6. Cash Equivalents and Marketable Securities

Cash equivalents are short-term, highly liquid investments with original maturity dates of three months or less at the date of acquisition. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. As of April 27, 2013, the Company did not have any short term or long term investments. As of July 31, 2012, the Company had short term and long term investments of $302.7 million. The Company’s investments as of July 31, 2012 consisted of marketable securities classified as available-for-sale and are recorded at fair value with any unrealized gain or loss recorded as an element of stockholders’ equity. The fair value of our short term and long term investments is determined based on quoted market prices at the reporting date for those instruments. As of April 27, 2013 and July 31, 2012, aggregate cash and cash equivalents and short and long term investments consisted of (in thousands):

April 27, 2013:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Cash and cash equivalents	$	20,614	$	—	$	—	$	20,614
Government securities		—		—		—		—

Total	$	20,614	$	—	$	—	$	20,614

July 31, 2012:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents	$	136,654	$	—	$	—		$	136,654
Government securities		302,695		66		(22	)		302,739

Total	$	439,349	$	66	$	(22	)	$	439,393