4.	Cash, cash equivalents and marketable securities

The Company’s cash, cash equivalents, and marketable securities can be analyzed as follows:


						Fair Value
(amount in thousands)	Carrying Cost		Unrealized Loss			Cash and Cash Equivalents		Marketable Securities
As of December 29, 2017
Cash	$	129,703	$	—		$	129,703	$	—
Cash equivalents		5,128		—			5,128		—
Corporate bonds and commercial papers		106,783		(302	)		—		106,481
U.S. agency and U.S. treasury securities		38,823		(190	)		—		38,633
Sovereign and municipal securities		4,302		(13	)		—		4,289

Total	$	284,739	$	(505	)	$	134,831	$	149,403


						Fair Value
(amount in thousands)	Carrying Cost		Unrealized Gain/ (Loss)			Cash and Cash Equivalents		Marketable Securities
As of June 30, 2017
Cash	$	131,240	$	—		$	131,240	$	—
Cash equivalents		2,585		—			2,585		—
Corporate bonds and commercial papers		98,247		27			—		98,274
U.S. agency and U.S. treasury securities		50,768		(102	)		—		50,666
Sovereign and municipal securities		2,507		3			—		2,510

Total	$	285,347	$	(72	)	$	133,825	$	151,450

All highly liquid investments with original maturities of three months or less at the date of purchase are classified as cash equivalents. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designations at each balance sheet date. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s marketable securities generally range from three months to three years. The Company’s investments in marketable securities consist of investments in U.S. Treasuries and fixed income securities and have been classified and accounted for as available-for-sale.

The following table summarizes the cost and estimated fair value of marketable securities classified as available-for-sale securities based on stated effective maturities as of December 29, 2017:


(amount in thousands)	Carrying Cost		Fair Value
Due within one year	$	16,814	$	16,808
Due between one to three years		129,579		129,095
Due after three years		3,515		3,500

Total	$	149,908	$	149,403

During the six months ended December 29, 2017, the Company recognized a realized loss of $0.36 million from sales and maturities of available-for-sale.

As of December 29, 2017, the Company considered the declines in market value of its marketable securities investment portfolio to be temporary in nature and did not consider any of its securities other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. No impairment losses were recorded for the six months ended December 29, 2017.

As of December 29, 2017, cash, cash equivalents, and marketable securities included bank deposits of $40.0 million held in various financial institutions located in the United States in order to support the availability of the Facility Agreement (as defined in Note 11) and comply with covenants. As discussed in Note 11, under the terms and conditions of the Facility Agreement, the Company must maintain cash, cash equivalents and/or marketable securities in an aggregate amount not less than $40.0 million in unencumbered deposits, and/or securities in accounts located in the United States at all times during the term of the Facility Agreement. The Company must comply with this covenant from and after the effective date of the Facility Agreement.