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Marketable Securities
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Note 5 – Marketable Securities
 
Marketable securities classified as available-for-sale as of September 30, 2018 and December 31, 2017 were comprised of (in thousands):
 
 
 
September 30, 2018
 
 
December 31, 2017
 
 
 
Amortized

Cost
 
 
Gross

Unrealized

Gains
 
 
Gross

Unrealized

Losses
 
 
Fair Value
 
 
Amortized

Cost
 
 
Gross

Unrealized
Gains
 
 
Gross

Unrealized

Losses
 
 
Fair Value
 
Asset-backed  securities
 
$
4,990
 
 
$
—
 
 
$
(1
)
 
$
4,989
 
 
$
13,748
 
 
$
—
 
 
$
(5
)
 
$
13,743
 
Corporate debt securities
 
 
65,630
 
 
 
1
 
 
 
(8
)
 
 
65,623
 
 
 
37,265
 
 
 
—
 
 
 
(12
)
 
 
37,253
 
Total
 
$
70,620
 
 
$
1
 
 
$
(9
)
 
$
70,612
 
 
$
51,013
 
 
$
—
 
 
$
(17
)
 
$
50,996
 
 
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 18 available-for-sale securities as of September 30, 2018. Of these 18 securities, 12 had combined unrealized losses of less than $0.1 million as of September 30, 2018. The Company did not have any investments in a loss position for greater than 12 months as of September 30, 2018. 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 likely that the Company will be required to sell any securities with material unrealized losses, given the Company’s current and anticipated financial position.