| Summary of Gross Unrealized Gains and Losses and credit losses |
The following tables summarize the fair value and amortized cost of the Company’s available-for-sale securities by major security type including gross unrealized gains and losses and credit losses as of June 30, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
84,623 |
|
|
$ |
— |
|
|
$ |
(115 |
) |
|
$ |
— |
|
|
$ |
84,508 |
|
U.S. corporate bonds |
|
|
205,746 |
|
|
|
6 |
|
|
|
(358 |
) |
|
|
— |
|
|
|
205,394 |
|
International corporate bonds |
|
|
109,641 |
|
|
|
15 |
|
|
|
(166 |
) |
|
|
— |
|
|
|
109,490 |
|
U.S. commercial paper |
|
|
67,152 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
67,154 |
|
International commercial paper |
|
|
45,109 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
45,109 |
|
U.S. certificates of deposit |
|
|
2,203 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,203 |
|
U.S. municipal securities |
|
|
33,109 |
|
|
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
|
33,034 |
|
|
|
$ |
547,583 |
|
|
$ |
25 |
|
|
$ |
(716 |
) |
|
$ |
— |
|
|
$ |
546,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
167,165 |
|
|
$ |
107 |
|
|
$ |
(347 |
) |
|
$ |
— |
|
|
$ |
166,925 |
|
U.S. corporate bonds |
|
|
210,491 |
|
|
|
191 |
|
|
|
(484 |
) |
|
|
— |
|
|
|
210,198 |
|
International corporate bonds |
|
|
97,698 |
|
|
|
99 |
|
|
|
(122 |
) |
|
|
— |
|
|
|
97,675 |
|
U.S. commercial paper |
|
|
23,360 |
|
|
|
11 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
23,370 |
|
International commercial paper |
|
|
46,935 |
|
|
|
3 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
46,900 |
|
U.S. certificates of deposit |
|
|
8,830 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,830 |
|
U.S. municipal securities |
|
|
128,527 |
|
|
|
26 |
|
|
|
(259 |
) |
|
|
— |
|
|
|
128,294 |
|
|
|
$ |
683,006 |
|
|
$ |
437 |
|
|
$ |
(1,251 |
) |
|
$ |
— |
|
|
$ |
682,192 |
|
|
| Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position |
The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of June 30, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
46,179 |
|
|
$ |
(44 |
) |
|
$ |
33,425 |
|
|
$ |
(71 |
) |
|
$ |
79,604 |
|
|
$ |
(115 |
) |
U.S. corporate bonds |
|
|
165,291 |
|
|
|
(246 |
) |
|
|
30,021 |
|
|
|
(112 |
) |
|
|
195,312 |
|
|
|
(358 |
) |
International corporate bonds |
|
|
79,172 |
|
|
|
(109 |
) |
|
|
19,985 |
|
|
|
(57 |
) |
|
|
99,157 |
|
|
|
(166 |
) |
U.S. commercial paper |
|
|
12,887 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
12,887 |
|
|
|
(1 |
) |
International commercial paper |
|
|
3,908 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,908 |
|
|
|
(1 |
) |
U.S. municipal securities |
|
|
14,818 |
|
|
|
(31 |
) |
|
|
18,216 |
|
|
|
(44 |
) |
|
|
33,034 |
|
|
|
(75 |
) |
|
|
$ |
322,255 |
|
|
$ |
(432 |
) |
|
$ |
101,647 |
|
|
$ |
(284 |
) |
|
$ |
423,902 |
|
|
$ |
(716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
52,521 |
|
|
$ |
(96 |
) |
|
$ |
41,911 |
|
|
$ |
(251 |
) |
|
$ |
94,432 |
|
|
$ |
(347 |
) |
U.S. corporate bonds |
|
|
111,901 |
|
|
|
(246 |
) |
|
|
43,851 |
|
|
|
(238 |
) |
|
|
155,752 |
|
|
|
(484 |
) |
International corporate bonds |
|
|
43,708 |
|
|
|
(87 |
) |
|
|
6,014 |
|
|
|
(35 |
) |
|
|
49,722 |
|
|
|
(122 |
) |
U.S. commercial paper |
|
|
7,848 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,848 |
|
|
|
(1 |
) |
International commercial paper |
|
|
37,300 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
— |
|
|
|
37,300 |
|
|
|
(38 |
) |
U.S. municipal securities |
|
|
90,095 |
|
|
|
(143 |
) |
|
|
31,345 |
|
|
|
(116 |
) |
|
|
121,440 |
|
|
|
(259 |
) |
|
|
$ |
343,373 |
|
|
$ |
(611 |
) |
|
$ |
123,121 |
|
|
$ |
(640 |
) |
|
$ |
466,494 |
|
|
$ |
(1,251 |
) |
|