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Investments
12 Months Ended
Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]  
Investments Investments

Marketable Debt Securities

The following is a summary of our available-for-sale debt securities recorded within short-term and long-term investments on the consolidated balance sheets (in thousands):
 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
Commercial paper
$
101,416

 
$
83

 
$
(9
)
 
$
101,490

Corporate notes and bonds
1,654,166

 
7,360

 
(196
)
 
1,661,330

Certificates of deposit
38,007

 
38

 

 
38,045

U.S. government and agency securities
127,544

 
254

 
(14
)
 
127,784

Total available-for-sale securities
$
1,921,133

 
$
7,735

 
$
(219
)
 
$
1,928,649


 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Available-for-sale securities:
 
 
 
 
 
 
 
Commercial paper
$
108,061

 
$

 
$

 
$
108,061

Corporate notes and bonds
1,233,589

 
343

 
(4,218
)
 
1,229,714

Certificates of deposit
73,584

 
1

 

 
73,585

U.S. government and agency securities
102,549

 
23

 
(358
)
 
102,214

Total available-for-sale securities
$
1,517,783

 
$
367

 
$
(4,576
)
 
$
1,513,574



As of December 31, 2019, the contractual maturities of our available-for-sale debt investment securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet, did not exceed 36 months. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):
 
December 31, 2019
Due within 1 year
$
915,317

Due in 1 year through 5 years
1,013,332

Total
$
1,928,649


The following table shows the fair values and the gross unrealized losses of these available-for-sale debt securities, classified by the length of time that the securities have been in a continuous unrealized loss position, and aggregated by investment types, excluding those securities classified within cash and cash equivalents on the consolidated balance sheets (in thousands): 
 
December 31, 2019
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
Commercial paper
$
20,752

 
$
(9
)
 
$

 
$

 
$
20,752

 
$
(9
)
Corporate notes and bonds
242,012

 
(181
)
 
16,264

 
(15
)
 
258,276

 
(196
)
U.S. government and agency securities
17,806

 
(14
)
 

 

 
17,806

 
(14
)
Total
$
280,570

 
$
(204
)
 
$
16,264

 
$
(15
)
 
$
296,834

 
$
(219
)

 
December 31, 2018
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
Corporate notes and bonds
$
714,605

 
$
(2,603
)
 
$
294,956

 
$
(1,615
)
 
$
1,009,561

 
$
(4,218
)
Certificates of deposit
1,000

 

 

 

 
1,000

 

U.S. government and agency securities
11,756

 
(5
)
 
61,457

 
(353
)
 
73,213

 
(358
)
Total
$
727,361

 
$
(2,608
)
 
$
356,413

 
$
(1,968
)
 
$
1,083,774

 
$
(4,576
)

 
As of December 31, 2019, we had a total of 91 available-for-sale securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet in an unrealized loss position. There were no impairments considered “other-than-temporary” as it is more likely than not we will hold the securities until maturity or a recovery of the cost basis.

Marketable Equity Securities

During the year ended December 31, 2018, we sold all of our marketable equity securities for total proceeds of $40.0 million and recognized net gains of $19.3 million. During the year ended December 31, 2017, prior to the adoption of ASU 2016-01, we recognized $10.7 million of unrealized gains on our marketable equity securities offset by $3.5 million of tax effect through accumulated other comprehensive income (loss) on our consolidated balance sheet. As of each of December 31, 2019 and 2018, we had no marketable equity securities on our consolidated balance sheets.

Strategic Investments

As of December 31, 2019 and 2018, the total amount of equity investments in privately-held companies included in other assets on our consolidated balance sheets was $22.4 million and $14.6 million, respectively. These non-marketable equity investments are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. We classify these assets as Level 3 within the fair value hierarchy only if an impairment or observable adjustment is recognized on these non-marketable equity securities during the period as they are based on observable transaction price at the transaction date and other unobservable inputs such as volatility.