Note 3. Cash, cash equivalents, short-term investments, and restricted cash and investments

The following table summarizes the Company’s cash, cash equivalents, short-term investments, and restricted cash and investments at September 30, 2015 and December 31, 2014 (in thousands):


	September 30,		December 31,
	2015		2014
Cash and cash equivalents:
Cash	$	30,298	$	43,035
Cash equivalents		46,952		—
Cash and cash equivalents	$	77,250	$	43,035
Short-term investments	$	23,302	$	—
Restricted cash and investments:
Restricted cash and investments, current	$	3,062	$	5,504
Restricted cash and investments, non-current		—		15,750
Total restricted cash and investments	$	3,062	$	21,254

The following table summarizes the Company’s unrealized gains and losses related to its cash equivalents, short-term investments, and restricted cash and investments in marketable securities designated as available-for-sale (in thousands):


	As of September 30, 2015								As of December 31, 2014
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Marketable securities:
Money market accounts	$	46,952	$	—	$	—	$	46,952	$	—	$	—	$	—	$	—
Money market funds		13,442		—		—		13,442		4,587		—		—		4,587
Corporate bonds		5,840		1		(2)		5,839		2,004		6		—		2,010
Government-sponsored enterprise obligations		2,018		1		—		2,019		—		—		—		—
U.S. government securities		1,002		1		—		1,003		—		—		—		—
Commercial papers		999		—		—		999		—		—		—		—
Variable rate demand notes		—		—		—		—		1,700		—		—		1,700
Total	$	70,253	$	3	$	(2)	$	70,254	$	8,291	$	6	$	—	$	8,297
Reported within:
Cash equivalents	$	46,952	$	—	$	—	$	46,952	$	—	$	—	$	—	$	—
Short-term investments		23,301		3		(2)		23,302		—		—		—		—
Restricted cash and investments, non-current		—		—		—		—		8,291		6		—		8,297
Total	$	70,253	$	3	$	(2)	$	70,254	$	8,291	$	6	$	—	$	8,297

As of September 30, 2015 and December 31, 2014, maturities of marketable securities were as follows (in thousands):


	September 30,		December 31,
	2015		2014
Less than 1 year	$	66,916	$	6,597
Due in 1 to 2 years		3,338		—
Due in 2 to 5 years		—		—
Due after 5 years		—		1,700
Total	$	70,254	$	8,297

Highly liquid investments with a maturity of 90 days or less at the date of purchase are considered cash equivalents, with the exception of money market funds and commercial paper which are classified as short-term investments.

The Company may sell its investments in the future to fund future operating needs and for strategic reasons. As a result, the Company recorded all its marketable securities in short-term investments as of September 30, 2015 and December 31, 2014, regardless of the contractual maturity date of the securities. Variable rate demand notes (“VRDNs”) are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as short-term investments, the put option allows the VRDNs to be liquidated at par on a seven-day settlement basis.

Realized gains and losses on the sale of marketable securities during the three and nine months ended September 30, 2015 and 2014 were immaterial. The Company did not recognize any impairment losses on its marketable securities during the three and nine months ended September 30, 2015 or 2014. As of September 30, 2015, the Company did not have any investments in marketable securities that were in an unrealized loss position for a period in excess of 12 months.