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 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):



	Fiscal year-end 2016
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents	$	354,347	$	—	$	—	$	354,347
Short-term investments:
Available-for-sale securities:
Commercial paper	$	24,999	$	—	$	—	$	24,999
U.S. Treasury and agency obligations	125		—		—		125
Equity securities	15,269		5,213		—		20,482
Total short-term investments	$	40,393	$	5,213	$	—	$	45,606



	Fiscal year-end 2015
	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	130,607	$	—	$	—		$	130,607
Short-term investments:
Available-for-sale securities:
Commercial paper	$	9,740	$	—	$	—		$	9,740
U.S. Treasury and agency obligations	149,708		1,040		—			150,748
Corporate notes and obligations	17,892		52		(2		)	17,942
Equity securities	15,269		1,209		—			16,478
Total short-term investments	$	192,609	$	2,301	$	(2	)	$	194,908

None of the unrealized losses as of October 1, 2016 or October 3, 2015 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 October 1, 2016 and October 3, 2015, classified as short-term investments on our consolidated balance sheets, were as follows (in thousands):



	Fiscal year-end
	2016				2015
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Investments in available-for-sale debt securities due in less than one year	$	25,124	$	25,124	$	148,088	$	149,100
Investments in available-for-sale debt securities due in one to five years ⁽¹⁾	$	—	$	—	$	29,252	$	29,330

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

During fiscal 2016, we received proceeds totaling $126.0 million from the sale of available-for-sale securities and realized gross gains of less than $0.1 million. During fiscal 2015, we received proceeds totaling $163.8 million from the sale of available-for-sale securities and realized gross gains of less than $0.1 million.