INVESTMENTS

Available for Sale Securities

Our available for sale securities are reported in Prepaid expenses and other current assets. Unrealized investment gains (losses) on available for sale securities were as follows (in millions):



	Year Ended		Six Months Ended			Year Ended
	December 31, 2016		December 31, 2015			June 27, 2015
Net unrealized investment gains (losses):
Equity securities, at cost less impairments	$	16.5	$	6.4		$	17.1
Gross unrealized gains	21.7		9.3			5.7
Gross unrealized losses	—		(0.8		)	(10.1		)
Estimated fair value of equity securities	$	38.2	$	14.9		$	12.7

The factors affecting the assessment of impairments include both general financial market conditions and factors specific to a particular company. We recorded impairment charges of $1.8 million and $10.7 million during the year ended December 31, 2016 and six months ended December 31, 2015, respectively, related to other-than-temporary impairments of marketable equity securities due to prolonged losses incurred on each of the investments. We have evaluated the near-term prospects of the equity securities in relation to the severity and duration of any impairments, and based on that evaluation, we have the ability and intent to hold these investments until a recovery of fair value.

During the year ended December 31, 2016, we sold a number of our investment securities and recorded a gain of $1.0 million. The gain was reclassified out of AOCI and into earnings.

Cost Method Investments

Our cost method investments totaled $6.9 million, $6.9 million, and $6.8 million at December 31, 2016, December 31, 2015, and June 27, 2015, respectively, and were included in Other non-current assets.

Equity Method Investments

Our equity method investments totaled $4.6 million, $45.5 million, and $47.2 million at December 31, 2016, December 31, 2015, and June 27, 2015, respectively, and were included in Other non-current assets.

Due to significant and prolonged losses incurred on one of our equity method investments, we recorded a $22.3 million impairment in Other expense, net, during the year ended December 31, 2016. In addition, during the year ended December 31, 2016, one of our equity method investments became publicly traded. As a result, we transferred the $15.5 million investment to available for sale and recorded an $8.7 million unrealized gain, net of tax, in OCI, as reflected in the available for sale securities table above.

We recorded net losses of $4.1 million, $5.4 million, $11.6 million, and $8.7 million during the year ended December 31, 2016, the six months ended December 31, 2015, and the years ended June 27, 2015 and June 28, 2014, respectively, for our proportionate share of equity method investment earnings or losses. In addition, during the year ended June 28, 2014, we sold one of our equity method investments and recorded a loss of $2.8 million. All of the losses noted above were recorded in Other expense, net.