Marketable Securities

6 Months Ended

Jun. 30, 2017

Marketable Securities

Marketable Securities

5. Marketable Securities

The Company’s marketable securities held as of June 30, 2017 and December 31, 2016 are summarized below:

			Gross		Gross
	Amortized		Unrealized		Unrealized
June 30, 2017	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	10,063	$	—	$	—	$	10,063
Corporate Securities		154,634		2		(538)		154,098
Government Securities		214,108		7		(702)		213,413
	$	378,805	$	9	$	(1,240)	$	377,574
Reported as
Cash and cash equivalents							$	10,063
Marketable securities								367,511
Total investments							$	377,574
			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2016	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	12,137	$	—	$	—	$	12,137
Corporate Securities		182,394		6		(917)		181,483
Government Securities		207,986		44		(565)		207,465
	$	402,517	$	50	$	(1,482)	$	401,085
Reported as
Cash and cash equivalents							$	12,137
Marketable securities								388,948
Total investments							$	401,085

The maturities of the Company’s marketable securities are as follows:

	Amortized		Estimated
June 30, 2017	Cost		Fair Value
(in thousands)
Mature in one year or less	$	177,542	$	177,269
Mature after one year		191,200		190,242
	$	368,742	$	367,511
	Amortized		Estimated
December 31, 2016	Cost		Fair Value
(in thousands)
Mature in one year or less	$	115,748	$	115,608
Mature after one year		274,632		273,340
	$	390,380	$	388,948

The unrealized losses on available-for-sale investments and their related fair values as of June 30, 2017 and December 31, 2016 are as follows:

	Less than 12 months				12 months or greater
June 30, 2017		Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	92,398	$	(155)	$	53,027	$	(382)
Government Securities		75,803		(120)		122,269		(582)
	$	168,201	$	(275)	$	175,296	$	(964)
	Less than 12 months				12 months or greater
December 31, 2016		Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	82,215	$	(133)	$	88,990	$	(784)
Government Securities		17,573		(16)		149,694		(549)
	$	99,787	$	(149)	$	238,684	$	(1,333)

The unrealized losses from the listed securities are due to a change in the interest rate environment and not a change in the credit quality of the securities.