Investments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 29, 2012

Investments and Fair Value Measurements

Schedule of available for sale securities

At September 29, 2012, the Company’s available-for-sale securities were as follows (in millions):

	Amortized		Gross		Gross
	Cost / Carrying		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Debt securities:
U.S. treasuries	$	67.5	$	0.1	$	—		$	67.6
Agencies
U.S.	72.0		0.1		—			72.1
Foreign	3.3		—		—			3.3
Municipal bonds and sovereign debt instruments	13.2		—		—			13.2
Asset-backed securities	40.9		0.3		(0.4		)	40.8
Corporate securities	191.3		1.8		—			193.1
Total available-for-sale securities	$	388.2	$	2.3	$	(0.4	)	$	390.1

At June 30, 2012, the Company’s available-for-sale securities were as follows (in millions):

	Amortized		Gross		Gross
	Cost / Carrying		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Debt securities:
U.S. treasuries	$	52.0	$	—	$	—		$	52.0
Agencies
U.S.	65.1		0.2		—			65.3
Foreign	3.3		—		—			3.3
Municipal bonds and sovereign debt instruments	11.4		—		—			11.4
Asset-backed securities	21.9		0.2		(0.4		)	21.7
Corporate securities	183.6		1.3		(0.1		)	184.8
Total available-for-sale securities	$	337.3	$	1.7	$	(0.5	)	$	338.5

Schedule of gross unrealized losses on available for sale securities

At September 29, 2012, the Company’s total gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument were as follows (in millions):

	Less than 12 Months		Greater than 12 Months		Total
Asset-backed securities	$	—	$	0.4	$	0.4
Total gross unrealized losses	$	—	$	0.4	$	0.4

At June 30, 2012, the Company’s gross unrealized losses on available-for-sale securities, aggregated by type of investment instrument were as follows (in millions):

	Less than		Greater than
	12 Months		12 Months		Total
Asset-backed securities	$	—	$	0.4	$	0.4
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.4	$	0.5

Schedule of contractual maturities of available-for-sale securities

At September 29, 2012, contractual maturities of the Company’s debt securities classified as available-for-sale securities were as follows (in millions):

	Amortized
	Cost / Carrying		Estimated
	Cost		Fair Value
Amounts maturing in less than 1 year	$	234.5	$	236.2
Amounts maturing in 1 - 5 years	152.2		152.5
Amounts maturing in more than 5 years	1.5		1.4
Total debt securities	$	388.2	$	390.1

Schedule of assets measured at fair value

Assets measured at fair value at September 29, 2012 are summarized below (in millions):

			Fair value measurement as of September 29, 2012
			Quoted Prices in		Significant
			Active Markets		Other
			for Identical		Observable
			Assets		Inputs
	Total		(Level 1)		(Level 2)
Assets:
Debt available-for-sale securities
U.S. treasuries	$	67.6	$	67.6	$	—
Agencies
U.S.	72.1		—		72.1
Foreign	3.3		—		3.3
Municipal bonds and sovereign debt instruments	13.2		—		13.2
Asset-backed securities	40.8		—		40.8
Corporate securities	193.1		—		193.1
Total debt available-for-sale securities	390.1		67.6		322.5
Money market funds	237.9		237.9		—
Trading securities	4.8		4.8		—
Total assets (1)	$	632.8	$	310.3	$	322.5

(1)$227.0 million in cash and cash equivalents, $366.2 million in short-term investments, $31.5 million in restricted cash, $8.1 million in other non-current assets on the Company’s consolidated balance sheet.