Investments

6 Months Ended

Dec. 25, 2011

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Short-term investments consist of high grade municipal and corporate bonds and other debt securities. The Company classifies its marketable securities as available-for-sale. This is based upon management’s determination that the underlying cash invested in these securities is available for operations as necessary.

The following table provides a summary of marketable investments by type (in thousands):

	December 25, 2011
	Amortized     Cost		Gross Unrealized     Gains		Gross Unrealized     Losses			Estimated Fair  Value
Municipal bonds	$	196,688	$	2,657	$	(4	)	$	199,341
Corporate bonds	168,732		1,374		(614		)	169,492
Certificates of deposit	68,002		5		(3		)	68,004
Municipal variable rate demand notes	2,795		—		—			2,795
Commercial paper	2,149		—		—			2,149
U.S. agency securities	72,446		476		(119		)	72,803
Non-U.S. government securities	1,013		—		(2		)	1,011
Total	$	511,825	$	4,512	$	(742	)	$	515,595
	June 26, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds	$	391,465	$	3,943	$	(10	)	$	395,398
Corporate bonds	207,241		2,312		(115		)	209,438
Certificates of deposit	10,003		12		—			10,015
Municipal variable rate demand notes	295		—		—			295
Commercial paper	4,999		—		—			4,999
U.S. agency securities	67,244		807		(2		)	68,049
Non-U.S. government securities	6,986		19		—			7,005
Total	$	688,233	$	7,093	$	(127	)	$	695,199

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

	December 25, 2011
	Less than 12 Months					Greater than 12 Months				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds	$	11,984	$	(4	)	$	—	$	—	$	11,984	$	(4	)
Corporate bonds	39,280		(614		)	—		—		39,280		(614		)
Certificates of deposit	2,998		(3		)	—		—		2,998		(3		)
U.S. agency securities	28,816		(119		)	—		—		28,816		(119		)
Non-U.S. government securities	1,012		(2		)	—		—		1,012		(2		)
Total	$	84,090	$	(742	)	$	—	$	—	$	84,090	$	(742	)
Number of securities with an unrealized loss			38					—				38
	June 26, 2011
	Less than 12 Months					Greater than 12 Months				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Municipal bonds	$	14,348	$	(10	)	$	—	$	—	$	14,348	$	(10	)
Corporate bonds	20,484		(115		)	—		—		20,484		(115		)
U.S. agency securities	6,518		(2		)	—		—		6,518		(2		)
Total	$	41,350	$	(127	)	$	—	$	—	$	41,350	$	(127	)
Number of securities with an unrealized loss			20					—				20

The contractual maturities of marketable investments at December 25, 2011 were as follows (in thousands):

	December 25, 2011
	Within One     Year		After One,     Within Five     Years		After Five,     Within Ten     Years		After Ten     Years		Total
Municipal bonds	$	89,687	$	109,654	$	—	$	—	$	199,341
Corporate bonds	64,957		104,535		—		—		169,492
Certificates of deposit	63,001		5,003		—		—		68,004
Municipal variable rate demand notes	—		—		—		2,795		2,795
Commercial paper	2,149		—		—		—		2,149
U.S. agency securities	10,235		62,568		—		—		72,803
Non-U.S. government securities	—		1,011		—		—		1,011
Total	$	230,029	$	282,771	$	—	$	2,795	$	515,595