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Cash, Cash Equivalents, and Investments | 12 Months Ended
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Dec. 31, 2023
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2023 |  | 2022
Cash | $ | 183,242 |  |  | $ | 180,959 |
Money market instruments | 19,413 |  |  | 415 |
Cash and cash equivalents | 202,655 |  |  | 181,374 |
Corporate bonds | 124,851 |  |  | 164,055 |
Asset-backed securities | 3,551 |  |  | 26,890 |
Sovereign bonds | 990 |  |  | — |
Agency bonds | — |  |  | 15,858 |
Treasury notes | — |  |  | 11,332 |
Municipal bonds | — |  |  | 624 |
Current investments | 129,392 |  |  | 218,759 |
Corporate bonds | 183,965 |  |  | 374,440 |
Treasury notes | 43,523 |  |  | 44,214 |
Asset-backed securities | 15,763 |  |  | 33,539 |
Sovereign bonds | 979 |  |  | 1,924 |
Non-current investments | 244,230 |  |  | 454,117 |
| $ | 576,277 |  |  | $ | 854,250 |
The Company’s cash balance included foreign bank balances totaling $173,614,000 and $160,611,000 as of December 31, 2023 and 2022, respectively. Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury notes consist of debt securities issued by the U.S. government; and municipal bonds consist of debt securities issued by state and local government entities. All of the Company's securities as of December 31, 2023 and 2022 were denominated in U.S. Dollars. Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,169,000 and $3,620,000 as of December 31, 2023 and 2022, respectively. The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 128,150 |  |  | $ | — |  |  | $ | (3,299) |  |  | $ | 124,851 |  |
Asset-backed securities | 3,637 |  |  | — |  |  | (86) |  |  | 3,551 |  |
Sovereign bonds | 1,012 |  |  | — |  |  | (22) |  |  | 990 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 189,326 |  |  | 506 |  |  | (5,867) |  |  | 183,965 |  |
Treasury notes | 43,654 |  |  | 82 |  |  | (213) |  |  | 43,523 |  |
Asset-backed securities | 16,773 |  |  | — |  |  | (1,010) |  |  | 15,763 |  |
Sovereign bonds | 1,037 |  |  | — |  |  | (58) |  |  | 979 |  |
| $ | 383,589 |  |  | $ | 588 |  |  | $ | (10,555) |  |  | $ | 373,622 |  |
The following table summarizes the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 167,558 |  |  | $ | — |  |  | $ | (3,503) |  |  | $ | 164,055 |  |
Asset-backed securities | 27,607 |  |  | — |  |  | (717) |  |  | 26,890 |  |
Agency bonds | 16,143 |  |  | — |  |  | (285) |  |  | 15,858 |  |
Treasury notes | 11,602 |  |  | — |  |  | (270) |  |  | 11,332 |  |
Municipal bonds | 635 |  |  | — |  |  | (11) |  |  | 624 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 394,576 |  |  | 561 |  |  | (20,697) |  |  | 374,440 |  |
Treasury notes | 44,333 |  |  | 79 |  |  | (198) |  |  | 44,214 |  |
Asset-backed securities | 35,144 |  |  | 103 |  |  | (1,708) |  |  | 33,539 |  |
Sovereign bonds | 2,095 |  |  | — |  |  | (171) |  |  | 1,924 |  |
| $ | 699,693 |  |  | $ | 743 |  |  | $ | (27,560) |  |  | $ | 672,876 |  |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 30,770 |  |  | $ | (359) |  |  | $ | 226,643 |  |  | $ | (8,807) |  |  | $ | 257,413 |  |  | $ | (9,166) |
Treasury notes | 20,725 |  |  | (153) |  |  | 2,441 |  |  | (60) |  |  | 23,166 |  |  | (213) |
Asset-backed securities | 17,062 |  |  | (1,049) |  |  | 2,252 |  |  | (47) |  |  | 19,314 |  |  | (1,096) |
Sovereign bonds | — |  |  | — |  |  | 1,968 |  |  | (80) |  |  | 1,968 |  |  | (80) |
| $ | 68,557 |  |  | $ | (1,561) |  |  | $ | 233,304 |  |  | $ | (8,994) |  |  | $ | 301,861 |  |  | $ | (10,555) |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2022 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 285,087 |  |  | $ | (9,591) |  |  | $ | 187,153 |  |  | $ | (14,609) |  |  | $ | 472,240 |  |  | $ | (24,200) |
Asset-backed securities | 47,582 |  |  | (2,299) |  |  | 2,495 |  |  | (126) |  |  | 50,077 |  |  | (2,425) |
Treasury notes | 32,614 |  |  | (465) |  |  | 102 |  |  | (3) |  |  | 32,716 |  |  | (468) |
Agency bonds | 15,858 |  |  | (285) |  |  | — |  |  | — |  |  | 15,858 |  |  | (285) |
Sovereign bonds | 967 |  |  | (67) |  |  | 957 |  |  | (104) |  |  | 1,924 |  |  | (171) |
Municipal bonds | 624 |  |  | (11) |  |  | — |  |  | — |  |  | 624 |  |  | (11) |
| $ | 382,732 |  |  | $ | (12,718) |  |  | $ | 190,707 |  |  | $ | (14,842) |  |  | $ | 573,439 |  |  | $ | (27,560) |
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2023, 2022, or 2021. Management currently intends to hold these securities to full value recovery at maturity. The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Gross realized gains |  | $ | 111 |  |  | $ | 133 |  |  | $ | 246 |
Gross realized losses |  | (2,065) |  |  | (315) |  |  | (10) |
Net realized gains (losses) |  | $ | (1,954) |  |  | $ | (182) |  |  | $ | 236 |
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss. The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 124,851 |  |  | $ | 62,596 |  |  | $ | 44,906 |  |  | $ | 44,896 |  |  | $ | 31,567 |  |  | $ | — |  |  | $ | 308,816 |
Treasury notes | — |  |  | 2,441 |  |  | 6,115 |  |  | 22,270 |  |  | 12,697 |  |  | — |  |  | 43,523 |
Asset-backed securities | 3,551 |  |  | 5,872 |  |  | 3,448 |  |  | — |  |  | — |  |  | 6,443 |  |  | 19,314 |
Sovereign bonds | 990 |  |  | 979 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,969 |
| $ | 129,392 |  |  | $ | 71,888 |  |  | $ | 54,469 |  |  | $ | 67,166 |  |  | $ | 44,264 |  |  | $ | 6,443 |  |  | $ | 373,622 |

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482477/820-10-65-13 + Details
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