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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | Investments consisted of the following (in thousands):
|  |  |  |  | Gross Unrealized |  |  |  |
|  |  |  |  |  |  |  | Losses |  |  |  |
|  | Amortized |  |  |  |  |  | Less than |  |  | Greater than |  |  | Estimated |
June 30, 2024 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 214,637 |  |  | $ | 97 |  |  | $ | (69 | ) |  | $ | (340 | ) |  | $ | 214,325 |
Corporate debt securities |  |  | 126,865 |  |  |  | 132 |  |  |  | (52 | ) |  |  | (303 | ) |  |  | 126,642 |
Total short-term investments |  |  | 341,502 |  |  |  | 229 |  |  |  | (121 | ) |  |  | (643 | ) |  |  | 340,967 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  |  | 42,808 |  |  |  | — |  |  |  | (107 | ) |  |  | (99 | ) |  |  | 42,602 |
Corporate debt securities |  |  | 43,853 |  |  |  | — |  |  |  | (136 | ) |  |  | (62 | ) |  |  | 43,655 |
|  |  | 86,661 |  |  |  | — |  |  |  | (243 | ) |  |  | (161 | ) |  |  | 86,257 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total long-term investments |  |  | 86,806 |  |  |  | — |  |  |  | (243 | ) |  |  | (161 | ) |  |  | 86,402 |
Total investments |  | $ | 428,308 |  |  | $ | 229 |  |  | $ | (364 | ) |  | $ | (804 | ) |  | $ | 427,369 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Schedule of Proceeds from Sales and Maturities of Marketable Securities Plus Resulting Realized Gains and Losses | Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:
|  | Six Months Ended June 30, |
(In thousands) |  | 2024 |  |  | 2023 |
Proceeds from the sales and maturities of investments |  | $ | 138,947 |  |  | $ | 240,544 |
Realized gains |  | $ | — |  |  | $ | — |
Realized losses |  | $ | — |  |  | $ | — |
Schedule of Contractual Maturities of Available-for-Sale and Held-to-Maturity Securities | The Company’s available-for-sale and held-to-maturity securities at June 30, 2024 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 |  | $ | 244,162 |  |  | $ | 243,407 |  |  | $ | 145 |  |  | $ | 145 |
After 1 year through 5 years |  |  | 184,001 |  |  |  | 183,817 |  |  |  | — |  |  |  | — |
Total |  | $ | 428,163 |  |  | $ | 427,224 |  |  | $ | 145 |  |  | $ | 145 |

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