Marketable Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Investments

Note 2 — Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):

	As of June 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	15,264	$	2	$	(46	)	$	15,220
Federal agency obligations		1,500		—		(3	)		1,497
Money market funds		35,244		—		—			35,244
Total	$	52,008	$	2	$	(49	)	$	51,961

	As of December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,049	$	—	$	(72	)	$	17,977
Federal agency obligations		2,000		—		(7	)		1,993
Money market funds		31,610		—		—			31,610
Total	$	51,659	$	—	$	(79	)	$	51,580

Realized gains and losses on investments are included in earnings and are determined using the specific identification method. Sales of marketable investments during 2024 primarily represent redemptions from non-U.S. based money market funds, and there were no realized gains or loss on sales of marketable investments during the three and six months ended June 30, 2024 and 2023.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of June 30, 2024 (in thousands).

	FY 2024		FY 2025		FY 2026		FY 2027		Total
Corporate obligations	$	4,966	$	5,512	$	4,243	$	499	$	15,220
Federal agency obligations		997		—		—		500		1,497
Money market funds		35,244		—		—		—		35,244
Total	$	41,207	$	5,512	$	4,243	$	999	$	51,961

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of June 30, 2024
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	8,787	$	13	$	4,930	$	33
Federal agency obligations		—		—		997		3
Total	$	8,787	$	13	$	5,927	$	36

	As of December 31, 2023
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	13,098	$	8	$	4,879	$	64
Federal agency obligations		—		—		1,993		7
Total	$	13,098	$	8	$	6,872	$	71