Investments and Fair Value Measurements (Tables)

9 Months Ended

Apr. 02, 2016

Investments and Fair Value Measurements

Schedule of available-for-sale securities

 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

As of April 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	$	60.2	$	—	$	—		$	60.2
U.S. agencies	29.1		—		—			29.1
Municipal bonds and sovereign debt instruments	2.3		—		—			2.3
Asset-backed securities	46.3		0.1		(0.4		)	46.0
Corporate securities	206.8		0.1		(0.1		)	206.8
Total debt securities	344.7		0.2		(0.5		)	344.4
Marketable equity securities	78.8		165.5		—			244.3
Total available-for-sale securities	$	423.5	$	165.7	$	(0.5	)	$	588.7

Schedule of contractual maturities of available-for-sale securities

As of April 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	$	251.6	$	251.6
Amounts maturing in 1 - 5 years	91.4		91.4
Amounts maturing in more than 5 years	1.7		1.4
Total debt available-for-sale securities	$	344.7	$	344.4

Schedule of assets measured at fair value

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

	Fair value measurement as of
	April 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	$	60.2	$	60.2	$	—
U.S. agencies	29.1		—		29.1
Municipal bonds and sovereign debt instruments	2.3		—		2.3
Asset-backed securities	46.0		—		46.0
Corporate securities	206.8		—		206.8
Total debt available-for-sale securities	344.4		60.2		284.2
Marketable equity securities	244.3		244.3		—
Money market funds	273.7		273.7		—
Trading securities	2.4		2.4		—
Total assets (1)	$	864.8	$	580.6	$	284.2

(1) $293.5 million in cash and cash equivalents, $555.8 million in short-term investments, $11.1 million in restricted cash, and $4.4 million in other non-current assets on the Company’s Consolidated Balance Sheets.