Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Financial Instruments

Schedule of available-for-sale securities

	September 30, 2024								December 31, 2023
	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)	$	892,844	$	—	$	—	$	892,844	$	642,095	$	—	$	—	$	642,095
U.S. Treasury securities (1)		—		—		—		—		201,522		14		(1,118)		200,418
Municipal securities (1)		30,034		—		(544)		29,490		38,091		—		(1,627)		36,464
Total	$	922,878	$	—	$	(544)	$	922,334	$	881,708	$	14	$	(2,745)	$	878,977
Classified as:
Cash, cash equivalents and restricted cash (2)								892,844								642,095
Short-term investments								29,490								236,882
Total							$	922,334							$	878,977

(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, and money market funds.

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

		Total
		Fair Value		Unrealized Loss
	(in thousands)
U.S. Treasury securities		$	—	$	—
Municipal securities			27,990		(544)
Total		$	27,990	$	(544)

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

	September 30, 2024
	Amortized Cost		Fair Value
	(in thousands)
Less than or equal to one year	$	29,034	$	28,522
Greater than one year but less than five years		1,000		968
Total	$	30,034	$	29,490