Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

5. INVESTMENTS

Investments consisted of the following (in thousands):


			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
September 30, 2024	Cost		Gains		One Year			One Year			Fair Value
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	304,590	$	1,817	$	(122	)	$	(6	)	$	306,279
Corporate debt securities		204,502		1,892		(102	)		—			206,292
Total short-term investments		509,092		3,709		(224	)		(6	)		512,571
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		12,573		—		—			(13	)		12,560
Corporate debt securities		6,227		—		—			(12	)		6,215
		18,800		—		—			(25	)		18,775
Held-to-maturity securities:
Certificates of deposit		145		—		—			—			145
Total long-term investments		18,945		—		—			(25	)		18,920
Total investments	$	528,037	$	3,709	$	(224	)	$	(31	)	$	531,491

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

At September 30, 2024, 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 of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At September 30, 2024, 49 of the Company’s 308 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $72.1 million. The Company’s corporate debt securities investments have a minimum rating of A2 (Moody’s)/A (Standard and Poor’s). 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:


	Nine Months Ended September 30,
(In thousands)	2024		2023
Proceeds from the sales and maturities of investments	$	224,786	$	291,944
Realized gains	$	—	$	—
Realized losses	$	—	$	—

The Company’s available-for-sale and held-to-maturity securities at September 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	$	313,109	$	313,909	$	145	$	145
After 1 year through 5 years		214,783		217,437		—		—
Total	$	527,892	$	531,346	$	145	$	145