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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of December 31, 2024 and 2023 (dollars in thousands):

 

 

December 31, 2024

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

246,070

 

 

$

466

 

 

$

(278

)

 

$

246,258

 

Treasury and federal agencies

 

 

213,394

 

 

 

258

 

 

 

(115

)

 

 

213,537

 

Total short-term investments (available for sale)

 

$

459,464

 

 

$

724

 

 

$

(393

)

 

$

459,795

 

 

 

December 31, 2023

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

245,886

 

 

$

719

 

 

$

(892

)

 

 

245,713

 

Treasury and federal agencies

 

 

239,859

 

 

 

393

 

 

 

(830

)

 

 

239,422

 

Total short-term investments (available for sale)

 

$

485,745

 

 

$

1,112

 

 

$

(1,722

)

 

$

485,135

 
Schedule of Available-for-Sale Investments

A schedule of available-for-sale investments segregated by their original stated terms to maturity as of December 31, 2024 and 2023 are as follows (dollars in thousands):

 

 

Less than
one year

 

 

One to
five years

 

 

Total

 

Original stated term to maturity of available-for-sale-
   investments as of December 31, 2024

 

$

57,206

 

 

$

402,589

 

 

$

459,795

 

Original stated term to maturity of available-for-sale-
   investments as of December 31, 2023

 

$

251,070

 

 

$

234,065

 

 

$

485,135

 
Schedule of Maintenance Fee Payment to our equity affiliate

We make periodic operating maintenance payments to our equity affiliate. The total fees recorded for the years ended December 31, 2024, 2023 and 2022 were as follows (dollars in thousands):

For the year ended December 31, 2024

 

$

1,727

 

For the year ended December 31, 2023

 

$

1,672

 

For the year ended December 31, 2022

 

$

1,578