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Available-for-Sale Securities and Fair Value Measurements
 9 Months Ended
Sep. 30, 2019
Available For Sale Securities And Fair Value Measurements [Abstract]  
Available-for-sale securities and fair value measurements Available-for-Sale Securities and Fair Value Measurements
The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows:
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
Cash equivalents
$
30,144

 
$
27,075

Short-term marketable securities
186,697

 
165,135

Long-term marketable securities
35,250

 
—

Total marketable securities
$
252,091

 
$
192,210


The following table presents our available-for-sale securities grouped by asset type:
 
Fair Value
Hierarchy
Level
 
September 30, 2019
 
December 31, 2018
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
 
 
 
(in thousands)
Corporate bonds
Level 2
 
$
95,742

 
$
190

 
$
(6
)
 
$
95,926

 
$
54,513

 
$
2

 
$
(46
)
 
$
54,469

Commercial paper
Level 2
 
25,230

 
—

 
—

 
25,230

 
67,906

 
—

 
—

 
67,906

Asset-backed securities
Level 2
 
44,308

 
93

 
—

 
44,401

 
10,970

 
—

 
(5
)
 
10,965

Repurchase agreements
Level 2
 
22,000

 
—

 
—

 
22,000

 
15,000

 
—

 
—

 
15,000

U.S. treasury securities
Level 1
 
56,347

 
49

 
(6
)
 
56,390

 
39,308

 
—

 
(21
)
 
39,287

Money market funds
Level 1
 
8,144

 
—

 
—

 
8,144

 
4,583

 
—

 
—

 
4,583

Total Marketable securities
 
 
$
251,771

 
$
332

 
$
(12
)
 
$
252,091

 
$
192,280

 
$
2

 
$
(72
)
 
$
192,210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

We estimate the fair value of marketable securities classified as Level 1 using quoted market prices for these or similar investments obtained from a commercial pricing service. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads.
We do not intend to sell the investments that are currently in an unrealized loss position, and it is unlikely that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
As of September 30, 2019, all our marketable securities had original maturities of less than two years. The weighted-average maturity of our holdings was seven months. As of September 30, 2019, our long-term marketable securities had remaining maturities ranging from 13 to 16 months. None of our marketable securities changed from one fair value hierarchy to another during the three and nine months ended September 30, 2019.