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Marketable Securities
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

6. Marketable Securities

Marketable securities consist of corporate bonds, commercial paper, certificates of deposit, and U.S. Treasury and agency debt, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of less than 13 months as of September 30, 2024. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of September 30, 2024 and December 31, 2023. The following presents information about the Company’s marketable securities:

 

 

As of September 30, 2024

 

Sector

 

Amortized Cost

 

 

Allowance for Credit Losses

 

 

Net Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Financial

 

$

56,251

 

 

$

-

 

 

$

56,251

 

 

$

73

 

 

$

(3

)

 

$

56,321

 

Industrial

 

 

22,706

 

 

 

-

 

 

 

22,706

 

 

 

10

 

 

 

(1

)

 

 

22,715

 

Total

 

$

78,957

 

 

$

-

 

 

$

78,957

 

 

$

83

 

 

$

(4

)

 

$

79,036

 

 

 

 

As of December 31, 2023

 

Sector

 

Amortized Cost

 

 

Allowance for Credit Losses

 

 

Net Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Financial

 

$

44,645

 

 

$

-

 

 

$

44,645

 

 

$

-

 

 

$

(14

)

 

$

44,631

 

Total

 

$

44,645

 

 

$

-

 

 

$

44,645

 

 

$

-

 

 

$

(14

)

 

$

44,631

 

 

The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2.

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:

 

 

As of September 30, 2024

 

 

As of December 31, 2023

 

Aggregate fair value of investments with unrealized losses (1)

 

 

22,391

 

 

$

33,578

 

Aggregate amount of unrealized losses

 

 

(4

)

 

 

(14

)

_________________

(1)

Investments have been in a continuous loss position for less than 12 months