Cash and cash equivalents are carried at cost, which approximates fair market value. As of March 31, 2024 and December 31, 2023, cash and cash equivalents totaled $230.4 million and $226.7 million, respectively.

Investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no realized gains or losses as of March 31, 2024 or December 31, 2023.

Short-term investments consisted of the following:


	March 31, 2024
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Time deposits	$	26,204	$	—	$	—	$	26,204
Pooled bond funds		73,851		694		—		74,545
Total short-term investments	$	100,055	$	694	$	—	$	100,749


	December 31, 2023
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Short-term investments:
Time deposits	$	25,877	$	—	$	—	$	25,877
Pooled bond funds		73,021		703		—		73,724
Total short-term investments	$	98,898	$	703	$	—	$	99,601