The following tables summarize the composition of our short- and long-term investments at December 31, 2024 and 2023:


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	4,941	$	—	$	—		$	4,941
Corporate bonds		284,337		533		(295	)		284,575
U.S. Government agency securities		117,158		260		(49	)		117,369
U.S. Treasury securities		1,303,384		780		(9	)		1,304,155
Total	$	1,709,820	$	1,573	$	(353	)	$	1,711,040


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	11,513	$	—	$	—		$	11,513
Corporate bonds		237,662		422		(678	)		237,406
U.S. Government agency securities		122,414		520		(176	)		122,758
U.S. Treasury securities		953,457		1,087		(273	)		954,271
Total	$	1,325,046	$	2,029	$	(1,127	)	$	1,325,948

For all of our securities for which the amortized cost basis was greater than the fair value at December 31, 2024 and 2023, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. The Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors by considering the extent to which fair value is less than amortized cost, credit ratings, the financial health of the industry and sector of the issuer, the overall risk profile of the securities, overall macroeconomic conditions, and more. As of December 31, 2024 and 2023, no allowance for credit losses in investments has been recorded.

The contractual maturities of short-term and long-term investments held as follows:


	December 31, 2024				December 31, 2023
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	( in thousands)
Due within one year	$	1,555,656	$	1,556,828	$	1,000,447	$	1,000,245
Due after 1 year and within 2 years		154,164		154,212		324,599		325,703
Total	$	1,709,820	$	1,711,040	$	1,325,046	$	1,325,948

Strategic investments that consist of non-controlling equity investments without readily determinable fair values in privately held companies for which the Company does not have the ability to exercise significant influence are measured under the measurement alternative method. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the consolidated statement of operations. The Company held $72.5 million of strategic investments without readily determinable fair values at December 31, 2024 and $41.1 million of strategic investments without readily determinable fair values at December 31, 2023. These investments are included in other assets on the consolidated balance sheets.

The Company adjusts the fair values of its strategic investments based on observable price changes. The Company recorded a gain of $21.2 million and an impairment of $5.3 million in 2024, an impairment of $1.7 million in 2023, and a gain of $4.2 million and an impairment of $5.9 million in 2022. The gains and impairment loss are reported in the consolidated statements of operations as other income (expense).

The Company has certain other non-marketable strategic investments measured at fair value on a non-recurring basis. The Company held $9.4 million of these investments at December 31, 2024 and $13.2 million at December 31, 2023. These investments are included in other assets on the consolidated balance sheets.

The Company has certain strategic investments in non-controlled companies without a readily determinable market value that are accounted for as equity method investments. The carrying value was $11.7 million as of December 31, 2024 and $7.9 million as of December 31, 2023. These investments are included in other assets on the consolidated balance sheets and the Company's proportionate share of the investments' net earnings and impairment charges are reported in the consolidated statements of operations as other income (expense).