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Marketable Securities
 9 Months Ended
Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]  
Marketable Securities Marketable Securities
Rambus invests its excess cash and cash equivalents primarily in U.S. government-sponsored obligations, commercial paper, corporate notes and bonds, money market funds and municipal notes and bonds that mature within three years. As of September 30, 2019 and December 31, 2018, all of the Company’s cash equivalents and marketable securities had a remaining maturity of less than one year.
All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:
 
 
As of September 30, 2019
(In thousands)
 
Fair Value
 
Amortized
 Cost
 
Gross
 Unrealized
 Gains
 
Gross
 Unrealized
 Losses
 
Weighted
 Rate of
 Return
Money market funds
 
$
12,639

 
$
12,639

 
$
—

 
$
—

 
1.81
%
U.S. Government bonds and notes
 
26,136

 
26,134

 
2

 
—

 
2.02
%
Corporate notes, bonds, commercial paper and other
 
259,319

 
259,330

 
51

 
(62
)
 
2.09
%
Total cash equivalents and marketable securities
 
298,094

 
298,103

 
53

 
(62
)
 
 

Cash
 
39,930

 
39,930

 
—

 
—

 
 

Total cash, cash equivalents and marketable securities
 
$
338,024

 
$
338,033

 
$
53

 
$
(62
)
 
 

 
 
As of December 31, 2018
(In thousands)
 
Fair Value
 
Amortized
 Cost
 
Gross
 Unrealized
 Gains
 
Gross
 Unrealized
 Losses
 
Weighted
 Rate of
 Return
Money market funds
 
$
10,080

 
$
10,080

 
$
—

 
$
—

 
2.23
%
U.S. Government bonds and notes
 
32,630

 
32,634

 
—

 
(4
)
 
2.28
%
Corporate notes, bonds, commercial paper and other
 
183,998

 
184,095

 
—

 
(97
)
 
2.37
%
Total cash equivalents and marketable securities
 
226,708

 
226,809

 
—

 
(101
)
 
 

Cash
 
51,056

 
51,056

 
—

 
—

 
 

Total cash, cash equivalents and marketable securities
 
$
277,764

 
$
277,865

 
$
—

 
$
(101
)
 
 


Available-for-sale securities are reported at fair value on the balance sheets and classified as follows:
 
As of
(In thousands)
September 30,
2019
 
December 31,
2018
Cash equivalents
$
51,908

 
$
64,868

Short term marketable securities
246,186

 
161,840

Total cash equivalents and marketable securities
298,094

 
226,708

Cash
39,930

 
51,056

Total cash, cash equivalents and marketable securities
$
338,024

 
$
277,764


The Company continues to invest in highly rated quality, highly liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and unrealized losses that may be other than temporary.
The estimated fair value of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at September 30, 2019 and December 31, 2018 are as follows:
 
Fair Value
 
Gross Unrealized Loss
(In thousands)
September 30,
2019
 
December 31,
2018
 
September 30,
2019
 
December 31,
2018
Less than one year
 

 
 

 
 

 
 

U.S. Government bonds and notes
$
—

 
$
32,630

 
$
—

 
$
(4
)
Corporate notes, bonds and commercial paper
187,667

 
183,998

 
(62
)
 
(97
)
Total Corporate notes, bonds, and commercial paper and U.S. Government bonds and notes
$
187,667

 
$
216,628

 
$
(62
)
 
$
(101
)

The gross unrealized loss at September 30, 2019 and December 31, 2018 was not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized loss can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate notes and bonds. There is no need to sell these investments, and the Company believes that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income. However, the Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.
See Note 8, “Fair Value of Financial Instruments,” for discussion regarding the fair value of the Company’s cash equivalents and marketable securities.