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Investment Securities
 12 Months Ended
Dec. 31, 2017
Investments Debt And Equity Securities [Abstract]  
Investment Securities

3. Investment Securities

Investment securities, all classified as available-for-sale, consisted of the following (in thousands):

 

 

 

December 31, 2017

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair

Value

 

U.S. Treasury notes

 

$

32,976

 

 

$

—

 

 

$

(12

)

 

$

32,964

 

Government sponsored enterprise securities

 

 

10,082

 

 

 

—

 

 

 

(10

)

 

 

10,072

 

Corporate debt securities

 

 

138,650

 

 

 

1

 

 

 

(321

)

 

 

138,330

 

Commercial paper

 

 

90,623

 

 

 

—

 

 

 

(65

)

 

 

90,558

 

 

 

$

272,331

 

 

$

1

 

 

$

(408

)

 

$

271,924

 

 

 

 

December 31, 2016

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair

Value

 

U.S. Treasury notes

 

$

82,484

 

 

$

6

 

 

$

(3

)

 

$

82,487

 

Government sponsored enterprise securities

 

 

73,789

 

 

 

1

 

 

 

(5

)

 

 

73,785

 

Corporate debt securities

 

 

79,190

 

 

 

—

 

 

 

(72

)

 

 

79,118

 

Commercial paper

 

 

129,861

 

 

 

165

 

 

 

—

 

 

 

130,026

 

 

 

$

365,324

 

 

$

172

 

 

$

(80

)

 

$

365,416

 

 

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of its amortized cost basis. The Company intends, and has the ability, to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. Based on its evaluation, the Company determined that its unrealized losses were not other-than-temporary at December 31, 2017 and 2016.

 

The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of December 31, 2017, the Company held $48.7 million of available-for-sale investment securities with contractual maturity dates more than one year and less than two years. No securities with similar maturity dates were held as of December 31, 2016.