v3.24.2.u1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS:

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of June 30,
2024

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

437,414

 

 

$

437,414

 

 

$

—

 

 

$

—

 

Long-term U.S. Government bonds

 

 

348,413

 

 

 

348,413

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

26,777

 

 

 

26,777

 

 

 

—

 

 

 

—

 

Short-term Corporate bonds

 

 

148

 

 

 

148

 

 

 

—

 

 

 

—

 

Short-term Marketable securities

 

 

105

 

 

 

105

 

 

 

—

 

 

 

—

 

 

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023 (in thousands):

 

 

 

 

 

 

Fair Value Measurements, Using

 

 

 

Total Carrying Value
as of December 31,
2023

 

 

Quoted Prices in
Active Markets
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant Unobservable
Inputs
(Level 3)

 

Short-term U.S. Government bonds

 

$

420,378

 

 

$

420,378

 

 

$

—

 

 

$

—

 

Long-term U.S. Government bonds

 

 

285,502

 

 

 

285,502

 

 

 

—

 

 

 

—

 

Short-term Corporate bonds

 

 

1,759

 

 

 

1,759

 

 

 

—

 

 

 

—

 

Cash equivalents

 

 

268

 

 

 

268

 

 

 

—

 

 

 

—

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.

Changes in fair value of the debt investments are recorded as unrealized gains and losses in accumulated other comprehensive loss on the Consolidated Balance Sheets and any credit losses on debt investments are recorded as an allowance for credit losses with an offset recognized in other loss, net on the Consolidated Statements of Income. There were no credit losses on debt investments as of June 30, 2024 or December 31, 2023.