Investments

Available-for-Sale Securities

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



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	50,091		$	305	$	—		$	50,396
Money market funds	38,408			—		—			38,408
Asset-backed securities	10,319			20		(2		)	10,337
Corporate bonds	119,967			456		(136		)	120,287
International government bonds	2,194			35		—			2,229
Corporate commercial paper	5,972			—		—			5,972
Bank deposits	10,040			—		—			10,040
Repurchase agreements	367			—		—			367
Municipal bonds	900			—		—			900
Total available-for-sale investments	238,258			816		(138		)	238,936
Less amounts classified as cash equivalents	(39,275		)	—		—			(39,275		)
Short-term investments	$	198,983		$	816	$	(138	)	$	199,661

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



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	32,374		$	146	$	(1	)	$	32,519
Money market funds	124,504			—		—			124,504
Asset-backed securities	10,518			4		(7		)	10,515
Corporate bonds	91,321			246		(179		)	91,388
International government bonds	2,195			13		—			2,208
Corporate commercial paper	1,992			—		—			1,992
Bank deposits	11,711			—		—			11,711
Repurchase agreements	114			—		—			114
Municipal bonds	900			—		—			900
Total available-for-sale investments	275,629			409		(187		)	275,851
Less amounts classified as cash equivalents	(124,618		)	—		—			(124,618		)
Short-term investments	$	151,011		$	409	$	(187	)	$	151,233

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



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	69,206	$	69,216
Due in 1-2 years	84,481		84,659
Due in 2-5 years	84,571		85,061
Total investments in available-for-sale securities	$	238,258	$	238,936

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of July 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	$	37,650	$	(136	)	$	—	$	—	$	37,650	$	(136	)
Asset-backed securities	3,874		(2		)	—		—		3,874		(2		)
Total	$	41,524	$	(138	)	$	—	$	—	$	41,524	$	(138	)

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 3, 2016, 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	$	33,407	$	(179	)	$	—	$	—	$	33,407	$	(179	)
Asset-backed securities	4,979		(7		)	—		—		4,979		(7		)
U.S. government treasuries and agencies securities	6,097		(1		)	—		—		6,097		(1		)
Total	$	44,483	$	(187	)	$	—	$	—	$	44,483	$	(187	)

Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of July 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 July 3, 2016 and April 3, 2016.

Non-marketable Equity Securities

As of July 3, 2016 and April 3, 2016, the Company holds capital stock of privately-held companies with total amount of $10.0 million. These investments in stocks (included under Other Assets on the Condensed Consolidated Balance Sheets) are accounted for as cost-method investments, 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 months ended July 3, 2016 and June 28, 2015.