Marketable Securities

9 Months Ended

Sep. 30, 2017

Note 5 – Marketable Securities

Marketable securities classified as available-for-sale as of September 30, 2017 and December 31, 2016 were comprised of (in thousands):

	September 30, 2017								December 31, 2016
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized				Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Asset-backed securities	$	14,452	$	—	$	(1)	$	14,451	$	23,636	$	—	$	(4)	$	23,632
Corporate debt securities		53,870		2		(2)		53,870		67,457		43		(6)		67,494
Total	$	68,322	$	2	$	(3)	$	68,321	$	91,093	$	43	$	(10)	$	91,126

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 19 available-for-sale securities as of September 30, 2017. Of these 19 securities, 10 had combined unrealized losses of less than $0.1 million as of September 30, 2017. The Company did not have any investments in a loss position for greater than 12 months as of September 30, 2017. The Company has evaluated its marketable securities and has determined that none of these investments had 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.