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Marketable Securities
9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Note 8—Marketable Securities
Short- and long-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. The cost and fair value of available-for-sale securities were as follows as of the dates indicated (in thousands):
 
Cost
 
Gross
Unrealized
Holding Loss
 
Gross
Unrealized
Holding Gain
 
Fair Value
September 30, 2019
 
 
 
 
 
 
 
Short-term investments:
 
 
 
 
 
 
 
Commercial paper
$
41,977

 
$

 
$
25

 
$
42,002

Certificate of deposit
4,526

 

 

 
4,526

Corporate bonds
77,378

 

 
242

 
77,620

U.S. Government and agency securities
55,927

 

 
95

 
56,022

 
179,808

 

 
362

 
180,170

Long-term investments:
 
 
 
 
 
 
 
Certificate of deposit
1,030

 

 

 
1,030

Corporate bonds
687

 

 
3

 
690

U.S. Government and agency securities
3,039

 

 
6

 
3,045

 
4,756

 


9

 
4,765

 
$
184,564

 
$

 
$
371

 
$
184,935

December 31, 2018
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Commercial paper
$
7,775

 
$

 
$

 
$
7,775

 
7,775

 

 

 
7,775

Short-term investments:
 
 
 
 
 
 
 
Commercial paper
147,860

 

 

 
147,860

Corporate bonds
46,836

 
(35
)
 

 
46,801

U.S. Government and agency securities
62,638

 
(9
)
 
12

 
62,641

 
257,334

 
(44
)
 
12

 
257,302

 
$
265,109

 
$
(44
)
 
$
12

 
$
265,077


The Company’s investments in marketable securities consist primarily of investments in commercial paper, certificates of deposit, and debt securities, including U.S. government and agency securities and fixed-income funds. When evaluating investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and the Company’s ability, and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market value. The Company evaluates fair values for each individual security in the investment portfolio.
See “Note 7—Fair Value Measurements” for additional information on the Company’s marketable securities measured at fair value.