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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

The following tables summarize the Company's short-term investments (dollars in thousands):
 
 
 
As of March 31, 2020
 
Maturity
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Corporate debt securities
2 years or less
 
$
228,256

 
$
162

 
$
(692
)
 
$
227,726

Commercial paper
1 year or less
 
192,594

 
440

 
(4
)
 
193,030

U.S. Agency bonds
2 years or less
 
44,745

 
122

 
—

 
44,867

U.S. Treasury bills
1 year or less
 
25,078

 
154

 
—

 
25,232

 
 
 
$
490,673

 
$
878

 
$
(696
)
 
$
490,855

 
 
 
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



The Company has classified all of its investment securities as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, carries these investments at fair value. Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At March 31, 2020, 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 impairment as a result of credit loss or other factors. Factors considered in this determination include the extent to which fair value is less than the amortized 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.