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INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2023
INVESTMENTS |
INVESTMENTS |
4. | INVESTMENTS
The following table summarizes the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Continuous | ​ | Continuous
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than 12 | ​ | greater than 12
March 31, 2023 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 296,708 | ​ | $ | 1 | ​ | $ | 1 | ​ | $ | 296,708 | ​ | $ | 1 | ​ | $ | —
Certificates of deposit | ​ | ​ | 12,630 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,630 | ​ | ​ | — | ​ | ​ | —
Municipal securities | ​ |  | 129,779 | ​ | ​ | 3 | ​ | ​ | 208 | ​ | ​ | 129,574 | ​ | ​ | 208 | ​ | ​ | —
U.S. government agency securities | ​ |  | 129,605 | ​ |  | 35 | ​ |  | 332 | ​ |  | 129,308 | ​ |  | 332 | ​ |  | —
U.S. treasuries | ​ | ​ | 744,403 | ​ |  | 156 | ​ |  | 2,180 | ​ |  | 742,379 | ​ |  | 2,180 | ​ |  | —
Corporate bonds | ​ | ​ | 72,536 | ​ | ​ | 15 | ​ | ​ | 122 | ​ | ​ | 72,429 | ​ | ​ | 122 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 10,432 | ​ | ​ | 7 | ​ | ​ | 9 | ​ | ​ | 10,430 | ​ | ​ | 9 | ​ | ​ | —
U.S. treasuries | ​ | ​ | 28,996 | ​ | ​ | 9 | ​ | ​ | 34 | ​ | ​ | 28,971 | ​ | ​ | 34 | ​ | ​ | —
Corporate bonds | ​ | ​ | 1,753 | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 1,751 | ​ | ​ | 2 | ​ | ​ | —
Total | ​ | $ | 1,426,842 | ​ | $ | 226 | ​ | $ | 2,888 | ​ | $ | 1,424,180 | ​ | $ | 2,888 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Continuous | ​ | Continuous
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than 12 | ​ | greater than 12
December 31, 2022 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 197,712 | ​ | $ | 1 | ​ | $ | 4 | ​ | $ | 197,709 | ​ | $ | 4 | ​ | $ | —
Certificates of deposit | ​ | ​ | 10,078 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,078 | ​ | ​ | — | ​ | ​ | —
Municipal securities | ​ |  | 211,791 | ​ |  | 60 | ​ |  | 612 | ​ |  | 211,239 | ​ |  | 612 | ​ |  | —
U.S. government agency securities | ​ |  | 109,697 | ​ |  | 3 | ​ |  | 715 | ​ |  | 108,985 | ​ |  | 715 | ​ |  | —
U.S. treasuries | ​ | ​ | 838,825 | ​ | ​ | 17 | ​ | ​ | 4,539 | ​ | ​ | 834,303 | ​ | ​ | 4,539 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 2,016 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 2,013 | ​ | ​ | 3 | ​ | ​ | —
U.S. treasuries | ​ | ​ | 53,215 | ​ | ​ | 20 | ​ | ​ | 71 | ​ | ​ | 53,164 | ​ | ​ | 71 | ​ | ​ | —
Variable rate demand notes | ​ | ​ | 6,266 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,266 | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 1,429,600 | ​ | $ | 101 | ​ | $ | 5,944 | ​ | $ | 1,423,757 | ​ | $ | 5,944 | ​ | $ | —
​ During the three-months ended March 31, 2023 and 2022, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at March 31, 2023 and December 31, 2022 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | December 31, 2022
​ |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 296,708 | ​ | $ | 296,708 |  | $ | 197,712 | ​ | $ | 197,710
Municipal securities | ​ |  | 129,779 | ​ |  | 129,574 |  |  | 211,791 | ​ |  | 211,239
U.S. government agency securities | ​ |  | 129,605 | ​ |  | 129,308 |  |  | 109,697 | ​ |  | 108,985
Certificates of deposit | ​ |  | 12,630 | ​ |  | 12,630 |  |  | 10,078 | ​ |  | 10,078
U.S. treasuries | ​ | ​ | 744,403 | ​ | ​ | 742,379 | ​ | ​ | 838,825 | ​ | ​ | 834,302
Corporate bonds | ​ | ​ | 72,536 | ​ | ​ | 72,429 | ​ | ​ | — | ​ | ​ | —
Due 1 -10 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | ​ | 28,996 | ​ | ​ | 28,971 | ​ | ​ | 53,215 | ​ | ​ | 53,164
U.S. government agency securities | ​ |  | 10,432 | ​ |  | 10,430 |  |  | 2,016 | ​ |  | 2,013
Variable rate demand notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,862 | ​ | ​ | 4,862
Corporate bonds | ​ | ​ | 1,753 | ​ | ​ | 1,751 | ​ | ​ | — | ​ | ​ | —
Due 11 - 20 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variable rate demand notes | ​ |  | — | ​ |  | — |  |  | 1,404 | ​ |  | 1,404
Total | ​ | $ | 1,426,842 | ​ | $ | 1,424,180 |  | $ | 1,429,600 | ​ | $ | 1,423,757
​

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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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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