Investments, Forward Contracts and Fair Value Measurements (Tables)

9 Months Ended

Mar. 30, 2019

Schedule of available-for-sale securities

The following table presents the Company’s available-for-sale securities as of March 30, 2019 (in millions):



	Amortized Cost/ Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities:
U.S. treasuries	$	1.5	$	—	$	—		$	1.5
U.S. agencies	3.5		—		—			3.5
Municipal bonds and sovereign debt instruments	1.7		—		—			1.7
Asset-backed securities	3.9		—		(0.4		)	3.5
Corporate securities	16.1		—		(0.1		)	16.0
Total available-for-sale debt securities	$	26.7	$	—	$	(0.5	)	$	26.2

The following table presents the Company’s available-for-sale securities as of June 30, 2018, (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

Schedule of contractual maturities of available-for-sale securities

The following table presents contractual maturities of the Company’s debt securities classified as available-for-sale as of March 30, 2019, (in millions):



	Amortized Cost/ Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	20.2	$	20.1
Amounts maturing in 1 - 5 years	5.6		5.5
Amounts maturing in more than 5 years	0.9		0.6
Total debt available-for-sale securities	$	26.7	$	26.2

Schedule of assets measured at fair value

The following table presents assets and liabilities measured at fair value as of March 30, 2019 and June 30, 2018, (in millions):



	March 30, 2019								June 30, 2018
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Debt available-for-sale securities
U.S. treasuries	$	1.5	$	1.5	$	—	$	—	$	35.9	$	35.9	$	—	$	—
U.S. agencies	3.5		—		3.5		—		13.2		—		13.2		—
Municipal bonds and sovereign debt instruments	1.7		—		1.7		—		2.7		—		2.7		—
Asset-backed securities	3.5		—		3.5		—		23.5		—		23.5		—
Corporate securities	16.0		—		16.0		—		114.3		—		114.3		—
Total debt available-for-sale securities	26.2		1.5		24.7		—		189.6		35.9		153.7		—
Money market funds	247.2		247.2		—		—		354.9		354.9		—		—
Trading securities	1.5		1.5		—		—		1.6		1.6		—		—
Foreign currency forward contract ⁽¹⁾	4.1		—		4.1		—		2.7		—		2.7		—
Total assets ⁽²⁾	$	279.0	$	250.2	$	28.8	$	—	$	548.8	$	392.4	$	156.4	$	—

Liability:
Foreign currency forward contract ⁽³⁾	$	2.4	$	—	$	2.4	$	—	$	11.7	$	—	$	11.7	$	—
Contingent consideration ⁽⁴⁾	38.8		—		—		38.8		—		—		—		—
Total liabilities	$	41.2	$	—	$	2.4	$	38.8	$	11.7	$	—	$	11.7	$	—


⁽¹⁾	$4.1 million and $2.7 million in prepayments and other current assets on the Company’s Consolidated Balance Sheets as of March 30, 2019 and June 30, 2018, respectively.

⁽²⁾

$235.6 million in cash and cash equivalents, $27.1 million in short-term investments, $7.7 million in restricted cash, $4.1 million in prepayments and other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of March 30, 2019. $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.


⁽³⁾	$2.4 million and $11.7 million in other current liabilities on the Company’s Consolidated Balance Sheets as of March 30, 2019 and June 30, 2018, respectively.


⁽⁴⁾	Refer to “Note 6. Acquisitions” of the Notes to Consolidated Financial Statements for more detail.