Cash, Cash Equivalents and Marketable Securities

The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as corporate debt instruments, U.S. government agency securities and commercial paper. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid corporate debt instruments, U.S. government agency securities and commercial paper with maturities greater than 90 days at date of purchase. Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations.

Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values.

The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive income (loss) in the stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive income (loss) to results of operations as other income (expense).

The Company, to date, has not determined that any of the unrealized losses on its investments are considered to be other-than-temporary. The Company reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period any such determination is made. In making this judgment, the Company evaluates, among other things: the duration and extent to which the fair value of a security is less than its cost; the financial condition of the issuer and any changes thereto; and the Company’s intent and ability to hold its investment for a period of time sufficient to allow for any anticipated recovery in market value, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The Company has evaluated its investments as of September 24, 2016 and has determined that no investments with unrealized losses are other-than-temporarily impaired. No investments have been in a continuous loss position greater than one year.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):



	September 24, 2016		December 31, 2015
Cash and cash equivalents:
Cash	$	17,708	$	13,378
Money market funds	14,056		10,248
Total cash and cash equivalents	31,764		23,626
Marketable securities:
Corporate debt securities	23,051		35,799
U.S. government agency securities	6,503		10,520
Commercial paper	—		3,645
Total marketable securities	29,554		49,964
Total cash, cash equivalents and marketable securities	$	61,318	$	73,590

The carrying amounts of our money market funds approximate their fair values due to their nature, duration and short maturities.

As of September 24, 2016, the amortized cost and fair value of marketable securities were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	23,050	$	4	$	(3	)	$	23,051
U.S. government agency securities	6,501		2		—			6,503
Total marketable securities	$	29,551	$	6	$	(3	)	$	29,554

As of December 31, 2015, the amortized cost and fair value of marketable securities were as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	35,869	$	2	$	(72	)	$	35,799
U.S. government agency securities	10,544		—		(24		)	10,520
Commercial paper	3,645		—		—			3,645
Total marketable securities	$	50,058	$	2	$	(96	)	$	49,964

As of September 24, 2016, the amortized cost and fair value of marketable securities by contractual maturity were as follows (in thousands):



	Amortized Cost		Fair Value
Due in 1 year or less	$	29,551	$	29,554