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Marketable Securities
 12 Months Ended
Dec. 31, 2020
Debt Securities, Available-for-sale [Abstract]  
Marketable Securities Marketable SecuritiesRambus 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.
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 December 31, 2020
(Dollars in thousands)Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesWeighted Rate of Return
Money market funds$32,815 $32,815 $— $— 0.01 %
U.S. Government bonds and notes169,880 169,920 3 (43)0.12 %
Corporate notes, bonds and commercial paper238,491 238,509 61 (79)0.21 %
Total cash equivalents and marketable securities
441,186 441,244 64 (122)
Cash61,463 61,463 — — 
Total cash, cash equivalents and marketable securities
$502,649 $502,707 $64 $(122)
As of December 31, 2019
(Dollars in thousands)Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesWeighted Rate of Return
Money market funds$10,065 $10,065 $— $— 1.48 %
U.S. Government bonds and notes39,086 39,087 — (1)1.49 %
Corporate notes, bonds and commercial paper314,391 314,435 19 (63)1.81 %
Total cash equivalents and marketable securities
363,542363,58719 (64)
Cash44,122 44,122 — — 
Total cash, cash equivalents and marketable securities
$407,664 $407,709 $19 $(64)
Available-for-sale securities are reported at fair value on the balance sheets and classified as follows:
As of December 31,
(In thousands)20202019
Cash equivalents$74,683 $58,054 
Short-term marketable securities366,503 305,488 
Total cash equivalents and marketable securities
441,186363,542
Cash61,463 44,122 
Total cash, cash equivalents and marketable securities
$502,649 $407,664 
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 and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at December 31, 2020 and 2019 are as follows:
Fair ValueGross Unrealized Loss
(In thousands)December 31,
2020		December 31,
2019		December 31,
2020		December 31,
2019
Less than 12 months
U.S. Government bonds and notes$72,896 $14,112 $(43)$(1)
Corporate notes, bonds and commercial paper181,354 250,822 (79)(63)
Total cash equivalents and marketable securities in a continuous unrealized loss position$254,250 $264,934 $(122)$(64)
The gross unrealized loss at December 31, 2020 and 2019 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. The Company reasonably
believes that there is no need to sell these investments and 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 (loss). 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.
The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:
(In thousands)December 31,
2020
Due less than one year$334,332 
Due from one year through three years74,039 
Total$408,371 
Refer to Note 9, “Fair Value of Financial Instruments,” for discussion regarding the fair value of the Company’s cash equivalents and marketable securities.