Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of March 31, 2019 and December 31, 2018 consisted of the following:



	As of March 31, 2019
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value

Cash	$	109.8	$	—	$	—		$	109.8
Cash equivalents:
Money market funds	226.9		—		—			226.9
Commercial paper	19.5		—		—			19.5
Corporate notes and obligations	3.0		—		—			3.0
Total cash and cash equivalents	$	359.2	$	—	$	—		$	359.2
Investments
Corporate notes and obligations	244.7		0.6		—			245.3
U.S. Treasury securities	193.0		—		(0.1		)	192.9
Certificates of deposit	52.2		—		—			52.2
U.S. agency obligations	38.5		—		—			38.5
Commercial Paper	27.1		—		—			27.1
Total short-term investments	555.5		0.6		(0.1		)	556.0
Total	$	914.7	$	0.6	$	(0.1	)	$	915.2



	As of December 31, 2018
	Amortized cost		Unrealized gain		Unrealized loss			Estimated fair value

Cash	$	103.0	$	—	$	—		$	103.0
Cash equivalents
Money market funds	355.5		—		—			355.5
U.S. Treasury securities	33.4		—		—			$	33.4
Commercial paper	27.4		—		—			27.4
Total cash and cash equivalents	$	519.3	$	—	$	—		$	519.3
Short-term investments
Corporate notes and obligations	269.6		0.1		(0.5		)	269.2
U.S. Treasury securities	176.0		—		(0.1		)	175.9
Certificates of deposit	70.6		—		—			70.6
U.S. agency obligations	37.1		—		—			37.1
Commercial paper	17.2		—		—			17.2
Total short-term investments	570.5		0.1		(0.6		)	570.0
Total	$	1,089.8	$	0.1	$	(0.6	)	$	1,089.3

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $15.8 million and $11.9 million as of March 31, 2019 and December 31, 2018, respectively.

All short-term investments were designated as available-for-sale securities as of March 31, 2019 and December 31, 2018.

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2019:



	As of March 31, 2019
	Amortized cost		Estimated fair value

Due within one year	$	337.9	$	338.1
Due between one to three years	217.6		217.9
Total	$	555.5	$	556.0

The Company had 65 short-term investments in unrealized loss positions as of March 31, 2019. There were no material gross unrealized losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2019 and 2018.

For investments in available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) it has the intention to sell any of these investments and (ii) whether it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. Based on this evaluation, the Company determined that there were no other-than-temporary impairments associated with short-term investments as of March 31, 2019.

The Company recorded $6.2 million and $1.4 million in interest income from its cash, cash equivalents and short-term investments for the three months ended March 31, 2019 and 2018, respectively.