Investments, Forward Contracts and Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2016

Investments and Fair Value Measurements [Abstract]

Schedule of available-for-sale securities

As of December 31, 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	$	67.6	$	—	$	(0.1	)	$	67.5
U.S. agencies	36.5		—		(0.1		)	36.4
Municipal bonds and sovereign debt instruments	3.5		—		—			3.5
Asset-backed securities	62.9		—		(0.3		)	62.6
Corporate securities	302.3		—		(0.4		)	301.9
Certificate of deposits	6.0		—		—			6.0
Total debt securities	478.8		—		(0.9		)	477.9
Marketable equity securities	14.3		50.0		—			64.3
Total available-for-sale securities	$	493.1	$	50.0	$	(0.9	)	$	542.2

 As of July 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	$	46.1	$	—	$	—		$	46.1
U.S. agencies	24.9		—		—			24.9
Municipal bonds and sovereign debt instruments	2.0		—		—			2.0
Asset-backed securities	50.4		0.1		(0.3		)	50.2
Corporate securities	224.5		0.2		(0.1		)	224.6
Total debt securities	347.9		0.3		(0.4		)	347.8
Marketable equity securities	62.1		109.2		—			171.3
Total debt available-for-sale securities	$	410.0	$	109.5	$	(0.4	)	$	519.1

Schedule of contractual maturities of available-for-sale securities

As of December 31, 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	$	327.5	$	327.4
Amounts maturing in 1 - 5 years	149.3		148.9
Amounts maturing in more than 5 years	2.0		1.6
Total debt available-for-sale securities	$	478.8	$	477.9

Schedule of assets measured at fair value

Assets measured at fair value as of December 31, 2016 and July 2, 2016 are summarized below (in millions):

	Fair value measurement as of						Fair value measurement as of
	December 31, 2016						July 2, 2016
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		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	$	67.5	$	67.5	$	—	$	46.1	$	46.1	$	—
U.S. agencies	36.4		—		36.4		24.9		—		24.9
Municipal bonds and sovereign debt instruments	3.5		—		3.5		2.0		—		2.0
Asset-backed securities	62.6		—		62.6		50.2		—		50.2
Corporate securities	301.9		—		301.9		224.6		—		224.6
Certificate of deposits	6.0		—		6.0		—		—		—
Total debt available-for-sale securities	477.9		67.5		410.4		347.8		46.1		301.7
Marketable equity securities	64.3		64.3		—		171.3		171.3		—
Money market funds	283.1		283.1		—		274.4		274.4		—
Trading securities	2.5		2.5		—		2.4		2.4		—
Foreign currency forward contracts	4.0		—		4.0		—		—		—
Total assets (1)	$	831.8	$	417.4	$	414.4	$	795.9	$	494.2	$	301.7
Liability:
Foreign currency forward contracts	9.6		—		9.6		—		—		—
Total liabilities (2)	$	9.6	$	—	$	9.6	$	—	$	—	$	—

(1) $314.0 million in cash and cash equivalents, $498.0 million in short-term investments, $11.0 million in restricted cash, $4.0 million in prepayments and other current assets, and $4.8 million in other non-current assets on the Company’s Consolidated Balance Sheets as of December 31, 2016. $295.4 million in cash and cash equivalents, $484.7 million in short-term investments, $11.3 million in restricted cash, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of July 2, 2016.

(2) $9.6 million in other current liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2016.