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INVESTMENTS | 6 Months Ended
--- | ---
Jun. 30, 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
June 30, 2023 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 329,770 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 329,768 | ​ | $ | 2 | ​ | $ | —
Certificates of deposit | ​ | ​ | 15,161 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,161 | ​ | ​ | — | ​ | ​ | —
Municipal securities | ​ |  | 59,158 | ​ | ​ | — | ​ | ​ | 125 | ​ | ​ | 59,033 | ​ | ​ | 125 | ​ | ​ | —
U.S. government agency securities | ​ |  | 152,071 | ​ |  | — | ​ |  | 489 | ​ |  | 151,582 | ​ |  | 489 | ​ |  | —
U.S. treasuries | ​ | ​ | 705,370 | ​ |  | 31 | ​ |  | 2,002 | ​ |  | 703,399 | ​ |  | 2,002 | ​ |  | —
Corporate bonds | ​ | ​ | 158,748 | ​ | ​ | 10 | ​ | ​ | 462 | ​ | ​ | 158,296 | ​ | ​ | 462 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 2,580 | ​ | ​ | — | ​ | ​ | 9 | ​ | ​ | 2,571 | ​ | ​ | 9 | ​ | ​ | —
U.S. treasuries | ​ | ​ | 39,011 | ​ | ​ | — | ​ | ​ | 309 | ​ | ​ | 38,702 | ​ | ​ | 309 | ​ | ​ | —
Corporate bonds | ​ | ​ | 21,065 | ​ | ​ | — | ​ | ​ | 90 | ​ | ​ | 20,975 | ​ | ​ | 90 | ​ | ​ | —
Total | ​ | $ | 1,482,934 | ​ | $ | 41 | ​ | $ | 3,488 | ​ | $ | 1,479,487 | ​ | $ | 3,488 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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- and six-months ended June 30, 2023 and 2022, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at June 30, 2023 and December 31, 2022 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 329,770 | ​ | $ | 329,768 |  | $ | 197,712 | ​ | $ | 197,710
Municipal securities | ​ |  | 59,158 | ​ |  | 59,033 |  |  | 211,791 | ​ |  | 211,239
U.S. government agency securities | ​ |  | 152,071 | ​ |  | 151,582 |  |  | 109,697 | ​ |  | 108,985
Certificates of deposit | ​ |  | 15,161 | ​ |  | 15,161 |  |  | 10,078 | ​ |  | 10,078
U.S. treasuries | ​ | ​ | 705,370 | ​ | ​ | 703,399 | ​ | ​ | 838,825 | ​ | ​ | 834,302
Corporate bonds | ​ | ​ | 158,748 | ​ | ​ | 158,296 | ​ | ​ | — | ​ | ​ | —
Due 1 - 10 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | ​ | 39,011 | ​ | ​ | 38,702 | ​ | ​ | 53,215 | ​ | ​ | 53,164
U.S. government agency securities | ​ |  | 2,580 | ​ |  | 2,571 |  |  | 2,016 | ​ |  | 2,013
Variable rate demand notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,862 | ​ | ​ | 4,862
Corporate bonds | ​ | ​ | 21,065 | ​ | ​ | 20,975 | ​ | ​ | — | ​ | ​ | —
Due 11 - 20 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variable rate demand notes | ​ |  | — | ​ |  | — |  |  | 1,404 | ​ |  | 1,404
Total | ​ | $ | 1,482,934 | ​ | $ | 1,479,487 |  | $ | 1,429,600 | ​ | $ | 1,423,757
​

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