Marketable Securities

3 Months Ended

Mar. 31, 2016

Investments [Abstract]

Marketable Securities

Note 5 – Marketable Securities

Marketable securities classified as available-for-sale as of March 31, 2016 and December 31, 2015 were comprised of (in thousands):

	March 31, 2016								December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	21,779	$	12	$	—	$	21,791	$	—	$	—	$	—	$	—
Debt securities of U.S. government agencies		25,869		8		—		25,877		—		—		—		—
Asset-backed securities		62,555		8		(6)		62,557		20,748		—		(9)		20,739
Corporate debt securities		191,143		279		(5)		191,417		116,821		29		(41)		116,809
Total	$	301,346	$	307	$	(11)	$	301,642	$	137,569	$	29	$	(50)	$	137,548

Marketable Securities – Unrealized Losses

The primary objective of the Company’s investment policy is the preservation of capital; thus, the Company’s investment policy limits investments to certain types of instruments with high-grade credit ratings, places restrictions on maturities and concentrations in certain industries and requires the Company to maintain a certain level of liquidity.

The Company owned 69 available-for-sale securities as of March 31, 2016. Of these 69 securities, 9 had combined unrealized losses of less than $0.1 million as of March 31, 2016. The Company did not have any investments in a loss position for greater than 12 months as of March 31, 2016. The Company has evaluated its marketable securities and has determined that none of these investments has an other-than-temporary impairment, as it has no intent to sell securities with unrealized losses and it is not more likely than not that the Company will be required to sell any securities with unrealized losses, given the Company’s current and anticipated financial position.