Fair Value Measurements

The following tables represent the Company’s fair value hierarchy for its marketable securities measured at fair value on a recurring basis (in thousands):



	As of December 31, 2016								As of December 26, 2015
	Fair Value Measured Using								Fair Value Measured Using
	Level 1		Level 2			Total			Level 1		Level 2			Total
Assets
Money market funds	$	41,773	$	—		$	41,773		$	37,829	$	—		$	37,829
Certificates of deposit	—		1,881			1,881			—		5,001			5,001
Commercial paper	—		39,310			39,310			—		10,997			10,997
Corporate bonds	—		88,324			88,324			—		163,400			163,400
U.S. agency notes	—		11,759			11,759			—		10,717			10,717
U.S. treasuries	52,092		—			52,092			24,853		—			24,853
Foreign currency exchange forward contracts	$	—	$	187		$	187		$	—	$	490		$	490
Total assets	$	93,865	$	141,461		$	235,326		$	62,682	$	190,605		$	253,287
Liabilities
Foreign currency exchange forward contracts	$	—	$	(71	)	$	(71	)	$	—	$	(44	)	$	(44	)

During 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2. As of December 31, 2016 and December 26, 2015, none of the Company’s existing securities were classified as Level 3 securities.

Cash, cash equivalents and investments were as follows (in thousands):



	December 31, 2016
	Adjusted Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash	$	109,978	$	—	$	—		$	109,978
Money market funds	41,773		—		—			41,773
Commercial paper	8,892		—		(1		)	8,891
U.S. agency notes	1,999		—		—			1,999
Total cash and cash equivalents	$	162,642	$	—	$	(1	)	$	162,641
Certificates of deposit	1,881		—		—			1,881
Commercial paper	30,425		—		(6		)	30,419
Corporate bonds	63,097		1		(59		)	63,039
U.S. agency notes	7,285		—		(8		)	7,277
U.S. treasuries	39,093		9		(21		)	39,081
Total short-term investments	$	141,781	$	10	$	(94	)	$	141,697
Corporate bonds	25,374		—		(89		)	25,285
U.S. agency notes	2,499		—		(16		)	2,483
U.S. treasuries	13,032		2		(23		)	13,011
Total long-term investments	$	40,905	$	2	$	(128	)	$	40,779
Total cash, cash equivalents and investments	$	345,328	$	12	$	(223	)	$	345,117



	December 26, 2015
	Adjusted Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash	$	98,372	$	—	$	—		$	98,372
Money market funds	37,829		—		—			37,829
Commercial paper	6,000		—		—			6,000
U.S. treasuries	6,900		—		—			6,900
Total cash and cash equivalents	$	149,101	$	—	$	—		$	149,101
Certificates of deposit	3,120		—		—			3,120
Commercial paper	4,997		—		—			4,997
Corporate bonds	111,608		—		(148		)	111,460
U.S. agency notes	2		—		—			2
U.S. treasuries	5,986		—		(4		)	5,982
Total short-term investments	$	125,713	$	—	$	(152	)	$	125,561
Certificates of deposit	1,880		1		—			1,881
Corporate bonds	52,189		—		(249		)	51,940
U.S. agency notes	10,784		—		(69		)	10,715
U.S. treasuries	12,010		—		(39		)	11,971
Total long-term investments	$	76,863	$	1	$	(357	)	$	76,507
Total cash, cash equivalents and investments	$	351,677	$	1	$	(509	)	$	351,169

As of December 31, 2016, the Company’s available-for-sale investments have a contractual maturity term of up to 24 months. Gross realized gains and losses on short-term and long-term investments were insignificant for all periods. The specific identification method is used to account for gains and losses on available-for-sale investments.

As of December 31, 2016, the Company had $304.3 million of cash, cash equivalents and short-term investments, including $43.2 million of cash and cash equivalents held by its foreign subsidiaries. The Company's cash in foreign locations is used for operational and investing activities in those locations, and the Company does not currently have the need or the intent to repatriate those funds to the United States.