Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 6. INVESTMENTS

The following tables summarize the Company’s available-for-sale investments at December 31 (in thousands):

AVAILABLE-FOR-SALE INVESTMENTS
2019
(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	5,646	$	17	$	—		$	5,663
US Treasury securities	12,564		16		(1		)	12,579
US Agency securities	4,002		—		(4		)	3,998
Commercial paper	2,492		—		(1		)	2,491
Corporate notes and bonds	22,711		6		(11		)	22,706
Total	$	47,415	$	39	$	(17	)	$	47,437

AVAILABLE-FOR-SALE INVESTMENTS
2018
(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Certificates of deposit	$	10,787	$	—	$	—		$	10,787
US Treasury securities	22,185		1		(66		)	22,120
US Agency securities	8,024		1		(45		)	7,980
Commercial paper	17,025		—		—			17,025
Asset-backed securities	12,007		—		(9		)	11,998
Corporate notes and bonds	30,361		—		(53		)	30,308
Total	$	100,389	$	2	$	(173	)	$	100,218

The following table summarizes the maturities of the Company’s available-for-sale securities at December 31 (in thousands):

AVAILABLE-FOR-SALE INVESTMENT MATURITIES
(in thousands)
	2019				2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	43,627	$	43,650	$	83,030	$	82,893
Due in 1-5 years	3,788		3,787		17,359		17,325
Total	$	47,415	$	47,437	$	100,389	$	100,218

Proceeds from sales of marketable securities (including principal paydowns) for the years ended December 31, 2019 and 2018 were $14.5 million and $3.0 million, respectively. The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no material realized gains or losses from sales of marketable securities for the years ended December 31, 2019, 2018 and 2017. No material balances were reclassified out of accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017.

The Company monitors investments for other-than-temporary impairment. It was determined that unrealized gains and losses as of December 31, 2019 and 2018 are temporary in nature because the change in market value for those securities has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company does not intend to sell these investments and it is more likely than not that we will not be required to sell investments before recovering the amortized cost.

Additional information regarding the fair value of our financial instruments is included in Note 5, Fair Value of Financial Instruments.