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Marketable Securities
 3 Months Ended
Sep. 28, 2014
Marketable Securities [Abstract]  
Marketable Securities

5.Marketable Securities

 

The Company’s cash equivalents and marketable securities in debt instruments are classified as available-for-sale; most of the debt instruments have an investment rating of AA+ to AAA.  The following is a summary of cash equivalents and marketable securities at September 28, 2014 and June 29, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 28, 2014

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

In thousands

 

Cost

 

Gain

 

(Loss) (1)

 

Fair Value

 

U.S. Treasury securities

 

$
437,160 

 

$
307 

 

$
(46)

 

$
437,421 

 

Obligations of U.S. government-sponsored enterprises

 

 
147,937 

 

 
35 

 

 
(57)

 

 
147,915 

 

Municipal bonds

 

 
77,472 

 

 
48 

 

 
(10)

 

 
77,510 

 

Corporate debt securities and other

 

 
263,206 

 

 
9 

 

 
(32)

 

 
263,183 

 

Money market funds

 

 
32,399 

 

 

 —

 

 

 —

 

 
32,399 

 

Total

 

$
958,174 

 

$
399 

 

$
(145)

 

$
958,428 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$
76,841 

 

$

 —

 

$

 —

 

$
76,841 

 

Marketable securities

 

 
881,333 

 

 
399 

 

 
(145)

 

 
881,587 

 

Total

 

$
958,174 

 

$
399 

 

$
(145)

 

$
958,428 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 29, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

In thousands

 

Cost

 

Gain

 

(Loss) (1)

 

Fair Value

 

U.S. Treasury securities

 

$
426,777 

 

$
455 

 

$
(2)

 

$
427,230 

 

Obligations of U.S. government-sponsored enterprises

 

 
133,131 

 

 
46 

 

 
(2)

 

 
133,175 

 

Municipal bonds

 

 
60,267 

 

 
49 

 

 
(4)

 

 
60,312 

 

Corporate debt securities and other

 

 
253,429 

 

 
18 

 

 
(3)

 

 
253,444 

 

Money market funds

 

 
16,405 

 

 

 —

 

 

 —

 

 
16,405 

 

Total

 

$
890,009 

 

$
568 

 

$
(11)

 

$
890,566 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$
35,102 

 

$

 —

 

$

 —

 

$
35,102 

 

Marketable securities

 

 
854,907 

 

 
568 

 

 
(11)

 

 
855,464 

 

Total

 

$
890,009 

 

$
568 

 

$
(11)

 

$
890,566 

 

 

 

(1) The Company evaluated the nature of the investments with a loss position at September 28, 2014 and June 29, 2014, which are primarily obligations of the U.S. government and its sponsored enterprises, municipal bonds and U.S. corporate notes.  In evaluating the investments, the Company considered the duration of the impairments, and the amount of the impairments relative to the underlying portfolio and concluded that such amounts were not other-than-temporary. The Company principally holds securities until maturity, however, they may be sold under certain circumstances.  Unrealized losses on the investments greater than twelve months old were not significant as of September 28, 2014 and June 29, 2014.

 

The estimated fair value of debt investments in marketable securities, by effective maturity date is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 28,

 

June 29,

 

In thousands

 

2014

 

2014

 

Due in one year or less

 

$
492,609 

 

$
470,453 

 

Due after one year through three years

 

 
388,978 

 

 
385,011 

 

Total

 

$
881,587 

 

$
855,464