Short-term Investment Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Short-term Investment Securities

Short-term Investment Securities

The Company's short-term investment securities are classified as available-for-sale and generally consist of U.S. Treasury and U.S. government agency securities with contractual maturities of 12 months or less. These securities are stated at fair value within current assets on the Company's condensed consolidated balance sheets. Realized gains and losses on sales of investments, if any, are reflected in non-operating other (income) expense in the condensed consolidated statements of operations.

As of September 30, 2024 and December 31, 2023, the Company had $117.1 million and $112.5 million, respectively, in short-term available-for-sale investment securities. During the nine months ended September 30, 2024 and 2023, these investments earned interest income at a weighted-average fixed rate of approximately 5.0% and 4.3%, respectively. For the three and nine months ended September 30, 2024, an unrealized gain of $370 thousand and $242 thousand, net of deferred taxes, respectively, was recorded within accumulated other comprehensive income ("AOCI") related to these investment securities. For the three and nine months ended September 30, 2023, an unrealized loss of $15 thousand and an unrealized gain of $205 thousand, net of deferred taxes, respectively, was recorded within AOCI related to these investment securities. For the three and nine months ended September 30, 2024 and September 30, 2023, the Company had no realized gains or losses as the Company did not sell any of these securities during these periods. As of September 30, 2024 and December 31, 2023, $274 thousand and $32 thousand, net of tax, respectively, remained in AOCI, related to these instruments.