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MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2017
MARKETABLE SECURITIES  
MARKETABLE SECURITIES

4.       MARKETABLE SECURITIES

 

The Company invests its excess cash in fixed income instruments denominated and payable in U.S. dollars, including money market accounts, commercial paper, asset-backed securities, and corporate obligations, in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

 

As of September 30, 2017 and December 31, 2016, the Company’s investment portfolio consisted of marketable securities with an original maturity of greater than 90 days. The Company has designated all investments as available-for-sale and therefore such investments are reported at fair value. Unrealized gains or losses on marketable securities are recorded in accumulated other comprehensive loss, a component of stockholders’ equity, on the balance sheet.

 

The following table summarizes the Company’s investments in marketable securities by category as of September 30, 2017 and December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Amortized Cost

    

Unrealized Gains

 

Unrealized Losses

 

 

Fair Value

September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Current (due within 1 year or less)

 

 

 

 

 

 

 

 

 

 

 

 

 

   Corporate obligations

 

 

734

 

 

 —

 

 

 —

 

 

734

 

  Total

 

$

734

 

$

 —

 

$

 —

 

$

734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Current (due within 1 year or less)

 

 

 

 

 

 

 

 

 

 

 

 

 

   Commercial paper

 

 

4,240

 

 

 —

 

 

 —

 

 

4,240

 

   Corporate obligations

 

 

7,337

 

 

 —

 

 

 —

 

 

7,337

 

  Total

 

$

11,577

 

$

 —

 

$

 —

 

$

11,577