CASH EQUIVALENTS AND INVESTMENTS

In September 2016, the Company invested $94.9 million in available-for-sale securities. The Company did not have any investments as of its fiscal 2015 year end. The following table summarizes the Company’s available-for-sale securities as of the end of the third quarter of fiscal 2016.



	Third Quarter of Fiscal 2016
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities:
U.S. Treasury securities	$	11.7	$	—	$	—	$	11.7
Municipal debt securities	10.0		—		—		10.0
Corporate debt securities	15.8		—		—		15.8
Commercial paper	57.4		—		—		57.4
Total available-for-sale securities	$	94.9	$	—	$	—	$	94.9

Reported as:
Cash and cash equivalents	$	32.8	$	—	$	—	$	32.8
Short-term investments	62.1		—		—		62.1
Total	$	94.9	$	—	$	—	$	94.9

The Company did not recognize any realized gains or losses on its available-for-sale securities during the third quarter of fiscal 2016, or any unrealized gains or losses on its investments as of the end of the third quarter of fiscal 2016 due to the short duration of time the investments were held.

The following table presents the contractual maturities of the Company's available-for-sale investments as of the end of the third quarter of fiscal 2016.



	Third Quarter of Fiscal 2016
(Dollars in millions)	Amortized Cost
Due in less than 1 year	$	65.0
Due in 1 to 5 years	19.9
Due in 5-10 years	2.0
Due after 10 years	8.0
Total	$	94.9

The Company’s available-for-sale securities are liquid and maybe sold in the future to fund future operating needs. As a result, the Company recorded all of its available-for-sale securities, not classified as cash equivalents, in Short-term investments as of the end of the third quarter of fiscal 2016, regardless of the contractual maturity date of the securities.