NOTE 3. CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

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

	March 31		December 31
	2017		2016
Cash - Demand deposits	$	56,787	$	76,071
Cash equivalents - money market funds		50,312		30,646
Cash and cash equivalents total	$	107,099	$	106,717

	March 31		December 31
	2017		2016
Commercial paper	$	21,699	$	29,178
Corporate debt securities		15,901		26,578
US Government agency securities		2,498		3,997
Short-term investments total	$	40,098	$	59,753

Money market funds and short-term investments include the following securities with gross unrealized gains and losses (in thousands):

			Gross		Gross
			Unrealized		Unrealized
As of March 31, 2017	Cost		Gains		Losses		Fair Value
Money market funds	$	50,312	$	-	$	-	$	50,312
Commercial paper		21,682		17		-		21,699
Corporate debt securities		15,915		-		(14)		15,901
US Government agency securities		2,499		-		(1)		2,498
Total	$	90,408	$	17	$	(15)	$	90,410

Unrealized gains and losses are included in Accumulated other comprehensive income.

			Gross		Gross
			Unrealized		Unrealized
As of December 31, 2016	Cost		Gains		Losses		Fair Value
Money market funds	$	30,646	$	-	$	-	$	30,646
Commercial paper		29,118		60		-		29,178
Corporate debt securities		26,606		1		(29)		26,578
US Government agency securities		4,000		-		(3)		3,997
Total	$	90,370	$	61	$	(32)	$	90,399

At March 31, 2017, the Company's short-term investments had the following remaining contractual maturities (in thousands):

		Amortized Cost			Estimated Fair Value
Less than one year		$	40,096		$	40,098

The Company’s investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer.