INVESTMENTS

6 Months Ended

Jun. 30, 2023

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

The following table summarizes the Company’s investments at:

									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than 12
June 30, 2023	Cost		Gains		Losses		Value		Months		Months
Available-for-sale
Short-term:
Commercial paper	$	329,770	$	—	$	2	$	329,768	$	2	$	—
Certificates of deposit		15,161		—		—		15,161		—		—
Municipal securities		59,158		—		125		59,033		125		—
U.S. government agency securities		152,071		—		489		151,582		489		—
U.S. treasuries		705,370		31		2,002		703,399		2,002		—
Corporate bonds		158,748		10		462		158,296		462		—
Long-term:
U.S. government agency securities		2,580		—		9		2,571		9		—
U.S. treasuries		39,011		—		309		38,702		309		—
Corporate bonds		21,065		—		90		20,975		90		—
Total	$	1,482,934	$	41	$	3,488	$	1,479,487	$	3,488	$	—

									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than 12
December 31, 2022	Cost		Gains		Losses		Value		Months		Months
Available-for-sale
Short-term:
Commercial paper	$	197,712	$	1	$	4	$	197,709	$	4	$	—
Certificates of deposit		10,078		—		—		10,078		—		—
Municipal securities		211,791		60		612		211,239		612		—
U.S. government agency securities		109,697		3		715		108,985		715		—
U.S. treasuries		838,825		17		4,539		834,303		4,539		—
Long-term:
U.S. government agency securities		2,016		—		3		2,013		3		—
U.S. treasuries		53,215		20		71		53,164		71		—
Variable rate demand notes		6,266		—		—		6,266		—		—
Total	$	1,429,600	$	101	$	5,944	$	1,423,757	$	5,944	$	—

During the three- and six-months ended June 30, 2023 and 2022, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at June 30, 2023 and December 31, 2022 carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at:

	June 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	329,770	$	329,768	$	197,712	$	197,710
Municipal securities		59,158		59,033		211,791		211,239
U.S. government agency securities		152,071		151,582		109,697		108,985
Certificates of deposit		15,161		15,161		10,078		10,078
U.S. treasuries		705,370		703,399		838,825		834,302
Corporate bonds		158,748		158,296		—		—
Due 1 - 10 years:
U.S. treasuries		39,011		38,702		53,215		53,164
U.S. government agency securities		2,580		2,571		2,016		2,013
Variable rate demand notes		—		—		4,862		4,862
Corporate bonds		21,065		20,975		—		—
Due 11 - 20 years:
Variable rate demand notes		—		—		1,404		1,404
Total	$	1,482,934	$	1,479,487	$	1,429,600	$	1,423,757