Cash Equivalents and Investments |
3. Cash Equivalents and Investments
The fair value of securities, not including cash at June 30, 2017 and December 31, 2016, were as follows (in thousands):
|
|
June 30, 2017 |
|
|
|
Amortized |
|
|
Gross Unrealized |
|
|
Estimated |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Money market funds |
|
$ |
13,059 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,059 |
|
U.S. government securities |
|
|
32,937 |
|
|
|
— |
|
|
|
(45 |
) |
|
|
32,892 |
|
Corporate notes |
|
|
24,263 |
|
|
|
1 |
|
|
|
(6 |
) |
|
|
24,258 |
|
Commercial paper |
|
|
36,428 |
|
|
|
— |
|
|
|
— |
|
|
|
36,428 |
|
Total available-for-sale securities |
|
$ |
106,687 |
|
|
$ |
1 |
|
|
$ |
(51 |
) |
|
$ |
106,637 |
|
Classified as: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,059 |
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93,578 |
|
Long-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
106,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
Amortized |
|
|
Gross Unrealized |
|
|
Estimated |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
Money market funds |
|
$ |
45,937 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
45,937 |
|
U.S. government securities |
|
|
16,479 |
|
|
|
11 |
|
|
|
— |
|
|
|
16,490 |
|
Corporate notes |
|
|
23,947 |
|
|
|
— |
|
|
|
(20 |
) |
|
|
23,927 |
|
Commercial paper |
|
|
24,971 |
|
|
|
— |
|
|
|
— |
|
|
|
24,971 |
|
Total available-for-sale securities |
|
$ |
111,334 |
|
|
$ |
11 |
|
|
$ |
(20 |
) |
|
$ |
111,325 |
|
Classified as: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,937 |
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,407 |
|
Long-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,981 |
|
Total cash equivalents and investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
111,325 |
|
Available-for-sale securities held as of June 30, 2017 had a weighted average days to maturity of 126 days. There have been no material realized gains or realized losses on available-for-sale securities for the periods presented.
As the carrying value approximates the fair value for the Company’s cash equivalents, short-term and long-term investments shown in the tables above, the following table summarizes the fair value of the Company’s cash equivalents, short-term and long-term investments classified by maturity (in thousands):
|
|
June 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Due within one year |
|
$ |
106,637 |
|
|
$ |
100,344 |
|
Due after one year through three years |
|
|
— |
|
|
|
10,981 |
|
Total available-for-sale marketable debt
securities |
|
$ |
106,637 |
|
|
$ |
111,325 |
|
|