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Investments | 12 Months Ended
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Dec. 31, 2023
Investments |
Investments | 4. Investments ​ The fair values of the Company’s investments are based upon prices provided by an independent pricing service. Management has assessed and concluded that these prices are reasonable and has not adjusted any prices received from the independent provider. ​ The Company received proceeds from the sales and maturities of available-for-sale securities totaling $1.4 billion during the year ended December 31, 2023. As of December 31, 2023, the Company has no investments classified as available-for-sale. ​ The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2022 are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | Amortized | ​ | Gross | ​ | Gross | ​ | Fair | ​ | Allowance for
​ | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value |  | Credit Losses
Corporate bonds | $ | 200,735 | ​ | $ | 7 | ​ | $ | (7,109) | ​ | $ | 193,633 | ​ | ​ | —
U.S. Treasuries | ​ | 1,154,879 | ​ | ​ | 111 | ​ | ​ | (15,680) | ​ | ​ | 1,139,310 | ​ | ​ | —
Total | $ | 1,355,614 | ​ | $ | 118 | ​ | $ | (22,789) | ​ | $ | 1,332,943 | ​ | $ | —
​ We regularly review available-for-sale securities for declines in fair values that we determine to be credit related. In order to determine whether an allowance for credit losses was required, we considered factors such as whether amounts related to securities have become uncollectible, whether we intend to sell a security, and whether it is more likely than not that we will be required to sell a security prior to recovery. The Company also reviewed the declines in fair value related to our available-for-sale securities and determined that these declines were due to fluctuations in interest rates. As of December 31, 2023, the Company did not have an allowance for credit losses related to available-for-sale securities as the Company no longer has available-for-sale securities. ​ Additionally, we regularly review whether available-for-sale securities are other-than-temporarily impaired (“OTTI”). Available-for-sale securities with unrealized losses are considered OTTI if the Company intends to sell the security or if the Company will be required to sell the security prior to any anticipated recovery. If the Company determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. The Company recorded an other-than-temporary impairment of $10.8 million during the year ended December 31, 2023 for available-for-sale debt securities in an unrealized loss position due to a change in the Company’s ability and intent to retain these investments for a period of time sufficient to allow for any anticipated recovery in the fair value. The other-than-temporary impairment charge was realized when the Company sold its remaining available-for-sale securities and equity securities during the fourth quarter of 2023. No such OTTI charge was recorded for the year ended December 31, 2022. ​ The Company received proceeds from the sales of equity securities totaling $144.3 million during 2023. As of December 31, 2023, the Company has no investments classified as equity securities. ​ The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2022 are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2022
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Fair
​ | ​ | Cost | ​ | Unrealized Gains | ​ | Unrealized Losses | ​ | Value
Fixed income mutual funds | $ | 70,257 |  | $ | — | ​ | $ | (2,620) | ​ | $ | 67,637
Exchange traded mutual funds | ​ | 75,999 | ​ | ​ | — | ​ | ​ | (8,800) | ​ | ​ | 67,199
Total | $ | 146,256 | ​ | $ | — | ​ | $ | (11,420) | ​ | $ | 134,836
​ A summary of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity, as of December 31, is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023 | ​ | December 31, 2022
​ | ​ | Amortized | ​ | Fair | ​ | ​ | Amortized | ​ | Fair
Maturity: | ​ | Cost | ​ | Value | ​ | ​ | Cost | ​ | Value
Less than 12 months | $ | — |  | $ | — | ​ | $ | 1,045,120 |  | $ | 1,039,333
12 months or greater |  | — | ​ |  | — | ​ |  | 310,494 | ​ |  | 293,610
Total | $ | — | ​ | $ | — | ​ | $ | 1,355,614 | ​ | $ | 1,332,943
​ Accrued interest income was $0 and $3.0 million at December 31, 2023 and 2022, respectively, and is included within the balance for prepaid expenses and other current assets in the consolidated balance sheets. ​ Equity Method Investments ​ As of December 31, 2023 and December 31, 2022, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | As of December 31, 2023 | ​ | As of December 31, 2022
​ |  | Formation | ​ | Common Stock |  | Carrying | ​ | Common Stock |  | Carrying
Investee | ​ | Date | ​ | Ownership % | ​ | Value | ​ | Ownership % | ​ | Value
HyVia | ​ | Q2 2021 | ​ | 50% | ​ | $ | (2,068) | ​ | 50% | ​ | $ | 11,281
AccionaPlug S.L. | ​ | Q4 2021 | ​ | 50% | ​ | ​ | 3,198 | ​ | 50% | ​ | ​ | 2,225
Clean H2 Infra Fund | ​ | Q4 2021 | ​ | 5% | ​ | ​ | 13,357 | ​ | 5% | ​ | ​ | 3,922
SK Plug Hyverse | ​ | Q1 2022 | ​ | 49% | ​ | ​ | 41,609 | ​ | 49% | ​ | ​ | 8,937
​ | ​ | ​ | ​ | ​ | ​ | $ | 56,096 | ​ | ​ | ​ | $ | 26,365
​ As of December 31, 2023, the Company’s investment in HyVia is negative due to historical losses. The Company is committed to fund its share of losses of the joint venture and, therefore, has continued to record losses as incurred. The negative equity investment is recorded on the consolidated balance sheet to the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item. ​ During the year ended December 31, 2023, the Company contributed approximately $22.3 million, $2.6 million, $33.8 million and $13.1 million, respectively, to HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. ​ The Company had the following capital commitments related to its equity method investments as of December 31 as follows (in thousands): ​
​ | ​ | ​
2024 | $ | 152,672
2025 | ​ | 17,300
Total | $ | 169,972
​

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