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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Financial Instruments  
Schedule of available-for-sale securities

December 31, 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)

$

945,587

$

$

$

945,587

$

642,095

$

$

$

642,095

U.S. Treasury securities (1)

 

 

 

 

 

201,522

 

14

 

(1,118)

 

200,418

Municipal securities (1)

23,019

(330)

22,689

38,091

(1,627)

36,464

Total

$

968,606

$

$

(330)

$

968,276

$

881,708

$

14

$

(2,745)

$

878,977

Classified as:

Cash, cash equivalents and restricted cash (2)

$

945,587

$

642,095

Short-term investments

22,689

236,882

Total

$

968,276

$

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

Less Than 12 Months

12 Months or Longer

Total

Fair Value

Unrealized Loss

Fair Value

Unrealized Loss

Fair Value

Unrealized Loss

(in thousands)

Municipal securities

$

$

$

17,688

$

(330)

$

17,688

$

(330)

Total

$

$

$

17,688

$

(330)

$

17,688

$

(330)

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

December 31, 2024

Amortized
Cost

Fair
Value

(in thousands)

Less than or equal to one year

$

23,019

$

22,689

Greater than one year but less than five years

Total

$

23,019

$

22,689