It is a type of thermistor. It's a PTC resistor used for overcurrent protection. It performs the function of a self-resetting fuse. Its temperature rises, as the current increases, causing its resistance to increase and further heating towards the tripping point, when its temperature and resistance rapidly rises, causing it to limit the current to a very low level. When the current is interrupted and it's left to cool, its resistance drops and it's ready to go again.