Investments

The Company's investments are intended to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relationship to the Company's investment guidelines and market conditions. The following is a summary of available-for-sale securities at March 31, 2017 (amounts in thousands):



	Available-for-sale Securities
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Government agency bonds	$	227,089	$	3	$	(227	)	$	226,865
Municipal bonds - tax exempt	55,289		—		(10		)	55,279
Municipal bonds	10,000		43		—			10,043
Corporate bonds and debt	207,888		53		(169		)	207,772
Marketable equity securities	707		879		—			1,586
Total	$	500,973	$	978	$	(406	)	$	501,545

The following is a summary of available-for-sale securities at March 31, 2016 (amounts in thousands):



	Available-for-sale Securities
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Government agency bonds	$	468,290	$	439	$	(99	)	$	468,630
Corporate bonds and debt	1,000		—		—			1,000
Marketable equity securities	2,195		8		—			2,203
Total	$	471,485	$	447	$	(99	)	$	471,833

At March 31, 2017, the Company's available-for-sale securities are presented on the consolidated balance sheets as short-term investments of $394.1 million and long-term investments of $107.5 million. At March 31, 2016, the Company's available-for-sale securities are presented on the consolidated balance sheets as short-term investments of $353.3 million and long-term investments of $118.5 million.

The Company sold available-for-sale investments for proceeds of $470.6 million, $1,501.5 million and $273.9 million during the years ended March 31, 2017, 2016 and 2015, respectively. The Company sold available-for-sale investments during the first quarter of fiscal 2017 and fourth quarter of fiscal 2016 to finance a portion of the purchase price of its Atmel acquisition which closed on April 4, 2016. The Company had no material net realized gains during the year ended March 31, 2017 and $13.7 million and $18.5 million from sales of available-for-sale marketable equity and debt securities during the years ended March 31, 2016 and 2015, respectively. The Company determines the cost of available-for-sale debt securities sold on a FIFO basis at the individual security level for sales from multiple lots. For sales of marketable equity securities, the Company uses an average cost basis at the individual security level. Gains and losses recognized in earnings are credited or charged to other income (expense) on the consolidated statements of income.

The following tables show all investments in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position (amounts in thousands):



	March 31, 2017
	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government agency bonds	$	196,875	$	(227	)	$	—	$	—	$	196,875	$	(227	)
Municipal bonds - tax exempt	55,279		(10		)	—		—		55,279		(10		)
Corporate bonds and debt	132,820		(169		)	—		—		132,820		(169		)
Total	$	384,974	$	(406	)	$	—	$	—	$	384,974	$	(406	)



	March 31, 2016
	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government agency bonds	$	148,562	$	(99	)	$	—	$	—	$	148,562	$	(99	)

Management does not believe any of the unrealized losses represent an other-than-temporary impairment based on its evaluation of available evidence as of March 31, 2017 and the Company's intent is to hold these investments until these assets are no longer impaired.

The amortized cost and estimated fair value of the available-for-sale securities at March 31, 2017, by contractual maturity, excluding marketable equity securities of $1.6 million, which have no contractual maturity, are shown below (amounts in thousands). Expected maturities can differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale securities as available for current operations.



	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale
Due in one year or less	$	342,673	$	15	$	(188	)	$	342,500
Due after one year and through five years	157,594		84		(219		)	157,459
Due after five years and through ten years	—		—		—			—
Due after ten years	—		—		—			—
Total	$	500,267	$	99	$	(407	)	$	499,959

The amortized cost and estimated fair value of the available-for-sale securities at March 31, 2016, by maturity, excluding marketable equity securities of $2.2 million, which have no contractual maturity, are shown below (amounts in thousands).



	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale
Due in one year or less	$	41,078	$	5	$	(5	)	$	41,078
Due after one year and through five years	428,212		434		(94		)	428,552
Due after five years and through ten years	—		—		—			—
Due after ten years	—		—		—			—
Total	$	469,290	$	439	$	(99	)	$	469,630