XML 41 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of debt securities available-for-sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
March 31, 2024
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$51,970 $— $— $51,970 $— $51,970 
Corporate bonds1,657 — — 1,657 — 1,657 
Money market funds97,440 — — 97,440 97,440 — 
U.S. government bonds16,936 — — 16,936 16,936 — 
Total cash equivalents (2)168,003 — — 168,003 114,376 53,627 
Short-term investments
Asset-backed securities62,076 99 (27)62,148 — 62,148 
Certificate of deposits19,294 — — 19,294 19,294 — 
Commercial paper45,383 — — 45,383 — 45,383 
Corporate bonds255,876 277 (301)255,852 — 255,852 
U.S. government agency bonds4,729 — (4)4,725 — 4,725 
U.S. government bonds62,212 — (142)62,070 62,070 — 
Total short-term investments449,570 376 (474)449,472 81,364 368,108 
Total$617,573 $376 $(474)$617,475 $195,740 $421,735 
December 31, 2023
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$138 $— $— $138 $— $138 
Commercial paper48,063 — — 48,063 — 48,063 
Money market funds60,719 — — 60,719 60,719 — 
U.S. government bonds2,996 — — 2,996 2,996 — 
Total cash equivalents111,916 — — 111,916 63,715 48,201 
Short-term investments
Asset-backed securities65,340 170 (22)65,488 — 65,488 
Certificate of deposits17,086 — — 17,086 17,086 — 
Commercial paper56,273 — — 56,273 — 56,273 
Corporate bonds251,671 432 (299)251,804 — 251,804 
U.S. government agency bonds13,200 — (9)13,191 — 13,191 
U.S. government bonds65,881 13 (79)65,815 65,815 — 
Total short-term investments469,451 615 (409)469,657 82,901 386,756 
Total$581,367 $615 $(409)$581,573 $146,616 $434,957 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)For three months ended March 31, 2024 and 2023, we sold cash equivalent investments for proceeds of $5.8 million and $13.0 million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2024:
Amortized CostFair Value
(In thousands)
Within 1 year$459,067 $458,887 
After 1 year through 5 years96,430 96,440 
Asset-backed securities62,076 62,148 
Total$617,573 $617,475