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INVESTMENTS
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS:
Cash, cash equivalents and short-term investments:
The short-term investments are classified as available-for-sale securities. The cash, cash equivalents and short-term investments at June 30, 2019 and December 31, 2018 were as follows:
 
June 30, 2019
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
 
(in thousands)
Cash and cash equivalents
$
49,734

 
$
—

 
$
—

 
$
49,734

Money market funds
4,048

 
—

 
—

 
4,048

Certificates of deposit
149,074

 
39

 
(5
)
 
149,108

Government debt securities
149,683

 
474

 
(13
)
 
150,144

Corporate debt securities
256,457

 
1,124

 
(27
)
 
257,554

Total
608,996

 
1,637

 
(45
)
 
610,588

Less amounts classified as cash and cash equivalents
(53,782
)
 
—

 
—

 
(53,782
)
Short-term investments
$
555,214

 
$
1,637

 
$
(45
)
 
$
556,806



 
December 31, 2018
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair Value
 
(in thousands)
Cash and cash equivalents
$
55,501

 
$
—

 
$
—

 
$
55,501

Money market funds
1,265

 
—

 
—

 
1,265

Certificates of deposit
95,080

 
1

 
(43
)
 
95,038

Government debt securities
100,449

 
92

 
(63
)
 
100,478

Corporate debt securities
186,571

 
27

 
(390
)
 
186,208

Total
438,866

 
120

 
(496
)
 
438,490

Less amounts classified as cash and cash equivalents
(56,766
)
 
—

 
—

 
(56,766
)
Short-term investments
$
382,100

 
$
120

 
$
(496
)
 
$
381,724


Interest income and gains on short-term investments, net were $3.8 million and 1.0 million for the three months ended June 30, 2019 and 2018, respectively. Interest income and gains on short-term investments, net were $6.8 million and $1.9 million for the six months ended June 30, 2019 and 2018, respectively. At June 30, 2019, there were no material gross unrealized losses on investments that were in a gross unrealized loss position for a period greater than 12 months. These investments were not deemed to be other-than-temporarily impaired and the gross unrealized losses were recorded in other comprehensive income (loss) ("OCI").
The contractual maturities of short-term investments at June 30, 2019 and December 31, 2018 were as follows:
 
June 30, 2019
 
December 31, 2018
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in less than one year
$
359,796

 
$
360,247

 
$
281,303

 
$
280,959

Due in one to three years
195,418

 
196,559

 
100,797

 
100,765

 
$
555,214

 
$
556,806

 
$
382,100

 
$
381,724


Equity investments in privately-held companies:
As of June 30, 2019 and December 31, 2018, the Company held a total of $35.5 million and $40.3 million, respectively, in equity investments in privately-held companies. During the first quarter of 2019, one of the investees of the Company's equity investments in privately-held companies was acquired. As a result, the Company recorded a gain on sale of $9.1 million in the first quarter of 2019. In addition, $3.2 million of the consideration owed to the Company was held back in an escrow account as of June 30, 2019. The final amount released from escrow, if any, will be recognized as an additional gain on sale when released. During the second quarter of 2019, the Company recorded a gain of $0.4 million from the conversion of a note receivable to equity in a privately-held company.
While performing its review for impairment for the first quarter of 2019, the Company noted an observable price change related to one of its investments in a privately-held company. As a result, the Company recorded an impairment charge of $1.8 million in the first quarter of 2019. The gains on the investments and the impairment charge were reported in interest and other, net on the condensed consolidated statement of operations.