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Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | Investments consist of the following:
|  |  |  |  | Gross Unrealized |  |  |  |
|  |  |  |  |  |  |  | Losses |  |  |  |
|  | Amortized |  |  |  |  |  | Less than |  |  | Greater than |  |  | Estimated |
December 31, 2024 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  | $ | 266,506 |  |  | $ | 763 |  |  | $ | (58 | ) |  | $ | (6 | ) |  | $ | 267,205 |
Corporate debt securities |  |  | 192,617 |  |  |  | 762 |  |  |  | (58 | ) |  |  | (4 | ) |  |  | 193,317 |
Total short-term investments |  |  | 459,123 |  |  |  | 1,525 |  |  |  | (116 | ) |  |  | (10 | ) |  |  | 460,522 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency debt securities |  |  | 48,856 |  |  |  | — |  |  |  | — |  |  |  | (179 | ) |  |  | 48,677 |
Corporate debt securities |  |  | 24,484 |  |  |  | — |  |  |  | — |  |  |  | (158 | ) |  |  | 24,326 |
|  |  | 73,340 |  |  |  | — |  |  |  | — |  |  |  | (337 | ) |  |  | 73,003 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 145 |
Total long-term investments |  |  | 73,485 |  |  |  | — |  |  |  | — |  |  |  | (337 | ) |  |  | 73,148 |
Total investments |  | $ | 532,608 |  |  | $ | 1,525 |  |  | $ | (116 | ) |  | $ | (347 | ) |  | $ | 533,670 |
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:
|  | Year Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Proceeds from the sales and maturities of investments |  | $ | 310,286 |  |  | $ | 355,522 |  |  | $ | 281,627 |
Realized gains |  | $ | — |  |  | $ | — |  |  | $ | — |
Realized losses |  | $ | — |  |  | $ | — |  |  | $ | 529 |
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 December 31, 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 |  | $ | 324,897 |  |  | $ | 325,566 |  |  | $ | 145 |  |  | $ | 145 |
After 1 year through 5 years |  |  | 207,566 |  |  |  | 207,959 |  |  |  | — |  |  |  | — |
Total |  | $ | 532,463 |  |  | $ | 533,525 |  |  | $ | 145 |  |  | $ | 145 |

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