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CASH, CASH EQUIVALENTS AND INVESTMENTS
 9 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS

3. CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds and corporate bonds. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security investments as available-for-sale. These debt securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Amortized

 

 

Unrealized

 

 

Aggregate Fair

 

Cash and Cash Equivalents Classification

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

77,550

 

 

$

—

 

 

$

—

 

 

$

77,550

 

Money market accounts

 

 

1,773

 

 

 

—

 

 

 

—

 

 

 

1,773

 

 

 

$

79,323

 

 

$

—

 

 

$

—

 

 

$

79,323

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

86,268

 

 

$

—

 

 

$

—

 

 

$

86,268

 

Money market accounts

 

 

7,162

 

 

 

—

 

 

 

—

 

 

 

7,162

 

 

 

$

93,430

 

 

$

—

 

 

$

—

 

 

$

93,430

 

 

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Amortized

 

 

Unrealized

 

 

Aggregate Fair

 

Short-term Investments Classification

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

2,386

 

 

$

3

 

 

$

(16

)

 

$

2,373

 

U.S. Government bonds

 

 

412,539

 

 

 

—

 

 

 

(2,562

)

 

 

409,977

 

 

 

$

414,925

 

 

$

3

 

 

$

(2,578

)

 

$

412,350

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

150,698

 

 

 

—

 

 

 

(910

)

 

 

149,788

 

U.S. Government bonds

 

 

339,472

 

 

 

32

 

 

 

(4,947

)

 

 

334,557

 

 

 

$

490,170

 

 

$

32

 

 

$

(5,857

)

 

$

484,345

 

 

Long-term Corporate Bonds and U.S. Government Bonds Investments

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):

 

 

 

Amortized

 

 

Unrealized

 

 

Aggregate Fair

 

Long-term Investments Classification

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

128

 

 

$

—

 

 

$

(118

)

 

$

10

 

U.S. Government bonds

 

 

289,024

 

 

 

—

 

 

 

(1,887

)

 

 

287,137

 

 

 

$

289,152

 

 

$

—

 

 

$

(2,005

)

 

$

287,147

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

2,479

 

 

$

—

 

 

$

(28

)

 

$

2,451

 

U.S. Government bonds

 

 

247,464

 

 

 

52

 

 

 

(2,152

)

 

 

245,364

 

 

 

$

249,943

 

 

$

52

 

 

$

(2,180

)

 

$

247,815

 

Long-term Minority Investments

The Company’s portfolio of minority investments consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek to obtain representation on the boards of directors of the companies in which it invests. Minority investments are included in investments on the Consolidated Balance Sheets. As of September 30, 2023, the Company had minority investments in five entities with a total carrying value of $14.0 million accounted for as equity securities without readily determinable fair values, as compared to four minority investments with a total carrying value of $12.0 million as of December 31, 2022.