Cash, Cash Equivalents, Marketable Securities and Restricted Cash

As of September 30, 2018, the Company held $201.8 million in cash and cash equivalents and $362.6 million of available-for-sale debt securities which are reported at fair value on the Company’s consolidated balance sheets. Unrealized holding gains and losses are reported within accumulated other comprehensive loss in the statements of comprehensive loss. If a decline in the fair value of a marketable security below the Company’s cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge.

The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as many of these securities are either government backed or of the highest credit rating. Investments that have original maturities greater than three months but less than one year are classified as current, while investments that have maturities greater than one year are classified as long-term.

Cash, cash equivalents and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:



	As of September 30, 2018
(in thousands)	Cost		Gross unrealized Gain		Gross unrealized Loss			Fair Value
Cash and cash equivalents	$	201,827	$	—	$	—		$	201,827
Corporate debt securities, current portion	227,517		5		(123		)	227,399
Commercial paper	82,704		—		(49		)	82,655
Asset-backed securities	52,145		—		(44		)	52,101
Money market	350		—		—			350
Certificates of deposit	51		—		—			51
	$	564,594	$	5	$	(216	)	$	564,383
Included in cash and cash equivalents	$	201,827	$	—	$	—		$	201,827
Included in marketable securities, current and non-current	362,767		5		(216		)	362,556
Total cash, cash equivalents and marketable securities	$	564,594	$	5	$	(216	)	$	564,383



	As of December 31, 2017
(in thousands)	Cost		Gross unrealized Gain		Gross unrealized Loss			Fair Value
Cash and cash equivalents	$	49,060	$	—	$	—		$	49,060
Corporate debt securities, current portion	199,314		1		(303		)	199,012
Commercial paper	79,878		—		(75		)	79,803
Asset-backed securities	30,346		—		(59		)	30,287
Money market	350		—		—			350
Certificates of deposit	50		—		—			50
	$	358,998	$	1	$	(437	)	$	358,562
Included in cash and cash equivalents	$	49,060	$	—	$	—		$	49,060
Included in marketable securities	309,938		1		(437		)	309,502
Total cash, cash equivalents and marketable securities	$	358,998	$	1	$	(437	)	$	358,562

For the nine months ended September 30, 2018 there were nominal realized gains. For the fiscal year ended December 31, 2017, there were no realized gains or losses. The cost of securities sold is based on the specific identification method.

Unrealized loss positions in the available-for-sale debt securities as of September 30, 2018 and December 31, 2017 reflect temporary impairments that have been in a loss position for less than twelve months and as such are recognized in other comprehensive gain (loss). The fair value of these available-for-sale debt securities in unrealized loss positions was $315.3 million and $295.1 million as of September 30, 2018 and December 31, 2017, respectively.

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheet that sum to the total of the same such amounts shown in the statement of cash flows.



(in thousands)	September 30, 2018		December 31, 2017		September 30, 2017		December 31, 2016
Cash and cash equivalents	$	201,827	$	49,060	$	64,133	$	187,026
Restricted cash	2,003		2,177		1,444		387
Cash and cash equivalents and restricted cash shown in the statement of cash flows	$	203,830	$	51,237	$	65,577	$	187,413