INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS Available-For-Sale The following is a summary of available-for-sale securities as of October 3, 2015 and March 28, 2015 (in thousands): Available-for-Sale Securities Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value October 3, 2015 U.S. government/agency securities $ 21,573 $ 20 $ — $ 21,593 Auction rate securities 2,150 — (364 ) 1,786 Marketable equity securities 856 3,511 — 4,367 Money market funds 168 — — 168 $ 24,747 $ 3,531 $ (364 ) $ 27,914 March 28, 2015 U.S. government/agency securities $ 197,516 $ 8 $ (17 ) $ 197,507 Auction rate securities 2,150 — (400 ) 1,750 Corporate debt 43,164 — (17 ) 43,147 Marketable equity securities 1,594 6,581 — 8,175 Money market funds 48,961 — — 48,961 $ 293,385 $ 6,589 $ (434 ) $ 299,540 The estimated fair value of available-for-sale securities was based on the prevailing market values on October 3, 2015 and March 28, 2015 . Determination of the cost for sold investments is based on the specific identification method. The gross realized gains and losses recognized on available-for-sale securities for the three months ended October 3, 2015 were insignificant. There were $4.0 million of gross realized gains and insignificant gross realized losses recognized on available-for-sale securities for the six months ended October 3, 2015 . There were no gross realized gains and losses recognized on available-for-sale securities for the three and six months ended September 27, 2014 . The aggregate amount of available-for-sale securities in an unrealized loss position for fewer than 12 months as of October 3, 2015 was $1.8 million , with $0.4 million in unrealized losses. The aggregate amount of available-for-sale securities in an unrealized loss position for fewer than 12 months as of March 28, 2015 was $112.9 million , with $0.4 million in unrealized losses. No available-for-sale investments were in a continuous unrealized loss position for 12 months or greater as of October 3, 2015 or as of March 28, 2015 . The amortized cost of available-for-sale investments with contractual maturities is as follows (in thousands): October 3, 2015 March 28, 2015 Cost Estimated Fair Value Cost Estimated Fair Value Due in less than one year $ 21,741 $ 21,761 $ 289,641 $ 289,615 Due after ten years 2,150 1,786 2,150 1,750 Total investments in debt securities $ 23,891 $ 23,547 $ 291,791 $ 291,365 Other Investments As previously disclosed, on August 4, 2015, Qorvo's wholly-owned subsidiary, TriQuint, invested $25.0 million to acquire shares of Series F Preferred Stock of Cavendish Kinetics Limited, a private limited company incorporated in England and Wales. This investment was accounted for as a cost method investment and classified in "Long-term investments" on the Company's Condensed Consolidated Balance Sheet as of October 3, 2015. No impairment was recognized on the Company's cost-method investment during the second quarter of fiscal 2016. Fair Value Measurements On a quarterly basis, the Company measures the fair value of its marketable securities, which are comprised of U.S. government/agency securities, corporate debt, auction rate securities (ARS), marketable equity securities, and money market funds. Marketable securities are reported at fair value in "Cash and cash equivalents", "Short-term investments" and "Long-term investments" on the Company’s Condensed Consolidated Balance Sheet. The related unrealized gains and losses are included in "Accumulated other comprehensive income (loss)", a component of "Stockholders’ equity", net of tax. Recurring Fair Value Measurements The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of October 3, 2015 and March 28, 2015 (in thousands): Total Quoted Prices In Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) October 3, 2015 Assets: Available-for-sale securities U.S. government/agency securities $ 21,593 $ 21,593 $ — Auction rate securities (1) 1,786 — 1,786 Marketable equity securities 4,367 4,367 — Money market funds 168 168 — Total available-for-sale securities 27,914 26,128 1,786 Invested funds in deferred compensation plan (3) 4,929 4,929 — Total assets measured at fair value: $ 32,843 $ 31,057 $ 1,786 Liabilities: Invested funds in deferred compensation plan (3) 4,929 4,929 — Total liabilities measured at fair value: $ 4,929 $ 4,929 $ — March 28, 2015 Assets: Available-for-sale securities U.S. government/agency securities $ 197,507 $ 197,507 $ — Auction rate securities (1) 1,750 — 1,750 Corporate debt (2) 43,147 — 43,147 Marketable equity securities 8,175 8,175 — Money market funds 48,961 48,961 — Total available-for-sale securities 299,540 254,643 44,897 Invested funds in deferred compensation plan (3) 8,614 8,614 — Total assets measured at fair value: $ 308,154 $ 263,257 $ 44,897 Liabilities: Invested funds in deferred compensation plan (3) 8,614 8,614 — Total liabilities measured at fair value: $ 8,614 $ 8,614 $ — (1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active. (2) Corporate debt includes corporate bonds and commercial paper that are valued using observable market prices for identical securities that are traded in less active markets. (3) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets. Other Fair Value Disclosures The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. |