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 based upon management’s determination that the underlying cash invested in these securities is available for operations as necessary.
The following tables provide a summary of marketable investments by type (in thousands): | | | | | | | | | | | | | | | | | | | | September 23, 2012 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Municipal bonds | | $ | 237,007 |
| | $ | 1,936 |
| | $ | (24 | ) | | $ | 238,919 |
| Corporate bonds | | 142,437 |
| | 2,573 |
| | (7 | ) | | 145,003 |
| Certificates of deposit | | 185,000 |
| | — |
| | — |
| | 185,000 |
| U.S. agency securities | | 72,759 |
| | 515 |
| | (2 | ) | | 73,272 |
| Non-U.S. government securities | | 10,214 |
| | 25 |
| | (1 | ) | | 10,238 |
| Total | | $ | 647,417 |
| | $ | 5,049 |
| | $ | (34 | ) | | $ | 652,432 |
| | | | | | | | | | | | June 24, 2012 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Municipal bonds | | $ | 209,626 |
| | $ | 2,036 |
| | $ | (58 | ) | | $ | 211,604 |
| Corporate bonds | | 144,942 |
| | 1,848 |
| | (123 | ) | | 146,667 |
| Certificates of deposit | | 130,000 |
| | — |
| | — |
| | 130,000 |
| U.S. agency securities | | 68,156 |
| | 450 |
| | (7 | ) | | 68,599 |
| Non-U.S. government securities | | 8,746 |
| | 15 |
| | (3 | ) | | 8,758 |
| Total | | $ | 561,470 |
| | $ | 4,349 |
| | $ | (191 | ) | | $ | 565,628 |
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The following tables present 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 23, 2012 | | | Less than 12 Months | | Greater than 12 Months | | Total | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Municipal bonds | | $ | 33,121 |
| | $ | (24 | ) | | $ | — |
| | $ | — |
| | $ | 33,121 |
| | $ | (24 | ) | Corporate bonds | | 15,850 |
| | (7 | ) | | — |
| | — |
| | 15,850 |
| | (7 | ) | U.S. agency securities | | 3,013 |
| | (2 | ) | | — |
| | — |
| | 3,013 |
| | (2 | ) | Non-U.S. government securities | | 3,037 |
| | (1 | ) | | — |
| | — |
| | 3,037 |
| | (1 | ) | Total | | $ | 55,021 |
| | $ | (34 | ) | | $ | — |
| | $ | — |
| | $ | 55,021 |
| | $ | (34 | ) | Number of securities with an unrealized loss | | | | 22 |
| | | | — |
| | | | 22 |
| | | | | | | | | | | | | | | | June 24, 2012 | | | Less than 12 Months | | Greater than 12 Months | | Total | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Municipal bonds | | $ | 30,102 |
| | $ | (58 | ) | | $ | — |
| | $ | — |
| | $ | 30,102 |
| | $ | (58 | ) | Corporate bonds | | 30,550 |
| | (123 | ) | | — |
| | — |
| | 30,550 |
| | (123 | ) | U.S. agency securities | | 3,014 |
| | (7 | ) | | — |
| | — |
| | 3,014 |
| | (7 | ) | Non-U.S. government securities | | 1,543 |
| | (3 | ) | | — |
| | — |
| | 1,543 |
| | (3 | ) | Total | | $ | 65,209 |
| | $ | (191 | ) | | $ | — |
| | $ | — |
| | $ | 65,209 |
| | $ | (191 | ) | Number of securities with an unrealized loss | | | | 33 |
| | | | — |
| | | | 33 |
|
The contractual maturities of marketable investments at September 23, 2012 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | September 23, 2012 | | Within One Year | | After One, Within Five Years | | After Five, Within Ten Years | | After Ten Years | | Total | Municipal bonds | $ | 109,450 |
| | $ | 129,469 |
| | $ | — |
| | $ | — |
| | $ | 238,919 |
| Corporate bonds | 40,096 |
| | 104,907 |
| | — |
| | — |
| | 145,003 |
| Certificates of deposit | 185,000 |
| | — |
| | — |
| | — |
| | 185,000 |
| U.S. agency securities | 29,334 |
| | 43,938 |
| | — |
| | — |
| | 73,272 |
| Non-U.S. government securities | 4,541 |
| | 5,697 |
| | — |
| | — |
| | 10,238 |
| Total | $ | 368,421 |
| | $ | 284,011 |
| | $ | — |
| | $ | — |
| | $ | 652,432 |
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