CASH, CASH EQUIVALENTS AND INVESTMENTS

The following is a summary of the Company’s cash, cash equivalents and short-term and long-term investments (in thousands):

	December 31,
	2016		2015
Cash, cash equivalents and investments:
Cash	$	87,747	$	58,217
Money market funds		24,956		31,640
Certificates of deposit		-		21,574
Corporate debt securities		109,644		-
U.S. treasuries and government agency bonds		45,877		123,532
Auction-rate securities backed by student-loan notes		5,354		5,361
Total	$	273,578	$	240,324

	December 31,
	2016		2015
Reported as:
Cash and cash equivalents	$	112,703	$	90,860
Short-term investments		155,521		144,103
Long-term investments		5,354		5,361
Total	$	273,578	$	240,324

The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands):

	December 31,
	2016		2015
Due in less than 1 year	$	47,568	$	110,898
Due in 1 - 5 years		107,953		33,205
Due in greater than 5 years		5,354		5,361
Total	$	160,875	$	149,464

The following tables summarize the unrealized gain and loss positions related to the Company’s investments in marketable securities designated as available-for sale (in thousands):

	December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	24,956	$	-	$	-		$	24,956	$	-
Corporate debt securities		110,429		65		(850	)		109,644		91,938
U.S. treasuries and government agency bonds		45,899		-		(22	)		45,877		39,275
Auction-rate securities backed by student-loan notes		5,570		-		(216	)		5,354		5,354
Total	$	186,854	$	65	$	(1,088	)	$	185,831	$	136,567

	December 31, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	31,640	$	-	$	-		$	31,640	$	-
Certificates of deposit		21,574		-		-			21,574		-
U.S. treasuries and government agency bonds		123,698		4		(170	)		123,532		110,720
Auction-rate securities backed by student-loan notes		5,570		-		(209	)		5,361		5,361
Total	$	182,482	$	4	$	(379	)	$	182,107	$	116,081

There were

redemptions of auction-rate securities for the years ended

December

31,

2016

and

2015.

For the year ended

December

31,

2014,

the Company redeemed

$4.7

million of auction-rate securities at par. The underlying maturities of the outstanding auction-rate securities are up to

years. As of

December

31,

2016

and

2015,

the impairment of

$0.2

million was determined to be temporary based on the following management assessment:

●

Management possesses both the intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value;

●

Management believes that it is more likely than not that the Company will not have to sell these securities before recovery of its cost basis;

●

Except for the credit loss of

$70,000

recognized in the year ended

December

31,

2009,

the Company does not believe that there is any additional credit loss associated with these securities because the Company expects to recover the entire amortized cost basis;

●

The majority of the securities remain AAA or AA+ rated;

●

All scheduled interest payments have been made pursuant to the reset terms and conditions; and

●

All redemptions of these securities to date, representing

87%

of the original portfolio, have been at par.