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Cash and Investments in Marketable Securities | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Cash and Investments in Marketable Securities | Cash and Investments in Marketable Securities Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
| Estimated Fair Value at
| September 30, 2021 |  | December 31, 2020
Cash and cash equivalents | $ | 54,017 |  |  | $ | 198,955 |
Short-term investments | 867,063 |  |  | 862,941 |
Long-term investments | 34,219 |  |  | 136,662 |
Total cash and investments in marketable securities | $ | 955,299 |  |  | $ | 1,198,558 |
We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. As of September 30, 2021 and December 31, 2020, all of our long-term investments had maturities between one and two years. Our portfolio of cash and investments in marketable securities includes (in thousands):
|  | September 30, 2021 |  | December 31, 2020
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Fair Value
Corporate notes and bonds |  | $ | 329,376 |  |  | $ | 53 |  |  | $ | (90) |  |  | $ | 329,339 |  |  | $ | 687,469 |
Corporate commercial paper |  | 555,989 |  |  | 35 |  |  | (100) |  |  | 555,924 |  |  | 313,497 |
Obligations of U.S. government agencies |  | 5,880 |  |  | 2 |  |  | — |  |  | 5,882 |  |  | 2,382 |
Available-for-sale investments |  | $ | 891,245 |  |  | $ | 90 |  |  | $ | (190) |  |  | $ | 891,145 |  |  | $ | 1,003,348 |
Money market funds |  |  |  |  |  |  |  | 48,336 |  |  | 179,302 |
Certificates of deposit |  |  |  |  |  |  |  | 10,137 |  |  | 9,623 |
Cash |  |  |  |  |  |  |  | 5,681 |  |  | 6,285 |
Total cash and investments in marketable securities |  |  |  |  |  |  |  | $ | 955,299 |  |  | $ | 1,198,558 |
At December 31, 2020, our gross unrealized gains and losses totaled $1.1 million and $0.2 million, respectively.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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