CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” In general, these investments are free of trading restrictions. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. Gains and losses are recognized when realized in our Condensed Consolidated Statements of Income. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method.

Cash, cash equivalents and short-term investments consisted of the following as of May 29, 2015 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	189,336	$	—	$	—		$	189,336
Cash equivalents:
Corporate bonds and commercial paper	1,005		—		—			1,005
Money market mutual funds	697,055		—		—			697,055
Municipal securities	5,100		1		—			5,101
Time deposits	63,650		—		—			63,650
Total cash equivalents	766,810		1		—			766,811
Total cash and cash equivalents	956,146		1		—			956,147
Short-term fixed income securities:
Corporate bonds and commercial paper	1,535,460		5,673		(844		)	1,540,289
Asset-backed securities	55,697		100		(5		)	55,792
Municipal securities	154,726		207		(74		)	154,859
U.S. agency securities	323,320		602		(14		)	323,908
U.S. Treasury securities	381,754		514		(15		)	382,253
Total short-term investments	2,450,957		7,096		(952		)	2,457,101
Total cash, cash equivalents and short-term investments	$	3,407,103	$	7,097	$	(952	)	$	3,413,248

Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	348,283	$	—	$	—		$	348,283
Cash equivalents:
Money market mutual funds	705,978		—		—			705,978
Time deposits	63,139		—		—			63,139
Total cash equivalents	769,117		—		—			769,117
Total cash and cash equivalents	1,117,400		—		—			1,117,400
Short-term fixed income securities:
Corporate bonds and commercial paper	1,514,632		5,253		(509		)	1,519,376
Foreign government securities	4,499		12		—			4,511
Municipal securities	174,775		438		(12		)	175,201
U.S. agency securities	497,154		1,295		(64		)	498,385
U.S. Treasury securities	423,075		1,080		(28		)	424,127
Subtotal	2,614,135		8,078		(613		)	2,621,600
Marketable equity securities	153		338		—			491
Total short-term investments	2,614,288		8,416		(613		)	2,622,091
Total cash, cash equivalents and short-term investments	$	3,731,688	$	8,416	$	(613	)	$	3,739,491

See Note 4 for further information regarding the fair value of our financial instruments.

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of May 29, 2015 and November 28, 2014 (in thousands):



	2015					2014
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	335,218	$	(821	)	$	291,890	$	(443	)
Municipal securities	43,184		(74		)	21,759		(12		)
U.S. Treasury and agency securities	88,491		(27		)	43,507		(64		)
Asset-backed securities	5,272		(5		)	—		—
Total	$	472,165	$	(927	)	$	357,156	$	(519	)

There were 270 securities and 213 securities in an unrealized loss position for less than twelve months at May 29, 2015 and at November 28, 2014, respectively.

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of May 29, 2015 and November 28, 2014 (in thousands):



	2015					2014
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	3,425	$	(23	)	$	8,636	$	(66	)
U.S. Treasury and agency securities	651		(2		)	5,884		(28		)
Total	$	4,076	$	(25	)	$	14,520	$	(94	)

There were three securities and eight securities in an unrealized loss position for more than twelve months at May 29, 2015 and at November 28, 2014, respectively.

The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of May 29, 2015 (in thousands):



	Amortized Cost		Estimated Fair Value
Due within one year	$	608,233	$	609,026
Due between one and two years	953,819		956,347
Due between two and three years	660,113		661,961
Due after three years	228,792		229,767
Total	$	2,450,957	$	2,457,101

We review our debt and marketable equity securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. If we believe that an other-than-temporary decline exists in one of these securities, we write down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to interest and other income, net in our Condensed Consolidated Statements of Income. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. For equity securities, the write-down would be recorded to investment gains (losses), net in our Condensed Consolidated Statements of Income. During the six months ended May 29, 2015, we did not consider any of our investments to be other-than-temporarily impaired.