Investments

Available-for-Sale Securities

The amortized cost and fair value of available-for-sale investments as of July 2, 2017 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	73,974		$	10	$	(509	)	$	73,475
Money market funds	61,920			—		—			61,920
Asset-backed securities	14,526			9		(19		)	14,516
Corporate bonds	107,764			71		(226		)	107,609
International government bonds	5,424			4		(13		)	5,415
Bank deposits	12,646			—		—			12,646
Repurchase agreements	38			—		—			38
Total available-for-sale investments	276,292			94		(767		)	275,619
Less amounts classified as cash equivalents	(61,958		)	—		—			(61,958		)
Short-term investments	$	214,334		$	94	$	(767	)	$	213,661

The amortized cost and fair value of available-for-sale investments as of April 2, 2017 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	62,048		$	16	$	(508	)	$	61,556
Money market funds	140,425			—		—			140,425
Asset-backed securities	13,865			5		(23		)	13,847
Corporate bonds	96,660			42		(326		)	96,376
International government bonds	5,423			2		(15		)	5,410
Corporate commercial paper	4,898			—		—			4,898
Bank deposits	12,305			—		—			12,305
Repurchase agreements	173			—		—			173
Total available-for-sale investments	335,797			65		(872		)	334,990
Less amounts classified as cash equivalents	(143,498		)	—		—			(143,498		)
Short-term investments	$	192,299		$	65	$	(872	)	$	191,492

The cost and estimated fair value of available-for-sale securities as of July 2, 2017, by contractual maturity, were as follows:



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	106,516	$	106,505
Due in 1-2 years	59,650		59,527
Due in 2-5 years	110,126		109,587
Total investments in available-for-sale securities	$	276,292	$	275,619

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of July 2, 2017, 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	$	58,957	$	(226	)	$	—	$	—	$	58,957	$	(226	)
Asset-backed securities	8,958		(19		)	—		—		8,958		(19		)
U.S. government treasuries and agencies securities	68,311		(509		)	—		—		68,311		(509		)
International government bonds	2,637		(13		)	—		—		2,637		(13		)
Total	$	138,863	$	(767	)	$	—	$	—	$	138,863	$	(767	)

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 2, 2017, 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	$	71,308	$	(326	)	$	—	$	—	$	71,308	$	(326	)
Asset-backed securities	11,294		(23		)	—		—		11,294		(23		)
U.S. government treasuries and agencies securities	55,497		(508		)	—		—		55,497		(508		)
International government bonds	2,634		(15		)	—		—		2,634		(15		)
Total	$	140,733	$	(872	)	$	—	$	—	$	140,733	$	(872	)

Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of July 2, 2017, 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 as of July 2, 2017 and April 2, 2017.

Non-marketable Equity Securities

As of July 2, 2017 and April 2, 2017, the Company holds capital stock of privately-held companies with total amount of $14.4 million and $13.2 million, respectively. These investments in stocks (included in Other Assets on the Condensed Consolidated Balance Sheet) 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 2, 2017 and July 3, 2016.