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INVESTMENTS IN DEBT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-term and Long-term Investments
The Company's short-term and long-term investments as of March 31, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$58,399 $— $(676)$57,723 
Corporate bonds135,097 60 (626)134,531 
Commercial paper724 — — 724 
Municipal securities9,391 — (138)9,253 
Certificates of deposit500 — — 500 
U.S. government securities372,337 43 (2,317)370,063 
Foreign government securities600 — (4)596 
Total$577,048 $103 $(3,761)$573,390 
Long-term debt securities:
Corporate bonds$96,206 $273 $(95)$96,384 
Municipal securities2,481 30 (119)2,392 
U.S. government securities89,073 151 (78)89,146 
Total$187,760 $454 $(292)$187,922 

The Company's short-term and long-term investments as of December 31, 2023 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$68,778 $— $(1,263)$67,515 
Corporate bonds216,864 96 (1,733)215,227 
Commercial paper15,159 — — 15,159 
Municipal securities9,396 — (231)9,165 
Certificates of deposit3,856 — — 3,856 
U.S. government securities544,145 210 (4,357)539,998 
Foreign government securities1,000 — (19)981 
Total$859,198 $306 $(7,603)$851,901 
Long-term debt securities:
Corporate bonds$94,564 $809 $(45)$95,328 
Municipal securities2,495 55 (138)2,412 
U.S. government securities152,549 875 (37)153,387 
Total$249,608 $1,739 $(220)$251,127 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
March 31, 2024
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$400 $— $57,322 $(676)$57,722 $(676)
Corporate bonds44,988 (48)52,483 (578)97,471 (626)
Municipal securities— — 9,253 (138)9,253 (138)
U.S. government securities92,760 (78)162,389 (2,239)255,149 (2,317)
Foreign government securities— — 596 (4)596 (4)
Total$138,148 $(126)$282,043 $(3,635)$420,191 $(3,761)
Long-term debt securities:
Corporate bonds$45,907 $(87)$980 $(8)$46,887 $(95)
Municipal securities977 (13)385 (106)1,362 (119)
U.S. government securities25,758 (78)— — 25,758 (78)
Total$72,642 $(178)$1,365 $(114)$74,007 $(292)

December 31, 2023
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$9,770 $(10)$57,745 $(1,253)$67,515 $(1,263)
Corporate bonds61,054 (60)110,706 (1,673)171,760 (1,733)
Municipal securities— — 9,165 (231)9,165 (231)
U.S. government securities80,724 (113)207,183 (4,243)287,907 (4,356)
Foreign government securities— — 981 (19)981 (19)
Total$151,548 $(183)$385,780 $(7,419)$537,328 $(7,602)
Long-term debt securities:
Corporate bonds$11,819 $(31)$2,274 $(14)$14,093 $(45)
Municipal securities976 (24)383 (112)1,359 (136)
U.S. government securities28,474 (37)— — 28,474 (37)
Total$41,269 $(92)$2,657 $(126)$43,926 $(218)
Contractual Maturities of Short-Term and Long-Term Investments
The contractual maturities of the Company's short-term and long-term investments as of March 31, 2024 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$577,048 $573,390 
Due in one to five years187,760 187,922 
Total$764,808 $761,312