Investments

12 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, commercial paper, certificates of deposit, and variable rate demand notes. 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 June 30, 2019 consist of the following:



	June 30, 2019
(in millions of U.S. Dollars)	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
U.S. certificates of deposit	22.4		—		—			22.4
Non-U.S. certificates of deposit	49.1		1.1		—			50.2
Commercial paper	7.8		—		—			7.8
Variable rate demand note	16.9		—		—			16.9
Total short-term investments		$548.4		$2.6		($0.1	)		$550.9

The following table presents 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:



	June 30, 2019
	Less than 12 Months				Greater than 12 Months					Total
(in millions of U.S. Dollars)	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

Short-term investments as of June 24, 2018 consist of the following:



	June 24, 2018
(in millions of U.S. Dollars)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$110.2	—		($0.9	)		$109.3
Corporate bonds	77.9		—	(1.1		)	76.8
U.S. agency securities	3.9		—	—			3.9
U.S. certificates of deposit	0.5		—	—			0.5
Non-U.S. certificates of deposit	77.7		—	—			77.7
Total short-term investments		$270.2	—		($2.0	)		$268.2



	June 24, 2018
	Less than 12 Months					Greater than 12 Months				Total
(in millions of U.S. Dollars)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds		$97.5		($0.9	)		$3.6		$—		$101.1		($0.9	)
Corporate bonds	61.5		(1.1		)	1.5		—		63.0		(1.1		)
U.S. agency securities	3.9		—			—		—		3.9		—
Total		$162.9		($2.0	)		$5.1		$—		$168.0		($2.0	)
Number of securities with an unrealized loss			151					6				157

The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized losses on the sale of investments for the fiscal year ended June 30, 2019 of $0.1 million were included in non-operating expense (income), net in the consolidated statements of operations and 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 June 30, 2019 and June 24, 2018.

The contractual maturities of short-term investments at June 30, 2019 were as follows:



(in millions of U.S. Dollars)	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$22.0		$56.5		$—		$—		$78.5
Corporate bonds	149.6		107.4		—		—		257.0
U.S. agency securities	17.1		8.5		—		—		25.6
U.S. treasury securities	92.5		—		—		—		92.5
U.S. certificates of deposit	22.4		—		—		—		22.4
Non-U.S. certificates of deposit	50.2		—		—		—		50.2
Commercial paper	7.8		—		—		—		7.8
Variable rate demand note	—		5.0		—		11.9		16.9
Total short-term investments		$361.6		$177.4		$—		$11.9		$550.9