Marketable Securities

9 Months Ended

Sep. 30, 2017

Marketable Securities

Marketable Securities

5. Marketable Securities

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

			Gross		Gross
	Amortized		Unrealized		Unrealized
September 30, 2017	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	9,330	$	—	$	—	$	9,330
Corporate Securities		148,514		1		(420)		148,095
Government Securities		211,943		—		(668)		211,275
	$	369,787	$	1	$	(1,088)	$	368,700
Reported as
Cash and cash equivalents							$	9,330
Marketable securities								359,370
Total investments							$	368,700
			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
September 30, 2017	Cost		Fair Value
(in thousands)
Mature in one year or less	$	196,599	$	196,318
Mature after one year		163,859		163,052
	$	360,458	$	359,370
	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 September 30, 2017 and December 31, 2016 are as follows:

	Less than 12 months				12 months or greater
September 30, 2017		Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	101,803	$	(118)	$	46,292	$	(301)
Government Securities		94,515		(163)		116,760		(506)
	$	196,318	$	(281)	$	163,052	$	(807)
	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.