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Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 December 31,
 20232022
Cash$183,242 $180,959 
Money market instruments19,413 415 
Cash and cash equivalents202,655 181,374 
Corporate bonds124,851 164,055 
Asset-backed securities3,551 26,890 
Sovereign bonds990 — 
Agency bonds— 15,858 
Treasury notes— 11,332 
Municipal bonds— 624 
Current investments129,392 218,759 
Corporate bonds183,965 374,440 
Treasury notes43,523 44,214 
Asset-backed securities15,763 33,539 
Sovereign bonds979 1,924 
Non-current investments244,230 454,117 
$576,277 $854,250 
The Company’s cash balance included foreign bank balances totaling $173,614,000 and $160,611,000 as of December 31, 2023 and 2022, respectively.
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury notes consist of debt securities issued by the U.S. government; and municipal bonds consist of debt securities issued by state and local government entities. All of the Company's securities as of December 31, 2023 and 2022 were denominated in U.S. Dollars.
Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,169,000 and $3,620,000 as of December 31, 2023 and 2022, respectively.
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$128,150 $— $(3,299)$124,851 
Asset-backed securities3,637 — (86)3,551 
Sovereign bonds1,012 — (22)990 
Non-current:
Corporate bonds189,326 506 (5,867)183,965 
Treasury notes43,654 82 (213)43,523 
Asset-backed securities16,773 — (1,010)15,763 
Sovereign bonds1,037 — (58)979 
$383,589 $588 $(10,555)$373,622 
The following table summarizes the Company’s available-for-sale investments as of December 31, 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$167,558 $— $(3,503)$164,055 
Asset-backed securities27,607 — (717)26,890 
Agency bonds16,143 — (285)15,858 
Treasury notes11,602 — (270)11,332 
Municipal bonds635 — (11)624 
Non-current:
Corporate bonds394,576 561 (20,697)374,440 
Treasury notes44,333 79 (198)44,214 
Asset-backed securities35,144 103 (1,708)33,539 
Sovereign bonds2,095 — (171)1,924 
$699,693 $743 $(27,560)$672,876 
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,770 $(359)$226,643 $(8,807)$257,413 $(9,166)
Treasury notes20,725 (153)2,441 (60)23,166 (213)
Asset-backed securities17,062 (1,049)2,252 (47)19,314 (1,096)
Sovereign bonds— — 1,968 (80)1,968 (80)
$68,557 $(1,561)$233,304 $(8,994)$301,861 $(10,555)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2022 (in thousands):
 Unrealized Loss
Position For Less than
12 Months		Unrealized Loss
Position For Greater than
12 Months		Total
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$285,087 $(9,591)$187,153 $(14,609)$472,240 $(24,200)
Asset-backed securities47,582 (2,299)2,495 (126)50,077 (2,425)
Treasury notes32,614 (465)102 (3)32,716 (468)
Agency bonds15,858 (285)— — 15,858 (285)
Sovereign bonds967 (67)957 (104)1,924 (171)
Municipal bonds624 (11)— — 624 (11)
$382,732 $(12,718)$190,707 $(14,842)$573,439 $(27,560)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2023, 2022, or 2021. Management currently intends to hold these securities to full value recovery at maturity.
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
Year Ended December 31,
202320222021
Gross realized gains$111 $133 $246 
Gross realized losses(2,065)(315)(10)
Net realized gains (losses)$(1,954)$(182)$236 
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss.
The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
<1 Year1-2 Years2-3 Years3-4 Years4-5 Years5-7 YearsTotal
Corporate bonds$124,851 $62,596 $44,906 $44,896 $31,567 $— $308,816 
Treasury notes— 2,441 6,115 22,270 12,697 — 43,523 
Asset-backed securities3,551 5,872 3,448 — — 6,443 19,314 
Sovereign bonds990 979 — — — 1,969 
$129,392 $71,888 $54,469 $67,166 $44,264 $6,443 $373,622