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Investment securities

3 Months Ended

Mar. 31, 2024

4	Investment securities

The following tables summarize the Company’s investments in sovereign debt as of March 31, 2024 and December 31, 2023:


	At March 31, 2024
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value

	(in thousands)
Current investments:
Government debt securities (held-to-maturity)	$	312,621	$	12	$	—	$	312,633
Total	$	312,621	$	12	$	—	$	312,633

	At December 31, 2023
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value

	(in thousands)
Current investments:
Government debt securities (held-to-maturity)	$	376,532	$	139	$	—	$	376,671
Total	$	376,532	$	139	$	—	$	376,671

The Company invests in short-term U.S. and European government bonds with the highest investment credit rating. The U.S. and European government bonds are U.S. dollar and euro denominated, respectively.

Inputs to the fair value of the investments are considered Level 2 inputs.