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MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
MARKETABLE SECURITIES
 The Company's marketable securities as of September 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. 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. Interest and dividends on securities classified as available-for-sale are included in interest income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. During the nine months ended September 30, 2016, investment activity for the Company included $92.6 million in maturities and purchases of $152.0 million, all relating to debt based marketable securities.
Marketable securities consisted of the following (in thousands):
 
September 30, 2016
 
December 31, 2015
Marketable other than equity securities:
 
 
 
Commercial paper
$
37,251

 
$
31,864

Corporate debt securities
173,669

 
125,547

Securities of government sponsored entities
39,488

 
34,388

Total Marketable Securities:
$
250,408

 
$
191,799


The following is a summary of short-term marketable securities classified as available-for-sale as of September 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
 
$
37,302

 
$
—

 
$
(51
)
 
$
37,251

Corporate debt securities
Less than 1
 
96,929

 
18

 
(57
)
 
96,890

Securities of government-sponsored entities
Less than 1
 
9,500

 
—

 
—

 
9,500

Total maturity less than 1 year
 
 
143,731

 
18

 
(108
)
 
143,641

Corporate debt securities
1 to 2
 
76,909

 
24

 
(154
)
 
76,779

Securities of government-sponsored entities
1 to 2
 
30,012

 
—

 
(24
)
 
29,988

Total maturity 1 to 2 years
 
 
106,921

 
24

 
(178
)
 
106,767

Total available-for-sale securities
 
 
$
250,652

 
$
42

 
$
(286
)
 
$
250,408

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 September 30, 2016 and December 31, 2015, the Company believed the cost basis for available-for-sale investments was recoverable in all material respects.