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Marketable Securities

9 Months Ended

Sep. 30, 2024

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands):

		September 30, 2024
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	191,922			$	33			$	(73	)		$	191,882
Corporate bonds			408,501				1,490				(150	)			409,841
Government and agency securities			120,338				141				(35	)			120,444
U.S. treasury bills			76,931				2				(35	)			76,898
		$	797,692			$	1,666			$	(293	)		$	799,065

		December 31, 2023
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	67,098			$	26			$	(44	)		$	67,080
Corporate bonds			193,876				328				(255	)			193,949
Government and agency securities			89,044				58				(75	)			89,027
U.S. treasury bills			34,469				7				(14	)			34,462
		$	384,487			$	419			$	(388	)		$	384,518

The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):

		September 30, 2024
		Amortized Cost				Fair Value
Due within one year		$	627,229			$	627,772
Due after one year through three years			170,463				171,293
		$	797,692			$	799,065

The Company’s available-for-sale securities are classified as current assets as they are readily available to be converted to cash and for use in the Company’s current operations. There were no credit losses recorded during the three and nine months ended September 30, 2024 and 2023. Interest income for the three months ended September 30, 2024 and 2023 was $8.7 million and $5.0 million, respectively. Interest income for the nine months ended September 30, 2024 and 2023 was $25.3 million and $15.1 million, respectively.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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