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Marketable Securities and Fair Value Measurements
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements
Marketable Securities and Fair Value Measurements

Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
 
 
March 31, 2017
 
December 31, 2016
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Certificates of deposit
 
$
11,500

 
$
6

 
$
(7
)
 
$
11,499

 
$
12,499

 
$
9

 
$
—

 
$
12,508

Corporate securities
 
48,433

 
8

 
(32
)
 
48,409

 
42,765

 
9

 
(42
)
 
42,732

U.S. Treasury and agency securities
 
5,191

 
—

 
(10
)
 
5,181

 
5,190

 
—

 
(14
)
 
5,176

Commercial paper
 
7,977

 
—

 
—

 
7,977

 
11,470

 
1

 
(2
)
 
11,469

Asset-backed securities
 
12,540

 

 
(11
)
 
12,529

 
13,493

 
—

 
(6
)
 
13,487


 
$
85,641

 
$
14

 
$
(60
)
 
$
85,595

 
$
85,417

 
$
19

 
$
(64
)
 
$
85,372



During the three months ended March 31, 2017, we did not reclassify any amount to earnings from accumulated other comprehensive loss related to unrealized gains or losses.

The following table summarizes the cost and estimated fair value of marketable securities based on stated effective maturities as of March 31, 2017 (in thousands):
 
Amortized Cost
 
Fair Value
Less than 1 year
$
54,672

 
$
54,657

Mature in 1 - 3 years
30,969

 
30,938

 
$
85,641

 
$
85,595



All available-for-sale securities have been classified as current based on management's ability to use the funds in current operations.

Marketable securities in an unrealized loss position consisted of the following (in thousands):
As of March 31, 2017
Fair Value
 
Gross Unrealized Losses
Certificates of deposit
$
3,493

 
$
(7
)
Corporate securities
32,236

 
(32
)
U.S. Treasury and agency securities
5,181

 
(10
)
Commercial paper
5,482

 
—

Asset-backed securities
12,530

 
(11
)
 
$
58,922

 
$
(60
)


As of December 31, 2016
Fair Value
 
Gross Unrealized Losses
Corporate securities
$
28,537

 
$
(42
)
U.S. Treasury and agency securities
5,176

 
(14
)
Commercial paper
8,974

 
(2
)
Asset-backed securities
10,664

 
(6
)
 
$
53,351

 
$
(64
)


As of March 31, 2017, no marketable securities were in a continuous unrealized loss position for more than twelve months. Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three months ended March 31, 2017 and 2016.

Fair Value Measurements

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):
 
 
March 31, 2017
 
December 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash
 
$
20,290

 
$
—

 
$
—

 
$
20,290

 
$
18,672

 
$
—

 
$
—

 
$
18,672

Cash equivalents
 
10,290

 
—

 
—

 
10,290

 
10,303

 
—

 
—

 
10,303

Certificates of deposit
 
—

 
11,499

 
—

 
11,499

 
—

 
12,508

 
—

 
12,508

Corporate securities
 
—

 
48,409

 
—

 
48,409

 
—

 
42,732

 
—

 
42,732

U.S. Treasury and agency securities
 
—

 
5,181

 
—

 
5,181

 
—

 
5,176

 
—

 
5,176

Commercial paper
 
—

 
7,977

 
—

 
7,977

 
—

 
11,469

 
—

 
11,469

Asset-backed securities
 
—

 
12,529

 
—

 
12,529

 
—

 
13,487

 
—

 
13,487

 
 
$
30,580

 
$
85,595

 
$
—

 
$
116,175

 
$
28,975

 
$
85,372

 
$
—

 
$
114,347



There were no transfers between Level 1 and Level 2 fair value measurement categories during the three months ended March 31, 2017 and 2016.