Investments and Fair Value Measurements (Tables)

6 Months Ended

Dec. 27, 2014

Investments and Fair Value Measurements

Schedule of available-for-sale securities

As of December 27, 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	$	29.4	$	—	$	—		$	29.4
U.S  agencies	91.0		—		(0.1		)	90.9
Municipal bonds and sovereign debt instruments	10.4		—		—			10.4
Asset-backed securities	75.1		—		(0.2		)	74.9
Corporate securities	368.2		0.1		(0.2		)	368.1
Total debt available-for-sale securities	$	574.1	$	0.1	$	(0.5	)	$	573.7

As of June 28, 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	$	36.8	$	—	$	—		$	36.8
U.S. agencies	70.0		—		—			70.0
Municipal bonds and sovereign debt instruments	16.8		—		—			16.8
Asset-backed securities	94.7		0.1		(0.2		)	94.6
Corporate securities	370.5		0.2		—			370.7
Total debt available-for-sale securities	$	588.8	$	0.3	$	(0.2	)	$	588.9

Schedule of contractual maturities of available-for-sale securities

As of December 27, 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	$	441.7	$	441.5
Amounts maturing in 1 - 5 years	131.4		131.4
Amounts maturing in more than 5 years	1.0		0.8
Total debt available-for-sale securities	$	574.1	$	573.7

Schedule of assets measured at fair value

Assets measured at fair value as of December 27, 2014 are summarized below (in millions):

			Fair value measurement as of December 27, 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	$	29.4	$	29.4	$	—
U.S. agencies	90.9		—		90.9
Municipal bonds and sovereign debt instruments	10.4		—		10.4
Asset-backed securities	74.9		—		74.9
Corporate securities	368.1		—		368.1
Total debt available-for-sale securities	573.7		29.4		544.3
Money market funds	184.3		184.3		—
Trading securities	4.0		4.0		—
Total assets (1)	$	762.0	$	217.7	$	544.3

(1) $183.8 million in cash and cash equivalents, $545.1 million in short-term investments, $28.5 million in restricted cash, and $4.6 million in other non-current assets on the Company’s Consolidated Balance Sheets.