Available-for-Sale Securities

6 Months Ended

Jun. 30, 2016

Available-for-Sale Securities:

Available-for-Sale Securities

4.Available-for-Sale Securities

As of December 31, 2015, the Company held no available-for-sale securities. The following table summarizes the available-for-sale securities held at June 30, 2016 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2016
Corporate debt securities	$	14,826	$	7	$	—	$	14,833
U.S. government-sponsored securities	3,705		1		—		3,706
Total	$	18,531	$	8	$	—	$	18,539

The contractual maturities of all securities held at June 30, 2016 were one year or less. There were two available-for-sale securities in an unrealized loss position at June 30, 2016, neither of which had been in an unrealized loss position for more than 12 months. The aggregate fair value of these securities at June 30, 2016 was approximately $1.5 million. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. The Company does not intend to sell the investments that were in unrealized loss positions at June 30, 2016, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Accordingly, the Company concluded that it did not hold any securities with other-than-temporary impairment at June 30, 2016.

Gross realized gains and losses on the sales of available-for-sale securities are included in other income, net. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other income, net, were not material to the Company’s condensed consolidated results of operations. The cost of securities sold or the amount reclassified out of the accumulated other comprehensive income into other income, net is based on the specific identification method for purposes of recording realized gains and losses. During the three and six-month periods ended June 30, 2016 the Company received $4.5 million and $7.8 million in proceeds from sales of available-for-sale securities, respectively, the gains on which were not material to the Company’s condensed consolidated results of operations.