Investments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 28, 2013

Investments and Fair Value Measurements

Schedule of available-for-sale securities

At September 28, 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	$	50.5	$	—	$	—		$	50.5
U.S agencies	119.3		0.1		—			119.4
Municipal bonds and sovereign debt instruments	20.9		—		—			20.9
Asset-backed securities	40.9		—		(0.3		)	40.6
Corporate securities	456.1		0.3		(0.1		)	456.3
Total debt available-for-sale securities	$	687.7	$	0.4	$	(0.4	)	$	687.7

At June 29, 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	$	12.0	$	—	$	—		$	12.0
U.S. agencies	52.4		—		—			52.4
Municipal bonds and sovereign debt instruments	12.7		—		—			12.7
Asset-backed securities	15.5		—		(0.3		)	15.2
Corporate securities	135.1		0.7		(0.1		)	135.7
Total debt available-for-sale securities	$	227.7	$	0.7	$	(0.4	)	$	228.0

Schedule of gross unrealized losses on available-for-sale securities

At September 28, 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
Asset-backed securities	$	—	$	0.3	$	0.3
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.3	$	0.4

At June 29, 2013, 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	$	—	$	0.3	$	0.3
Corporate securities	0.1		—		0.1
Total gross unrealized losses	$	0.1	$	0.3	$	0.4

Schedule of contractual maturities of available-for-sale securities

At September 28, 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	$	479.0	$	479.0
Amounts maturing in 1 - 5 years	207.7		207.9
Amounts maturing in more than 5 years	1.0		0.8
Total debt available-for-sale securities	$	687.7	$	687.7

Schedule of assets measured at fair value

Assets measured at fair value at September 28, 2013 are summarized below (in millions):

			Fair value measurement as of September 28, 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	$	50.5	$	50.5	$	—
U.S. agencies	119.4		—		119.4
Municipal bonds and sovereign debt instruments	20.9		—		20.9
Asset-backed securities	40.6		—		40.6
Corporate securities	456.3				456.3
Total debt available-for-sale securities	687.7		50.5		637.2
Money market funds	324.4		324.4		—
Trading securities	4.5		4.5		—
Total assets (1)	$	1,016.6	$	379.4	$	637.2

(1) $374.3 million in cash and cash equivalents, $607.8 million in short-term investments, $29.7 million in restricted cash, and $4.8 million in other non-current assets on the Company’s Consolidated Balance Sheet.