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Available-for-Sale Debt Securities | 3 Months Ended
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Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract] |
Available-for-Sale Debt securities | AVAILABLE-FOR-SALE DEBT SECURITIES The following table summarizes our available-for-sale debt securities (in millions):
|  | March 31, 2020 |  | December 31, 2019
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. treasury securities |  | $ | 2,048 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 2,072 |  |  | $ | 2,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,433 |
Certificates of deposit |  | 3,201 |  |  | — |  |  | — |  |  | 3,201 |  |  | 3,517 |  |  | — |  |  | — |  |  | 3,517 |
U.S. government agencies securities |  | 134 |  |  | — |  |  | — |  |  | 134 |  |  | 1,081 |  |  | — |  |  | — |  |  | 1,081 |
Non-U.S. government securities |  | 22 |  |  | — |  |  | — |  |  | 22 |  |  | 174 |  |  | — |  |  | — |  |  | 174 |
Corporate debt securities |  | 9,287 |  |  | 3 |  |  | (55 | ) |  | 9,235 |  |  | 9,203 |  |  | 2 |  |  | (1 | ) |  | 9,204 |
Residential mortgage and asset-backed securities |  | 260 |  |  | — |  |  | (4 | ) |  | 256 |  |  | 91 |  |  | — |  |  | — |  |  | 91 |
Total |  | $ | 14,952 |  |  | $ | 27 |  |  | $ | (59 | ) |  | $ | 14,920 |  |  | $ | 16,499 |  |  | $ | 2 |  |  | $ | (1 | ) |  | $ | 16,500 |
The following table summarizes the classification of our available-for-sale debt securities in our Condensed Consolidated Balance Sheets (in millions):
|  | March 31, 2020 |  | December 31, 2019
Cash and cash equivalents |  | $ | 657 |  |  | $ | 2,291 |
Short-term marketable securities |  | 10,734 |  |  | 12,721 |
Long-term marketable securities |  | 3,529 |  |  | 1,488 |
Total |  | $ | 14,920 |  |  | $ | 16,500 |
Accrued interest receivable excluded from both the fair value and amortized cost basis of the available-for-sale debt securities was $60 million and $37 million as of March 31, 2020 and December 31, 2019, respectively, and is recorded in Prepaid and other current assets on our Condensed Consolidated Balance Sheets. In connection with the adoption of the new credit loss standard, we made an accounting policy election to not measure an allowance for credit losses for accrued interest receivable. There were no write-offs of accrued interest receivable during the three months ended March 31, 2020. The following table summarizes our available-for-sale debt securities by contractual maturity (in millions):
|  | March 31, 2020
|  | Amortized Cost |  | Fair Value
Within one year |  | $ | 11,420 |  |  | $ | 11,391 |
After one year through five years |  | 3,513 |  |  | 3,510 |
After five years |  | 19 |  |  | 19 |
Total |  | $ | 14,952 |  |  | $ | 14,920 |
The following table summarizes our available-for-sale debt securities in an unrealized loss position (in millions):
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | (55 | ) |  | $ | 5,639 |  |  | $ | — |  |  | $ | — |  |  | $ | (55 | ) |  | $ | 5,639 |
Residential mortgage and asset-backed securities |  | (4 | ) |  | 229 |  |  | — |  |  | 6 |  |  | (4 | ) |  | 235 |
Total |  | $ | (59 | ) |  | $ | 5,868 |  |  | $ | — |  |  | $ | 6 |  |  | $ | (59 | ) |  | $ | 5,874 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | (1 | ) |  | $ | 1,866 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (1 | ) |  | $ | 1,870 |
We held a total of 873 positions which were in an unrealized loss position as of March 31, 2020. The unrealized losses are largely due to changes in interest rates. We do not intend to sell these securities nor do we believe that we will be required to sell these securities before the recovery of the amortized cost basis. Accordingly, no credit losses were recognized for the three months ended March 31, 2020.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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