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Investments | 6 Months Ended
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Dec. 29, 2019
Investments, Debt and Equity Securities [Abstract] |
Investments | InvestmentsInvestments 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 December 29, 2019 and June 30, 2019 consisted of the following:
|  | December 29, 2019 |  |  |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Municipal bonds |  | $50.7 |  |  | $0.4 |  |  | $— |  |  | $51.1 |
Corporate bonds |  | 326.5 |  |  | 1.2 |  |  | (0.1) |  |  | 327.6 |
U.S. agency securities |  | 21.5 |  |  | — |  |  | — |  |  | 21.5 |
U.S. treasury securities |  | 96.3 |  |  | 0.1 |  |  | — |  |  | 96.4 |
Non-U.S. certificates of deposit |  | 45.6 |  |  | — |  |  | — |  |  | 45.6 |
U.S. certificates of deposit |  | 20.6 |  |  | — |  |  | — |  |  | 20.6 |
Commercial paper |  | 6.1 |  |  | — |  |  | — |  |  | 6.1 |
Total short-term investments |  | $567.3 |  |  | $1.7 |  |  | ($0.1) |  |  | $568.9 |
|  | 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:
|  | December 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 |  | $8.4 |  |  | $— |  |  | $1.5 |  |  | $— |  |  | $9.9 |  |  | $— |
Corporate bonds |  | 87.2 |  |  | (0.1) |  |  | — |  |  | — |  |  | 87.2 |  |  | (0.1) |
U.S. agency securities |  | 13.6 |  |  | — |  |  | — |  |  | — |  |  | 13.6 |  |  | — |
U.S. treasury securities |  | 35.8 |  |  | — |  |  | — |  |  | — |  |  | 35.8 |  |  | — |
Total |  | $145.0 |  |  | ($0.1) |  |  | $1.5 |  |  | $— |  |  | $146.5 |  |  | ($0.1) |
Number of securities with an unrealized loss |  |  |  | 111 |  |  |  |  | 2 |  |  |  |  | 113 |
|  | 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. Realized gains of $0.1 million for the three and six month periods ended December 29, 2019 and realized losses of $0.1 million for the three and six month periods ended December 30, 2018 are included in non-operating (income) 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 December 29, 2019 and June 30, 2019. The contractual maturities of short-term investments as of December 29, 2019 were as follows:
|  | Within One Year |  | After One, Within Five Years |  | After Five, Within Ten Years |  | After Ten Years |  | Total
Municipal bonds |  | $20.6 |  |  | $30.5 |  |  | $— |  |  | $— |  |  | $51.1 |
Corporate bonds |  | 180.5 |  |  | 147.1 |  |  | — |  |  | — |  |  | 327.6 |
U.S. agency securities |  | 6.0 |  |  | 15.5 |  |  | — |  |  | — |  |  | 21.5 |
U.S. treasury securities |  | 80.6 |  |  | 15.8 |  |  | — |  |  | — |  |  | 96.4 |
Non-U.S. certificates of deposit |  | 44.6 |  |  | 1.0 |  |  | — |  |  | — |  |  | 45.6 |
U.S. certificates of deposit |  | 20.6 |  |  | — |  |  | — |  |  | — |  |  | 20.6 |
Commercial paper |  | 6.1 |  |  | — |  |  | — |  |  | — |  |  | 6.1 |
Total short-term investments |  | $359.0 |  |  | $209.9 |  |  | $— |  |  | $— |  |  | $568.9 |

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