Investments

Available-for-Sale Securities

Available-for-sale investments at September 30, 2012 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	145,816		$	19	$	—		$	145,835
Money market funds	62,100								62,100
Corporate bonds	13,678			18		—			13,696
International government bonds	4,606					(1		)	4,605
Corporate commercial paper	1,000								1,000
Bank deposits	11,183								11,183
Total available-for-sale investments	238,383			37		(1		)	238,419
Less amounts classified as cash equivalents	(67,497		)	—		—			(67,497		)
Short-term investments	$	170,886		$	37	$	(1	)	$	170,922

Available-for-sale investments at April 1, 2012 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	156,331		$	8	$	(24	)	$	156,315
Money market funds	104,596			—		—			104,596
Corporate bonds	21,485			59		(6		)	21,538
International government bonds	4,650			1		(3		)	4,648
Corporate commercial paper	3,148			—		—			3,148
Bank deposits	11,633			—		—			11,633
Municipal bonds	652			1					653
Total available-for-sale investments	302,495			69		(33		)	302,531
Less amounts classified as cash equivalents	(111,996		)	—		—			(111,996		)
Short-term investments	$	190,499		$	69	$	(33	)	$	190,535

The cost and estimated fair value of available-for-sale securities at September 30, 2012, by contractual maturity, were as follows:



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	237,732	$	237,769
Due in 1-2 years	650		650
Total investments in available-for-sale securities	$	238,382	$	238,419

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of September 30, 2012, aggregated by length of time that individual securities have been in a continuous loss position.



	Less Than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	552	$	(1	)	$	—	$	—	$	552	$	(1	)
U.S. government treasuries and agencies securities	1,350		—			—		—		1,350		—
International government bonds	4,606		—			—		—		4,606		—
Total	$	6,508	$	(1	)	$	—	$	—	$	6,508	$	(1	)

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 1, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.



	Less Than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	4,213	$	(7	)	$	—	$	—	$	4,213	$	(7	)
U.S. government treasuries and agencies securities	114,056		(24		)	—		—		114,056		(24		)
International government bonds	2,550		(2		)	—		—		2,550		(2		)
Total	$	120,819	$	(33	)	$	—	$	—	$	120,819	$	(33	)

Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of September 30, 2012, the unrealized losses on the Company’s available-for-sale investments represented an insignificant amount in relation to its total available-for-sale portfolio. Substantially all of the Company’s unrealized losses on its available-for-sale marketable debt instruments is primarily driven by declines in interest rates or as a result of a decrease in the market liquidity for debt instruments. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2012 and April 1, 2012.

Non-Marketable Equity Securities

During the three months ended September 30, 2012, in association with the acquisition of Fox Enterprises, the Company acquired a non-significant stake in a privately held company. The fair value of this non-marketable private equity investment was $0.6 million as of September 30, 2012.

The Company accounts for its equity investments in privately held companies under the cost method. These investments are subject to periodic impairment review and measured and recorded at fair value when they are deemed to be other-than-temporarily impaired. In determining whether a decline in value of its investments have occurred and is other than temporary, an assessment was made by considering available evidence, including the general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The valuation also takes into account the investee’s capital structure, liquidation preferences for its capital and other economic variables. The valuation methodology for determining the decline in value of non-marketable equity securities is based on inputs that require management judgment.

The aggregate carrying value of the Company’s non-marketable equity securities was approximately $2.3 million and $1.7 million as of September 30, 2012 and April 1, 2012, respectively and was classified within other assets on the Company’s Consolidated Balance Sheets. The Company did not recognize any impairment loss in the three and six months ended September 30, 2012 and October 2, 2011.