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Marketable Securities and Equity Investments
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Equity Investments Marketable Securities and Equity Investments
A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $2.2 billion and $2.3 billion of cash as of September 30, 2020 and December 31, 2019, respectively), is shown below:
As of September 30, 2020As of December 31, 2019
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
(in thousands)
Cash equivalents:
Money market funds
$3,130,364 $— $— $3,130,364 $791,039 $— $— $791,039 
Corporate debt securities
— — — — 6,070 — — 6,070 
Commercial paper
5,000 1 — 5,001 29,470 3 (1)29,472 
Total cash equivalents
$3,135,364 $1 $— $3,135,365 $826,579 $3 $(1)$826,581 
Marketable securities:
Government-sponsored enterprise securities
$91,256 $33 $(6)$91,283 $12,689 $44 $— $12,733 
Corporate debt securities
275,554 1,067 (11)276,610 301,458 391 (50)301,799 
Commercial paper
112,159 242 (5)112,396 102,240 121 (5)102,356 
Total marketable debt securities
478,969 1,342 (22)480,289 416,387 556 (55)416,888 
Corporate equity securities
103,463 209,219 — 312,682 113,829 168,255 — 282,084 
Total marketable securities
$582,432 $210,561 $(22)$792,971 $530,216 $168,811 $(55)$698,972 
Available-for-sale debt securities were classified on the Company's condensed consolidated balance sheets at fair value as follows:
As of September 30, 2020As of December 31, 2019
(in thousands)
Cash and cash equivalents
$3,135,365 $826,581 
Marketable securities
480,289 416,888 
Total
$3,615,654 $1,243,469 
Available-for-sale debt securities by contractual maturity were as follows:
As of September 30, 2020As of December 31, 2019
(in thousands)
Matures within one year$3,514,474 $1,137,942 
Matures after one year through five years
101,180 105,527 
Total
$3,615,654 $1,243,469 
The Company has a limited number of available-for-sale debt securities in insignificant loss positions as of September 30, 2020, which it does not intend to sell and has concluded it will not be required to sell before recovery of the amortized costs for the investments at maturity. The Company did not record any charges for other-than-temporary declines in the fair value of available-for-sale debt securities or gross realized gains or losses in the three and nine months ended September 30, 2020 and 2019.
As of September 30, 2020 and December 31, 2019, the total fair value of the Company’s strategic investments in the common stock of publicly traded companies was $312.7 million and $282.1 million, respectively, and was classified as “Marketable securities” on its condensed consolidated balance sheets.
The Company records changes in the fair value of its investments in corporate equity securities to “Other income (expense), net” on its condensed consolidated statements of operations. During the three and nine months ended September 30, 2020, the Company recorded net unrealized gains of $69.8 million and $102.3 million, respectively, on corporate equity securities held as of September 30, 2020. During the three and nine months ended September 30, 2019, the Company recorded a net unrealized loss of $31.2 million and a net unrealized gain of $68.9 million, respectively, on corporate equity securities held as of September 30, 2019. During the nine months ended September 30, 2020, the Company received proceeds of $149.6 million related to the sale of the common stock of publicly traded companies, which had a total original weighted-average cost basis of $51.3 million. There were no sales of the common stock of publicly traded companies during the nine months ended September 30, 2019.
As of September 30, 2020, the carrying value of the Company’s equity investments without readily determinable fair values, which are recorded in “Other assets” on its condensed consolidated balance sheets, was $20.8 million.