Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Financial Instruments

Schedule of available-for-sale securities

	September 30, 2022						December 31, 2021
	Amortized Cost		Gross Unrealized Loss		Estimated Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
	(in thousands)
Money market deposits	$	496	$	—	$	496	$	10,041	$	—	$	—	$	10,041
U.S. Treasury securities (1)		392,949		(14,841)		378,108		689,640		1,081		(2,624)		688,097
Corporate bonds and notes (1)		24,098		(724)		23,374		52,729		—		(392)		52,337
Municipal securities		66,350		(3,720)		62,630		89,814		261		(613)		89,462
Total	$	483,893	$	(19,285)	$	464,608	$	842,224	$	1,342	$	(3,629)	$	839,937
Classified as:
Cash equivalents (2)						496								10,041
Short-term investments						464,112								829,896
Total					$	464,608							$	839,937

(1) Per the Company’s investment policy, all U.S. Treasury securities and debt securities are classified as short-term investments irrespective of holding period.  

(2) Cash equivalents includes cash sweep accounts and U.S. Treasury money market mutual funds.

Summarized portfolio of available-for-sale securities by contractual maturity

	September 30, 2022
	Amortized Cost		Fair Value
	(in thousands)
Less than or equal to one year	$	234,061	$	227,890
Greater than one year but less than five years		249,336		236,222
Total	$	483,397	$	464,112