9.	Cash, Cash Equivalents and Investments

Cash and cash equivalents, short-term investments and long-term investments consist of:


	April 1, 2017
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	15,290	$	—	$	—	$	15,290
Money market funds		8,414		—		—		8,414
Commercial paper		1,273		—		—		1,273
Municipal bonds		600		—		—		600

Total cash and cash equivalents	$	25,577	$	—	$	—	$	25,577
Short-term investments:
Certificates of deposit	$	1,000	$	—	$	—	$	1,000
Commercial paper		1,597		—		—		1,597
Corporate bonds and medium-term notes		8,231		—		9		8,222
U.S. treasury and agency securities		4,410		—		2		4,408

Total short-term investments	$	15,238	$	—	$	11	$	15,227
Long-term investments:
Corporate bonds and medium-term notes	$	1,948	$	—	$	5	$	1,943
Municipal bonds		500		—		2		498
U.S. treasury and agency securities		1,597		—		—		1,597

Total long-term investments	$	4,045	$	—	$	7	$	4,038

Total cash, cash equivalents, and investments	$	44,860	$	—	$	18	$	44,842


	December 31, 2016
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	18,726	$	—	$	—	$	18,726
Money market funds		8,317		—		—		8,317

Total cash and cash equivalents	$	27,043	$	—	$	—	$	27,043
Short-term investments:
Commercial paper	$	1,992	$	—	$	1	$	1,991
Corporate bonds and medium-term notes		8,586		—		6		8,580
Municipal bonds		600		—		—		600
U.S. treasury and agency securities		6,432		—		1		6,431

Total short-term investments	$	17,610	$	—	$	8	$	17,602
Long-term investments:
Corporate bonds and medium-term notes	$	2,510	$	—	$	11	$	2,499
Municipal bonds		500		—		4		496
U.S. treasury and agency securities		597		1		—		598

Total long-term investments	$	3,607	$	1	$	15	$	3,593

Total cash, cash equivalents, and investments	$	48,260	$	1	$	23	$	48,238

The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of April 1, 2017.


	April 1, 2017
	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate bonds and medium-term notes	$	9,105	$	14	$	—	$	—
Municipal bonds		498		2		—		—
U.S. treasury and agency securities		4,408		2		—		—

	$	14,011	$	18	$	—	$	—

The contractual maturities of available-for-sale securities at April 1, 2017 are presented in the following table.


	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	25,525	$	25,514
Due after one through two years		4,045		4,038

	$	29,570	$	29,552

All prices for the fixed maturity securities including U.S. Treasury and agency securities, certificates of deposit, commercial paper, corporate bonds and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received for a security in an orderly sale. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs.

The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of April 1, 2017.


	Fair Value Measurements at April 1, 2017
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	8,414	$	8,414	$	—
U.S. treasury and agency securities		6,005		2,098		3,907
Certificates of deposit		1,000		—		1,000
Commercial paper		2,870		—		2,870
Corporate bonds and medium-term notes		10,165		—		10,165
Municipal bonds		1,098		—		1,098

Total recurring fair value measurements	$	29,552	$	10,512	$	19,040