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Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments

5. INVESTMENTS

Investments consist of the following:

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

 

 

 

 

 

Losses

 

 

 

 

 

 

Amortized

 

 

 

 

 

Less than

 

 

Greater than

 

 

Estimated

 

December 31, 2023

 

Cost

 

 

Gains

 

 

One Year

 

 

One Year

 

 

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency debt securities

 

$

199,708

 

 

$

758

 

 

$

(36

)

 

$

(611

)

 

$

199,819

 

Corporate debt securities

 

 

112,055

 

 

 

703

 

 

 

(15

)

 

 

(536

)

 

 

112,207

 

Non-U.S. government debt securities

 

 

4,004

 

 

 

—

 

 

 

—

 

 

 

(8

)

 

 

3,996

 

 Total short-term investments

 

 

315,767

 

 

 

1,461

 

 

 

(51

)

 

 

(1,155

)

 

 

316,022

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency debt securities

 

 

19,392

 

 

 

—

 

 

 

(27

)

 

 

(315

)

 

 

19,050

 

Corporate debt securities

 

 

19,306

 

 

 

—

 

 

 

—

 

 

 

(289

)

 

 

19,017

 

 

 

38,698

 

 

 

—

 

 

 

(27

)

 

 

(604

)

 

 

38,067

 

Held-to-maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

1,820

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,820

 

Total long-term investments

 

 

40,518

 

 

 

—

 

 

 

(27

)

 

 

(604

)

 

 

39,887

 

Total investments

 

$

356,285

 

 

$

1,461

 

 

$

(78

)

 

$

(1,759

)

 

$

355,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

141,418

 

 

$

—

 

 

$

(424

)

 

$

(2,054

)

 

$

138,940

 

U.S. government and agency debt securities

 

 

143,710

 

 

 

16

 

 

 

(266

)

 

 

(1,289

)

 

 

142,171

 

Non-U.S. government debt securities

 

 

35,455

 

 

 

—

 

 

 

(28

)

 

 

(546

)

 

 

34,881

 

 Total short-term investments

 

 

320,583

 

 

 

16

 

 

 

(718

)

 

 

(3,889

)

 

 

315,992

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

68,229

 

 

 

—

 

 

 

(1,550

)

 

 

(676

)

 

 

66,003

 

U.S. government and agency debt securities

 

 

62,220

 

 

 

—

 

 

 

(917

)

 

 

(1,424

)

 

 

59,879

 

Non-U.S. government debt securities

 

 

4,099

 

 

 

—

 

 

 

—

 

 

 

(191

)

 

 

3,908

 

 

 

134,548

 

 

 

—

 

 

 

(2,467

)

 

 

(2,291

)

 

 

129,790

 

Held-to-maturity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

1,820

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,820

 

Total long-term investments

 

 

136,368

 

 

 

—

 

 

 

(2,467

)

 

 

(2,291

)

 

 

131,610

 

Total investments

 

$

456,951

 

 

$

16

 

 

$

(3,185

)

 

$

(6,180

)

 

$

447,602

 

 

At December 31, 2023, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued and backed by U.S. agencies and the U.S. government. At December 31, 2023, 97 of the Company’s 231 investment securities were in an unrealized loss position and had an aggregate estimated fair value of $135.0 million. Approximately 36% and

61% of the Company’s investment securities at December 31, 2023 were in corporate debt securities, with a minimum rating of A2 (Moody’s)/A (Standard and Poor’s), and debt securities issued by the U.S. government or its agencies, respectively. The primary reason for the unrealized losses in the Company’s investment portfolio is that its investments are fixed-rate securities acquired in a rising interest rate environment. In making the determination whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company has the intent and ability to hold these investments until recovery, which may be at maturity.

Realized gains and losses on the sales and maturities of investments, which were identified using the specific identification method, were as follows:

 

 

 

Year Ended December 31,

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Proceeds from the sales and maturities of investments

 

$

355,522

 

 

$

281,627

 

 

$

295,010

 

Realized gains

 

$

—

 

 

$

—

 

 

$

34

 

Realized losses

 

$

—

 

 

$

529

 

 

$

977

 

 

The Company’s available-for-sale and held-to-maturity securities at December 31, 2023 had contractual maturities in the following periods:

 

 

 

Available-for-sale

 

 

Held-to-maturity

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

Within 1 year

 

$

207,005

 

 

$

205,950

 

 

$

1,820

 

 

$

1,820

 

After 1 year through 5 years

 

 

147,460

 

 

 

148,139

 

 

 

—

 

 

 

—

 

Total

 

$

354,465

 

 

$

354,089

 

 

$

1,820

 

 

$

1,820