Investments

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Investments in Marketable Securities

The Company’s investments in available-for-sale marketable securities are made pursuant to its investment policy, which has established guidelines relative to the diversification of the Company’s investments and their maturities, with the principal objective of capital preservation and maintaining liquidity that is sufficient to meet cash flow requirements.

 The following is a summary of investments in marketable securities, including those that meet the definition of a cash equivalent, as of June 30, 2019 (in thousands):

	June 30, 2019
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash Equivalent		Investments
Money market funds	$	267,372	$	—	$	—	$	267,372	$	267,372	$	—
Corporate bonds	7,996		2		—		7,998		—		7,998
U.S. treasury securities	19,991		2		—		19,993		19,993		—
Commercial paper	25,492		—		—		25,492		25,492		—
Total	$	320,851	$	4	$	—	$	320,855	$	312,857	$	7,998

The following is a summary of investments in marketable securities, including those that meet the definition of a cash equivalent, as of December 31, 2018 (in thousands):

	December 31, 2018
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value		Cash Equivalent		Investments
Money market funds	$	129,321	$	—	$	—		$	129,321	$	129,321	$	—
Corporate bonds	58,115		—		(82		)	58,033		—		58,033
U.S. treasury securities	138,826		—		(100		)	138,726		—		138,726
Commercial paper	7,973		—		—			7,973		—		7,973
Total	$	334,235	$	—	$	(182	)	$	334,053	$	129,321	$	204,732

As of June 30, 2019 and December 31, 2018, the Company’s investments in marketable securities had a weighted-average maturity date of approximately one month. No marketable securities held as of these periods have been in a continuous unrealized loss position for more than 12 months. The Company does not believe any unrealized losses as of June 30, 2019 and December 31, 2018 represent other-than-temporary impairments.