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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments Schedule [Abstract] |
Investments | Investments consist of the following (in thousands):
|  | September 30, 2017 |  |  | December 31, 2016 |
Certificates of deposit |  | $ | 240 |  |  | $ | 960 |
Commercial paper |  |  | 66,735 |  |  |  | 49,245 |
Corporate debt securities |  |  | 363,012 |  |  |  | 204,436 |
Securities of government sponsored entities |  |  | 23,471 |  |  |  | 12,932 |
Total investments |  | $ | 453,458 |  |  | $ | 267,573 |
Summary of Investments Classified as Available-For-Sale Securities | The following is a summary of investments classified as available-for-sale securities (in thousands):
|  | Contractual Maturity (in years) |  |  | Amortized Cost |  |  | Gross Unrealized Gains(1) |  |  | Gross Unrealized Losses(1) |  |  | Aggregate Estimated Fair Value |
September 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | Less than 1 |  |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | 240 |
Commercial paper |  |  | Less than 1 |  |  |  | 66,759 |  |  |  | — |  |  |  | (24 | ) |  |  | 66,735 |
Corporate debt securities |  |  | Less than 1 |  |  |  | 163,870 |  |  |  | 3 |  |  |  | (131 | ) |  |  | 163,742 |
Securities of government-sponsored entities |  |  | Less than 1 |  |  |  | 12,503 |  |  |  | — |  |  |  | (21 | ) |  |  | 12,482 |
Total short-term available-for-sale securities |  |  |  |  |  | $ | 243,372 |  |  | $ | 3 |  |  | $ | (176 | ) |  | $ | 243,199 |
Classified as non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 1 to 2 |  |  | $ | 199,615 |  |  | $ | — |  |  | $ | (345 | ) |  | $ | 199,270 |
Securities of government-sponsored entities |  |  | 1 to 2 |  |  |  | 11,005 |  |  |  | — |  |  |  | (16 | ) |  |  | 10,989 |
Total long-term available-for-sale securities |  |  |  |  |  | $ | 210,620 |  |  | $ | — |  |  | $ | (361 | ) |  | $ | 210,259 |
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Classified as current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | Less than 1 |  |  | $ | 960 |  |  | $ | — |  |  | $ | — |  |  | $ | 960 |
Commercial paper |  |  | Less than 1 |  |  |  | 49,280 |  |  |  | 3 |  |  |  | (38 | ) |  |  | 49,245 |
Corporate debt securities |  |  | Less than 1 |  |  |  | 168,548 |  |  |  | 3 |  |  |  | (117 | ) |  |  | 168,434 |
Securities of government-sponsored entities |  |  | Less than 1 |  |  |  | 5,448 |  |  |  | — |  |  |  | (4 | ) |  |  | 5,444 |
Total short-term available-for-sale securities |  |  |  |  |  | $ | 224,236 |  |  | $ | 6 |  |  | $ | (159 | ) |  | $ | 224,083 |
Classified as non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 1 to 2 |  |  | $ | 36,149 |  |  | $ | — |  |  | $ | (147 | ) |  | $ | 36,002 |
Securities of government-sponsored entities |  |  | 1 to 2 |  |  |  | 7,506 |  |  |  | — |  |  |  | (18 | ) |  |  | 7,488 |
Total long-term available-for-sale securities |  |  |  |  |  | $ | 43,655 |  |  | $ | — |  |  | $ | (165 | ) |  | $ | 43,490 |
(1) | Unrealized gains and losses are included in other comprehensive loss.
Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position | The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of September 30, 2017 and December 31, 2016, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
September 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 66,735 |  |  | $ | (24 | ) |  | $ | — |  |  | $ | — |  |  | $ | 66,735 |  |  | $ | (24 | )
Corporate debt securities |  |  | 325,223 |  |  |  | (463 | ) |  |  | 14,298 |  |  |  | (13 | ) |  |  | 339,521 |  |  |  | (476 | )
Securities of government-sponsored entities |  |  | 15,988 |  |  |  | (17 | ) |  |  | 7,483 |  |  |  | (20 | ) |  |  | 23,471 |  |  |  | (37 | )
Total |  | $ | 407,946 |  |  | $ | (504 | ) |  | $ | 21,781 |  |  | $ | (33 | ) |  | $ | 429,727 |  |  | $ | (537 | )
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 43,781 |  |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | 43,781 |  |  | $ | (38 | )
Corporate debt securities |  |  | 185,243 |  |  |  | (261 | ) |  |  | 9,144 |  |  |  | (3 | ) |  |  | 194,387 |  |  |  | (264 | )
Securities of government-sponsored entities |  |  | 12,932 |  |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | 12,932 |  |  |  | (22 | )
Total |  | $ | 241,956 |  |  | $ | (321 | ) |  | $ | 9,144 |  |  | $ | (3 | ) |  | $ | 251,100 |  |  | $ | (324 | )

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