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Marketable Securities
9 Months Ended
Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

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, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

18

 

 

$

 

 

$

 

 

$

18

 

Total

 

 

18

 

 

 

 

 

 

 

 

 

18

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

317,203

 

 

 

11

 

 

 

(95

)

 

 

317,119

 

Corporate debt securities

 

 

83,684

 

 

 

 

 

 

(105

)

 

 

83,579

 

U.S. government-sponsored entity debt securities

 

 

18,598

 

 

 

 

 

 

(24

)

 

 

18,574

 

Total

 

 

419,485

 

 

 

11

 

 

 

(224

)

 

 

419,272

 

Total cash equivalents and available-for-sale securities

 

$

419,503

 

 

$

11

 

 

$

(224

)

 

$

419,290

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

24,290

 

 

$

 

 

$

 

 

$

24,290

 

Commercial paper securities

 

 

4,595

 

 

 

 

 

 

 

 

 

4,595

 

Total

 

 

28,885

 

 

 

 

 

 

 

 

 

28,885

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper securities

 

 

110,365

 

 

 

 

 

 

(118

)

 

 

110,247

 

Corporate debt securities

 

 

75,886

 

 

 

 

 

 

(131

)

 

 

75,755

 

U.S. government-sponsored entity debt securities

 

 

8,498

 

 

 

 

 

 

(6

)

 

 

8,492

 

Total

 

 

194,749

 

 

 

 

 

 

(255

)

 

 

194,494

 

Total cash equivalents and available-for-sale securities

 

$

223,634

 

 

 

 

 

$

(255

)

 

$

223,379

 

 

The Company had no material realized losses or other-than-temporary impairments of its investments for the nine months ended September 30, 2018 and 2017. As of September 30, 2018, all of the Company’s investments had maturity dates within one year.  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.