Investments

Investments consist of municipal bonds, corporate bonds, U.S. agency securities, 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):



	December 24, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds		$178,985		$815		($1,025	)		$178,775
Corporate bonds	172,410		1,161		(761		)	172,810
U.S. agency securities	3,921		—		(7		)	3,914
Non-U.S. certificates of deposit	122,634		—		—			122,634
Commercial paper	2,088		—		—			2,088
Total short-term investments		$480,038		$1,976		($1,793	)		$480,221

	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
U.S. agency securities	—		—		—			—
Non-U.S. certificates of deposit	120,379		—		—			120,379
Commercial paper	200		—		—			200
Total short-term investments		$474,460		$4,144		($263	)		$478,341

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):



	December 24, 2017
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds		$115,005		($897	)		$7,821		($90	)		$122,826		($987	)
Corporate bonds	100,236		(563		)	12,808		(237		)	113,044		(800		)
U.S. agency securities	3,914		(7		)	—		—			3,914		(7		)
Total		$219,155		($1,467	)		$20,629		($327	)		$239,784		($1,794	)
Number of securities with an unrealized loss			148					23					171

	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		)
U.S. agency securities	—		—			—		—			—		—
Total		$84,220		($263	)		$—		$—			$84,220		($263	)
Number of securities with an unrealized loss			67					—					67

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 income (expense), net in the consolidated statements of income (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 December 24, 2017 and June 25, 2017.

The contractual maturities of short-term investments as of December 24, 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		$1,526		$130,557		$35,186		$11,506		$178,775
Corporate bonds	4,759		97,126		62,274		8,651		172,810
U.S. agency securities	—		3,914		—		—		3,914
Non-U.S. certificates of deposit	114,911		7,723		—		—		122,634
Commercial paper	2,088		—		—		—		2,088
Total short-term investments		$123,284		$239,320		$97,460		$20,157		$480,221