Investments

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

The following table summarizes short-term investments (in thousands):



	June 29, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$291,869		$2,323		($12	)		$294,180
Corporate bonds	200,177		2,283		(114		)	202,346
U.S. agency securities	18,994		141		—			19,135
Non-U.S. certificates of deposit	352,928		—		—			352,928
Non-U.S. government securities	7,025		28		—			7,053
Total short-term investments		$870,993		$4,775		($126	)		$875,642

The following table presents the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in thousands, except numbers of securities):



	June 29, 2014
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$7,906		($8	)		$1,520		($4	)		$9,426		($12	)
Corporate bonds	15,696		(31		)	13,049		(83		)	28,745		(114		)
U.S. agency securities	—		—			—		—			—		—
Non-U.S. certificates of deposit	—		—			—		—			—		—
Non-U.S. government securities	—		—			—		—			—		—
Total		$23,602		($39	)		$14,569		($87	)		$38,171		($126	)
Number of securities with an unrealized loss			13					7					20

The following table summarizes short-term investments (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 short-term investments		$834,249		$2,695		($3,098	)		$833,846



	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 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 29, 2014 of $68 thousand were included in Non-operating income, net in the Consolidated Statements of Income 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 considered declines in its investments to be temporary in nature, and did not consider its investments to be impaired as of June 29, 2014 and June 30, 2013.

The contractual maturities of short-term investments at June 29, 2014 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$54,105		$213,308		$26,767		$—		$294,180
Corporate bonds	18,992		154,351		29,003		—		202,346
U.S. agency securities	3,008		16,127		—		—		19,135
Non-U.S. certificates of deposit	352,928		—		—		—		352,928
Non-U.S. government securities	4,032		3,021		—		—		7,053
Total short-term investments		$433,065		$386,807		$55,770		$—		$875,642