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Investments
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Our investments consisted of the following (in thousands):
 
As of September 30, 2020
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Certificates of deposit
$
3,169

 
$
85

 
$
—

 
$
3,254

Commercial paper
19,987

 
—

 
(5
)
 
19,982

Corporate notes and bonds
442,616

 
5,407

 
(46
)
 
447,977

U.S. Treasuries
71,053

 
51

 
(12
)
 
71,092

U.S. Government agencies
85,446

 
149

 
(8
)
 
85,587

Total
$
622,271


$
5,692


$
(71
)

$
627,892


 
As of December 31, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Certificates of deposit
$
5,118

 
$
27

 
$
—

 
$
5,145

Corporate notes and bonds
471,172

 
1,950

 
(214
)
 
472,908

U.S. Treasuries
48,086

 
2

 
(19
)
 
48,069

U.S. Government agencies
178,891

 
52

 
(110
)
 
178,833

Total
$
703,267

 
$
2,031

 
$
(343
)

$
704,955


The following tables present the gross unrealized losses and related fair values of our investments that have been in a continuous unrealized loss position (in thousands):
 
As of September 30, 2020
 
Less Than 12 Months
 
Greater Than 12 Months
 
Total
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Certificates of deposit
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Commercial paper
19,982

 
(5
)
 
—

 
—

 
19,982

 
(5
)
Corporate notes and bonds
70,390

 
(43
)
 
9,669

 
(3
)
 
80,059

 
(46
)
U.S. Treasuries
58,886

 
(12
)
 
—

 
—

 
58,886

 
(12
)
U.S. Government agencies
21,995

 
(7
)
 
9,200

 
(1
)
 
31,195

 
(8
)
Total
$
171,253


$
(67
)

$
18,869


$
(4
)

$
190,122


$
(71
)

 
As of December 31, 2019
 
Less Than 12 Months
 
Greater Than 12 Months
 
Total
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Certificates of deposit
$
244

 
$
—

 
$
—

 
$
—

 
$
244

 
$
—

Corporate notes and bonds
117,271

 
(205
)
 
24,514

 
(9
)
 
141,785

 
(214
)
U.S. Treasuries
5,041

 
(2
)
 
33,996

 
(17
)
 
39,037

 
(19
)
U.S. Government agencies
91,221

 
(103
)
 
25,997

 
(7
)
 
117,218

 
(110
)
Total
$
213,777


$
(310
)

$
84,507


$
(33
)

$
298,284


$
(343
)

Unrealized losses related to these investments are due to interest rate fluctuations as opposed to credit quality. In addition, we do not intend to sell, and it is not more likely than not that we would be required to sell, these investments before recovery of their cost basis.
The following table summarizes the contractual maturities of our investments as of September 30, 2020 (in thousands):
 
Amortized Cost
 
Fair Value
Due within one year
$
336,578

 
$
338,020

Due within one to three years
285,693

 
289,872

Total
$
622,271

 
$
627,892


All available-for-sale securities have been classified as current, based on management's ability to use the funds in current operations.
As of September 30, 2020, we held an 11.0% ownership interest in a privately held company, which is accounted for under the equity method based on our ability to exercise significant influence over operating and financial policies of the privately held company. This investment is classified within deposits and other long-term assets on our condensed consolidated balance sheets. The carrying value of this investment was $0.1 million as of September 30, 2020 and zero as of December 31, 2019.