XML 18 R9.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Cash and Investments in Marketable Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Cash and Investments in Marketable Securities | Note 2 — Cash and Investments in Marketable Securities Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
|  | Estimated Fair Value at |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Cash and cash equivalents |  | $ | 35,277 |  |  | $ | 88,227 |
Short-term investments |  |  | 268,339 |  |  |  | 416,750 |
Long-term investments |  |  | 25,825 |  |  |  | — |
Total cash and investments in marketable securities |  | $ | 329,441 |  |  | $ | 504,977 |
We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. All of our long-term investments as of December 31, 2023 had maturities between one and two years. During the years ended December 31, 2023 and 2022, we did no t sell any available-for-sale securities. During the year ended December 31, 2021, we sold available-for-sale securities totaling $11.5 million. Gross realized gains and losses on those sales were not significant. We report our accrued interest receivable, which totaled $0.5 million and $0.7 million at December 31, 2023 and December 31, 2022, respectively, in other current assets on our Consolidated Balance Sheets. Our portfolio of cash and investments in marketable securities includes (in thousands):
|  |  |  |  |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | Fair Value Hierarchy |  |  |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  |  |  |  |  |
|  | Level |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |  |  | Fair Value |
Corporate notes and bonds |  | 2 |  | $ | 38,799 |  |  | $ | 85 |  |  | $ | (2 | ) |  | $ | 38,882 |  |  | $ | 83,522 |
Corporate commercial paper |  | 2 |  |  | 255,274 |  |  |  | 47 |  |  |  | (80 | ) |  |  | 255,241 |  |  |  | 344,204 |
Available-for-sale investments |  |  |  |  | 294,073 |  |  |  | 132 |  |  |  | (82 | ) |  |  | 294,123 |  |  |  | 427,726 |
Money market funds |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 2,359 |  |  |  | 47,054 |
Certificates of deposit |  | 2 |  |  |  |  |  |  |  |  |  |  |  | 15,116 |  |  |  | 21,399 |
Cash |  | N/A |  |  |  |  |  |  |  |  |  |  |  | 17,843 |  |  |  | 8,798 |
Total cash and investments in marketable securities |  |  |  |  |  |  |  |  |  |  |  |  | $ | 329,441 |  |  | $ | 504,977 |
At December 31, 2022, our gross unrealized losses totaled $1.8 million. Our gross unrealized gains were not significant. As of December 31, 2023 and 2022, we assessed our marketable securities with unrealized losses and concluded that the losses were not attributable to credit. Accordingly, we have not recorded an allowance for credit losses for these securities. At both December 31, 2023 and 2022, we had letter of credit arrangements in favor of our landlords and certain vendors totaling $7.5 million and $7.5 million, respectively. These letters of credit are secured by investments of similar amounts.

X
- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent + Details
Name: | us-gaap_CashCashEquivalentsAndMarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration