Marketable Securities

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

NOTE 3—MARKETABLE SECURITIES

The Company classifies its marketable securities as available-for-sale and records its investments at estimated fair value based on quoted market prices or observable market inputs of substantially identical assets. Unrealized holding gains and losses are included in accumulated other comprehensive income (loss). Investments that have maturities beyond one year as of the end of the reporting period are classified as non-current.

The Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. Realized gains and losses on available-for-sale securities are included in other income, which is determined using the specific identification method

The table below summarizes the Company’s investments (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		(Losses)			Fair Value
September 30, 2017
Cash equivalents:
Money market funds	$	14,710	$	—	$	—		$	14,710
Total		14,710		—		—			14,710
Available-for-sale securities:
Commercial paper securities		106,759		2		(34	)		106,727
Corporate debt securities		80,177		—		(51	)		80,126
U.S. government-sponsored entity debt securities		36,300		—		(18	)		36,282
Total		223,236		2		(103	)		223,135
Total cash equivalents and available-for-sale securities	$	237,946		2	$	(103	)	$	237,845
December 31, 2016
Cash equivalents:
Money market funds	$	18,992	$	—	$	—		$	18,992
Total		18,992		—		—			18,992
Available-for-sale securities:
Commercial paper securities		23,112		73		—			23,185
Corporate debt securities		10,005		—		(1	)		10,004
U.S. government-sponsored entity debt securities		87,307		3		(25	)		87,285
Total		120,424		76		(26	)		120,474
Total cash equivalents and available-for-sale securities	$	139,416	$	76	$	(26	)	$	139,466

The Company had no material realized losses or other-than-temporary impairments of its investments for the nine months ended September 30, 2017 or the twelve months ended December 31, 2016. As of September 30, 2017 and December 31, 2016, all of the Company’s investments had maturity dates within one year, except for $16.3 million as of September 30, 2017 which mature within 24 months. The Company has the intent and ability to hold its investments for a period of time sufficient to allow for any anticipated recovery in market value.