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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