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CASH, CASH EQUIVALENTS AND INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS

3. CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds and corporate bonds. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security investments as available-for-sale. These debt securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Cash and Cash Equivalents Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

103,545

 

 

$

—

 

 

$

—

 

 

$

103,545

 

Money market accounts

 

 

53,928

 

 

 

—

 

 

 

—

 

 

 

53,928

 

 

 

$

157,473

 

 

$

—

 

 

$

—

 

 

$

157,473

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

96,318

 

 

$

—

 

 

$

—

 

 

$

96,318

 

Money market accounts

 

 

2,662

 

 

 

—

 

 

 

—

 

 

 

2,662

 

 

 

$

98,980

 

 

$

—

 

 

$

—

 

 

$

98,980

 

 

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Short-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

412,578

 

 

$

764

 

 

$

(24

)

 

$

413,318

 

Marketable securities (1)

 

 

489

 

 

 

12

 

 

 

(14

)

 

 

487

 

 

 

$

413,067

 

 

$

776

 

 

$

(38

)

 

$

413,805

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

392,778

 

 

$

758

 

 

$

—

 

 

$

393,536

 

Marketable securities (1)

 

 

142

 

 

 

12

 

 

 

—

 

 

 

154

 

 

 

$

392,920

 

 

$

770

 

 

$

—

 

 

$

393,690

 

 

(1)
Changes in aggregate fair market value recorded in other income (loss), net on the Consolidated Statements of Income.

Long-term U.S. Government Bond Investments

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Long-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

344,861

 

 

$

2,205

 

 

$

(159

)

 

$

346,907

 

 

 

$

344,861

 

 

$

2,205

 

 

$

(159

)

 

$

346,907

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

434,766

 

 

$

1,302

 

 

$

(595

)

 

$

435,473

 

 

 

$

434,766

 

 

$

1,302

 

 

$

(595

)

 

$

435,473

 

Minority Equity Investments

The Company’s portfolio of minority equity investments consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek

to obtain representation on the boards of directors of the companies in which it invests. Minority equity investments are included in investments on the Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, the Company had minority equity investments in six entities with a total carrying value of $18.6 million accounted for as equity securities without readily determinable fair values. As of March 31, 2025 and December 31, 2024, the Company had two convertible note investments, with a total fair value of $3.5 million, accounted for as available-for-sale debt securities without readily determinable fair values.