Investments

Available-for-Sale Securities

Available-for-sale investments at October 2, 2016 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	62,660		$	77	$	(34	)	$	62,703
Money market funds	56,363			—		—			56,363
Asset-backed securities	14,992			36		—			15,028
Corporate bonds	141,899			286		(128		)	142,057
International government bonds	4,845			25		—			4,870
Corporate commercial paper	25,014			—		(73		)	24,941
Bank deposits	11,767			—		—			11,767
Repurchase agreements	48			—		—			48
Municipal bonds	900			—		—			900
Total available-for-sale investments	318,488			424		(235		)	318,677
Less amounts classified as cash equivalents	(58,315		)	—		—			(58,315		)
Short-term investments	$	260,173		$	424	$	(235	)	$	260,362

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 October 2, 2016, by contractual maturity, were as follows:



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	127,225	$	127,152
Due in 1-2 years	75,786		75,883
Due in 2-5 years	115,477		115,642
Total investments in available-for-sale securities	$	318,488	$	318,677

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of October 2, 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	$	64,389	$	(128	)	$	—	$	—	$	64,389	$	(128	)
U.S. government treasuries and agencies securities	36,109		(34		)	—		—		36,109		(34		)
Corporate commercial paper	$	6,927	$	(73	)	$	—	$	—	$	6,927	$	(73	)
Total	$	107,425	$	(235	)	$	—	$	—	$	107,425	$	(235	)

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 October 2, 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 October 2, 2016 and April 3, 2016.

Non-marketable Equity Securities

As of October 2, 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 and six months ended October 2, 2016 and September 27, 2015.

During the quarter ended October 2, 2016, the Company purchased investment in convertible notes amounting to $2.0 million, of a privately-held company to which it currently holds capital stock. Subsequently, on October 31, 2016, the total principal amount of the notes including accrued interests automatically converted into shares of common stock for a total amount of $2.0 million.