Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Investments

v3.10.0.1
Cash, Cash Equivalents and Investments
9 Months Ended
Sep. 30, 2018
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments Cash, Cash Equivalents and Investments
 
Cash, cash equivalents and investments consisted of the following:
 
 
As of 
 December 31, 
 2017
 
As of 
 September 30, 
 2018
 
(in thousands)
Cash and cash equivalents
 

 
 
Cash
$
146,294

 
$
134,862

Money market funds
353,303

 
51,273

Commercial paper

 
89,387

Certificates of deposit

 
7,504

U.S. government and government agency debt securities

 
4,497

Total cash and cash equivalents
$
499,597

 
$
287,523

Short-term investments
 

 
 

Commercial paper
$

 
$
80,915

Corporate debt securities
1,250

 
19,204

Total short-term investments
$
1,250

 
$
100,119

Cash, cash equivalents and investments
$
500,847

 
$
387,642


 
Our short-term investments have maturities of twelve months or less and are classified as available-for-sale.

The following table summarizes our available-for-sale securities’ adjusted cost, gross unrealized losses and fair value by significant investment category as of September 30, 2018. We had no gross unrealized gains as of September 30, 2018. As of December 31, 2017, the adjusted cost and fair value by significant investment category are the same.
 

 
As of September 30, 2018
 
Adjusted
Cost
 
Unrealized
Losses
 
Fair
Value
 
(in thousands)
Money market funds
$
51,273

 
$

 
$
51,273

Commercial paper
170,302

 

 
170,302

Certificates of deposit
7,504

 

 
7,504

Corporate debt securities
19,217

 
(13
)
 
19,204

U.S. government and government agency debt securities
4,497

 

 
4,497

Total cash equivalents and marketable securities
$
252,793

 
$
(13
)
 
$
252,780


 
All of our investments have maturities of twelve months or less as of December 31, 2017 and September 30, 2018.
 
The unrealized losses on our available-for-sale securities as of September 30, 2018 were not significant. We had no securities that had been in a continuous unrealized loss position for greater than 12 months as of December 31, 2017 and September 30, 2018. As of September 30, 2018, we considered the decreases in market value on our available-for-sale securities to be temporary in nature and did not consider any of our investments to be other-than-temporarily impaired. During the three and nine months ended September 30, 2018, we did not recognize any impairment charges. There were no sales of available-for-sale securities during the three and nine months ended September 30, 2018.

Our investment policy requires investments to be investment grade, primarily rated "A1" by Standard & Poor’s or "P1" by Moody’s or better for short-term investments and rated "A" by Standard & Poor’s or "A2" by Moody’s or better for long-term investments, with the objective of minimizing the potential risk of principal loss. In addition, the investment policy limits the amount of credit exposure to any one issuer.