Investments, Forward Contracts and Fair Value Measurements (Tables)

9 Months Ended

Apr. 01, 2017

Investments and Fair Value Measurements [Abstract]

Schedule of available-for-sale securities

 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

As of April 1, 2017, 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	$	69.6	$	—	$	(0.1	)	$	69.5
U.S. agencies	35.2		—		(0.1		)	35.1
Municipal bonds and sovereign debt instruments	4.0		—		—			4.0
Asset-backed securities	68.0		—		(0.3		)	67.7
Corporate securities	324.2		0.1		(0.3		)	324.0
Certificates of deposit	6.0		—		—			6.0
Total debt securities	507.0		0.1		(0.8		)	506.3
Marketable equity securities	3.3		17.5		—			20.8
Total available-for-sale securities	$	510.3	$	17.6	$	(0.8	)	$	527.1

Schedule of contractual maturities of available-for-sale securities

As of April 1, 2017, 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	$	363.2	$	363.1
Amounts maturing in 1 - 5 years	141.8		141.5
Amounts maturing in more than 5 years	2.0		1.7
Total debt available-for-sale securities	$	507.0	$	506.3

Schedule of assets measured at fair value

Assets measured at fair value as of April 1, 2017 and July 2, 2016 are summarized below (in millions):

	Fair value measurement as of						Fair value measurement as of
	April 1, 2017						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	$	69.5	$	69.5	$	—	$	46.1	$	46.1	$	—
U.S. agencies	35.1		—		35.1		24.9		—		24.9
Municipal bonds and sovereign debt instruments	4.0		—		4.0		2.0		—		2.0
Asset-backed securities	67.7		—		67.7		50.2		—		50.2
Corporate securities	324.0		—		324.0		224.6		—		224.6
Certificate of deposits	6.0		—		6.0		—		—		—
Total debt available-for-sale securities	506.3		69.5		436.8		347.8		46.1		301.7
Marketable equity securities	20.8		20.8		—		171.3		171.3		—
Money market funds	720.3		720.3		—		274.4		274.4		—
Trading securities	2.0		2.0		—		2.4		2.4		—
Foreign currency forward contracts	5.2		—		5.2		—		—		—
Total assets (1)	$	1,254.6	$	812.6	$	442.0	$	795.9	$	494.2	$	301.7
Liability:
Foreign currency forward contracts	2.6		—		2.6		—		—		—
Total liabilities (2)	$	2.6	$	—	$	2.6	$	—	$	—	$	—

(1) $754.6 million in cash and cash equivalents, $478.6 million in short-term investments, $11.7 million in restricted cash, $5.2 million in prepayments and other current assets, and $4.5 million in other non-current assets on the Company’s Consolidated Balance Sheets as of April 1, 2017. $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) $2.6 million in other current liabilities on the Company’s Consolidated Balance Sheets as of April 1, 2017.