Marketable Securities

9 Months Ended

Sep. 30, 2014

Investments Debt And Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

The amortized cost, unrealized gains and losses and estimated fair value of the Company’s held-to-maturity marketable securities as of September 30, 2014 were as follows:

	September 30, 2014
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash and cash equivalents
Commercial paper	$	8,999	$	—	$	(1	)	$	8,998
Corporate bonds		600		—		—			600
Short term investments
Commercial paper		24,228		—		(8	)		24,220
Corporate bonds		41,508		2		(24	)		41,486
Total	$	75,335	$	2	$	(33	)	$	75,304

All of the Company’s marketable securities were classified as held-to-maturity investments and have maturities within one year of September 30, 2014.

The gross unrealized losses, estimated fair value and length of time the individual marketable securities were in a continuous loss position for those marketable securities in an unrealized loss position as of September 30, 2014 were as follows:

	September 30, 2014
	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
	(in thousands)
Commercial paper	$	33,218	$	(9	)	$	—	$	—	$	33,218	$	(9	)
Corporate bonds		32,756		(24	)		—		—		32,756		(24	)
Total	$	65,974	$	(33	)	$	—	$	—	$	65,974	$	(33	)

During the three months ended September 30, 2014, the Company did not recognize any other-than-temporary impairment losses related to its marketable securities. The Company did not have any marketable securities other than money market funds prior to July 1, 2014.

The Company’s marketable securities are classified within Level 2 of the fair value hierarchy (see Note 11, Fair Value Measurement, for further details).