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Cash, Cash Equivalents, Marketable Securities and Restricted Cash
 9 Months Ended
Sep. 30, 2019
Cash, Cash Equivalents, and Short-term Investments [Abstract]  
Cash, Cash Equivalents, Marketable Securities and Restricted Cash Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
 
As of September 30, 2019, the Company held $166.3 million in cash and cash equivalents and $347.9 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 non-current.
  
Cash, cash equivalents and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:
 
 
 
As of September 30, 2019
(in thousands)
 
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair
Value
Cash and cash equivalents
 
$
166,319

 
$
—

 
$
—

 
$
166,319

Corporate debt securities
 
139,591

 
158

 
(4
)
 
139,745

Commercial paper
 
114,713

 
95

 
—

 
114,808

Asset-backed securities
 
75,166

 
93

 
(4
)
 
75,255

U.S. government agency bonds
 
17,683

 
—

 
(17
)
 
17,666

Money market
 
350

 
—

 
—

 
350

Certificates of deposit
 
51

 
—

 
—

 
51

 
 
$
513,873

 
$
346

 
$
(25
)
 
$
514,194

Included in cash and cash equivalents
 
$
166,319

 
$
—

 
$
—

 
$
166,319

Included in marketable securities (1)
 
347,554

 
346

 
(25
)
 
347,875

Total cash, cash equivalents, and marketable securities
 
$
513,873

 
$
346

 
$
(25
)
 
$
514,194

______________________________________
(1) As of September 30, 2019, $27.5 million of marketable securities have maturity dates greater than 12 months and are available to convert into cash, if needed. 

 
 
As of December 31, 2018
(in thousands)
 
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair
Value
Cash and cash equivalents
 
$
79,749

 
$
—

 
$
—

 
$
79,749

Corporate debt securities
 
240,969

 
7

 
(250
)
 
240,726

Commercial paper
 
115,245

 
—

 
(104
)
 
115,141

Asset-backed securities
 
68,215

 
4

 
(84
)
 
68,135

Money market
 
350

 
—

 
—

 
350

Certificates of deposit
 
51

 
—

 
—

 
51

 
 
$
504,579

 
$
11

 
$
(438
)
 
$
504,152

Included in cash and cash equivalents
 
$
79,749

 
$
—

 
$
—

 
$
79,749

Included in marketable securities
 
424,830

 
11

 
(438
)
 
424,403

Total cash, cash equivalents, and marketable securities
 
$
504,579

 
$
11

 
$
(438
)
 
$
504,152


 
For the nine months ended September 30, 2019 there were no realized gains. For the fiscal year ended December 31, 2018, there were nominal realized gains. 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, 2019 and December 31, 2018 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 $22.9 million and $403.1 million as of September 30, 2019 and December 31, 2018, respectively. 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.

(in thousands)
 
September 30, 2019
 
December 31, 2018
 
September 30, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
166,319

 
$
79,749

 
$
201,827

 
$
49,060

Restricted cash
 
3,382

 
2,626

 
2,003

 
2,177

Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows
 
$
169,701

 
$
82,375

 
$
203,830

 
$
51,237