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,
	2017		2016
Cash, cash equivalents and investments:
Cash	$	75,125	$	87,747
Money market funds		7,134		24,956
Corporate debt securities		203,807		109,644
U.S. treasuries and government agency bonds		13,024		45,877
Auction-rate securities backed by student-loan notes		5,256		5,354
Total	$	304,346	$	273,578

	December 31,
	2017		2016
Reported as:
Cash and cash equivalents	$	82,759	$	112,703
Short-term investments		216,331		155,521
Long-term investments		5,256		5,354
Total	$	304,346	$	273,578

The contractual maturities of the Company

’s short-term and long-term available-for-sale investments are as follows (in thousands):

	December 31,
	2017		2016
Due in less than 1 year	$	89,399	$	47,568
Due in 1 - 5 years		126,932		107,953
Due in greater than 5 years		5,256		5,354
Total	$	221,587	$	160,875

The following tables summarize the

unrealized gain and loss positions related to the Company’s available-for sale investments (in thousands):

	December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	7,134	$	-	$	-		$	7,134	$	-
Corporate debt securities		204,789		17		(999	)		203,807		197,564
U.S. treasuries and government agency bonds		13,092		-		(68	)		13,024		13,024
Auction-rate securities backed by student-loan notes		5,570		-		(314	)		5,256		5,256
Total	$	230,585	$	17	$	(1,381	)	$	229,221	$	215,844

	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

There were

redemptions of auction-rate securities for the years ended

December 31, 2017,

2016

and

2015.

The underlying maturities of the outstanding auction-rate securities are up to

years. As of

December 31, 2017

and

2016,

the impairment of

$0.3

million and

$0.2

million, respectively, 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, AA+ or Aaa 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.