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Short-term Investments
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Short-term Investments Short-term Investments
Short-term investments consisted of available-for-sale and equity securities as follows (in thousands):
Type of securities as of March 31, 2020
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair value
Corporate debt securities
$
68,049

 
$
6

 
$
(131
)
 
$
67,924

U.S. government-related debt securities
26,519

 
213

 
—

 
26,732

Asset-backed securities
8,952

 
6

 
(10
)
 
8,948

Total available-for-sale debt securities
$
103,520

 
$
225

 
$
(141
)
 
$
103,604

Corporate equity securities
10,518

 
—

 
(1,360
)
 
9,158

Total short-term investment securities
$
114,038

 
$
225

 
$
(1,501
)
 
$
112,762

Type of securities as of December 31, 2019
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair value
Corporate debt securities
$
78,243

 
$
89

 
$
(2
)
 
$
78,330

U.S. government-related debt securities
26,966

 
37

 
—

 
27,003

Asset-backed securities
11,950

 
21

 
—

 
11,971

Total available-for-sale debt securities
$
117,159

 
$
147

 
$
(2
)
 
$
117,304

Corporate equity securities
9,893

 
625

 
—

 
10,518

Total short-term investment securities
$
127,052

 
$
772

 
$
(2
)
 
$
127,822



The fair values of available-for-sale debt securities by contractual maturity were as follows (in thousands):
 
March 31, 2020
 
December 31, 2019
Maturing in one year or less
$
90,170

 
$
101,751

Maturing in one to three years
13,434

 
15,553

Total available-for-sale debt securities
$
103,604

 
$
117,304


The Company has both the intent and ability to sell its available-for-sale debt securities maturing greater than one year within 12 months from the balance sheet date and, accordingly, has classified these securities as current in the condensed consolidated balance sheets.
The following table summarizes investments that have been in a continuous unrealized loss position as of March 31, 2020 (in thousands).
 
Less than 12 months
 
12 months or greater
 
Total
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Corporate debt securities
$
40,886

 
$
(131
)
 
$
—

 
$
—

 
$
40,886

 
$
(131
)
Asset-backed securities
4,952

 
(10
)
 
—

 
—

 
4,952

 
(10
)
Total
$
45,838

 
$
(141
)
 
$
—

 
$
—

 
$
45,838

 
$
(141
)

The Company invests in securities that are rated investment grade or better. The unrealized losses on available-for-sale debt securities as of March 31, 2020 and December 31, 2019 were primarily caused by interest rate increases.
The Company reviews the individual securities in its portfolio for impairment when events indicate the fair value of the investments may be below the carrying value. The Company reviews the individual securities in its portfolio for indications that unrealized losses are credit related and require an allowance to be recorded at the present value of the future expected cash flows. The Company determined unrealized losses were not for credit losses and so did not record an allowance related to its available-for-sale debt investments for the three month period ended March 31, 2020. The Company did not record any impairment charges related to its available-for-sale debt investments for the three month period ended March 31, 2020.