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Cash and Investments | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Cash and Investments | CASH AND INVESTMENTS All of our cash equivalents and investments are classified as available-for-sale. The following tables summarize cash and cash equivalents, investments, and restricted cash and investments by balance sheet line item as of March 31, 2017 and December 31, 2016 (in thousands):
| March 31, 2017
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Cash and cash equivalents | $ | 183,179 |  |  | $ | — |  |  | $ | — |  |  | $ | 183,179 |
Short-term investments | 241,247 |  |  | 22 |  |  | (175 | ) |  | 241,094 |
Long-term investments | 47,416 |  |  | 15 |  |  | (80 | ) |  | 47,351 |
Long-term restricted cash and investments | 4,150 |  |  | — |  |  | — |  |  | 4,150 |
Total cash and investments | $ | 475,992 |  |  | $ | 37 |  |  | $ | (255 | ) |  | $ | 475,774 |
| December 31, 2016
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Cash and cash equivalents | $ | 151,686 |  |  | $ | — |  |  | $ | — |  |  | $ | 151,686 |
Short-term investments | 268,234 |  |  | 13 |  |  | (130 | ) |  | 268,117 |
Long-term investments | 55,792 |  |  | 1 |  |  | (192 | ) |  | 55,601 |
Long-term restricted cash and investments | 4,150 |  |  | — |  |  | — |  |  | 4,150 |
Total cash and investments | $ | 479,862 |  |  | $ | 14 |  |  | $ | (322 | ) |  | $ | 479,554 |
Under our loan and security agreement with Silicon Valley Bank, we were required to maintain compensating balances on deposit in one or more investment accounts with Silicon Valley Bank or one of its affiliates. The total collateral balance of $81.6 million as of December 31, 2016 is reflected in our Condensed Consolidated Balance Sheets in short-term investments; as a result of our repayment of the term-loan with Silicon Valley Bank, the compensating balance requirement was terminated as of March 29, 2017. See “Note 7 - Debt” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 27, 2017 for more information regarding the collateral balance requirements under our Silicon Valley Bank loan and security agreement. The following tables summarize our cash equivalents and investments by security type as of March 31, 2017 and December 31, 2016. The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands):
| March 31, 2017
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 44,641 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,641 |
Commercial paper | 193,968 |  |  | — |  |  | — |  |  | 193,968 |
Corporate bonds | 175,244 |  |  | 37 |  |  | (220 | ) |  | 175,061 |
U.S. Treasury and government sponsored enterprises | 43,321 |  |  | — |  |  | (35 | ) |  | 43,286 |
Total investments | $ | 457,174 |  |  | $ | 37 |  |  | $ | (255 | ) |  | $ | 456,956 |
| December 31, 2016
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 71,457 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,457 |
Commercial paper | 165,375 |  |  | — |  |  | — |  |  | 165,375 |
Corporate bonds | 152,712 |  |  | 3 |  |  | (308 | ) |  | 152,407 |
U.S. Treasury and government sponsored enterprises | 70,730 |  |  | 11 |  |  | (14 | ) |  | 70,727 |
Total investments | $ | 460,274 |  |  | $ | 14 |  |  | $ | (322 | ) |  | $ | 459,966 |
Gains and losses on the sales of investments available-for-sale were nominal or zero during the three months ended March 31, 2017 and 2016. All of our investments are subject to a quarterly impairment review. During the three months ended March 31, 2017 and 2016 we did not record any other-than-temporary impairment charges on our available-for-sale securities. As of March 31, 2017, there were 96 investments in an unrealized loss position with gross unrealized losses of $0.3 million and an aggregate fair value of $184.4 million. The investments in an unrealized loss position comprise corporate bonds with an aggregate fair value of $142.2 million and the remainder comprises securities issued by U.S. Treasury and government sponsored enterprises. The unrealized losses were not attributed to credit risk, but rather associated with the changes in interest rates. Based on the scheduled maturities of our investments, we concluded that the unrealized losses in our investment securities are not other-than-temporary, as it is more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. The following table summarizes the fair value of securities classified as available-for-sale by contractual maturity as of March 31, 2017 (in thousands):
| Mature within One Year |  | After One Year through Two Years |  | Fair Value
Money market funds | $ | 44,641 |  |  | $ | — |  |  | $ | 44,641 |
Commercial paper | 193,968 |  |  | — |  |  | 193,968 |
Corporate bonds | 132,355 |  |  | 42,706 |  |  | 175,061 |
U.S. Treasury and government sponsored enterprises | 40,639 |  |  | 2,647 |  |  | 43,286 |
Total investments | $ | 411,603 |  |  | $ | 45,353 |  |  | $ | 456,956 |
Cash is excluded from the table above. The classification of certain restricted investments is dependent upon the term of the underlying restriction on the asset and not the maturity date of the investment. Therefore, certain long-term restricted cash and investments have contractual maturities within one year.

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