Investments

3 Months Ended

Sep. 29, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. Treasury securities, variable rate demand notes, commercial paper and certificates of deposit. All short-term investments are classified as available-for-sale. Other long-term investments consist of the Company's ownership interest in Lextar.

Short-term investments as of September 29, 2019 and June 30, 2019 consisted of the following:

	September 29, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$62.4		$0.3		($0.1	)		$62.6
Corporate bonds	275.8		1.3		—			277.1
U.S. agency securities	22.5		—		—			22.5
U.S. treasury securities	104.5		0.1		—			104.6
Non-U.S. certificates of deposit	61.1		—		—			61.1
U.S. certificates of deposit	20.5		—		—			20.5
Commercial paper	12.2		—		—			12.2
Total short-term investments		$559.0		$1.7		($0.1	)		$560.6
	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$78.2		$0.4		($0.1	)		$78.5
Corporate bonds	256.0		1.0		—			257.0
U.S. agency securities	25.6		—		—			25.6
U.S. treasury securities	92.4		0.1		—			92.5
Non-U.S. certificates of deposit	49.1		1.1		—			50.2
U.S. certificates of deposit	22.4		—		—			22.4
Variable rate demand note	16.9		—		—			16.9
Commercial paper	7.8		—		—			7.8
Total short-term investments		$548.4		$2.6		($0.1	)		$550.9

The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position: 

	September 29, 2019
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$23.4		($0.1	)		$3.7		$—			$27.1		($0.1	)
Corporate bonds	42.7		—			2.4		—			45.1		—
U.S. agency securities	10.0		—			—		—			10.0		—
U.S. treasury securities	9.5		—			3.9		—			13.4		—
Total		$85.6		($0.1	)		$10.0		$—			$95.6		($0.1	)
Number of securities with an unrealized loss			74					10					84
	June 30, 2019
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$4.3		$—			$29.8		($0.1	)		$34.1		($0.1	)
Corporate bonds	41.8		—			14.7		—			56.5		—
U.S. agency securities	7.7		—			—		—			7.7		—
U.S. treasury securities	2.0		—			3.9		—			5.9		—
Total		$55.8		$—			$48.4		($0.1	)		$104.2		($0.1	)
Number of securities with an unrealized loss			46					47					93

The Company utilizes specific identification in computing realized gains and losses on the sale of investments. There were no realized losses on the sale of investments for the three months ended September 29, 2019 and September 23, 2018. If incurred, realized losses are included in non-operating expense in the consolidated statements of operations. Unrealized gains and losses are included as a separate component of equity, net of tax, unless the loss is determined to be other-than-temporary.

The Company evaluates its investments for possible impairment or a decline in fair value below cost basis that is deemed to be other-than-temporary on a periodic basis. It considers such factors as the length of time and extent to which the fair value has been below the cost basis, the financial condition of the investee, and its ability and intent to hold the investment for a period of time that may be sufficient for an anticipated full recovery in market value. Accordingly, the Company considered declines in its investments to be temporary in nature, and did not consider its investments to be impaired as of September 29, 2019 and June 30, 2019.

The contractual maturities of short-term investments as of September 29, 2019 were as follows:

 

	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$24.9		$37.7		$—		$—		$62.6
Corporate bonds	157.1		120.0		—		—		277.1
U.S. agency securities	11.0		11.5		—		—		22.5
U.S. treasury securities	93.4		11.2		—		—		104.6
Non-U.S. certificates of deposit	60.1		1.0		—		—		61.1
U.S. certificates of deposit	20.5		—		—		—		20.5
Commercial paper	12.2		—		—		—		12.2
Total short-term investments		$379.2		$181.4		$—		$—		$560.6