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Available-for-sale Securities | 9 Months Ended
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Sep. 30, 2016
Investments Debt And Equity Securities [Abstract] |
Available-for-sale Securities | Note 3. Available-for-sale Securities The following is a summary of available-for-sale securities at September 30, 2016 (in thousands):
|  | September 30, 2016 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Money market funds |  | $ | 2,122 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,122 |
United States government agency securities |  |  | 25,190 |  |  |  | 4 |  |  |  | - |  |  |  | 25,194 |
Corporate debt securities |  |  | 43,198 |  |  |  | 19 |  |  |  | (17 | ) |  |  | 43,200 |
Marketable equity securities |  |  | - |  |  |  | 4,930 |  |  |  | - |  |  |  | 4,930 |
Total available-for-sale securities |  | $ | 70,510 |  |  | $ | 4,953 |  |  | $ | (17 | ) |  | $ | 75,446 |
The following is a summary of available-for-sale securities at December 31, 2015 (in thousands):
|  | December 31, 2015 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Money market funds |  | $ | 59,302 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,302 |
Corporate debt securities |  |  | 25,747 |  |  |  | - |  |  |  | (49 | ) |  |  | 25,698 |
Marketable equity securities |  |  | - |  |  |  | 11,163 |  |  |  | - |  |  |  | 11,163 |
Total available-for-sale securities |  | $ | 85,049 |  |  | $ | 11,163 |  |  | $ | (49 | ) |  | $ | 96,163 |
Available-for-sale securities at September 30, 2016 and December 31, 2015, consisted of the following by contractual maturity (in thousands):
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 66,507 |  |  | $ | 66,512 |  |  | $ | 85,049 |  |  | $ | 85,000 |
Marketable equity securities |  |  | - |  |  |  | 4,930 |  |  |  | - |  |  |  | 11,163 |
Greater than one year and less than five years |  |  | 4,003 |  |  |  | 4,004 |  |  |  | - |  |  |  | - |
Total available-for-sale securities |  | $ | 70,510 |  |  | $ | 75,446 |  |  | $ | 85,049 |  |  | $ | 96,163 |
The following tables show all available-for-sale marketable securities in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
|  | September 30, 2016 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities |  | $ | 20,082 |  |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 20,082 |  |  | $ | (17 | )
Total available-for-sale securities |  | $ | 20,082 |  |  | $ | (17 | ) |  | $ | - |  |  | $ | - |  |  | $ | 20,082 |  |  | $ | (17 | )
|  | December 31, 2015 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities |  | $ | 20,170 |  |  | $ | (46 | ) |  | $ | 5,528 |  |  | $ | (3 | ) |  | $ | 25,698 |  |  | $ | (49 | )
Total available-for-sale securities |  | $ | 20,170 |  |  | $ | (46 | ) |  | $ | 5,528 |  |  | $ | (3 | ) |  | $ | 25,698 |  |  | $ | (49 | )
As of September 30, 2016, the Company considered the declines in market value of its marketable securities investment portfolio to be temporary in nature and did not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy 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. Fair values were determined for each individual security in the investment portfolio. 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. During the three and nine months ended September 30, 2016 and 2015, the Company did not recognize any other-than-temporary impairment loss. The Company has no current requirement or intent to sell the securities in an unrealized loss position. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. The Company did not record any gross realized gains from the sale or maturity of available-for-sale investments during the three and nine months ended September 30, 2016 and 2015. The Company did not record any gross realized losses from the sale or maturity of available-for-sale investments during the three and nine months ended September 30, 2016 and 2015.

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