Short-term Investments

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Short-term Investments

5. Short-term Investments

Short-term Investments in Available for Sale Securities

The Company’s investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The following table summarizes, by major security type, the Company’s investments (in thousands):

As of September 30, 2018:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	11,992	$	—	$	(7	)	$	11,985
Asset backed securities		9,484		—		(4	)		9,480
Corporate securities		19,090		—		(10	)		19,080
Commercial paper		46,556		1		—			46,557
Total short-term investments	$	87,122	$	1	$	(21	)	$	87,102
As of December 31, 2017:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	11,894	$	—	$	(9	)	$	11,885
Asset backed securities		8,389		—		(6	)		8,383
Corporate securities		22,113		—		(31	)		22,082
Commercial paper		29,842		—		—			29,842
Total short-term investments	$	72,238	$	—	$	(46	)	$	72,192

The Company has classified its investments as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of “Accumulated other comprehensive income” in the Consolidated Balance Sheets. Classification as short-term or long-term is based upon whether the maturity of the debt securities is less than or greater than twelve months.  

There were no significant realized gains or losses related to investments for the nine months ended September 30, 2018 and September 30, 2017.