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Cash, Cash Equivalents and Available for Sale Securities
 9 Months Ended
Sep. 30, 2016
Cash, Cash Equivalents, and Short-term Investments [Abstract]  
Cash, Cash Equivalents and Available for Sale Securities
4. Cash, Cash Equivalents and Available for Sale Securities
 
The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents included cash of $5.5 million at September 30, 2016 and December 31, 2015, respectively. Cash and cash equivalents at September 30, 2016 and December 31, 2015 also included $160.1 million and $216.4 million, respectively, of investments in money market funds, U.S. Treasury securities and certain short-term investment-grade corporate debt securities with original maturities of 90 days or less.
 
The Company considers securities with original maturities of greater than 90 days at the date of purchase to be available for sale securities. The Company held available for sale securities with a fair value totaling $155.6 million and $170.0 million at September 30, 2016 and December 31, 2015, respectively. These available for sale securities consisted of U.S. Treasury securities and investment-grade corporate debt securities. At September 30, 2016, the Company held available for sale securities of $155.6 million with maturities of less than one year. The Company did not hold any securities with maturities of greater than one year at September 30, 2016. The Company evaluates securities with unrealized losses, if any, to determine whether such losses are other than temporary. The Company has determined that there were no other than temporary losses in fair value of its investments as of September 30, 2016. The Company classifies these securities as available for sale, however, the Company does not currently intend to sell its investments and the Company believes it is more likely than not that the Company will recover the carrying value of these investments.
 
Available for sale securities, including carrying value and estimated fair values, are summarized as follows:
 
 
As of September 30, 2016
 
Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
120,280

 
$
47

 
$
(7
)
 
$
120,320

Corporate debt securities
35,233

 
10

 
(11
)
 
35,232

Total
$
155,513

 
$
57

 
$
(18
)
 
$
155,552

 
 
As of December 31, 2015
 
Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
130,507

 
$
—

 
$
(311
)
 
$
130,196

Corporate debt securities
39,995

 
—

 
(162
)
 
39,833

Total
$
170,502

 
$
—

 
$
(473
)
 
$
170,029


 
The Company’s available for sale securities are reported at fair value on the Company’s Balance Sheets. Unrealized gains (losses) are reported within accumulated other comprehensive income (loss) in the statements of comprehensive income (loss). The cost of securities sold and any realized gains/losses from the sale of available for sale securities are based on the specific identification method. The changes in accumulated other comprehensive income (loss) associated with the unrealized gain (loss) on available for sale securities during the three and nine months ended September 30, 2016 and September 30, 2015 were as follows:
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Beginning balance
$
(118
)
 
$
24

 
$
(473
)
 
$
(65
)
Current period changes in fair value before reclassifications, net of tax
(41
)
 
85

 
314

 
174

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
—

 
(30
)
 
—

 
(30
)
Total other comprehensive income (loss)
(41
)
 
55

 
314

 
144

Ending balance
$
(159
)
 
$
79

 
$
(159
)
 
$
79