Investments

Investments consist of municipal bonds, corporate bonds, commercial paper and certificates of deposit. 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 25, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$177,890		$2,219		($68	)		$180,041
Corporate bonds	175,991		1,925		(195		)	177,721
Non-U.S. certificates of deposit	120,379		—		—			120,379
U.S. certificates of deposit	—		—		—			—
Commercial paper	200		—		—			200
Total short-term investments		$474,460		$4,144		($263	)		$478,341

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 25, 2017
	Less than 12 Months					Greater than 12 Months				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds		$26,816		($68	)		$—		$—		$26,816		($68	)
Corporate bonds	57,404		(195		)	—		—		57,404		(195		)
Total		$84,220		($263	)		$—		$—		$84,220		($263	)
Number of securities with an unrealized loss			67					—				67

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



	June 26, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$186,893		$3,562		($15	)		$190,440
Corporate bonds	165,766		3,074		(73		)	168,767
Non-U.S. certificates of deposit	73,127		—		—			73,127
U.S. certificates of deposit	3,500		—		—			3,500
Commercial paper	3,317		—		—			3,317
Total short-term investments		$432,603		$6,636		($88	)		$439,151



	June 26, 2016
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$2,936		($9	)		$3,535		($6	)		$6,471		($15	)
Corporate bonds	27,578		(73		)	—		—			27,578		(73		)
Total		$30,514		($82	)		$3,535		($6	)		$34,049		($88	)
Number of securities with an unrealized loss			22					3					25

The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains on the sale of investments for the fiscal year ended June 25, 2017 of $93 thousand were included in Non-operating income (expense), net in the Consolidated Statements of Loss 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 25, 2017 and June 26, 2016.

The contractual maturities of short-term investments at June 25, 2017 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$45,519		$107,947		$26,575		$—		$180,041
Corporate bonds	48,515		94,637		34,569		—		177,721
Non-U.S. certificates of deposit	5,755		114,624		—		—		120,379
U.S. certificates of deposit	—		—		—		—		—
Commercial paper	200		—		—		—		200
Total short-term investments		$99,989		$317,208		$61,144		$—		$478,341