Cash, Cash Equivalents and Available-for-sale Securities

9 Months Ended

Sep. 30, 2015

Cash, Cash Equivalents and Available-for-sale Securities

Cash, Cash Equivalents and Available-for-sale Securities

5. Cash, Cash Equivalents and Available-for-sale Securities

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. As of September 30, 2015 and December 31, 2014, the amount of cash and cash equivalents was $41.9 million and $146.5 million, respectively and consists of checking accounts and short-term money market mutual funds. Checking accounts are held at U.S. commercial banks, and balances were in excess of the FDIC insurance limit.

The Company’s available-for-sale securities as of September 30, 2015 and December 31, 2014 consist of $100.1 million and $49.9 million, respectively. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the available-for-sale designations as of each balance sheet date. As of September 30, 2015, there were no unrealized losses on available-for-sale securities.

The following tables summarize the available-for-sale securities held at September 30, 2015 and December 31, 2014 (in millions):

	Fair Value
September 30, 2015
U.S. Treasury securities	$	50.0
U.S. government sponsored entity securities	50.1
Total	$	100.1

	Fair Value
December 31, 2014
U.S. Treasury securities	$	49.9
U.S. government sponsored entity securities	—
Total	$	49.9