Investments in Debt Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

We have investments in certain debt securities, which we record at fair value and present as “Available-for-sale securities” in the consolidated balance sheets.

Unrealized gains and temporary losses, net of related taxes, are included in accumulated other comprehensive income (loss) (“AOCI”). Upon realization, those amounts are reclassified from AOCI to earnings. The amortization of premiums and discounts on the investments are included in our results of operations. Realized gains and losses are calculated based on the specific identification method. We classify our investments as current or noncurrent based on the nature of the investments and their availability for use in current operations.

The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in “Accumulated other comprehensive loss” in the consolidated balance sheets were as follows (in thousands):


	December 31, 2023			December 31, 2022
Available-for-sale securities	Cost Basis	Unrealized Gains/(Losses), net	Fair Value	Cost Basis	Unrealized Gains/(Losses), net	Fair Value
Government debt
U.S. treasury bonds	17,230	168	17,398	141,003	59	141,062
Total available-for-sale securities	17,230	168	17,398	141,003	59	141,062


	December 31, 2023				December 31, 2022
Available-for-sale securities in an unrealized loss position	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government debt
U.S. treasury bonds
Less than 12 months(1)	$	—	$	—	$	39,574	$	(381)
12 months or more(1)	—		—		—		—
Total available-for-sale securities	$	—	$	—	$	39,574	$	(381)

(1) Indicates the length of time that individual securities have been in a continuous unrealized loss position.

The unrealized losses on our investments in government debt securities relate to changes in interest rates since the time of purchase. We may sell certain investments depending on liquidity needs of the business; however, it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, there were no credit losses on these investments as of December 31, 2023. In February 2024, we sold our available-for-sale securities based on liquidity needs of the business. Losses associated with the sales were immaterial.

The cost basis and fair value of available-for-sale debt securities at December 31, 2023, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.


	December 31, 2023				December 31, 2022
	Cost Basis		Fair Value		Cost Basis		Fair Value
Due in one year or less	$	17,230	$	17,398	$	141,003	$	141,062
Due after one year through five years	—		—		—		—
Total available-for-sale securities	$	17,230	$	17,398	$	141,003	$	141,062