Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments

Schedule of available-for-sale securities

	December 31, 2023								December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value
	(in thousands)
Cash, cash equivalents and restricted cash (2)		642,095		—		—		642,095		466,091		—		—		466,091
U.S. Treasury securities (1)		201,522		14		(1,118)		200,418		358,385		—		(12,328)		346,057
Corporate bonds and notes (1)		—		—		—		—		24,045		—		(516)		23,529
Municipal securities (1)		38,091		—		(1,627)		36,464		65,973		1		(3,259)		62,715
Total	$	881,708	$	14	$	(2,745)	$	878,977	$	914,494	$	1	$	(16,103)	$	898,392
Classified as:
Cash, cash equivalents and restricted cash (2)							$	642,095							$	466,091
Short-term investments								236,882								432,301
Total							$	878,977							$	898,392

(1)

Per the Company’s investment policy, all debt securities are classified as short-term investments irrespective of holding period.

(2) Cash equivalents includes liquid demand deposits, money market funds, and other liquid investments having an original maturity of less than three months.

Schedule of debt securities available-for-sale in unrealized loss position

		Total
		Fair Value		Unrealized Loss
	(in thousands)
U.S. Treasury securities		$	78,908	$	(1,118)
Corporate bonds and notes			—		—
Municipal securities			36,464		(1,627)
Total		$	115,372	$	(2,745)

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

	December 31, 2023
	Amortized Cost		Fair Value
	(in thousands)
Less than or equal to one year	$	216,548	$	215,095
Greater than one year but less than five years		23,065		21,787
Total	$	239,613	$	236,882