MARKETABLE SECURITIES

The Company accounts for its marketable securities as AFS. The Company recorded $3.6 million and $2.5 million of net unrealized loss in AOCI as of July 1, 2018, and December 31, 2017, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of July 1, 2018, and December 31, 2017:



	July 1, 2018
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	120,937	$	1	$	(453	)	$	120,485
U.S Treasury securities	101,952		—		(142		)	101,810
U.S. governmental agency securities	50,932		—		(149		)	50,783
Commercial paper	17,520		—		—			17,520
Certificates of deposit	3,193		—		—			3,193
Total short-term AFS securities	$	294,534	$	1	$	(744	)	$	293,791
Long-term AFS securities
Corporate debt securities	$	117,341	$	7	$	(1,123	)	$	116,225
U.S. governmental agency securities	91,824		—		(1,146		)	90,678
U.S Treasury securities	42,582		—		(637		)	41,945
Total long-term AFS securities	$	251,747	$	7	$	(2,906	)	$	248,848



	December 31, 2017
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	150,334	$	—	$	(227	)	$	150,107
U.S Treasury securities	70,985		—		(34		)	70,951
U.S. governmental agency securities	45,819		—		(179		)	45,640
Commercial paper	32,591		—		—			32,591
Certificates of deposit	9,300		—		—			9,300
Total short-term AFS securities	$	309,029	$	—	$	(440	)	$	308,589
Long-term AFS securities
U.S. governmental agency securities	$	97,798	$	—	$	(1,019	)	96,779
Corporate debt securities	92,687		—		(683		)	92,004
U.S Treasury securities	53,031		—		(403		)	52,628
Total long-term AFS securities	$	243,516	$	—	$	(2,105	)	$	241,411

The following tables represent the AFS securities as of July 1, 2018 and December 31, 2017, that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:



	July 1, 2018
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	97,827	$	(347	)	$	16,353	$	(106	)	$	114,180	$	(453	)
U.S Treasury securities	102,834		(142		)	—		—			102,834		(142		)
U.S. governmental agency securities	17,319		(12		)	33,465		(137		)	50,784		(149		)
Total short-term AFS securities	$	217,980	$	(501	)	$	49,818	$	(243	)	$	267,798	$	(744	)
Long-term AFS securities
Corporate debt securities	$	112,576	$	(1,094	)	$	1,972	$	(29	)	$	114,548	$	(1,123	)
U.S Treasury securities	41,500		(637		)	—		—			41,500		(637		)
U.S. governmental agency securities	32,245		(300		)	58,432		(846		)	90,677		(1,146		)
Total long-term AFS securities	$	186,321	$	(2,031	)	$	60,404	$	(875	)	$	246,725	$	(2,906	)



	December 31, 2017
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	140,111	$	(199	)	$	9,996	$	(28	)	$	150,107	$	(227	)
U.S Treasury securities	70,951		(34		)	—		—			70,951		(34		)
U.S. governmental agency securities	19,770		(50		)	25,870		(129		)	45,640		(179		)
Total short-term AFS securities	$	230,832	$	(283	)	$	35,866	$	(157	)	$	266,698	$	(440	)
Long-term AFS securities
Corporate debt securities	$	81,118	$	(579	)	$	10,886	$	(104	)	$	92,004	$	(683	)
U.S Treasury securities	23,998		(125		)	72,781		(894		)	96,779		(1,019		)
U.S. governmental agency securities	52,628		(403		)	—		—			52,628		(403		)
Total long-term AFS securities	$	157,744	$	(1,107	)	$	83,667	$	(998	)	$	241,411	$	(2,105	)

We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. We also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses.

As of July 1, 2018, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of July 1, 2018, we have recognized no OTTI loss.

As of July 1, 2018, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months, respectively. See Note 9 for more information regarding the fair value of our marketable securities.