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Cash, cash equivalents and short-term investments
 9 Months Ended
Mar. 25, 2022
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and short-term investments Cash, cash equivalents and short-term investments
The Company’s cash, cash equivalents, and short-term investments are as follows:
Fair Value
(amount in thousands)Carrying
Cost		Unrealized
Gain/
(Loss)		Cash and
Cash
Equivalents		Marketable
Securities		Other
Investments
As of March 25, 2022
Cash$232,796 $— $232,796 $— $— 
Cash equivalents36,349 (5)36,344 — — 
Liquidity funds31,382 — — — 31,382 
Corporate debt securities192,746 (3,024)— 189,722 — 
U.S. agency and U.S. treasury securities25,024 (276)— 24,748 — 
Total$518,297 $(3,305)$269,140 $214,470 $31,382 
As of June 25, 2021
Cash$222,664 $— $222,664 $— $— 
Cash equivalents80,305 — 80,305 — — 
Liquidity funds30,000 1,226 — — 31,226 
Certificates of deposit and time deposits10,500 — — — 10,500 
Corporate debt securities171,626 164 — 171,790 — 
U.S. agency and U.S. treasury securities31,301 146 — 31,447 — 
Total$546,396 $1,536 $302,969 $203,237 $41,726 

All highly liquid investments with original maturities of three months or less at the date of purchase are classified as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations at each balance sheet date. The Company may sell certain of its short-term investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s short-term investments generally range from three months to three years.
The following table summarizes the cost and estimated fair value of short-term investments classified as available-for-sale securities based on stated effective maturities as of March 25, 2022 and June 25, 2021:
March 25, 2022June 25, 2021
(amount in thousands)Carrying
Cost		Fair ValueCarrying
Cost		Fair Value
Due within one year$68,455 $68,383 $30,000 $31,226 
Due between one to five years180,697 177,469 202,927 203,237 
Total$249,152 $245,852 $232,927 $234,463 

As of March 25, 2022, the Company considered the decline in market value of its available-for-sale debt securities by using the AFS debt security impairment model. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. The Company assesses impairment at the individual security level according to applicable accounting standards by comparing fair value/market value with amortized cost. The Company considered factors such as the failure of the issuer of the security to make scheduled interest and principal payments and any changes to the credit rating of the security by a rating agency. The credit ratings of the Company's invested securities are still in compliance with the Company's investment policy. No impairment losses on available-for-sale debt securities were recorded for the three months ended March 25, 2022.
The following table summarizes the carrying cost of short-term investments classified as held-to-maturity securities based on stated effective maturities as of March 25, 2022 and June 25, 2021:
(amount in thousands)As of March 25, 2022As of June 25, 2021
Due within one year$— 
(1)
$10,500 
Due between one to five years— — 
Total$— $10,500 
(1)Short-term investments classified as held-to-maturity securities as of June 25, 2021 matured in July 2021.