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Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following is a summary of our investments as of December 31, 2024 and 2023:
(in thousands)20242023
Short-term Investments
Government Debt Securities
$753 $— 
Long-term Investments
Corporate-Owned Life Insurance Policies47,895 42,287 
Government Debt Securities
60,378 7,724 
Corporate Debt Securities
1,628 1,579 
Mutual Funds10,653 7,771 
Money Market Funds596 3,125 
Other Investments27 30 
Total Long-term Investments121,177 62,516 
Total Investments$121,930 $62,516 
In April 2024, we made a $50.1 million investment in U.S. treasuries which mature in September 2026. As of December 31, 2024, our government and corporate debt securities had maturity dates ranging from May 2025 to August 2029. During the years ended December 31, 2024 and 2023, our investment income, which consisted primarily of interest on our cash equivalent and debt security investments and gains on our corporate-owned life insurance policy investments, totaled $19.8 million and $15.2 million, which is included in other income in our consolidated statements of income.
Debt Securities
The following table summarizes the amortized cost and fair value of debt securities available for sale and the corresponding amounts of gross unrealized gains and losses as of December 31, 2024:
December 31, 2024
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Fair Value
Government Debt Securities$60,891 $424 $(184)$61,131 
Corporate Debt Securities1,629 9 (10)1,628 
Total$62,520 $433 $(194)$62,759 
Unrealized gains and losses on available-for-sale debt securities as of December 31, 2023 were not material. As of December 31, 2024 and December 31, 2023, no unrealized losses on debt securities were deemed to be other-than-temporary.
The following table summarizes the fair value of debt securities available for sale by contractual maturity date as of December 31, 2024:
(in thousands)December 31, 2024
Due in one year or less
$753 
Due in one to five years
62,006 
Total$62,759 
Equity Securities
The amount of net unrealized gains and losses during the years ended December 31, 2024 and 2023 on marketable equity securities still held as of December 31, 2024 and 2023, respectively, was not material.