June 30, 2018.

(2) $3.2 million and $11.7 million in other current liabilities on the Company’s Consolidated Balance Sheets as of September 29, 2018 and June 30, 2018, respectively.