Investments

Available-for-Sale Securities

Available-for-sale investments at January 3, 2016 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	62,583		$	—	$	(149	)	$	62,434
Money market funds	70,960			—		—			70,960
Asset-backed securities	14,533			—		(32		)	14,501
Corporate bonds	108,682			18		(386		)	108,314
International government bonds	—			—		—			—
Corporate commercial paper	3,483			—		—			3,483
Bank deposits	13,595			—		—			13,595
Repurchase agreements	129			—		—			129
Municipal bonds	900			—		—			900
Total available-for-sale investments	274,865			18		(567		)	274,316
Less amounts classified as cash equivalents	(74,996		)	—		—			(74,996		)
Short-term investments	$	199,869		$	18	$	(567	)	$	199,320

Available-for-sale investments at March 29, 2015 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	135,570		$	398	$	(23	)	$	135,945
Money market funds	55,578			—		—			55,578
Asset-backed securities	31,830			9		(9		)	31,830
Corporate bonds	245,229			567		(121		)	245,675
International government bonds	1,010			—		(4		)	1,006
Corporate commercial paper	4,999			—		—			4,999
Bank deposits	16,915			—		—			16,915
Repurchase agreements	191			—		—			191
Municipal bonds	6,001			45		(2		)	6,044
Total available-for-sale investments	497,323			1,019		(159		)	498,183
Less amounts classified as cash equivalents	(60,068		)	—		—			(60,068		)
Short-term investments	$	437,255		$	1,019	$	(159	)	$	438,115

The cost and estimated fair value of available-for-sale securities at January 3, 2016, by contractual maturity, were as follows:



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	103,575	$	103,569
Due in 1-2 years	64,896		64,740
Due in 2-5 years	107,386		106,007
Total investments in available-for-sale securities	$	275,857	$	274,316

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of January 3, 2016, aggregated by investment category and length of time that individual securities have been in a continuous loss position.



	Less Than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	90,142	$	(386	)	$	—	$	—	$	90,142	$	(386	)
Asset-backed securities	14,501		(32		)	—		—		14,501		(32		)
U.S. government treasuries and agencies securities	56,969		(149		)	—		—		56,969		(149		)
Municipal bonds	900		—			—		—		900		—
International government bonds	—		—			—		—		—		—
Total	$	162,512	$	(567	)	$	—	$	—	$	162,512	$	(567	)

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 29, 2015, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.



	Less Than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	67,367	$	(121	)	$	—	$	—	$	67,367	$	(121	)
Asset-backed securities	17,736		(9		)	—		—		17,736		(9		)
U.S. government treasuries and agencies securities	18,478		(23		)	—		—		18,478		(23		)
Municipal bonds	1,001		(2		)	—		—		1,001		(2		)
International government bonds	1,006		(4		)	—		—		1,006		(4		)
Total	$	105,588	$	(159	)	$	—	$	—	$	105,588	$	(159	)

Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of January 3, 2016, the unrealized losses on the Company’s available-for-sale investments represented an insignificant amount in relation to its total available-for-sale portfolio. Substantially all of the Company’s unrealized losses on its available-for-sale marketable debt instruments can be attributed to fair value fluctuations in an unstable credit environment that resulted in a decrease in the market liquidity for debt instruments. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company did not consider these investments to be other-than-temporarily impaired at January 3, 2016 and March 29, 2015.

Non-marketable Equity Securities

As of January 3, 2016 and March 29, 2015, the Company holds capital stock of privately-held companies with total amount of $6.0 million and $4.0 million, respectively. During the three months ended January 3, 2016, the Company purchased $2.0 million of convertible notes in a privately-held company which were automatically converted into ordinary shares of stock in accordance with the terms of the instrument at December 31, 2015. This and other investment in stocks (included under Other Assets on the Condensed Consolidated Balance Sheets) are accounted for as cost-method investment, as the Company owns less than 20% of the voting securities and does not have the ability to exercise significant influence over operating and financial policies of each entity. The Company did not record any impairment charge for these investments during the three and nine months ended January 3, 2016.