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Cash and Investments in Marketable Securities
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Cash and Investments in Marketable Securities Cash and Investments in Marketable Securities
Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
Estimated Fair Value at
June 30, 2021December 31, 2020
Cash and cash equivalents$152,345 $198,955 
Short-term investments847,720 862,941 
Long-term investments57,397 136,662 
Total cash and investments in marketable securities$1,057,462 $1,198,558 
We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. As of June 30, 2021 and December 31, 2020, all of our long-term investments had maturities between one and two years.
Our portfolio of cash and investments in marketable securities includes (in thousands):
June 30, 2021December 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value
Corporate notes and bonds$403,490 $152 $(91)$403,551 $687,469 
Corporate commercial paper487,414 51 (35)487,430 313,497 
Obligations of U.S. government agencies5,880 2 (1)5,881 2,382 
Available-for-sale investments$896,784 $205 $(127)$896,862 $1,003,348 
Money market funds138,289 179,302 
Certificates of deposit8,255 9,623 
Cash14,056 6,285 
Total cash and investments in marketable securities$1,057,462 $1,198,558 
At December 31, 2020, our gross unrealized gains and losses totaled $1.1 million and $0.2 million, respectively.