Investments and Fair Value Measurements (Tables)

6 Months Ended

Dec. 29, 2012

Investments and Fair Value Measurements

Schedule of available for sale securities

At December 29, 2012, the Company’s available-for-sale securities were as follows (in millions):

	Amortized		Gross		Gross
	Cost / Carrying		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Debt securities:
U.S. treasuries	$	71.9	$	—	$	—		$	71.9
Agencies
U.S.	53.4		0.1		—			53.5
Foreign	4.0		0.1		—			4.1
Municipal bonds and sovereign debt instruments	6.6		—		—			6.6
Asset-backed securities	40.2		0.3		(0.4		)	40.1
Corporate securities
U.S.	213.8		1.4		(0.1		)	215.1
Foreign	33.4		2.2		—			35.6
Total available-for-sale securities	$	423.3	$	4.1	$	(0.5	)	$	426.9

At June 30, 2012, the Company’s available-for-sale securities were as follows (in millions):

	Amortized		Gross		Gross
	Cost / Carrying		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Debt securities:
U.S. treasuries	$	52.0	$	—	$	—		$	52.0
Agencies
U.S.	65.1		0.2		—			65.3
Foreign	3.3		—		—			3.3
Municipal bonds and sovereign debt instruments	11.4		—		—			11.4
Asset-backed securities	21.9		0.2		(0.4		)	21.7
Corporate securities	183.6		1.3		(0.1		)	184.8
Total available-for-sale securities	$	337.3	$	1.7	$	(0.5	)	$	338.5

Schedule of gross unrealized losses on available for sale securities

At December 29, 2012, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument were as follows (in millions):

	Less than 12 Months		Greater than 12 Months		Total
Asset-backed securities	$	—	$	0.4	$	0.4
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.4	$	0.5

At June 30, 2012, the Company’s gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument were as follows (in millions):

	Less than		Greater than
	12 Months		12 Months		Total
Asset-backed securities	$	—	$	0.4	$	0.4
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.4	$	0.5

Schedule of contractual maturities of available-for-sale securities

At December 29, 2012, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):

	Amortized
	Cost / Carrying		Estimated
	Cost		Fair Value
Amounts maturing in less than 1 year	$	241.3	$	244.4
Amounts maturing in 1 - 5 years	180.6		181.1
Amounts maturing in more than 5 years	1.4		1.4
Total debt securities	$	423.3	$	426.9

Schedule of assets measured at fair value

Assets measured at fair value at December 29, 2012 are summarized below (in millions):

			Fair value measurement as of December 29, 2012
	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	$	71.9	$	71.9	$	—
Agencies
U.S.	53.5		—		53.5
Foreign	4.1		—		4.1
Municipal bonds and sovereign debt instruments	6.6		—		6.6
Asset-backed securities	40.1		—		40.1
Corporate securities
U.S.	215.1				215.1
Foreign	35.6				35.6
Total debt available-for-sale securities	426.9		71.9		355.0
Money market funds	220.9		220.9		—
Trading securities	4.9		4.9		—
Total assets (1)	$	652.7	$	297.7	$	355.0

(1) $210.1 million in cash and cash equivalents, $403.8 million in short-term investments, $30.9 million in restricted cash, and $7.9 million in other non-current assets on the Company’s consolidated balance sheet.