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Investments | 12 Months Ended
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Jun. 24, 2012
Investments, Debt and Equity Securities [Abstract] |
Investments | 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 24, 2012. The following table provides a summary of marketable investments as of June 24, 2012 (in thousands):
| June 24, 2012
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Municipal bonds | $ | 209,626 |  |  | $ | 2,036 |  |  | $ | (58 | ) |  | $ | 211,604 |
Corporate bonds | 144,942 |  |  | 1,848 |  |  | (123 | ) |  | 146,667 |
Municipal variable rate demand notes | — |  |  | — |  |  | — |  |  | — |
U.S. agency securities | 68,156 |  |  | 450 |  |  | (7 | ) |  | 68,599 |
Certificates of deposit | 130,000 |  |  | — |  |  | — |  |  | 130,000 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government securities | 8,746 |  |  | 15 |  |  | (3 | ) |  | 8,758 |
Total | $ | 561,470 |  |  | $ | 4,349 |  |  | $ | (191 | ) |  | $ | 565,628 |
The following table presents the gross unrealized losses and estimated fair value of the Company’s investment securities, aggregated by investment type and the length of time that individual investment securities have been in a continuous unrealized loss position, as of June 24, 2012 (in thousands):
| June 24, 2012
| Less than 12 Months |  | Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Municipal bonds | $ | 30,102 |  |  | $ | (58 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,102 |  |  | $ | (58 | )
Corporate bonds | 30,550 |  |  | (123 | ) |  | — |  |  | — |  |  | 30,550 |  |  | (123 | )
Municipal variable rate demand notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. agency securities | 3,014 |  |  | (7 | ) |  | — |  |  | — |  |  | 3,014 |  |  | (7 | )
Certificates of deposit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government securities | 1,543 |  |  | (3 | ) |  | — |  |  | — |  |  | 1,543 |  |  | (3 | )
Total | $ | 65,209 |  |  | $ | (191 | ) |  | $ | — |  |  | $ | — |  |  | $ | 65,209 |  |  | $ | (191 | )
Number of securities with an unrealized loss |  |  | 33 |  |  |  |  | — |  |  |  |  | 33 |
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 the 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 |
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 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 considers declines in its securities to be temporary in nature, and does not consider its securities to be impaired as of June 24, 2012 and June 26, 2011. The contractual maturities of marketable investments at June 24, 2012 were as follows (in thousands):
| Within One Year |  | After One, Within Five Years |  | After Five, Within Ten Years |  | After Ten Years |  | Total
Municipal bonds | $ | 85,261 |  |  | $ | 126,343 |  |  | $ | — |  |  | $ | — |  |  | $ | 211,604 |
Corporate bonds | 50,462 |  |  | 92,221 |  |  | 3,984 |  |  | — |  |  | 146,667 |
Municipal variable rate demand notes | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. agency securities | 31,856 |  |  | 36,743 |  |  | — |  |  | — |  |  | 68,599 |
Certificates of deposit | 130,000 |  |  | — |  |  | — |  |  | — |  |  | 130,000 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government securities | 4,559 |  |  | 4,199 |  |  | — |  |  | — |  |  | 8,758 |
Total | $ | 302,138 |  |  | $ | 259,506 |  |  | $ | 3,984 |  |  | $ | — |  |  | $ | 565,628 |

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