Investments

Available-for-sale investments at the end of 2016 were as follows:



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

Cash equivalents:
Money market funds	$	23,110	$	—	$	—		$	23,110
Time deposits	11,477		—		—			11,477
Total cash equivalents	34,587		—		—			34,587

Short-term investments:
Time deposits	40,639		—		—			40,639
Commercial paper	22,325		—		(24		)	22,301
Government and corporate bonds	122,729		3		(84		)	122,648
Total short-term investments	185,693		3		(108		)	185,588

Long-term investments:
Government and corporate bonds	95,806		—		(438		)	95,368

Total available-for-sale investments	$	316,086	$	3	$	(546	)	$	315,543

Available-for-sale investments at the end of 2015 were as follows:



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

Cash equivalents:
Money market funds	$	126,752	$	—	$	—		$	126,752
Time deposits	5,677		—		—			5,677
Government and corporate bonds	73		—		—			73
Total cash equivalents	132,502		—		—			132,502

Short-term investments:
Time deposits	30,989		—		—			30,989
Commercial paper	1,500		—		(2		)	1,498
Government and corporate bonds	78,655		20		(103		)	78,572
Total short-term investments	111,144		20		(105		)	111,059

Long-term investments:
Government and corporate bonds	156,527		14		(569		)	155,972

Total available-for-sale investments	$	400,173	$	34	$	(674	)	$	399,533

Investments reported under the cost method of accounting as of December 31, 2016 and January 2, 2016 were $12 million and $16 million, respectively. Investments reported under the equity method of accounting as of December 31, 2016 and January 2, 2016 were $2 million and $1 million, respectively.

We sold available-for-sale investments for proceeds of $245 million and $293 million in 2016 and 2015, respectively, resulting in insignificant losses in each period.