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MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES
 The Company's marketable securities as of June 30, 2016 and December 31, 2015 were comprised of available-for-sale marketable securities which are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income. The amortized cost of debt securities in this category are adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. During the six months ended June 30, 2016, investment activity for the Company included $59.9 million in maturities and purchases of $68.5 million, all relating to debt based marketable securities.
Marketable securities consisted of the following (in thousands):
 
June 30, 2016
 
December 31, 2015
Marketable other than equity securities:
 
 
 
Commercial paper
$
40,823

 
$
31,864

Corporate debt securities
130,023

 
125,547

Securities of government sponsored entities
29,513

 
34,388

Total Marketable Securities:
$
200,359

 
$
191,799


The following is a summary of short-term marketable securities classified as available-for-sale as of June 30, 2016 (in thousands):
 
Remaining Contractual Maturity
(in years)
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Aggregate Estimated Fair Value
Marketable other than equity securities:
 
 
 
 
 
 
 
 
 
Commercial paper
Less than 1
 
$
40,841

 
$
2

 
$
(20
)
 
$
40,823

Corporate debt securities
Less than 1
 
92,226

 
26

 
(25
)
 
92,227

Securities of government-sponsored entities
Less than 1
 
5,000

 
—

 
—

 
5,000

Total maturity less than 1 year
 
 
138,067

 
28

 
(45
)
 
138,050

Corporate debt securities
1 to 2
 
37,718

 
103

 
(25
)
 
37,796

Securities of government-sponsored entities
1 to 2
 
24,511

 
3

 
(1
)
 
24,513

Total maturity 1 to 2 years
 
 
62,229

 
106

 
(26
)
 
62,309

Total available-for-sale securities
 
 
$
200,296

 
$
134

 
$
(71
)
 
$
200,359

The following is a summary of short-term marketable securities classified as available-for-sale as of December 31, 2015 (in thousands):
 
Remaining Contractual Maturity
(in years)
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Aggregate Estimated Fair Value
Marketable Other than Equity Securities:
 
 
 
 
 
 
 
 
 
Commercial paper
Less than 1
 
$
31,899

 
$
6

 
$
(41
)
 
$
31,864

Corporate debt securities
Less than 1
 
69,859

 
—

 
(164
)
 
69,695

Total maturity less than 1 year
 
 
101,758

 
6

 
(205
)
 
101,559

Corporate debt securities
1 to 2
 
56,162

 
—

 
(310
)
 
55,852

Securities of government-sponsored entities
1 to 2
 
34,522

 
2

 
(136
)
 
34,388

Total maturity 1 to 2 years
 
 
90,684

 
2

 
(446
)
 
90,240

Total available-for-sale securities
 
 
$
192,442

 
$
8

 
$
(651
)
 
$
191,799


The primary objective of the Company’s investment portfolio is to enhance overall returns while preserving capital and liquidity. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.
The Company reviews the available-for-sale investments for other-than-temporary declines in fair value below cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below the cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security, and the intent to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. As of June 30, 2016 and December 31, 2015, the Company believed the cost basis for available-for-sale investments was recoverable in all material respects.