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Investments (Tables)
3 Months Ended
Sep. 26, 2015
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments
The following table summarizes the Company’s investments, all of which are denominated in U.S. dollars, recorded within the condensed consolidated balance sheets as of September 26, 2015 and June 27, 2015:
 
September 26, 2015
 
June 27, 2015
  
Short-term
 
Long-term
 
Total
 
Short-term
 
Long-term
 
Total
 
(millions)
Available-for-sale investments:
  

 
  

 
  

 
  

 
  

 
  

Commercial paper(1)
$
23.4

 
$

 
$
23.4

 
$

 
$

 
$

Government securities - U.S.(2)
63.8

 
9.3

 
73.1

 
42.8

 
9.3

 
52.1

Corporate debt securities - U.S.(2)
123.1

 
56.4

 
179.5

 
110.0

 
42.6

 
152.6

Corporate debt securities - non-U.S.(2)
99.5

 
43.1

 
142.6

 
74.6

 
33.9

 
108.5

Available-for-sale investments, total
$
309.8

 
$
108.8

 
$
418.6

 
$
227.4

 
$
85.8

 
$
313.2

Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities - U.S.(3)

 

 

 
6.6

 

 
6.6

Other:
 
 
 
 
 
 
  

 
  

 
 
Time deposits(1)
0.4

 

 
0.4

 

 

 

Other(4)

 
371.6

 
371.6

 

 
320.2

 
320.2

Total Investments
$
310.2

 
$
480.4

 
$
790.6

 
$
234.0

 
$
406.0

 
$
640.0

 
(1) 
These securities have original maturities greater than three months and are recorded at fair value.
(2) 
These securities have maturity dates between calendar years 2015 and 2017 and are recorded at fair value.
(3) 
These securities were recorded at amortized cost which approximated fair value utilizing Level 2 information.
(4) 
Primarily relates to the equity method investment related to an equity interest in an entity formed during fiscal 2013 for the purpose of developing a new office tower in Manhattan (the "Hudson Yards joint venture"), with the Company owning less than 43% of the joint venture. As of September 26, 2015 and June 27, 2015, the Company had an equity method investment of $371.6 million and $320.2 million, respectively, in the Hudson Yards joint venture. The Hudson Yards joint venture is determined to be a variable interest entity primarily due to the fact that it has insufficient equity to finance its activities without additional subordinated financial support from its two joint venture partners. The Company is not considered the primary beneficiary of the entity primarily because the Company does not have the power to direct the activities that most significantly impact the entity’s economic performance. The Company’s maximum loss exposure is limited to the committed capital. Refer to Note 13, "Commitments and Contingencies," for further information.