CASH, CASH EQUIVALENTS AND INVESTMENTS

Cadence’s cash, cash equivalents and short-term investments at fair value as of September 30, 2017 and December 31, 2016 were as follows:



	As of
	September 30, 2017		December 31, 2016
	(In thousands)
Cash and cash equivalents	$	678,284	$	465,232
Short-term investments	4,135		3,057
Cash, cash equivalents and short-term investments	$	682,419	$	468,289

Cash and Cash Equivalents

Cadence considers all highly liquid investments with original maturities of three months or less on the date of purchase to be cash equivalents. The amortized cost of Cadence’s cash equivalents approximates fair value. The following table summarizes Cadence’s cash and cash equivalents at fair value as of September 30, 2017 and December 31, 2016:



	As of
	September 30, 2017		December 31, 2016
	(In thousands)
Cash and interest bearing deposits	$	188,797	$	227,508
Money market funds	489,487		237,724
Total cash and cash equivalents	$	678,284	$	465,232

Short-Term Investments

The following tables summarize Cadence’s short-term investments as of September 30, 2017 and December 31, 2016:



	As of September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Marketable equity securities	$	1,961	$	2,174	$	—	$	4,135



	As of December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Marketable equity securities	$	2,131	$	926	$	—	$	3,057

Realized gains and losses from the sale of marketable equity securities are recorded in other income, net in the condensed consolidated income statements.

Non-Marketable Investments

Cadence’s non-marketable investments generally consist of voting preferred stock, convertible debt or other instruments of privately-held entities and are included in other assets on Cadence’s condensed consolidated balance sheets. Cadence’s non-marketable investments had a carrying value of $3.2 million as of September 30, 2017 and December 31, 2016.

Cadence records realized gains and losses from the sale of non-marketable investments and write-downs related to cost method investments due to other-than-temporary declines in value in the condensed consolidated income statements as other income, net. During the three months ended September 30, 2017, Cadence recognized a gain of $9.1 million from the sale of one of its non-marketable investments.