v3.24.2.u1
CASH, CASH EQUIVALENTS AND INVESTMENTS
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS

3. CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds and corporate bonds. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security investments as available-for-sale. These debt securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Cash and Cash Equivalents Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

66,079

 

 

$

—

 

 

$

—

 

 

$

66,079

 

Money market accounts

 

 

26,777

 

 

 

—

 

 

 

—

 

 

 

26,777

 

 

 

$

92,856

 

 

$

—

 

 

$

—

 

 

$

92,856

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

91,717

 

 

$

—

 

 

$

—

 

 

$

91,717

 

Money market accounts

 

 

268

 

 

 

—

 

 

 

—

 

 

 

268

 

 

 

$

91,985

 

 

$

—

 

 

$

—

 

 

$

91,985

 

 

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Short-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

148

 

 

$

—

 

 

$

—

 

 

$

148

 

U.S. Government bonds

 

 

438,274

 

 

 

18

 

 

 

(878

)

 

 

437,414

 

Marketable securities (1)

 

 

102

 

 

 

—

 

 

 

—

 

 

 

105

 

 

 

$

438,524

 

 

$

18

 

 

$

(878

)

 

$

437,667

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

1,763

 

 

$

1

 

 

$

(5

)

 

$

1,759

 

U.S. Government bonds

 

 

420,769

 

 

 

303

 

 

 

(694

)

 

 

420,378

 

 

 

$

422,532

 

 

$

304

 

 

$

(699

)

 

$

422,137

 

 

(1)
Changes in aggregate fair market value recorded in other loss, net on the Consolidated Statements of Income.

Long-term U.S. Government Bond Investments

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):

 

 

 

Cost or

 

 

Unrealized

 

 

Aggregate Fair

 

Long-term Investments Classification

 

Amortized Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

349,476

 

 

$

120

 

 

$

(1,183

)

 

$

348,413

 

 

 

$

349,476

 

 

$

120

 

 

$

(1,183

)

 

$

348,413

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

284,053

 

 

$

1,457

 

 

$

(8

)

 

$

285,502

 

 

 

$

284,053

 

 

$

1,457

 

 

$

(8

)

 

$

285,502

 

Minority Equity Investments

The Company’s portfolio of minority equity investments consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek to obtain representation on the boards of directors of the companies in which it invests. Minority equity investments are included in investments on the Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the Company had minority equity investments in five entities with a total carrying value of $14.0 million accounted for as equity securities without readily determinable fair values.