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Investments | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | 5. INVESTMENTS Investments consist of the following:
|  |  |  |  | Gross Unrealized |  |  |  |
|  |  |  |  |  |  |  | Losses |  |  |  |
|  | Amortized |  |  |  |  |  | Less than |  |  | Greater than |  |  | Estimated |
December 31, 2023 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 199,708 |  |  | $ | 758 |  |  | $ | (36 | ) |  | $ | (611 | ) |  | $ | 199,819 |
Corporate debt securities |  |  | 112,055 |  |  |  | 703 |  |  |  | (15 | ) |  |  | (536 | ) |  |  | 112,207 |
Non-U.S. government debt securities |  |  | 4,004 |  |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | 3,996 |
Total short-term investments |  |  | 315,767 |  |  |  | 1,461 |  |  |  | (51 | ) |  |  | (1,155 | ) |  |  | 316,022 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  |  | 19,392 |  |  |  | — |  |  |  | (27 | ) |  |  | (315 | ) |  |  | 19,050 |
Corporate debt securities |  |  | 19,306 |  |  |  | — |  |  |  | — |  |  |  | (289 | ) |  |  | 19,017 |
|  |  | 38,698 |  |  |  | — |  |  |  | (27 | ) |  |  | (604 | ) |  |  | 38,067 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,820 |
Total long-term investments |  |  | 40,518 |  |  |  | — |  |  |  | (27 | ) |  |  | (604 | ) |  |  | 39,887 |
Total investments |  | $ | 356,285 |  |  | $ | 1,461 |  |  | $ | (78 | ) |  | $ | (1,759 | ) |  | $ | 355,909 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 141,418 |  |  | $ | — |  |  | $ | (424 | ) |  | $ | (2,054 | ) |  | $ | 138,940 |
U.S. government and agency debt securities |  |  | 143,710 |  |  |  | 16 |  |  |  | (266 | ) |  |  | (1,289 | ) |  |  | 142,171 |
Non-U.S. government debt securities |  |  | 35,455 |  |  |  | — |  |  |  | (28 | ) |  |  | (546 | ) |  |  | 34,881 |
Total short-term investments |  |  | 320,583 |  |  |  | 16 |  |  |  | (718 | ) |  |  | (3,889 | ) |  |  | 315,992 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 68,229 |  |  |  | — |  |  |  | (1,550 | ) |  |  | (676 | ) |  |  | 66,003 |
U.S. government and agency debt securities |  |  | 62,220 |  |  |  | — |  |  |  | (917 | ) |  |  | (1,424 | ) |  |  | 59,879 |
Non-U.S. government debt securities |  |  | 4,099 |  |  |  | — |  |  |  | — |  |  |  | (191 | ) |  |  | 3,908 |
|  |  | 134,548 |  |  |  | — |  |  |  | (2,467 | ) |  |  | (2,291 | ) |  |  | 129,790 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,820 |
Total long-term investments |  |  | 136,368 |  |  |  | — |  |  |  | (2,467 | ) |  |  | (2,291 | ) |  |  | 131,610 |
Total investments |  | $ | 456,951 |  |  | $ | 16 |  |  | $ | (3,185 | ) |  | $ | (6,180 | ) |  | $ | 447,602 |
At December 31, 2023, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At December 31, 2023, 97 of the Company’s 231 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $135.0 million. Approximately 36% and 61% of the Company’s investment securities at December 31, 2023 were in corporate debt securities, with a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and debt securities issued by the U.S. government or its agencies, respectively. The primary reason for the unrealized losses in the Company’s investment portfolio is that its investments are fixed-rate securities acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity. Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Proceeds from the sales and maturities of investments |  | $ | 355,522 |  |  | $ | 281,627 |  |  | $ | 295,010 |
Realized gains |  | $ | — |  |  | $ | — |  |  | $ | 34 |
Realized losses |  | $ | — |  |  | $ | 529 |  |  | $ | 977 |
The Company’s available-for-sale and held-to-maturity securities at December 31, 2023 had contractual maturities in the following periods:
|  | Available-for-sale |  |  | Held-to-maturity |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Within 1 year |  | $ | 207,005 |  |  | $ | 205,950 |  |  | $ | 1,820 |  |  | $ | 1,820 |
After 1 year through 5 years |  |  | 147,460 |  |  |  | 148,139 |  |  |  | — |  |  |  | — |
Total |  | $ | 354,465 |  |  | $ | 354,089 |  |  | $ | 1,820 |  |  | $ | 1,820 |

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