Investments, Forward Contracts and Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of available-for-sale securities

As of September 30, 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
Available-for-sale debt securities:
U.S. treasuries	$	88.5	$	—	$	(0.1	)	$	88.4
U.S. agencies	13.9		—		(0.1		)	13.8
Municipal bonds and sovereign debt instruments	4.4		—		—			4.4
Asset-backed securities	62.7		—		(0.4		)	62.3
Corporate securities	330.4		0.1		(0.1		)	330.4
Total available-for-sale debt securities	$	499.9	$	0.1	$	(0.7	)	$	499.3

 As of July 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
Available-for-sale securities:
U.S. treasuries	$	56.8	$	—	$	(0.1	)	$	56.7
U.S. agencies	45.0		—		(0.1		)	44.9
Municipal bonds and sovereign debt instruments	4.4		—		—			4.4
Asset-backed securities	71.5		—		(0.4		)	71.1
Corporate securities	326.1		0.1		(0.2		)	326.0
Certificates of deposit	6.0		—		—			6.0
Total available-for-sale securities	$	509.8	$	0.1	$	(0.8	)	$	509.1

Schedule of contractual maturities of available-for-sale securities

As of September 30, 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	$	384.9	$	384.8
Amounts maturing in 1 - 5 years	114.0		113.8
Amounts maturing in more than 5 years	1.0		0.7
Total debt available-for-sale securities	$	499.9	$	499.3

Schedule of assets measured at fair value

Assets measured at fair value as of September 30, 2017 and July 1, 2017 are summarized below (in millions):

	Fair value measurement as of						Fair value measurement as of
	September 30, 2017						July 1, 2017
	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	$	88.4	$	88.4	$	—	$	56.7	$	56.7	$	—
U.S. agencies	13.8		—		13.8		44.9		—		44.9
Municipal bonds and sovereign debt instruments	4.4		—		4.4		4.4		—		4.4
Asset-backed securities	62.3		—		62.3		71.1		—		71.1
Corporate securities	330.4		—		330.4		326.0		—		326.0
Certificate of deposits	—		—		—		6.0		—		6.0
Total debt available-for-sale securities	499.3		88.4		410.9		509.1		56.7		452.4
Money market funds	530.5		530.5		—		726.4		726.4		—
Trading securities	2.1		2.1		—		2.0		2.0		—
Foreign currency forward contracts	4.0		—		4.0		7.3		—		7.3
Total assets (1)	$	1,035.9	$	621.0	$	414.9	$	1,244.8	$	785.1	$	459.7
Liability:
Foreign currency forward contracts	0.9		—		0.9		1.3		—		1.3
Total liabilities (2)	$	0.9	$	—	$	0.9	$	1.3	$	—	$	1.3

(1) $588.7 million in cash and cash equivalents, $430.9 million in short-term investments, $7.3 million in restricted cash, $4.0 million in prepayments and other current assets, and $5.0 million in other non-current assets on the Company’s Consolidated Balance Sheets as of September 30, 2017. $789.2 million in cash and cash equivalents, $432.2 million in short-term investments, $11.0 million in restricted cash, $7.3 million in prepayments and other current assets, and $5.1 million in other non-current assets on the Company’s Consolidated Balance Sheets as of July 1, 2017.

(2) $0.9 million in other current liabilities on the Company’s Consolidated Balance Sheets as of September 30, 2017. $1.3 million in other current liabilities on the Company’s Consolidated Balance Sheets as of July 1, 2017.