INVESTMENTS

9 Months Ended

Sep. 30, 2023

INVESTMENTS

INVESTMENTS

5. 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
September 30, 2023	Cost		Gains		Losses		Value		Months		Months
Available-for-sale
Short-term:
Commercial paper	$	270,002	$	—	$	2	$	270,000	$	2	$	—
Certificates of deposit		15,366		—		—		15,366		—		—
Municipal securities		29,862		—		29		29,833		29		—
U.S. government agency securities		153,356		8		311		153,053		311		—
U.S. treasuries		536,966		9		1,234		535,741		1,234		—
Corporate bonds		233,328		5		574		232,759		574		—
Long-term:
U.S. government agency securities		11,489		—		12		11,477		12		—
U.S. treasuries		30,364		3		29		30,338		29		—
Corporate bonds		10,845		—		24		10,821		24		—
Total	$	1,291,578	$	25	$	2,215	$	1,289,388	$	2,215	$	—

									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 nine-months ended September 30, 2023 and 2022, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at September 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:

	September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	270,002	$	270,000	$	197,712	$	197,710
Municipal securities		29,862		29,833		211,791		211,239
U.S. government agency securities		153,356		153,053		109,697		108,985
Certificates of deposit		15,366		15,366		10,078		10,078
U.S. treasuries		536,966		535,741		838,825		834,302
Corporate bonds		233,328		232,759		—		—
Due 1 - 10 years:
U.S. treasuries		30,364		30,338		53,215		53,164
U.S. government agency securities		11,489		11,477		2,016		2,013
Variable rate demand notes		—		—		4,862		4,862
Corporate bonds		10,845		10,821		—		—
Due 11 - 20 years:
Variable rate demand notes		—		—		1,404		1,404
Total	$	1,291,578	$	1,289,388	$	1,429,600	$	1,423,757