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 June 3, 2016 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	283,680	$	—	$	—		$	283,680
Cash equivalents:
Corporate bonds and commercial paper	10,997		—		—			10,997
Money market mutual funds	576,242		—		—			576,242
Time deposits	15,460		—		—			15,460
Total cash equivalents	602,699		—		—			602,699
Total cash and cash equivalents	886,379		—		—			886,379
Short-term fixed income securities:
Asset-backed securities	97,655		290		(3		)	97,942
Corporate bonds and commercial paper	2,111,343		12,609		(881		)	2,123,071
Foreign government securities	1,277		4		—			1,281
Municipal securities	140,958		165		(49		)	141,074
U.S. agency securities	58,107		87		—			58,194
U.S. Treasury securities	1,009,734		893		(160		)	1,010,467
Total short-term investments	3,419,074		14,048		(1,093		)	3,432,029
Total cash, cash equivalents and short-term investments	$	4,305,453	$	14,048	$	(1,093	)	$	4,318,408

Cash, cash equivalents and short-term investments consisted of the following as of November 27, 2015 (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Current assets:
Cash	$	352,371	$	—	$	—		$	352,371
Cash equivalents:
Money market mutual funds	482,479		—		—			482,479
Municipal securities	1,850		—		(1		)	1,849
Time deposits	13,461		—		—			13,461
U.S. Treasury securities	26,400		—		—			26,400
Total cash equivalents	524,190		—		(1		)	524,189
Total cash and cash equivalents	876,561		—		(1		)	876,560
Short-term fixed income securities:
Asset-backed securities	83,449		11		(146		)	83,314
Corporate bonds and commercial paper	1,890,253		2,273		(5,612		)	1,886,914
Foreign government securities	1,276		—		(8		)	1,268
Municipal securities	137,280		101		(49		)	137,332
U.S. agency securities	130,397		85		(14		)	130,468
U.S. Treasury securities	873,400		101		(1,273		)	872,228
Total short-term investments	3,116,055		2,571		(7,102		)	3,111,524
Total cash, cash equivalents and short-term investments	$	3,992,616	$	2,571	$	(7,103	)	$	3,988,084

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 June 3, 2016 and November 27, 2015 (in thousands):



	2016					2015
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	249,383	$	(608	)	$	1,112,883	$	(5,377	)
Asset-backed securities	8,090		(3		)	60,057		(147		)
Municipal securities	59,541		(45		)	35,594		(50		)
Foreign government securities	—		—			1,268		(8		)
U.S. Treasury and agency securities	305,013		(160		)	820,570		(1,287		)
Total	$	622,027	$	(816	)	$	2,030,372	$	(6,869	)

There were 245 securities and 914 securities in an unrealized loss position for less than twelve months at June 3, 2016 and at November 27, 2015, 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 June 3, 2016 and November 27, 2015 (in thousands):



	2016					2015
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate bonds and commercial paper	$	51,656	$	(273	)	$	30,218	$	(233	)
Municipal securities	1,185		(4		)	1,300		(1		)
Total	$	52,841	$	(277	)	$	31,518	$	(234	)

There were 37 securities and 15 securities in an unrealized loss position for more than twelve months at June 3, 2016 and at November 27, 2015, 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 June 3, 2016 (in thousands):



	Amortized Cost		Estimated Fair Value
Due within one year	$	1,075,024	$	1,075,472
Due between one and two years	1,228,003		1,230,460
Due between two and three years	725,076		729,900
Due after three years	390,971		396,197
Total	$	3,419,074	$	3,432,029

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 June 3, 2016, we did not consider any of our investments to be other-than-temporarily impaired.