The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category:


	As of March 31, 2024
(in thousands)	Adjusted Cost		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	989,632	$	989,632	$	989,632	$	—	$	—
Level 1
Money market funds		12,646		12,646		12,646		—		—
U.S. Treasury securities		19,301		19,301		4,997		12,833		1,471
Mutual funds	N/A			6,391		—		—		6,391
Total level 1		31,947		38,338		17,643		12,833		7,862
Level 2
Corporate notes and bonds		121,604		121,604		13,183		57,864		50,557
Asset-backed securities		19,853		19,853		—		1,199		18,654
U.S. Agency securities		23,506		23,506		—		16,668		6,838
Total level 2		164,963		164,963		13,183		75,731		76,049
Total	$	1,186,542	$	1,192,933	$	1,020,458	$	88,564	$	83,911


	As of December 31, 2023
(in thousands)	Adjusted Cost		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	972,278	$	972,278	$	972,278	$	—	$	—
Level 1
Money market funds		176,317		176,317		176,317		—		—
U.S. Treasury securities		39,769		39,769		29,942		9,827		—
Mutual funds	N/A			8,535		—		—		8,535
Total level 1		216,086		224,621		206,259		9,827		8,535
Level 2
Corporate notes and bonds		97,795		97,795		9,374		50,949		37,472
Asset-backed securities		11,159		11,159		—		—		11,159
U.S. Agency securities		27,269		27,269		1,999		11,819		13,451
Total level 2		136,223		136,223		11,373		62,768		62,082
Total	$	1,324,587	$	1,333,122	$	1,189,910	$	72,595	$	70,617

The Company’s investments consist of U.S. Treasury securities, corporate notes and bonds, asset-backed securities and U.S. agency securities, which the Company has the intent and ability to hold to maturity and therefore are classified as held-to-maturity. The Company holds mutual funds in its deferred compensation plan which are classified as trading securities. The Company may sell certain of its investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s long-term investments are less than two years. The Company minimizes the potential risk of principal loss by investing in highly-rated securities and limiting the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio. Included in long-term investments on the Condensed Consolidated Balance Sheets are company owned life insurance contracts of $59.6 million and $53.4 million at March 31, 2024 and December 31, 2023. Interest income was $8.5 million and $2.6 million for three months ended March 31, 2024 and 2023.

When evaluating an investment for its current expected credit losses, the Company reviews factors such as historical experience with defaults, losses, credit ratings, term and macroeconomic trends, including current conditions and forecasts to the extent they are reasonable and supportable.