Available-for-Sale Securities

6 Months Ended

Jun. 30, 2017

Available-for-Sale Securities

Available-for-Sale Securities

4.Available-for-Sale Securities

As of June 30, 2017, the Company held no available-for-sale securities. The following table summarizes the available-for-sale securities held at December 31, 2016 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Corporate debt securities	$	13,934	$	—	$	(4	)	$	13,930
U.S. government-sponsored securities	1,001		—		—			1,001
Total	$	14,935	$	—	$	(4	)	$	14,931

The contractual maturities of all available-for-sale securities held at December 31, 2016 were one year or less. There were fifteen available-for-sale securities in an unrealized loss position at December 31, 2016, none of which had been in an unrealized loss position for more than 12 months. The aggregate fair value of these securities at December 31, 2016 was approximately $13.0 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 did not hold any securities with other-than-temporary impairment at December 31, 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. There were no proceeds from sales of available-for-sale securities in the three and six month periods ended June 30, 2017. All proceeds in the three and six month periods ended June 30, 2017 were related to maturities of $14.9 million. The gains on proceeds from sales and maturities of available-for-sale securities were not material to the Company’s condensed consolidated results of operations during the three and six month periods ending June 30, 2017 and 2016.