Investments and Fair Value Measurements (Tables)

9 Months Ended

Mar. 30, 2013

Investments and Fair Value Measurements

Schedule of available for sale securities

At March 30, 2013, 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	$	30.6	$	—	$	—		$	30.6
U.S agencies	53.4		0.1		—			53.5
Municipal bonds and sovereign debt instruments	10.3		—		(0.1		)	10.2
Asset-backed securities	39.0		—		(0.3		)	38.7
Corporate securities	233.6		2.2		(0.5		)	235.3
Total debt available-for-sale securities	$	366.9	$	2.3	$	(0.9	)	$	368.3

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 debt available-for-sale securities	$	337.3	$	1.7	$	(0.5	)	$	338.5

Schedule of gross unrealized losses on available for sale securities

At March 30, 2013, 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
Municipal bonds and sovereign debt instruments	$	0.1	$	—	$	0.1
Asset-backed securities	—		0.3		0.3
Corporate securities	0.3		0.2		0.5
Total gross unrealized losses	$	0.4	$	0.5	$	0.9

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 March 30, 2013, 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	$	199.9	$	201.5
Amounts maturing in 1 - 5 years	166.0		166.0
Amounts maturing in more than 5 years	1.0		0.8
Total debt available-for-sale securities	$	366.9	$	368.3

Schedule of assets measured at fair value

Assets measured at fair value at March 30, 2013 are summarized below (in millions):

			Fair value measurement as of March 30, 2013
			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	$	30.6	$	30.6	$	—
U.S. agencies	53.5		—		53.5
Municipal bonds and sovereign debt instruments	10.2		—		10.2
Asset-backed securities	38.7		—		38.7
Corporate securities	235.3				235.3
Total debt available-for-sale securities	368.3		30.6		337.7
Money market funds	173.9		173.9		—
Trading securities	4.2		4.2		—
Total assets (1)	$	546.4	$	208.7	$	337.7

(1) $158.0 million in cash and cash equivalents, $350.4 million in short-term investments, $30.7 million in restricted cash, and $7.3 million in other non-current assets on the Company’s Consolidated Balance Sheet.