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Marketable Securities and Fair Value Measurements
 9 Months Ended
Sep. 30, 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):
 
 
September 30, 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
 
$
15,990

 
$
4

 
$
(1
)
 
$
15,993

 
$
12,499

 
$
9

 
$
—

 
$
12,508

Corporate securities
 
40,941

 
12

 
(13
)
 
40,940

 
42,765

 
9

 
(42
)
 
42,732

U.S. Treasury and agency securities
 
3,494

 
—

 
(12
)
 
3,482

 
5,190

 
—

 
(14
)
 
5,176

Commercial paper
 
9,214

 
2

 
—

 
9,216

 
11,470

 
1

 
(2
)
 
11,469

Asset-backed securities
 
14,352

 
—

 
(10
)
 
14,342

 
13,493

 
—

 
(6
)
 
13,487


 
$
83,991

 
$
18

 
$
(36
)
 
$
83,973

 
$
85,417

 
$
19

 
$
(64
)
 
$
85,372



During the nine months ended September 30, 2017 and 2016, 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 September 30, 2017 (in thousands):
 
Amortized Cost
 
Fair Value
Less than 1 year
$
59,490

 
$
59,480

Mature in 1 - 3 years
24,501

 
24,493

 
$
83,991

 
$
83,973



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):
 
Less Than 12 Months
 
12 Months or More
 
Total
As of September 30, 2017
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Certificates of deposit
$
5,500

 
$
(1
)
 
$
—

 
$
—

 
$
5,500

 
$
(1
)
Corporate securities
27,254

 
(10
)
 
1,500

 
(3
)
 
28,754

 
(13
)
U.S. Treasury and agency securities
3,482

 
(12
)
 
—

 
—

 
3,482

 
(12
)
Asset-backed securities
14,342

 
(10
)
 
—

 
—

 
14,342

 
(10
)
 
$
50,578

 
$
(33
)
 
$
1,500

 
$
(3
)
 
$
52,078

 
$
(36
)


 
Less Than 12 Months
 
12 Months or More
 
Total
As of December 31, 2016
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Corporate securities
$
28,537

 
$
(42
)
 
$
—

 
$
—

 
$
28,537

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

 
(14
)
 
—

 
—

 
5,176

 
(14
)
Commercial paper
8,974

 
(2
)
 
—

 
—

 
8,974

 
(2
)
Asset-backed securities
10,664

 
(6
)
 
—

 
—

 
10,664

 
(6
)
 
$
53,351

 
$
(64
)
 
$
—

 
$
—

 
$
53,351

 
$
(64
)


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 nine months ended September 30, 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):
 
 
September 30, 2017
 
December 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash
 
$
27,346

 
$
—

 
$
—

 
$
27,346

 
$
18,672

 
$
—

 
$
—

 
$
18,672

Cash equivalents
 
12,573

 
—

 
—

 
12,573

 
10,303

 
—

 
—

 
10,303

Certificates of deposit
 
—

 
15,993

 
—

 
15,993

 
—

 
12,508

 
—

 
12,508

Corporate securities
 
—

 
40,940

 
—

 
40,940

 
—

 
42,732

 
—

 
42,732

U.S. Treasury and agency securities
 
—

 
3,482

 
—

 
3,482

 
—

 
5,176

 
—

 
5,176

Commercial paper
 
—

 
9,216

 
—

 
9,216

 
—

 
11,469

 
—

 
11,469

Asset-backed securities
 
—

 
14,342

 
—

 
14,342

 
—

 
13,487

 
—

 
13,487

 
 
$
39,919

 
$
83,973

 
$
—

 
$
123,892

 
$
28,975

 
$
85,372

 
$
—

 
$
114,347



There were no transfers between Level 1 and Level 2 fair value measurement categories during the nine months ended September 30, 2017 and 2016.