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v2.3.0.11

Investments | 12 Months Ended
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Jun. 26, 2011
Investments |
Investments | Note 5 – Investments Short-term and long-term investments consist of high-grade corporate bonds and other debt securities. All marketable investments are classified as available-for-sale as of June 26, 2011. The following table provides a summary of marketable investments as of June 26, 2011 (in thousands):
|  | June 26, 2011 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Municipal bonds |  | $ | 391,465 |  |  | $ | 3,943 |  |  | $ | (10 | ) |  |  | 395,398 |
Corporate bonds |  |  | 207,241 |  |  |  | 2,312 |  |  |  | (115 | ) |  |  | 209,438 |
Municipal variable rate demand notes |  |  | 295 |  |  |  | — |  |  |  | — |  |  |  | 295 |
U.S. agency securities |  |  | 67,244 |  |  |  | 807 |  |  |  | (2 | ) |  |  | 68,049 |
Certificates of deposit |  |  | 10,003 |  |  |  | 12 |  |  |  | — |  |  |  | 10,015 |
Commercial paper |  |  | 4,999 |  |  |  | — |  |  |  | — |  |  |  | 4,999 |
Non-U.S. government securities |  |  | 6,986 |  |  |  | 19 |  |  |  | — |  |  |  | 7,005 |
Total |  | $ | 688,233 |  |  | $ | 7,093 |  |  | $ | (127 | ) |  | $ | 695,199 |
The following table presents the gross unrealized losses and estimated fair value of the Company's investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of June 26, 2011 (in thousands):
|  | June 26, 2011 |
|  | Less than 12 Months |  |  | Greater than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Municipal bonds |  | $ | 14,348 |  |  | $ | (10 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,348 |  |  | $ | (10 | )
Corporate bonds |  |  | 20,484 |  |  |  | (115 | ) |  |  | — |  |  |  | — |  |  |  | 20,484 |  |  |  | (115 | )
Municipal variable rate demand notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. agency securities |  |  | 6,518 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 6,518 |  |  |  | (2 | )
Certificates of deposit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-U.S. government securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 41,350 |  |  | $ | (127 | ) |  | $ | — |  |  | $ | — |  |  | $ | 41,350 |  |  | $ | (127 | )
Number of securities with an unrealized loss |  |  |  |  |  |  | 20 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 20 |
The following table provides a summary of marketable investments as of June 27, 2010 (in thousands):
|  | June 27, 2010 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Municipal bonds |  | $ | 441,653 |  |  | $ | 3,502 |  |  | $ | (117 | ) |  | $ | 445,038 |
Corporate bonds |  |  | 120,991 |  |  |  | 1,478 |  |  |  | (20 | ) |  |  | 122,449 |
Municipal variable rate demand notes |  |  | 15,685 |  |  |  | — |  |  |  | (1 | ) |  |  | 15,684 |
U.S. agency securities |  |  | 72,531 |  |  |  | 615 |  |  |  | (32 | ) |  |  | 73,114 |
U.S. government securities |  |  | 7,533 |  |  |  | 76 |  |  |  | — |  |  |  | 7,609 |
Non-U.S. government securities |  |  | 5,091 |  |  |  | — |  |  |  | (11 | ) |  |  | 5,080 |
Total |  | $ | 663,484 |  |  | $ | 5,671 |  |  | $ | (181 | ) |  | $ | 668,974 |
The following table presents the gross unrealized losses and estimated fair value of the Company's investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of June 27, 2010 (in thousands):
|  | June 27, 2010 |
|  | Less than 12 Months |  |  | Greater than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Municipal bonds |  | $ | 117,470 |  |  | $ | (117 | ) |  | $ | — |  |  | $ | — |  |  | $ | 117,470 |  |  | $ | (117 | )
Corporate bonds |  |  | 11,126 |  |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | 11,126 |  |  |  | (20 | )
Municipal variable rate demand notes |  |  | 5,006 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 5,006 |  |  |  | (1 | )
U.S. agency securities |  |  | 5,120 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 5,120 |  |  |  | (32 | )
U.S. government securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-U.S. government securities |  |  | 5,095 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | 5,095 |  |  |  | (11 | )
Total |  | $ | 143,817 |  |  | $ | (181 | ) |  | $ | — |  |  | $ | — |  |  | $ | 143,817 |  |  | $ | (181 | )
Number of securities with an unrealized loss |  |  |  |  |  |  | 42 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 42 |
Each of the securities in the above tables generally has an investment grade rating and is an unrealized loss position solely due to interest rate changes, sector credit rating changes or company-specific rating changes. 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 fair value has been below 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 recovery in market value. The Company considers the declines in the above securities to be temporary in nature, and, accordingly, does not consider these securities to be impaired as of June 26, 2011. The contractual maturities of marketable investments at June 26, 2011 were as follows (in thousands):
|  | Within One Year |  |  | After One, Within Five Years |  |  | After Five, Within Ten Years |  |  | After Ten Years |  |  | Total |
Municipal bonds |  | $ | 149,533 |  |  | $ | 245,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 395,398 |
Corporate bonds |  |  | 79,127 |  |  |  | 130,311 |  |  |  | — |  |  |  | — |  |  |  | 209,438 |
Municipal variable rate demand notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 295 |  |  |  | 295 |
U.S. agency securities |  |  | 9,262 |  |  |  | 58,787 |  |  |  | — |  |  |  | — |  |  |  | 68,049 |
Certificates of deposit |  |  | 5,011 |  |  |  | 5,004 |  |  |  | — |  |  |  | — |  |  |  | 10,015 |
Commercial paper |  |  | 4,999 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,999 |
Non-U.S. government securities |  |  | 5,000 |  |  |  | 2,005 |  |  |  | — |  |  |  | — |  |  |  | 7,005 |
Total |  | $ | 252,932 |  |  | $ | 441,972 |  |  | $ | — |  |  | $ | 295 |  |  | $ | 695,199 |

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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