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Investments | 9 Months Ended
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Sep. 30, 2019
Investments Debt And Equity Securities [Abstract] |
Investments | 6. Investments The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
|  | September 30, 2019 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Corporate debt securities |  | $ | 108,951 |  |  | $ | 306 |  |  | $ | (23 | ) |  | $ | 109,234 |
Commercial paper |  |  | 189,018 |  |  |  | 138 |  |  |  | (17 | ) |  |  | 189,139 |
|  | $ | 297,969 |  |  | $ | 444 |  |  | $ | (40 | ) |  | $ | 298,373 |
|  | December 31, 2018 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Corporate debt securities |  | $ | 187,371 |  |  | $ | 39 |  |  | $ | (344 | ) |  | $ | 187,066 |
Commercial paper |  |  | 151,774 |  |  |  | — |  |  |  | (78 | ) |  |  | 151,696 |
|  | $ | 339,145 |  |  | $ | 39 |  |  | $ | (422 | ) |  | $ | 338,762 |
The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of September 30, 2019 and December 31, 2018, the Company held $38.3 million and $31.8 million, respectively, of available-for-sale investment securities with contractual maturity dates of more than one year and less than two years. The Company has classified all equity securities as other assets on its Consolidated Balance Sheets. At September 30, 2019 and December 31, 2018, the Company had 13 and 57 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 17,024 |  |  | $ | (21 | ) |  | $ | 9,830 |  |  | $ | (2 | ) |  | $ | 26,854 |  |  | $ | (23 | )
Commercial paper |  |  | 50,011 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | 50,011 |  |  |  | (17 | )
Total |  | $ | 67,035 |  |  | $ | (38 | ) |  | $ | 9,830 |  |  | $ | (2 | ) |  | $ | 76,865 |  |  | $ | (40 | )
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 91,265 |  |  | $ | (130 | ) |  | $ | 44,637 |  |  | $ | (214 | ) |  | $ | 135,902 |  |  | $ | (344 | )
Commercial paper |  |  | 151,696 |  |  |  | (78 | ) |  |  | — |  |  |  | — |  |  |  | 151,696 |  |  |  | (78 | )
Total |  | $ | 242,961 |  |  | $ | (208 | ) |  | $ | 44,637 |  |  | $ | (214 | ) |  | $ | 287,598 |  |  | $ | (422 | )
At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of its amortized cost basis. The Company intends, and has the ability, to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. Based on its evaluation, the Company determined that its unrealized losses were not other-than-temporary at September 30, 2019 and December 31, 2018.

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