CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS

Securities classified as cash and cash equivalents and short-term investments as of June 30, 2019 and December 31, 2018 are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments.



June 30, 2019	Amortized Cost		Fair Value
Cash and cash equivalents
Cash	$	59,986	$	59,986
Commercial paper	8,239		8,239
Money market funds	123		123
Total cash and cash equivalents	68,348		68,348
Short-term investments
Commercial paper and Corporate and Government debt securities with maturities less than 1 year	$	7,114	$	7,114
Total short-term investments	$	7,114	$	7,114
Total	$	75,462	$	75,462



December 31, 2018	Amortized Cost		Fair Value
Cash and cash equivalents
Cash	$	95,660	$	95,660
Commercial paper	14,028		14,028
Agency bond	1,250		1,250
Money market funds	11		11
Total cash and cash equivalents	$	110,949	$	110,949

The Company considers all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. The Company invests its cash in money market funds and marketable securities including U.S. Treasury and government agency securities, commercial paper, and high-quality debt securities of financial and commercial institutions.

To date, the Company has not experienced material losses on any of its balances as the fair values generally approximate amortized cost. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in Accumulated other comprehensive loss within shareholder’s equity on the consolidated balance sheet. As of June 30, 2019 and December 31, 2018, the Company did not have any gross unrealized gains or losses. The Company uses the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have been insignificant and are included in Other (expense) income, net in the consolidated statement of operations.