SHORT-TERM INVESTMENTS

The following table summarizes the Company’s short-term investments (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2015
Corporate bonds	$	25,557	$	—	$	(52	)	$	25,505
Commercial paper	1,099		—		—			1,099
Total short-term investments	$	26,656	$	—	$	(52	)	$	26,604
As of December 31, 2014
State, municipal and local government agencies bonds	$	13,946	$	16	$	(1	)	$	13,961
Corporate bonds	17,899		3		(16		)	17,886
Total short-term investments	$	31,845	$	19	$	(17	)	$	31,847

The following table summarizes the maturities of the Company’s short-term investments (in thousands):



	December 31,
	2015		2014
Less than one year	$	19,642	$	30,946
Due in 1 - 2 years	6,962		901
Total short-term investments	$	26,604	$	31,847

Short-term investments are used to fund the Company’s current operations. In the event the Company needs or desires to access funds from the short-term investments that it holds, it is possible that the Company may not be able to do so due to market conditions. If a buyer is found, but is unwilling to purchase the investments at par or the Company’s cost, it may incur a loss. Further, rating downgrades of the security issuer or the third parties insuring such investments may require the Company to adjust the carrying value of these investments through an impairment charge. The Company’s inability to sell all or some of the Company’s short-term investments at par or the Company’s cost, or rating downgrades of issuers or insurers of these securities, could adversely affect the Company’s results of operations or financial condition.

For the years ended December 31, 2015, 2014 and 2013, realized gains and realized losses from the sale of short-term investments were not material.

At December 31, 2015 and 2014, $5.4 million and $8.6 million, respectively, of investments in equity securities of other privately and publicly held companies are considered as long-term investments and are included in “other assets” in the Consolidated Balance sheet (See Note 5, “Investments in Other Equity Securities” for additional information).

Impairment of Short-term Investments

The Company monitors its investment portfolio for impairment on a periodic basis. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis for the investment is established. A decline of fair value below amortized costs of debt securities is considered other-than temporary if the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. At the present time, the Company does not intend to sell its investments that have unrealized losses in accumulated other comprehensive loss. In addition, the Company does not believe that it is more likely than not that it will be required to sell its investments that have unrealized losses in accumulated other comprehensive loss before the Company recovers the principal amounts invested. The Company believes that the unrealized losses are temporary and do not require an other-than-temporary impairment, based on its evaluation of available evidence as of December 31, 2015.

As of December 31, 2015, there were no individual available-for-sale securities in a material unrealized loss position and the amount of unrealized losses on the total investment balance was insignificant.