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Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | NOTE 5 – FINANCIAL INSTRUMENTS The Company has investments in debt securities, which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit losses in its Consolidated Statements of Income and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, in the Consolidated Statements of Income. The following is a summary of marketable securities at June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024 |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Estimated Fair Values |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 11,154 |  |  | $ | — |  |  | $ | (17 | ) |  | $ | — |  |  | $ | 11,137 |
Corporate bonds and notes |  |  | 16,687 |  |  |  | 7 |  |  |  | (44 | ) |  |  | — |  |  |  | 16,650 |
Treasury and agency notes and bills |  |  | 3,481 |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | 3,479 |
Total debt securities |  |  | 31,322 |  |  |  | 7 |  |  |  | (63 | ) |  |  | — |  |  |  | 31,266 |
Money market funds |  |  | 4,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,200 |
Total equity securities |  |  | 4,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,200 |
Total marketable securities |  | $ | 35,522 |  |  | $ | 7 |  |  | $ | (63 | ) |  | $ | — |  |  | $ | 35,466 |
Reported in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,469 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,997 |
Total marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 35,466 |
|  | December 31, 2023 |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Estimated Fair Values |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 12,421 |  |  | $ | 5 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | 12,422 |
Treasury and agency notes and bills |  |  | 10,746 |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | 10,745 |
Corporate bonds and notes |  |  | 5,813 |  |  |  | 34 |  |  |  | (2 | ) |  |  | — |  |  |  | 5,845 |
Total debt securities |  |  | 28,980 |  |  |  | 39 |  |  |  | (7 | ) |  |  | — |  |  |  | 29,012 |
Money market funds |  |  | 5,778 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,778 |
Total equity securities |  |  | 5,778 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,778 |
Total marketable securities |  | $ | 34,758 |  |  | $ | 39 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | 34,790 |
Reported in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,778 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29,012 |
Total marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 34,790 |
At June 30, 2024 and December 31, 2023, the Company had $94.5 million and $83.6 million, respectively, in cash and cash equivalents and short-term investments. A portion of these amounts was held in marketable securities, as shown above. The remaining balances of $59.0 million and $48.8 million at June 30, 2024 and December 31, 2023, respectively, consisted of cash held in operating accounts not included in the tables above. Debt Securities The gross realized gains and losses on sales of marketable debt securities were immaterial during the three months and six months ended June 30, 2024 and 2023. Unrealized losses on AFS debt securities were immaterial as of June 30, 2024 and December 31, 2023. The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities. The Company did not recognize a provision for credit losses related to its AFS debt securities during the three months and six months ended June 30, 2024 and 2023, respectively. The estimated fair value of AFS debt securities by contractual maturity at June 30, 2024 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.
|  | Amortized Cost |  | Estimated Fair Value |
Due in one year or less |  | $ | 17,597 |  | $ | 17,571 |
Due in one to two years |  |  | 8,202 |  |  | 8,182 |
Due in two to three years |  |  | 5,523 |  |  | 5,513 |
Total |  | $ | 31,322 |  | $ | 31,266 |

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