Investments

Investments consist of municipal bonds, corporate bonds, U.S. agency securities, U.S. treasury securities, variable rate demand notes, 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 tables summarize short-term investments (in thousands):



	September 23, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$104,136		$2		($1,222	)		$102,916
Corporate bonds	146,526		35		(1,159		)	145,402
U.S. agency securities	4,667		—		(10		)	4,657
U.S. treasury securities	44,294		—		(60		)	44,234
Non-U.S. certificates of deposit	29,136		—		—			29,136
U.S. certificates of deposit	500		—		—			500
Variable rate demand note	400		—		—			400
Commercial paper	1,978		—		—			1,978
Total short-term investments		$331,637		$37		($2,451	)		$329,223

	June 24, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$110,198		$17		($939	)		$109,276
Corporate bonds	77,871		36		(1,150		)	76,757
U.S. agency securities	3,922		—		(38		)	3,884
U.S. treasury securities	—		—		—			—
Non-U.S. certificates of deposit	77,744		—		—			77,744
U.S. certificates of deposit	500		—		—			500
Variable rate demand note	—		—		—			—
Commercial paper	—		—		—			—
Total short-term investments		$270,235		$53		($2,127	)		$268,161

The following tables present 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):



	September 23, 2018
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$84,371		($838	)		$15,303		($384	)		$99,674		($1,222	)
Corporate bonds	106,340		(804		)	12,584		(355		)	118,924		(1,159		)
U.S. agency securities	6,156		(10		)	—		—			6,156		(10		)
U.S. treasury securities	44,234		(60		)	—		—			44,234		(60		)
Total		$241,101		($1,712	)		$27,887		($739	)		$268,988		($2,451	)
Number of securities with an unrealized loss			231					27					258

	June 24, 2018
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$97,470		($861	)		$3,642		($78	)		$101,112		($939	)
Corporate bonds	61,453		(1,088		)	1,486		(62		)	62,939		(1,150		)
U.S. agency securities	3,884		(38		)	—		—			3,884		(38		)
U.S. treasury securities	—		—			—		—			—		—
Total		$162,807		($1,987	)		$5,128		($140	)		$167,935		($2,127	)
Number of securities with an unrealized loss			151					6					157

The Company utilizes specific identification in computing realized gains and losses on the sale of investments. Realized gains and losses from the sale of investments are included in non-operating 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 securities to be impaired as of September 23, 2018 and June 24, 2018.

The contractual maturities of short-term investments as of September 23, 2018 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$23,117		$79,799		$—		$—		$102,916
Corporate bonds	61,168		84,234		—		—		145,402
U.S. agency securities	3,963		694		—		—		4,657
U.S. treasury securities	40,351		3,883		—		—		44,234
Non-U.S. certificates of deposit	28,385		751		—		—		29,136
U.S. certificates of deposit	500		—		—		—		500
Variable rate demand note	—		—		—		400		400
Commercial paper	1,978		—		—		—		1,978
Total short-term investments		$159,462		$169,361		$—		$400		$329,223