Available-For-Sale Securities

6 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Available-For-Sale Securities

NOTE 6. AVAILABLE-FOR-SALE SECURITIES

The Company considers all highly liquid investments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. The Company considers all highly liquid investments with a remaining maturity at the time of purchase of more than three months but no longer than 12 months to be short-term investments, and those with a remaining maturity at the time of purchase of longer than 12 months to be long-term investments. The Company classifies its investments as available-for-sale securities and reports them at fair value with related unrealized gains and losses included as a component of comprehensive income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in other income (expense), net, on the consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense), net. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in other income (expense), net.

The following table summarizes the Company’s available-for-sale securities at June 30, 2016:

	June 30, 2016
	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Short-term investments:
Corporate debt securities	$	43,455	$	21	$	(11	)	$	43,465
Certificates of deposit		10,000		—		—			10,000
Commercial paper		3,965		—		—			3,965
U.S. Government securities		2,001		1		—			2,002
Total short-term investments		59,421		22		(11	)		59,432
Long-term investments:
Corporate debt securities		21,536		10		(31	)		21,515
Total long-term investments		21,536		10		(31	)		21,515
Total available-for-sale securities	$	80,957	$	32	$	(42	)	$	80,947

The Company did not hold any available-for-sale securities as of December 31, 2015.

The following table summarizes the Company’s portfolio of available-for-sale securities by contractual maturity:

	June 30, 2016
	Amortized Cost		Fair Value
Less than one year	$	59,421	$	59,432
Greater than one year but less than five years		21,536		21,515
Total	$	80,957	$	80,947

At June 30, 2016, the Company had 23 available-for-sale securities with a fair value of $26.2 million in a gross unrealized loss position, all of which had been in such a position for less than twelve months. The Company does not intend to sell the securities that are in an unrealized loss position, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity.