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Marketable Investment Securities
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE INVESTMENT SECURITIES MARKETABLE INVESTMENT SECURITIES
The following table presents our Marketable investment securities:
As of
June 30,
2020		December 31,
2019
Marketable investment securities:
Debt securities:
Available-for-sale:
Corporate bonds$381,201  $568,442  
Other debt securities89,924  335,580  
Total available-for-sale debt securities471,125  904,022  
Fair value option - corporate bonds12,038  9,128  
Total debt securities483,163  913,150  
Equity securities27,548  35,566  
Total marketable investment securities, including restricted amounts510,711  948,716  
Less: Restricted marketable investment securities(731) (8,093) 
Total marketable investment securities$509,980  $940,623  
Debt Securities
 
Our corporate bond portfolio includes debt instruments issued by individual corporations, primarily in the industrial and financial services industries. Our other debt securities portfolio includes investments in various debt instruments, including U.S. government bonds, commercial paper and mutual funds.

Available-for-Sale

The following table presents the components of our available-for-sale debt securities:
AmortizedUnrealizedEstimated
CostGainsLossesFair Value
As of June 30, 2020
Corporate bonds$381,071  $132  $(2) $381,201  
Other debt securities89,923  1  —  89,924  
Total available-for-sale debt securities$470,994  $133  $(2) $471,125  
As of December 31, 2019
Corporate bonds$567,926  $518  $(2) $568,442  
Other debt securities335,572  8  —  335,580  
Total available-for-sale debt securities$903,498  $526  $(2) $904,022  

The following table presents the activity on our available-for-sale debt securities:
 For the three months ended June 30,For the six months ended June 30,
 2020201920202019
Proceeds from sales$—  $—  $10,000  $435,978  
Gains (losses) on sales, net$—  $—  $—  $549  
As of June 30, 2020, all $471.1 million of our available-for-sale debt securities had contractual maturities of one year or less.

Fair Value Option

The following table presents the activity on our fair value option corporate bonds:
 For the three months ended June 30,For the six months ended June 30,
 2020201920202019
Proceeds from sales$—  $46,717  $—  $46,717  
Gains (losses) on investments, net$(298) $224  $(4,506) $4,422  
Equity Securities
 
The following table presents the activity of our equity securities:
 For the three months ended June 30,For the six months ended June 30,
 2020201920202019
Proceeds from sales$4,719  $29,051  $4,853  $79,928  
Gains (losses) on investments, net$2,512  $13,028  $(8,603) $43,277  
Fair Value Measurements
 
The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:
As of
June 30, 2020December 31, 2019
Level 1Level 2TotalLevel 1Level 2Total
Debt securities:
Available-for-sale:
Corporate bonds$—  $381,201  $381,201  $—  $568,442  $568,442  
Other debt securities731  89,193  89,924  8,093  327,487  335,580  
Total available-for-sale debt securities731  470,394  471,125  8,093  895,929  904,022  
Fair value option - corporate bonds—  12,038  12,038  —  9,128  9,128  
Total debt securities731  482,432  483,163  8,093  905,057  913,150  
Equity securities19,872  7,676  27,548  27,933  7,633  35,566  
Total marketable investment securities, including restricted amounts20,603  490,108  510,711  36,026  912,690  948,716  
Less: Restricted marketable investment securities(731) —  (731) (8,093) —  (8,093) 
Total marketable investment securities$19,872  $490,108  $509,980  $27,933  $912,690  $940,623  
As of June 30, 2020 and December 31, 2019, we did not have any investments that were categorized within Level 3 of the fair value hierarchy.