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Short-Term Investments
 6 Months Ended
Jun. 30, 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 June 30, 2020
 
Maturity
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Corporate debt securities
2 years or less
 
$
177,244

 
$
1,044

 
$
—

 
$
178,288

Commercial paper
1 year or less
 
233,296

 
594

 
(1
)
 
233,889

U.S. Agency bonds
2 years or less
 
38,308

 
75

 
(1
)
 
38,382

U.S. Treasury bills
1 year or less
 
63,411

 
52

 
(1
)
 
63,462

 
 
 
$
512,259

 
$
1,765

 
$
(3
)
 
$
514,021

 
 
 
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. As of June 30, 2020, and December 31, 2019, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded as of June 30, 2020.