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 short-term investments are classified as available-for-sale. Other long-term investments consist of the Company's ownership interest in Lextar.

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



	June 28, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$194,123		$988		($341	)		$194,770
Corporate bonds	152,831		832		(158		)	153,505
U.S. agency securities	—		—		—			—
Non-U.S. certificates of deposit	225,206		—		—			225,206
Non-U.S. government securities	—		—		—			—
Total short-term investments		$572,160		$1,820		($499	)		$573,481

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 28, 2015
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$53,204		($341	)		$—		$—			$53,204		($341	)
Corporate bonds	46,636		(143		)	1,812		(15		)	48,448		(158		)
Total		$99,840		($484	)		$1,812		($15	)		$101,652		($499	)
Number of securities with an unrealized loss			54					1					55

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



	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		)
Total		$23,602		($39	)		$14,569		($87	)		$38,171		($126	)
Number of securities with an unrealized loss			13					7					20

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 28, 2015 of $925 thousand were included in Non-operating (loss) income, net in the Consolidated Statements of (Loss) 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 28, 2015 and June 29, 2014.

The contractual maturities of short-term investments at June 28, 2015 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$12,575		$147,470		$34,725		$—		$194,770
Corporate bonds	28,422		94,582		30,501		—		153,505
Non-U.S. certificates of deposit	225,206		—		—		—		225,206
Total short-term investments		$266,203		$242,052		$65,226		$—		$573,481