Investments

Available-for-Sale Securities

The amortized cost and fair value of available-for-sale investments as of July 1, 2018 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	61,184		$	—	$	(896	)	$	60,288
Money market funds	26,979			—		—			26,979
Asset-backed securities	15,958			—		(93		)	15,865
Corporate bonds	111,135			37		(1,690		)	109,482
International government bonds	2,650			—		(6		)	2,644
Corporate commercial paper	10,683			—		—			10,683
Bank deposits	41,456			—		—			41,456
Repurchase agreements	291			—		—			291
Total available-for-sale investments	270,336			37		(2,685		)	267,688
Less amounts classified as cash equivalents	(69,500		)	—		—			(69,500		)
Short-term investments	$	200,836		$	37	$	(2,685	)	$	198,188

The amortized cost and fair value of available-for-sale investments as of April 1, 2018 were as follows:



(in thousands)	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government treasuries and agencies securities	$	61,166		$	—	$	(894	)	$	60,272
Money market funds	48,847			—		—			48,847
Asset-backed securities	16,797			—		(110		)	16,687
Corporate bonds	111,266			43		(1,704		)	109,605
International government bonds	2,650			—		(12		)	2,638
Corporate commercial paper	9,034			—		—			9,034
Bank deposits	45,080			—		—			45,080
Repurchase agreements	142			—		—			142
Total available-for-sale investments	294,982			43		(2,720		)	292,305
Less amounts classified as cash equivalents	(70,279		)	—		—			(70,279		)
Short-term investments	$	224,703		$	43	$	(2,720	)	$	222,026

The cost and estimated fair value of available-for-sale securities as of July 1, 2018, by contractual maturity, were as follows:



(in thousands)	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	103,395	$	103,252
Due in 1-2 years	120,978		119,343
Due in 2-5 years	45,963		45,093
Total investments in available-for-sale securities	$	270,336	$	267,688

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of July 1, 2018, aggregated by investment category and 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	$	79,242	$	(1,358	)	$	23,324	$	(332	)	$	102,566	$	(1,690	)
Asset-backed securities	13,027		(77		)	2,340		(16		)	15,367		(93		)
U.S. government treasuries and agencies securities	25,348		(248		)	34,940		(648		)	60,288		(896		)
International government bonds						2,644		(6		)	2,644		(6		)
Total	$	117,617	$	(1,683	)	$	63,248	$	(1,002	)	$	180,865	$	(2,685	)

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of April 1, 2018, 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	$	78,726	$	(1,324	)	$	23,286	$	(380	)	$	102,012	$	(1,704	)
Asset-backed securities	14,147		(90		)	2,540		(20		)	16,687		(110		)
U.S. government treasuries and agencies securities	25,352		(221		)	34,920		(673		)	60,272		(894		)
International government bonds	—		—			2,638		(12		)	2,638		(12		)
Total	$	118,225	$	(1,635	)	$	63,384	$	(1,085	)	$	181,609	$	(2,720	)

Currently, a significant portion of the Company’s available-for-sale investments that it holds are high grade instruments. As of July 1, 2018, 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 can be attributed to fair value fluctuations in an unstable credit environment that resulted in 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 maybe maturity, the Company did not consider these investments to be other-than-temporarily impaired as of July 1, 2018 and April 1, 2018.

Non-marketable Equity Securities

As of July 1, 2018 and April 1, 2018, the Company holds capital stock of privately-held companies with total amount of $25.3 million and $27.3 million, respectively. These investments in stocks (included in Other Assets on the Condensed Consolidated Balance Sheets) are accounted for as cost-method investments, as the Company owns less than 20% of the voting securities and does not have the ability to exercise significant influence over operating and financial policies of each entity. The Company measures equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (referred to as the measurement alternative). The Company recorded an impairment charge of $2.0 million for certain investment during the three months ended July 1, 2018. There was no impairment charge in the three months ended July 2, 2017.