Investments (Tables)

9 Months Ended

Mar. 29, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-term Investments by Type

Short-term investments as of March 29, 2020 and June 30, 2019 consisted of the following:

	March 29, 2020
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Municipal bonds	$74.3	$0.7	($0.2)	$74.8
Corporate bonds	315.3	0.9	(2.2)	314.0
U.S. agency securities	21.5	0.1	—	21.6
U.S. treasury securities	68.8	0.8	—	69.6
Non-U.S. certificates of deposit	31.8	0.7	—	32.5
U.S. certificates of deposit	5.2	—	—	5.2
Variable rate demand note	2.5	—	—	2.5
Commercial paper	9.7	—	—	9.7
Total short-term investments	$529.1	$3.2	($2.4)	$529.9
	June 30, 2019
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Municipal bonds	$78.2	$0.4	($0.1)	$78.5
Corporate bonds	256.0	1.0	—	257.0
U.S. agency securities	25.6	—	—	25.6
U.S. treasury securities	92.4	0.1	—	92.5
Non-U.S. certificates of deposit	49.1	1.1	—	50.2
U.S. certificates of deposit	22.4	—	—	22.4
Variable rate demand note	16.9	—	—	16.9
Commercial paper	7.8	—	—	7.8
Total short-term investments	$548.4	$2.6	($0.1)	$550.9

Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time

The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position:

	March 29, 2020
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$20.6	($0.2)	$—	$—	$20.6	($0.2)
Corporate bonds	213.0	(2.2)	—	—	213.0	(2.2)
U.S. agency securities	2.0	—	—	—	2.0	—
Total	$235.6	($2.4)	$—	$—	$235.6	($2.4)
Number of securities with an unrealized loss		263		—		263
	June 30, 2019
	Less than 12 Months		Greater than 12 Months		Total
	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Municipal bonds	$4.3	$—	$29.8	($0.1)	$34.1	($0.1)
Corporate bonds	41.8	—	14.7	—	56.5	—
U.S. agency securities	7.7	—	—	—	7.7	—
U.S. treasury securities	2.0	—	3.9	—	5.9	—
Total	$55.8	$—	$48.4	($0.1)	$104.2	($0.1)
Number of securities with an unrealized loss		46		47		93

Schedule of Contractual Maturities of Short-term Investments by Type

The contractual maturities of short-term investments as of March 29, 2020 were as follows:

	Within One Year	After One, Within Five Years	After Five, Within Ten Years	After Ten Years	Total
Municipal bonds	$15.8	$59.0	$—	$—	$74.8
Corporate bonds	158.7	155.3	—	—	314.0
U.S. agency securities	10.5	11.1	—	—	21.6
U.S. treasury securities	48.6	21.0	—	—	69.6
Non-U.S. certificates of deposit	31.5	1.0	—	—	32.5
U.S. certificates of deposit	5.2	—	—	—	5.2
Variable rate demand note	—	—	—	2.5	2.5
Commercial paper	9.7	—	—	—	9.7
Total short-term investments	$280.0	$247.4	$—	$2.5	$529.9