XML 35 R22.htm IDEA: XBRL DOCUMENT

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Summary of Fair Value of Available-for-Sale Investments by Type of Security

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

Available-for-sale Debt Securities in an Unrealized Loss Position

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	)