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MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2020
Cash and Cash Equivalents [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at June 30, 2020 and December 31, 2019:
(In thousands)June 30, 2020December 31, 2019
Cash, cash equivalents, and restricted cash
Cash and money market$457,019  $146,932  
Cash equivalents246,907  30,322  
Restricted cash (1)282  274  
Total cash, cash equivalents, and restricted cash704,208  177,528  
Marketable securities
Available-for-sale debt securities517,346  144,685  
Equity securities1,385  1,716  
Total marketable securities518,731  146,401  
Total cash and cash equivalents, restricted cash and marketable securities$1,222,939  $323,929  
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(1)Restricted cash is included in other long-term assets on the condensed consolidated balance sheets. There was no restricted cash at June 30, 2019.
Available-for-sale debt securities at June 30, 2020 consisted of the following:
​June 30, 2020
(In thousands)Amortized CostGains in Accumulated
Other Comprehensive
Income (Loss)		Losses in Accumulated
Other Comprehensive
Income (Loss)		Estimated Fair
Value
Cash equivalents​​​​
U.S. government agency securities$246,905  $4  $(2) $246,907  
Total cash equivalents246,905  4  (2) 246,907  
Marketable securities
Corporate bonds219,264  1,297  —  220,561  
U.S. government agency securities256,425  102  (1) 256,526  
Certificates of deposit10,000  —  —  10,000  
Asset backed securities22,174  85  —  22,259  
Commercial paper7,996  4  —  8,000  
Total marketable securities515,859  1,488  (1) 517,346  
Total available-for-sale securities$762,764  $1,492  $(3) $764,253  
Available-for-sale debt securities at December 31, 2019 consisted of the following:
​December 31, 2019
(In thousands)Amortized CostGains in Accumulated
Other Comprehensive
Income (Loss) 		Losses in Accumulated
Other Comprehensive
Income (Loss)		Estimated Fair Value
Cash equivalents​​​​
U.S. government agency securities$30,320  $2  $—  $30,322  
Total cash equivalents30,320  2  —  30,322  
Marketable securities
U.S. government agency securities140,745  10  (73) 140,682  
Corporate bonds4,017  —  (14) 4,003  
Total marketable securities144,762  10  (87) 144,685  
Total available-for-sale securities$175,082  $12  $(87) $175,007  

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at June 30, 2020:​
​Due one year or lessDue after one year through four years
(In thousands)CostFair ValueCostFair Value
Cash equivalents​​​​
U.S. government agency securities$246,905  $246,907  $—  $—  
Total cash equivalents246,905  246,907  —  —  
Marketable securities
U.S. government agency securities249,239  249,295  7,186  7,231  
Corporate bonds162,241  162,992  57,023  57,569  
Certificates of deposit10,000  10,000  —  —  
Commercial paper7,996  8,000  —  —  
Asset backed securities2,390  2,393  19,784  19,866  
Total marketable securities431,866  432,680  83,993  84,666  
Total$678,771  $679,587  $83,993  $84,666  
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of June 30, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
​Less than one yearOne year or greaterTotal
(In thousands)Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
Cash equivalents
U.S. government agency securities$81,934  $(2) $—  $—  $81,934  $(2) 
Total cash equivalents81,934  (2) —  —  81,934  (2) 
Marketable securities
U.S. government agency securities99,975  (1) —  —  99,975  (1) 
Total marketable securities99,975  (1) —  —  99,975  (1) 
Total available-for-sale securities$181,909  $(3) $—  $—  $181,909  $(3) 
The Company evaluates investments, including investments in privately-held companies, that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of June 30, 2020 and December 31, 2019 because the change in market value for those securities in an unrealized loss position has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company recorded a realized gain on available-for-sale debt securities of $0.2 million and $0.2 million for the three months ended June 30, 2020 and 2019, respectively, net of insignificant realized losses. The Company recorded a realized gain on available-for-sale debt securities of $0.1 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively, net of insignificant realized losses.
The Company recorded a gain of $0.4 million and a loss of $0.3 million from its equity securities for the three and six months ended June 30, 2020 as compared to no gain or loss for the three and six months ended June 30, 2019.
The gains and losses recorded are included in investment income, net in the Company’s condensed consolidated statements of operations.