Investments

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

The following tables summarize marketable investments (in thousands):



	September 29, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$272,382		$1,255		($502	)		$273,135
Corporate bonds	207,130		1,704		(1,049		)	207,785
U.S. agency securities	31,222		226		—			31,448
Non-U.S. certificates of deposit	380,000		—		—			380,000
Non-U.S. government securities	8,587		12		(2		)	8,597
Total		$899,321		$3,197		($1,553	)		$900,965

	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 tables present 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 (in thousands, except numbers of securities):



	September 29, 2013
	Less than 12 Months					Greater than 12 Months				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds		$91,293		($502	)		$—		$—		$91,293		($502	)
Corporate bonds	86,129		(1,049		)	—		—		86,129		(1,049		)
Non-U.S. government securities	3,545		(2		)	—		—		3,545		(2		)
Total		$180,967		($1,553	)		$—		$—		$180,967		($1,553	)
Number of securities with an unrealized loss			95					—				95

	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		)
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 Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains from the sale of investments for the three months ended September 29, 2013 of approximately $10 thousand 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 September 29, 2013 and June 30, 2013.

The contractual maturities of marketable investments as of September 29, 2013 were as follows (in thousands):



	September 29, 2013
	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$35,206		$237,929		$—		$—		$273,135
Corporate bonds	30,662		177,123		—		—		207,785
U.S. agency securities	4,042		27,406		—		—		31,448
Non-U.S. certificates of deposit	380,000		—		—		—		380,000
Non-U.S. government securities	5,599		2,998		—		—		8,597
Total		$455,509		$445,456		$—		$—		$900,965