5. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company’s available-for-sale securities as of March 31, 2017 and December 31, 2016 was approximately seven and four months, respectively.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:

	As of March 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	274,723	$	—	$	—		$	274,723
Commercial paper		29,450		—		(15	)		29,435
Government and government agency bonds		65,361		—		(32	)		65,329
Corporate bonds		20,834		—		(8	)		20,826
Total assets	$	390,368	$	—	$	(55	)	$	390,313
As reported:
Cash and cash equivalents	$	274,723	$	—	$	—		$	274,723
Short-term investments		115,645		—		(55	)		115,590
Total assets	$	390,368	$	—	$	(55	)	$	390,313

	As of December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	122,420	$	—	$	—		$	122,420
Commercial paper		69,355		—		(51	)		69,304
Government and government agency bonds		105,340		—		(53	)		105,287
Corporate bonds		20,850		—		(16	)		20,834
Total assets	$	317,965	$	—	$	(120	)	$	317,845
As reported:
Cash and cash equivalents	$	122,420	$	—	$	—		$	122,420
Short-term investments		195,545		—		(120	)		195,425
Total assets	$	317,965	$	—	$	(120	)	$	317,845