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):



	March 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$96,029		$170		($297	)		$95,902
Corporate bonds	151,244		337		(274		)	151,307
U.S. agency securities	4,689		1		(1		)	4,689
U.S. Treasury securities	28,972		7		(18		)	28,961
Non-U.S. certificates of deposit	50,277		782		—			51,059
U.S. certificates of deposit	—		—		—			—
Commercial paper	1,193		—		—			1,193
Total short-term investments		$332,404		$1,297		($590	)		$333,111

	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
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):



	March 31, 2019
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$2,406		$—			$68,677		($297	)		$71,083		($297	)
Corporate bonds	31,144		(17		)	32,930		(257		)	64,074		(274		)
U.S. agency securities	5,788		(1		)	—		—			5,788		(1		)
U.S. Treasury securities	10,110		(2		)	3,907		(16		)	14,017		(18		)
Total		$49,448		($20	)		$105,514		($570	)		$154,962		($590	)
Number of securities with an unrealized loss			54					85					139

	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) 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 securities to be impaired as of March 31, 2019 or June 24, 2018.

The contractual maturities of short-term investments as of March 31, 2019 were as follows (in thousands):



	Within One Year		After One, Within Five Years		After Five, Within Ten Years		After Ten Years		Total
Municipal bonds		$37,749		$58,153		$—		$—		$95,902
Corporate bonds	61,245		90,062		—		—		151,307
U.S. agency securities	3,988		701		—		—		4,689
U.S. Treasury securities	28,961		—		—		—		28,961
Non-U.S. certificates of deposit	51,059		—		—		—		51,059
Commercial paper	1,193		—		—		—		1,193
Total short-term investments		$184,195		$148,916		$—		$—		$333,111