XML 41 R31.htm IDEA: XBRL DOCUMENT v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2024
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$39,802 $— $— $39,802 $— $39,802 
Corporate bonds1,428 — — 1,428 — 1,428 
Money market funds74,958 — — 74,958 74,958 — 
U.S. government bonds52,756 10 — 52,766 52,766 — 
Total cash equivalents (2)168,944 10 — 168,954 127,724 41,230 
Short-term investments
Asset-backed securities65,779 245 (1,182)64,842 — 64,842 
Certificate of deposits14,696 — — 14,696 14,696 — 
Commercial paper64,875 — — 64,875 — 64,875 
Corporate bonds268,098 1,094 (37)269,155 — 269,155 
Foreign government bonds1,591 — — 1,591 — 1,591 
Mortgage-backed securities11,711 — (34)11,677 — 11,677 
Municipal bonds1,018 3 — 1,021 — 1,021 
U.S. government agency bonds5,512 6 — 5,518 — 5,518 
U.S. government bonds74,137 307 (12)74,432 74,432 — 
Total short-term investments507,417 1,655 (1,265)507,807 89,128 418,679 
Total$676,361 $1,665 $(1,265)$676,761 $216,852 $459,909 
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 nine months ended September 30, 2024 and 2023, we sold cash equivalent investments for proceeds of $18.1 million and $41.5 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 September 30, 2024:
Amortized CostFair Value
(In thousands)
Within 1 year$494,272 $494,845 
After 1 year through 5 years104,599 105,397 
Asset- and mortgage-backed securities77,490 76,519 
Total$676,361 $676,761