Investments

Short-term investments consist of corporate bonds, municipal bonds, U.S. agency securities, non-U.S. certificates of deposit and non-U.S. government securities. All marketable investments are classified as available-for-sale.

The following table provides a summary of marketable investments as of June 30, 2013 (in thousands):



	June 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$250,206		$817		($1,314	)		$249,709
Corporate bonds	192,147		1,678		(1,765		)	192,060
U.S. agency securities	39,288		186		—			39,474
Non-U.S. certificates of deposit	345,000		—		—			345,000
Non-U.S. government securities	7,608		14		(19		)	7,603
Total		$834,249		$2,695		($3,098	)		$833,846

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 30, 2013 (in thousands):



	June 30, 2013
	Less than 12 Months					Greater than 12 Months				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds		$126,926		($1,314	)		$—		$—		$126,926		($1,314	)
Corporate bonds	102,010		(1,765		)	—		—		102,010		(1,765		)
U.S. agency securities	—		—			—		—		—		—
Non-U.S. certificates of deposit	—		—			—		—		—		—
Non-U.S. government securities	5,534		(19		)	—		—		5,534		(19		)
Total		$234,470		($3,098	)		$—		$—		$234,470		($3,098	)
Number of securities with an unrealized loss			123					—				123

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
U.S. agency securities	68,156		450		(7		)	68,599
Non-U.S. certificates of deposit	130,000		—		—			130,000
Non-U.S. government securities	8,746		15		(3		)	8,758
Total		$561,470		$4,349		($191	)		$565,628



	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		)
U.S. agency securities	3,014		(7		)	—		—		3,014		(7		)
Non-U.S. certificates of deposit	—		—			—		—		—		—
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 Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains from the sale of investments for the fiscal year ended June 30, 2013 of approximately $0.1 million were included in “Non-operating income, net” and 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 considers declines in its securities to be temporary in nature, and does not consider its securities to be impaired as of June 30, 2013 and June 24, 2012.

The contractual maturities of marketable investments at June 30, 2013 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$53,012		$196,697		$—		$—		$249,709
Corporate bonds	26,042		166,018		—		—		192,060
U.S. agency securities	8,065		31,409		—		—		39,474
Non-U.S. certificates of deposit	345,000		—		—		—		345,000
Non-U.S. government securities	1,501		6,102		—		—		7,603
Total		$433,620		$400,226		$—		$—		$833,846