Investments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 27, 2014

Investments and Fair Value Measurements

Schedule of available-for-sale securities

As of September 27,2014, 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	$	27.5	$	-	$	-	$	27.5
	U.S agencies		87.8		0.1		-		87.9
	Municipal bonds and sovereign debt instruments		15.4		-		-		15.4
	Asset-backed securities		87.3		-		(0.2)		87.1
	Corporate securities		357.1		0.2		(0.1)		357.2
Total debt available-for-sale securities		$	575.1	$	0.3	$	(0.3)	$	575.1

As of June 28, 2014, 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	$	36.8	$	-	$	-	$	36.8
	U.S. agencies		70.0		-		-		70.0
	Municipal bonds and sovereign debt instruments		16.8		-		-		16.8
	Asset-backed securities		94.7		0.1		(0.2)		94.6
	Corporate securities		370.5		0.2		-		370.7
Total debt available-for-sale securities		$	588.8	$	0.3	$	(0.2)	$	588.9

Schedule of contractual maturities of available-for-sale securities

As of September 27,2014, 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	$	412.0	$	412.0
Amounts maturing in 1 - 5 years		162.1		162.3
Amounts maturing in more than 5 years		1.0		0.8
Total debt available-for-sale securities	$	575.1	$	575.1

Schedule of assets measured at fair value

Assets measured at fair value as of September 27,2014 are summarized below (in millions):

							Fair value measurement as of September 27, 2014
								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		$	27.5		$	27.5	$	―
			U.S. agencies			87.9			―		87.9
			Municipal bonds and sovereign debt instruments			15.4			―		15.4
			Asset-backed securities			87.1			―		87.1
			Corporate securities			357.2					357.2
				Total debt available-for-sale securities		575.1			27.5		547.6
		Money market funds				197.0			197.0		―
		Trading securities				3.9			3.9		―
		Total assets (1)			$	776.0		$	228.4	$	547.6
(1)	$202.0 million in cash and cash equivalents, $537.7 million in short-term investments, $31.7 million in restricted cash, and $4.6 million in other non-current assets on the Company's Consolidated Balance Sheet.