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Investments
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments
INVESTMENTS

As of September 30, 2017 and December 31, 2016, our investments consisted of securities classified as available-for-sale in accordance with accounting standards which provide guidance related to accounting and classification of certain investments in debt and equity securities. Available-for-sale securities are those securities which we view as available for use in current operations, if needed. We generally classify our available-for-sale securities as short-term investments even though the stated maturity date may be one year or more beyond the current balance sheet date.
The following is a summary of our investments as of September 30, 2017 and December 31, 2016 (in thousands):
 
September 30, 2017
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Cost
 
Gains
 
Losses
 
Value
Short-term investments:*
    
 
    
 
    
 
    
Corporate debt securities
$
47,494

 
$
21

 
$
(12
)

$
47,503

Commercial paper
3,990

 
—

 
—


3,990

Certificates of deposit
11,449

 
—

 
—


11,449

Total short-term investments
62,933

 
21

 
(12
)
 
62,942

Long-term investments:**
 
 
 
 
 
 
 
Corporate debt securities
63,918

 
45

 
(52
)

63,911

U.S. treasury and government agency securities
9,378

 
—

 
(45
)

9,333

Total long-term investments
73,296

 
45

 
(97
)
 
73,244

Total investments
$
136,229

 
$
66

 
$
(109
)
 
$
136,186

* Represents securities with a remaining maturity of less than one year.
** Represents securities with a remaining maturity of one to three years.
 
 
December 31, 2016
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Cost
 
Gains
 
Losses
 
Value
Short-term investments:*
   
 
    
 
    
 
 
Corporate debt securities
$
106,430

 
$
3

 
$
(69
)
 
$
106,364

U.S. treasury and government agency securities
1,021

 
—

 
—

 
1,021

Commercial paper
40,560

 
—

 
—

 
40,560

Certificates of deposit
6,000

 
—

 
—

 
6,000

Total short-term investments
154,011

 
3

 
(69
)
 
153,945

Long-term investments:**
 
 
 
 
 
 
 
Corporate debt securities
139,742

 
32

 
(281
)
 
139,493

U.S. treasury and government agency securities
11,395

 
—

 
(52
)
 
11,343

Total long-term investments
151,137

 
32

 
(333
)
 
150,836

Total investments
$
305,148

 
$
35

 
$
(402
)
 
$
304,781


* Represents securities with a remaining maturity of less than one year.
** Represents securities with a remaining maturity of one to three years.

Impairments and Unrealized Gains and Losses on Investments
We did not recognize any other-than-temporary impairment losses in our condensed consolidated statements of operations related to our securities during the three or nine months ended September 30, 2017 and 2016. We considered various factors, including the length of time that each security was in an unrealized loss position and our ability and intent to hold these securities until the recovery of their amortized cost basis occurs. Future events may occur, or additional information may become available, which may cause us to identify credit losses where we do not expect to receive cash flows sufficient to recover the entire amortized cost basis of a security and may necessitate the recording of future realized losses on securities in our portfolio. Significant losses in the estimated fair values of our investments could have a material adverse effect on our earnings in future periods.