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Cash and Available-for-Sale Securities
6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Cash and Available-for-Sale Securities Cash and Available-for-Sale Securities
Cash, cash equivalents and investments consisted of the following (in thousands): 
June 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash and
Cash
Equivalents
Investments
Cash$515,723 $— $— $515,723 $515,723 $— 
Time deposits685,000 — — 685,000 60,000 625,000 
Money market funds780,079 — — 780,079 780,079 — 
Totals$1,980,802 $— $— $1,980,802 $1,355,802 $625,000 
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash and
Cash
Equivalents
Investments
Cash$437,724 $— $— $437,724 $437,724 $— 
Time deposits420,000 — — 420,000 300,000 120,000 
Money market funds768,586 — — 768,586 768,586 — 
Totals$1,626,310 $— $— $1,626,310 $1,506,310 $120,000 
Cash equivalents and investments are considered available-for-sale securities. We use the specific-identification method for calculating realized gains and losses on securities sold and include them in interest expense, net in the condensed consolidated statements of income. Our investment balances represent time deposits with original maturities of greater than three months and less than one year. Interest income from available-for-sale securities was $25.4 million and $48.6 million in the three and six months ended June 30, 2024, respectively, and $14.7 million and $25.3 million in the three and six months ended June 30, 2023, respectively.