CASH, CASH EQUIVALENTS AND INVESTMENTS

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government 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 value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. 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
Cash and Cash Equivalents Classification	Amortized Cost		Gains		(Losses)		Fair Value
December 31, 2025
Cash accounts in banking institutions	$	110,892	$	—	$	—	$	110,892
US Government bonds	$	26,479		—		—	$	26,479
Money market accounts		982		—		—		982
	$	138,353	$	—	$	—	$	138,353
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
Short-term Investments Classification	Amortized Cost		Gains		(Losses)			Fair Value
December 31, 2025
U.S. Government bonds	$	453,812	$	1,592	$	(6	)	$	455,398
Marketable equity securities (1)		4,677		3,943		(14	)		8,606
	$	458,489	$	5,535	$	(20	)	$	464,004
December 31, 2024
U.S. Government bonds	$	392,778	$	758	$	—		$	393,536
Marketable equity securities (1)		142		12		—			154
	$	392,920	$	770	$	—		$	393,690

(1)

Changes in aggregate fair 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
Long-term Investments Classification	Amortized Cost		Gains		(Losses)			Fair Value
December 31, 2025
U.S. Government bonds	$	351,125	$	1,873	$	(11	)	$	352,987
	$	351,125	$	1,873	$	(11	)	$	352,987
December 31, 2024
U.S. Government bonds		434,766		1,302		(595	)	$	435,473
	$	434,766	$	1,302	$	(595	)	$	435,473

As of December 31, 2025, 100% of the Company's long-term U.S. Government bonds had maturities between one and three years.

Minority Equity Investments and Convertible Notes

The Company’s portfolio of minority equity investments and convertible notes 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 and convertible notes are included in investments on the Consolidated Balance Sheets. As of both December 31, 2025 and 2024, the Company had minority equity investments in six entities, with a total carrying value of $22.0 million and $18.6 million, respectively, accounted for as equity securities without readily determinable fair values. As of both December 31, 2025 and 2024, the Company had two convertible note investments, with a total fair value of $2.0 million and $3.5 million, respectively, accounted for as available-for-sale debt securities without readily determinable fair values. During the years ended December 31, 2025 and 2024, the Company did not recognize an impairment in the value of its minority equity investments.