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v3.23.2

Investments | 6 Months Ended
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Jun. 30, 2023
Schedule of Investments [Abstract] |
Investments | 4. Investments The fair value of available-for-sale investments by type of security was as follows:
|  | June 30, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 238,934 |  |  | $ | — |  |  | $ | (2,343 | ) |  | $ | 236,591 |
U.S. agency securities |  |  | 340,204 |  |  |  | — |  |  |  | (2,586 | ) |  |  | 337,618 |
Total investments with a maturity of one year or less |  |  | 579,138 |  |  |  | — |  |  |  | (4,929 | ) |  |  | 574,209 |
U.S. treasury bills |  |  | 142,850 |  |  |  | — |  |  |  | (1,050 | ) |  |  | 141,800 |
U.S. agency securities |  |  | 9,764 |  |  |  | — |  |  |  | (102 | ) |  |  | 9,662 |
Total investments with a maturity of one to two years |  |  | 152,614 |  |  |  | — |  |  |  | (1,152 | ) |  |  | 151,462 |
Total investments |  | $ | 731,752 |  |  | $ | — |  |  | $ | (6,081 | ) |  | $ | 725,671 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 356,728 |  |  | $ | 9 |  |  | $ | (5,523 | ) |  | $ | 351,214 |
U.S. agency securities |  |  | 236,483 |  |  |  | 49 |  |  |  | (3,104 | ) |  |  | 233,428 |
Total investments with a maturity of one year or less |  |  | 593,211 |  |  |  | 58 |  |  |  | (8,627 | ) |  |  | 584,642 |
U.S. treasury bills |  |  | 116,290 |  |  |  | 14 |  |  |  | (915 | ) |  |  | 115,389 |
U.S. agency securities |  |  | 148,042 |  |  |  | 36 |  |  |  | (986 | ) |  |  | 147,092 |
Total investments with a maturity of one to two years |  |  | 264,332 |  |  |  | 50 |  |  |  | (1,901 | ) |  |  | 262,481 |
Total investments |  | $ | 857,543 |  |  | $ | 108 |  |  | $ | (10,528 | ) |  | $ | 847,123 |
The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | June 30, 2023 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
U.S. treasury bills |  | $ | 225,573 |  |  | $ | (1,528 | ) |  | $ | 152,818 |  |  | $ | (1,864 | ) |  | $ | 378,391 |  |  | $ | (3,392 | )
U.S. agency securities |  |  | 258,424 |  |  |  | (1,213 | ) |  |  | 88,856 |  |  |  | (1,476 | ) |  |  | 347,280 |  |  |  | (2,689 | )
Total |  | $ | 483,997 |  |  | $ | (2,741 | ) |  | $ | 241,674 |  |  | $ | (3,340 | ) |  | $ | 725,671 |  |  | $ | (6,081 | )
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
U.S. treasury bills |  | $ | 143,089 |  |  | $ | (1,860 | ) |  | $ | 275,445 |  |  | $ | (4,578 | ) |  | $ | 418,534 |  |  | $ | (6,438 | )
U.S. agency securities |  |  | 190,468 |  |  |  | (1,649 | ) |  |  | 97,305 |  |  |  | (2,441 | ) |  |  | 287,773 |  |  |  | (4,090 | )
Total |  | $ | 333,557 |  |  | $ | (3,509 | ) |  | $ | 372,750 |  |  | $ | (7,019 | ) |  | $ | 706,307 |  |  | $ | (10,528 | )
As summarized in the tables immediately above, the Company held 142 and 126 debt securities that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, respectively. The unrealized losses at June 30, 2023 and December 31, 2022 were attributable to changes in interest rates and the unrealized losses do not represent credit losses. The Company does not intend to sell these securities and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

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- Definition The entire disclosure for investment. + 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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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