4. Cash, Cash Equivalents and Short-Term Investments

Cash, cash equivalents and short-term investments consist of the following (in thousands):

	As of December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents:
Cash	$	57,906	$	—	$	—	$	57,906
Bank deposits		10,253		—		—		10,253
Commercial paper		13,896		—		3		13,893
Money market funds		86,200		—		—		86,200
Total	$	168,255	$	—	$	3	$	168,252
Short-term investments:
Corporate debt obligations	$	86,590	$	2	$	300	$	86,292
Bank deposits		10,263		—		—		10,263
Total	$	96,853	$	2	$	300	$	96,555

	As of December 31, 2014
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Cash and cash equivalents:
Cash	$	26,284	$	—	$	—	$	26,284
Bank deposits		11,877		—		—		11,877
Commercial paper		18,341		—		2		18,339
Money market funds		11,596		—		—		11,596
Total	$	68,098	$	—	$	2	$	68,096
Short-term investments:
Corporate debt obligations	$	31,404	$	3	$	53		31,354
Bank deposits		10,270		—		—		10,270
Total	$	41,674	$	3	$	53	$	41,624

The following table sets forth the cost and estimated fair value of short-term investments based on stated effective maturities as of December 31, 2015 (in thousands):

	As of December 31, 2015
			Estimated
	Amortized		Fair
	Cost		Value
Short-term investments:
Due in 2016	$	53,086	$	53,003
Due in 2017		43,767		43,552
Total	$	96,853	$	96,555

The Company reviews its short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. The Company considers 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 its intent to sell, or whether it is more likely than not the Company will be required to sell, the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, the Company writes down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to other income (expense), net, in the Company’s condensed consolidated statements of operations. Any portion not related to credit loss would be recorded to accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity in the Company’s condensed consolidated balance sheets. During the years ended December 31, 2015 and 2014, the Company did not consider any of its investments to be other-than-temporarily impaired.

The following tables show the short-term investments in an unrealized loss position and the related gross unrealized losses and fair value and length of time that the short-term investments have been in a continuous unrealized loss position (in thousands):

	As of December 31, 2015
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt obligations	$	73,673	$	286	$	10,609	$	14	$	84,282	$	300

	As of December 31, 2014
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt obligations	$	12,735	$	47	$	12,088	$	6	$	24,823	$	53