Investments

Available-for-sale investments at July 4, 2015 were as follows:



(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

Cash equivalents:
Money market funds	$	67,104	$	—	$	—		$	67,104
Time deposits	9,412		—		—			9,412
Government and corporate bonds	2,100		—		—			2,100
Total cash equivalents	78,616		—		—			78,616

Short-term investments:
Time deposits	51,230		—		—			51,230
Commercial paper	4,600		—		—			4,600
Government and corporate bonds	208,202		75		(33		)	208,244
Total short-term investments	264,032		75		(33		)	264,074

Long-term investments:
Government and corporate bonds	282,713		79		(342		)	282,450

Total available-for-sale investments	$	625,361	$	154	$	(375	)	$	625,140

Available-for-sale investments at January 3, 2015 were as follows:



(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

Cash equivalents:
Money market funds	$	189,137	$	—	$	—		$	189,137
Time deposits	9,989		—		—			9,989
Commercial paper	115,638		—		—			115,638
Total cash equivalents	314,764		—		—			314,764

Short-term investments:
Time deposits	52,830		—		(1		)	52,829
Commercial paper	435,555		1		(12		)	435,544
Government and corporate bonds	297,311		69		(90		)	297,290
Total short-term investments	785,696		70		(103		)	785,663

Long-term investments:
Government and corporate bonds	219,439		26		(500		)	218,965

Total available-for-sale investments	$	1,319,899	$	96	$	(603	)	$	1,319,392

We sold available-for-sale investments for proceeds of $57 million and $156 million during the six months ended July 4, 2015 and June 28, 2014, respectively, resulting in insignificant gains in each period.