SHORT-TERM INVESTMENTS

We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Investments classified as available-for-sale are reported at fair value with unrealized gains and losses, net of related income taxes, recorded as a separate component of other comprehensive income (“OCI”) in stockholders’ equity until realized. Interest and amortization of premiums and discounts for debt securities are included in interest income. Gains and losses on securities sold are determined based on the specific identification method and are included in other income (expense).

Cash, cash equivalents and short-term investments consist of the following (in thousands):



	April 4, 2015
	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	115,081	$	—	$	—		$	115,081

Short-term investments:
Available-for-sale securities:
Commercial paper	$	16,985	$	—	$	—		$	16,985
U.S. Treasury and agency obligations	154,648		908		(17		)	155,539
Corporate notes and obligations	41,122		177		(38		)	41,261
Equity Securities	15,299		269		—			15,568
Total short-term investments	$	228,054	$	1,354	$	(55	)	$	229,353



	September 27, 2014
	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	91,217	$	—	$	—		$	91,217

Short-term investments:
Available-for-sale securities:
Commercial paper	$	23,983	$	—	$	—		$	23,983
U.S. Treasury and agency obligations	149,260		831		(3		)	150,088
Corporate notes and obligations	52,834		195		(42		)	52,987
Total short-term investments	$	226,077	$	1,026	$	(45	)	$	227,058

None of the unrealized losses as of April 4, 2015 or September 27, 2014 were considered to be other-than-temporary impairments.

The amortized cost and estimated fair value of available-for-sale investments in debt securities as of April 4, 2015 and September 27, 2014 classified as short-term investments on our condensed consolidated balance sheet were as follows (in thousands):



	April 4, 2015				September 27, 2014
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Investments in available-for-sale debt securities due in less than one year	$	168,338	$	169,230	$	178,329	$	179,223
Investments in available-for-sale debt securities due in one to five years ⁽¹⁾	$	44,417	$	44,555	$	47,748	$	47,835

(1) Classified as short-term investments because these securities are highly liquid and can be sold at any time.

During the three and six months ended April 4, 2015, we received proceeds totaling $48.3 million and $77.8 million, respectively, from the sale of available-for-sale securities and realized gross gains of less than $0.1 million and $0.1 million, respectively. During the three and six months ended March 29, 2014, we received proceeds totaling $7.0 million and $14.1 million, respectively, from the sale of available-for-sale securities and realized gross gains of less than $0.1 million and $0.1 million, respectively.