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Fair Value Measurement
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Available-for-sale marketable securities consisted of the following (in thousands):
 
 
September 30, 2020
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Asset-backed securities
 
30,653

 
88

 

 
30,741

Corporate debt securities
 
108,606

 
237

 
(4
)
 
108,839

U.S. Treasury securities
 
90,231

 
138

 
(1
)
 
90,368

Commercial paper
 
51,017

 

 

 
51,017

 
 
280,507

 
463

 
(5
)
 
280,965


 
 
December 31, 2019
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Asset-backed securities
 
$
30,484

 
$
55

 
$

 
$
30,539

Corporate debt securities
 
161,308

 
178

 
(14
)
 
161,472

U.S. Treasury securities
 
75,192

 
40

 
(5
)
 
75,227

Commercial paper
 
33,845

 

 

 
33,845

 
 
$
300,829

 
$
273

 
$
(19
)
 
$
301,083


As of September 30, 2020, 3 available-for-sale marketable securities with a fair market value of $27.4 million were in a gross unrealized loss position of $5 thousand. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of September 30, 2020, because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.
Contractual maturities of available-for-sale debt securities are as follows (in thousands):
 
 
September 30, 2020
 
December 31, 2019
 
 
Estimated Fair Value
Due within one year
 
$
277,880

 
$
274,805

After one but within five years
 
3,085

 
26,278

 
 
$
280,965

 
$
301,083


The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
 
 
September 30, 2020
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Total estimated fair value
 
Level 1
 
Level 2
 
Total estimated fair value
Cash equivalents:
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
65,544

 
$

 
$
65,544

 
$
119,949

 
$

 
$
119,949

 
 
 
 
 
 
 
 
 
 
 
 

Available-for-sale marketable
   securities:
 
 
 
 
 
 
 
 
 
 
 

Asset-backed securities
 

 
30,741

 
30,741

 

 
30,539

 
30,539

Corporate debt securities
 

 
108,839

 
108,839

 

 
161,472

 
161,472

U.S. Treasury securities
 
90,368

 

 
90,368

 
75,227

 

 
75,227

Commercial paper
 

 
51,017

 
51,017

 

 
33,845

 
33,845

 
 
$
155,912

 
$
190,597

 
$
346,509

 
$
195,176

 
$
225,856

 
$
421,032

We had no instruments that were classified within Level 3 as of September 30, 2020 and December 31, 2019.