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Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
74
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 November 27, 2015
and November 28, 2014 (in thousands):
2015 2014
Fair
Value
Gross
Unrealized
Losses Fair
Value
Gross
Unrealized
Losses
Corporate bonds and commercial paper $ 30,218 $ (233) $ 8,636 $ (66)
Municipal securities 1,300 (1) — —
U.S. Treasury and agency securities — — 5,884 (28)
Total $ 31,518 $ (234) $ 14,520 $ (94)
There were fifteen securities and eight securities in an unrealized loss position for more than twelve months at November 27,
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 November 27, 2015 (in thousands):
Amortized
Cost Estimated
Fair Value
Due within one year $ 853,041 $ 853,007
Due between one and two years 1,205,254 1,202,586
Due between two and three years 773,150 771,332
Due after three years 284,610 284,599
Total $ 3,116,055 $ 3,111,524
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 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 Consolidated
Balance Sheets. For equity securities, the write-down would be recorded to investment gains (losses), net in our Consolidated
Statements of Income. During fiscal 2015, 2014 and 2013, we did not consider any of our investments to be other-than-temporarily
impaired.