Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

3. Cash Equivalents and Investments

The amortized cost and fair value of cash equivalents and investments at December 31, 2014 were as follows (in thousands):

	December 31, 2014
	Amortized Cost		Gross Unrealized					Fair Value
			Gains		Losses
Money market fund	$	15,922	$	—	$	—		$	15,922
U.S. treasury securities		19,117		5		(2	)		19,120
Government-sponsored agencies		29,772		4		(13	)		29,763
Commercial paper		1,500		—		—			1,500
Corporate debt securities		48,226		4		(68	)		48,162
Total available-for-sale securities	$	114,537	$	13	$	(83	)	$	114,467
Classified as:
Cash equivalents								$	15,922
Short-term investments									57,282
Long-term investments									41,263
Total available-for-sale securities								$	114,467

The amortized cost and fair value of cash equivalents and investments, with gross unrealized gains and losses, at December 31, 2013 were as follows (in thousands):

	December 31, 2013
	Amortized Cost		Gross Unrealized					Fair Value
			Gains		Losses
Money market fund	$	8,212	$	—	$	—		$	8,212
Certificate of deposits		6,025		—		—			6,025
U.S. treasury securities		2,001		3		—			2,004
Government-sponsored agencies		9,825		7		(2	)		9,830
Commercial paper		12,192		—		—			12,192
Corporate debt securities		109,533		56		(24	)		109,565
Total available-for-sale securities	$	147,788	$	66	$	(26	)	$	147,828
Classified as:
Cash equivalents								$	8,212
Short-term investments									123,055
Long-term investments									16,561
Total available-for-sale securities								$	147,828

Cash and cash equivalents in the tables above exclude cash of $0.2 million and $2.0 million as of December 31, 2014 and 2013, respectively. All available-for-sale securities held as of December 31, 2014, had contractual maturities of less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. No available-for-sale securities held as of December 31, 2014, have been in a continuous unrealized loss position for more than 12 months.

As of December 31, 2014, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes it has no other-than-temporary impairments on its securities because it does not intend to sell these securities and it believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.