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Marketable Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities:

 

 

June 30, 2024

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government-backed securities

 

$

439,731

 

 

$

69

 

 

$

(727

)

 

$

439,073

 

Financial institution debt securities

 

 

228,035

 

 

 

58

 

 

 

(381

)

 

 

227,712

 

Corporate debt securities

 

 

105,597

 

 

 

5

 

 

 

(125

)

 

 

105,477

 

Other asset-backed securities

 

 

36,815

 

 

 

-

 

 

 

(53

)

 

 

36,762

 

Total

 

$

810,178

 

 

$

132

 

 

$

(1,286

)

 

$

809,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government-backed securities

 

$

382,260

 

 

$

302

 

 

$

(254

)

 

$

382,308

 

Financial institution debt securities

 

 

246,270

 

 

 

92

 

 

 

(243

)

 

 

246,119

 

Corporate debt securities

 

 

97,490

 

 

 

53

 

 

 

(135

)

 

 

97,408

 

Other asset-backed securities

 

 

59,453

 

 

 

75

 

 

 

(24

)

 

 

59,504

 

Total

 

$

785,473

 

 

$

522

 

 

$

(656

)

 

$

785,339

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. There were no material realized gains or losses in the six months ended June 30, 2024 or for the year ended December 31, 2023. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company’s available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At June 30, 2024 and December 31, 2023, the Company did not hold any marketable securities that matured beyond five years of the balance sheet date.