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Investments in Marketable Securities | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments in Marketable Securities |
4. | Investments in Marketable Securities
Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 24,864 |  |  | $ | 15 |  |  | $ | (1 | ) |  | $ | 24,878 |  |  | $ | 62,343 |  |  | $ | — |  |  | $ | (71 | ) |  | $ | 62,272 |
U.S. government sponsored entities |  |  | 11,508 |  |  |  | 5 |  |  |  | — |  |  |  | 11,513 |  |  |  | 17,571 |  |  |  | — |  |  |  | (12 | ) |  |  | 17,559 |
Corporate debt securities |  |  | 11,982 |  |  |  | 4 |  |  |  | — |  |  |  | 11,986 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 29 |
|  | $ | 48,354 |  |  | $ | 24 |  |  | $ | (1 | ) |  | $ | 48,377 |  |  | $ | 79,943 |  |  | $ | — |  |  | $ | (83 | ) |  | $ | 79,860 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 50,535 |  |  | $ | 172 |  |  | $ | (9 | ) |  | $ | 50,698 |  |  | $ | 15,283 |  |  | $ | — |  |  | $ | (112 | ) |  | $ | 15,171 |
U.S. government sponsored entities |  |  | 15,989 |  |  |  | 25 |  |  |  | — |  |  |  | 16,014 |  |  |  | 12,107 |  |  |  | — |  |  |  | (85 | ) |  |  | 12,022 |
Corporate debt securities |  |  | 18,261 |  |  |  | 529 |  |  |  | (21 | ) |  |  | 18,769 |  |  |  | 17,219 |  |  |  | 5 |  |  |  | (519 | ) |  |  | 16,705 |
Asset-backed securities and other |  |  | 8,729 |  |  |  | 118 |  |  |  | (49 | ) |  |  | 8,798 |  |  |  | 10,649 |  |  |  | — |  |  |  | (152 | ) |  |  | 10,497 |
|  | $ | 93,514 |  |  | $ | 844 |  |  | $ | (79 | ) |  | $ | 94,279 |  |  | $ | 55,258 |  |  | $ | 5 |  |  | $ | (868 | ) |  | $ | 54,395 |
The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |
Less than 12 months |  | $ | (33 | ) |  | $ | 39,367 |  |  | $ | (951 | ) |  | $ | 129,117 |
12 months or longer |  | $ | (47 | ) |  | $ | 2,747 |  |  | $ | — |  |  | $ | — |
Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Gross realized gain (1) |  | $ | 16 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 133 |
Gross realized loss (1) |  | $ | — |  |  | $ | — |  |  | $ | (155 | ) |  | $ | (3 | )
(1) | Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method.
The Company may sell certain of its marketable securities, available-for-sale prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration, duration management and when a security no longer meets the criteria of the Company’s investment policy. During the nine months ended September 30, 2016, the Company sold one security, which no longer met the requirements of its investment policy for a loss of $152,000. As of September 30, 2016, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 48,354 |  |  | $ | 48,377 |  |  | $ | 79,943 |  |  | $ | 79,860 |
Due after one year through five years |  |  | 70,627 |  |  |  | 70,758 |  |  |  | 28,634 |  |  |  | 28,465 |
Due after five years through ten years |  |  | 14,998 |  |  |  | 15,537 |  |  |  | 18,020 |  |  |  | 17,466 |
Due after ten years |  |  | 7,889 |  |  |  | 7,984 |  |  |  | 8,604 |  |  |  | 8,464 |
|  | $ | 141,868 |  |  | $ | 142,656 |  |  | $ | 135,201 |  |  | $ | 134,255 |
Weighted average contractual maturity |  |  | 3.2 years |  |  |  |  |  |  |  | 3.3 years |  |  |  |  |
Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.

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