Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2018

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

Cash, Cash Equivalents and Investments

The following tables summarize the Company's cash, cash equivalents, and held-to-maturity investments at June 30, 2018 and December 31, 2017 (in thousands):

	As of June 30, 2018
	Amortized Cost		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash	$	47,837	$	—		$	47,837	$	47,837	$	—
Level 1:
Money market funds	256,679		—			256,679		256,679		—
Corporate bonds	4,528		(3		)	4,525		1,000		3,528
Subtotal	261,207		(3		)	261,204		257,679		3,528
Level 2:
State and municipal obligations	2,587		—			2,587		1,991		596
Total	$	311,631	$	(3	)	$	311,628	$	307,507	$	4,124

	As of December 31, 2017
	Amortized Cost		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash	$	53,459	$	—		$	53,459	$	53,459	$	—
Level 1:
Money market funds	20,884		—			20,884		20,884		—
Corporate bonds	6,632		(6		)	6,626		—		6,632
Subtotal	27,516		(6		)	27,510		20,884		6,632
Level 2:
State and municipal obligations	992		—			992		762		230
Total	$	81,967	$	(6	)	$	81,961	$	75,105	$	6,862

The Company believes the unrealized losses on its investments are due to interest rate fluctuations. As these investments are short-term in nature, are expected to be redeemed at par value, and/or because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at June 30, 2018 or as of December 31, 2017.