XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Marketable securities Marketable securities consisted of the following as of June 30, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 167,659 |  |  | $ | 3 |  |  | $ | (96) |  |  | $ | 167,566 |
Commercial paper | 53,138 |  |  | — |  |  | (68) |  |  | 53,070 |
Corporate notes and obligations | 204,137 |  |  | 11 |  |  | (234) |  |  | 203,914 |
Total marketable securities | $ | 424,934 |  |  | $ | 14 |  |  | $ | (398) |  |  | $ | 424,550 |
Marketable securities consisted of the following as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 128,479 |  |  | $ | 124 |  |  | $ | (27) |  |  | $ | 128,576 |
Commercial paper | 47,415 |  |  | 1 |  |  | (35) |  |  | 47,381 |
Corporate notes and obligations | 139,747 |  |  | 61 |  |  | (128) |  |  | 139,680 |
Time deposits | 4,525 |  |  | — |  |  | (1) |  |  | 4,524 |
Total marketable securities | $ | 320,166 |  |  | $ | 186 |  |  | $ | (191) |  |  | $ | 320,161 |
The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
| June 30, 2024 |  | December 31, 2023
Due within 1 year | $ | 379,120 |  |  | $ | 320,161 |
Due in 1 to 2 years | 45,430 |  |  | — |
Total marketable securities | $ | 424,550 |  |  | $ | 320,161 |
During the six months ended June 30, 2024 and 2023, there were maturities of marketable securities of $226.1 million and $222.7 million, respectively. During the six months ended June 30, 2023, there were sales of marketable securities of $5.5 million. There were no sales of marketable securities during the six months ended June 30, 2024. Realized losses on sales of marketable securities are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. Such losses were immaterial during the six months ended June 30, 2023. There were no impairments of marketable securities during the six months ended June 30, 2024 or 2023. Strategic investments Strategic investment activity during the six months ended June 30, 2024 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Available-for- Sale Debt Securities |  | Total
Balance as of December 31, 2023 | $ | 7,179 |  |  | $ | 3,986 |  |  | $ | 362 |  |  | $ | 11,527 |
Interest accrued on available-for-sale debt securities | — |  |  | — |  |  | 4 |  |  | 4 |
Purchases of strategic investments | 498 |  |  | 574 |  |  | — |  |  | 1,072 |
Unrealized gain on strategic investments | 671 |  |  | 154 |  |  | — |  |  | 825 |
Impairment of strategic investments | (184) |  |  | — |  |  | — |  |  | (184) |
Balance as of June 30, 2024 | $ | 8,164 |  |  | $ | 4,714 |  |  | $ | 366 |  |  | $ | 13,244 |
Strategic investment activity during the six months ended June 30, 2023 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Available-for- Sale Debt Securities |  | Total
Balance as of December 31, 2022 | $ | 7,286 |  |  | $ | 3,402 |  |  | $ | 355 |  |  | $ | 11,043 |
Interest accrued on available-for-sale debt securities | — |  |  | — |  |  | 4 |  |  | 4 |
Purchases of strategic investments | — |  |  | 442 |  |  | — |  |  | 442 |
Unrealized loss on strategic investments | — |  |  | (6) |  |  | — |  |  | (6) |
Balance as of June 30, 2023 | $ | 7,286 |  |  | $ | 3,838 |  |  | $ | 359 |  |  | $ | 11,483 |
Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets. As of June 30, 2024, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $5.1 million at the option of the investees.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration