Investments and Fair Value Measurements (Tables)

9 Months Ended

Mar. 29, 2014

Investments and Fair Value Measurements

Schedule of available-for-sale securities

As of March 29, 2014, 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	$	51.1	$	—	$	—		$	51.1
U.S agencies	72.8		0.1		—			72.9
Municipal bonds and sovereign debt instruments	16.8		—		—			16.8
Asset-backed securities	104.6		0.1		(0.3		)	104.4
Corporate securities	385.5		0.2		(0.1		)	385.6
Total debt available-for-sale securities	$	630.8	$	0.4	$	(0.4	)	$	630.8

As of June 29, 2013, 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	$	12.0	$	—	$	—		$	12.0
U.S. agencies	52.4		—		—			52.4
Municipal bonds and sovereign debt instruments	12.7		—		—			12.7
Asset-backed securities	15.5		—		(0.3		)	15.2
Corporate securities	135.1		0.7		(0.1		)	135.7
Total debt available-for-sale securities	$	227.7	$	0.7	$	(0.4	)	$	228.0

Schedule of gross unrealized losses on available-for-sale securities

As of March 29, 2014, 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		Greater than
	12 Months		12 Months		Total
Asset-backed securities	$	—	$	0.3	$	0.3
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.3	$	0.4

As of June 29, 2013, 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	$	—	$	0.3	$	0.3
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.3	$	0.4

Schedule of contractual maturities of available-for-sale securities

As of March 29, 2014, 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	$	401.8	$	401.9
Amounts maturing in 1 - 5 years	228.0		228.1
Amounts maturing in more than 5 years	1.0		0.8
Total debt available-for-sale securities	$	630.8	$	630.8

Schedule of assets measured at fair value

Assets measured at fair value as of March 29, 2014 are summarized below (in millions):

			Fair value measurement as of March 29, 2014
			Quoted Prices in		Significant
			Active Markets		Other
			for Identical		Observable
			Assets		Inputs
	Total		(Level 1)		(Level 2)
Assets:
Debt available-for-sale securities
U.S. treasuries	$	51.1	$	51.1	$	—
U.S. agencies	72.9		—		72.9
Municipal bonds and sovereign debt instruments	16.8		—		16.8
Asset-backed securities	104.4		—		104.4
Corporate securities	385.6				385.6
Total debt available-for-sale securities	630.8		51.1		579.7
Money market funds	186.2		186.2		—
Trading securities	3.8		3.8		—
Total assets (1)	$	820.8	$	241.1	$	579.7

(1)  $205.0 million in cash and cash equivalents, $580.3 million in short-term investments, $30.9 million in restricted cash, and $4.6 million in other non-current assets on the Company’s Consolidated Balance Sheet.