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Marketable Securities
 12 Months Ended
Dec. 31, 2018
Marketable Securities
6. Marketable Securities
The fair value of the Company’s marketable securities of $221,148 and $287,089 as of December 31, 2018 and 2017, respectively, is valued based on level 2 inputs. The Company’s investments consist mainly of U.S. government and agency securities, government-sponsored bond obligations and certain other corporate debt securities. Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs. There were no transfers between levels within the hierarchy during the years ended December 31, 2018 and 2017. The Company has assessed these as level 2 within the fair value hierarchy of ASC 820. The Company classifies its entire investment portfolio as available for sale as defined in ASC 320,
Debt Securities
. Securities are carried at fair value with the unrealized gains (losses) reported in other comprehensive income.
The unrealized (loss) gain from marketable securities was $
(199
), $
(389
) and $151 at December 31, 2018, 2017 and 2016, respectively.
As of December 31, 2018, none of the Company’s investments were determined to be other than temporarily impaired.
The following table summarizes the Company’s investments:
 
 
 
December 31, 2018
 
 
December 31, 2017
 
 
 
Amortized

Cost
 
 
Unrealized

Gain
 
 
Unrealized

(Loss)
 
 
Estimated

Fair Value
 
 
Amortized

Cost
 
 
Unrealized

Gain
 
 
Unrealized

(Loss)
 
 
Estimated

Fair Value
 
Commercial Paper
 
$
36,235
 
 
$
49
 
 
 
(1
)
 
$
36,283
 
 
$
29,079
 
 
$
9
 
 
 
(2
)
 
$
29,086
 
Corporate Debt Securities
 
 
159,348
 
 
 
5
 
 
 
(238
)
 
 
159,115
 
 
 
216,297
 
 
 
—  
 
 
 
(324
)
 
 
215,973
 
Government and Agency Securities
 
 
25,764
 
 
 
—  
 
 
 
(14
)
 
 
25,750
 
 
 
42,102
 
 
 
—  
 
 
 
(72
)
 
 
42,030
 
Total
 
$
221,347
 
 
$
54
 
 
 
(253
)
 
$
221,148
 
 
$
287,478
 
 
$
9
 
 
 
(398
)
 
$
287,089
 
The following additional table summarizes, by industry, the fair value of investments:
 
 
 
As of December 31,
 
 
 
2018
 
 
2017
 
Government
 
 
25,750
 
 
 
42,030
 
Banking
 
 
58,611
 
 
 
74,884
 
Industrial
 
 
136,787
 
 
 
170,175
 
Total
 
$
221,148
 
 
$
287,089
 
The following table summarizes the contractual maturities of the Company’s investments:
 
 
 
December 31,

2018
 
 
December 31,

2017
 
Mature in less than one year
 
$
221,148
 
 
$
256,578
 
Mature in one to five years
 
 
—  
 
 
 
30,511
 
Total
 
$
221,148
 
 
$
287,089