INVESTMENTS

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018 were as follows:

	September 30, 2019						December 31, 2018
	Amortized Cost			Estimated Fair Value			Amortized Cost			Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	51,200		$	51,200		$	55,501		$	55,501
Money market funds	1,438			1,438			1,265			1,265
Certificates of deposit	180,223			180,321			95,080			95,038
Government debt securities	211,584			211,995			100,449			100,478
Corporate debt securities	296,263			297,507			186,571			186,208
Total	740,708			742,461			438,866			438,490
Less amounts classified as cash and cash equivalents	(52,638		)	(52,638		)	(56,766		)	(56,766		)
Short-term investments	$	688,070		$	689,823		$	382,100		$	381,724

Interest income and gains on short-term investments, net were $4.2 million and $1.5 million for the three months ended September 30, 2019 and 2018, respectively. Interest income and gains on short-term investments, net were $11.0 million and $3.4 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019 and 2018, there were no material unrealized gains or loses.

The contractual maturities of short-term investments at September 30, 2019 and December 31, 2018 were as follows:

	September 30, 2019				December 31, 2018
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(in thousands)
Due in less than one year	$	371,773	$	372,329	$	281,303	$	280,959
Due in one to three years	316,297		317,494		100,797		100,765
	$	688,070	$	689,823	$	382,100	$	381,724

Equity investments in privately-held companies:

As of September 30, 2019 and December 31, 2018, the Company held a total of $35.6 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 September 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.