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Investments
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments Investments

The following tables summarize the Company's short-term investments (in thousands):
 
 
 
As of December 31, 2019
 
Maturity
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Corporate debt securities
2 years or less
 
$
160,065

 
$
233

 
$
(1
)
 
$
160,297

Commercial paper
1 year or less
 
120,862

 
74

 
—

 
120,936

U.S. Agency Bonds
2 years or less
 
50,745

 
41

 
(4
)
 
50,782

U.S. Treasury bills
2 years or less
 
36,474

 
27

 
(1
)
 
36,500

 
 
 
$
368,146

 
$
375

 
$
(6
)
 
$
368,515


 
 
 
As of December 31, 2018
 
Maturity
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Corporate debt securities
1 year or less
 
$
111,933

 
$
26

 
$
(43
)
 
$
111,916

Commercial paper
1 year or less
 
74,433

 
—

 
(24
)
 
74,409

U.S. Treasury bills
1 year or less
 
3,771

 
—

 
—

 
3,771

 
 
 
$
190,137

 
$
26

 
$
(67
)
 
$
190,096



Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2019, the Company did not have any securities in material unrealized loss positions. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Company does not intend to sell any investments prior to recovery of their amortized cost basis for any investments in an unrealized loss position.