Investments and Fair Value Measurements (Tables)

6 Months Ended

Jan. 02, 2016

Investments and Fair Value Measurements

Schedule of available-for-sale securities

As of January 2, 2016, the Company’s available-for-sale securities were as follows (in millions):

	Amortized Cost/Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities:
U.S. treasuries	$	46.3	$	—	$	—		$	46.3
U.S. agencies	59.7		—		(0.1		)	59.6
Municipal bonds and sovereign debt instruments	2.3		—		—			2.3
Asset-backed securities	49.8		—		(0.4		)	49.4
Corporate securities	183.8		—		(0.2		)	183.6
Total debt securities	341.9		—		(0.7		)	341.2
Marketable equity securities	100.3		157.2		—			257.5
Total available-for-sale securities	$	442.2	$	157.2	$	(0.7	)	$	598.7

 As of June 27, 2015, the Company’s available-for-sale securities were as follows (in millions):

	Amortized Cost/Carrying Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Debt securities:
U.S. treasuries	$	51.9	$	—	$	—		$	51.9
U.S. agencies	96.0		—		—			96.0
Municipal bonds and sovereign debt instruments	4.0		—		—			4.0
Asset-backed securities	70.6		—		(0.2		)	70.4
Corporate securities	274.1		0.1		(0.1		)	274.1
Total debt available-for-sale securities	$	496.6	$	0.1	$	(0.3	)	$	496.4

Schedule of contractual maturities of available-for-sale securities

As of January 2, 2016, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):

	Amortized Cost/Carrying Cost		Estimated Fair Value
Amounts maturing in less than 1 year	$	233.9	$	233.8
Amounts maturing in 1 - 5 years	105.5		105.3
Amounts maturing in more than 5 years	2.5		2.1
Total debt available-for-sale securities	$	341.9	$	341.2

Schedule of assets measured at fair value

Assets measured at fair value as of January 2, 2016 are summarized below (in millions):

	Fair value measurement as of
	January 2, 2016
	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	$	46.3	$	46.3	$	—
U.S. agencies	59.6		—		59.6
Municipal bonds and sovereign debt instruments	2.3		—		2.3
Asset-backed securities	49.4		—		49.4
Corporate securities	183.6		—		183.6
Total debt available-for-sale securities	341.2		46.3		294.9
Marketable equity securities	257.5		257.5		—
Money market funds	203.0		203.0		—
Trading securities	3.3		3.3		—
Total assets (1)	$	805.0	$	510.1	$	294.9

(1) $204.5 million in cash and cash equivalents, $585.5 million in short-term investments, $10.5 million in restricted cash, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets.