Marketable Securities (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Fair Value and Amortized Cost of Marketable Securities |
The following tables summarize the fair values of the Company’s marketable securities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
U.S. treasury securities |
$ |
697,450 |
|
|
$ |
795 |
|
|
$ |
(196 |
) |
|
$ |
698,049 |
|
Corporate notes and bonds |
|
581,661 |
|
|
|
1,617 |
|
|
|
(74 |
) |
|
|
583,204 |
|
U.S. agency obligations |
|
240,684 |
|
|
|
348 |
|
|
|
(175 |
) |
|
|
240,857 |
|
Commercial paper |
|
105,363 |
|
|
|
8 |
|
|
|
- |
|
|
|
105,371 |
|
Time deposits |
|
10,535 |
|
|
|
- |
|
|
|
- |
|
|
|
10,535 |
|
Total marketable securities |
$ |
1,635,693 |
|
|
$ |
2,768 |
|
|
$ |
(445 |
) |
|
$ |
1,638,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
U.S. treasury securities |
$ |
667,102 |
|
|
$ |
1,022 |
|
|
$ |
(473 |
) |
|
$ |
667,651 |
|
Corporate notes and bonds |
|
514,655 |
|
|
|
1,157 |
|
|
|
(199 |
) |
|
|
515,613 |
|
U.S. agency obligations |
|
253,886 |
|
|
|
402 |
|
|
|
(353 |
) |
|
|
253,935 |
|
Commercial paper |
|
80,357 |
|
|
|
21 |
|
|
|
- |
|
|
|
80,378 |
|
Time deposits |
|
7,006 |
|
|
|
- |
|
|
|
- |
|
|
|
7,006 |
|
Total marketable securities |
$ |
1,523,006 |
|
|
$ |
2,602 |
|
|
$ |
(1,025 |
) |
|
$ |
1,524,583 |
|
|
| Schedule of Fair Values and Unrealized Losses on Marketable Securities |
The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
Less than 12 Months |
12 Months or Greater |
Total |
|
|
Fair Value |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Unrealized Losses |
|
U.S. treasury securities |
$ |
120,531 |
|
|
$ |
(196 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
120,531 |
|
|
$ |
(196 |
) |
U.S. agency obligations |
|
111,863 |
|
|
|
(175 |
) |
|
|
- |
|
|
|
- |
|
|
|
111,863 |
|
|
|
(175 |
) |
Corporate notes and bonds |
|
97,012 |
|
|
|
(72 |
) |
|
|
3,594 |
|
|
|
(2 |
) |
|
|
100,606 |
|
|
|
(74 |
) |
Total |
$ |
329,406 |
|
|
$ |
(443 |
) |
|
$ |
3,594 |
|
|
$ |
(2 |
) |
|
$ |
333,000 |
|
|
$ |
(445 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Less than 12 Months |
12 Months or Greater |
Total |
|
|
Fair Value |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Unrealized Losses |
|
U.S. treasury securities |
$ |
135,641 |
|
|
$ |
(473 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
135,641 |
|
|
$ |
(473 |
) |
U.S. agency obligations |
|
114,378 |
|
|
|
(353 |
) |
|
|
- |
|
|
|
- |
|
|
|
114,378 |
|
|
|
(353 |
) |
Corporate notes and bonds |
|
89,794 |
|
|
|
(191 |
) |
|
|
18,813 |
|
|
|
(8 |
) |
|
|
108,607 |
|
|
|
(199 |
) |
Total |
$ |
339,813 |
|
|
$ |
(1,017 |
) |
|
$ |
18,813 |
|
|
$ |
(8 |
) |
|
$ |
358,626 |
|
|
$ |
(1,025 |
) |
|
| Schedule of Fair Value and Amortized Cost of Contractual Maturities |
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
Amortized Cost |
|
|
Fair Value |
|
Due within one year |
$ |
1,130,116 |
|
|
$ |
1,131,063 |
|
Due after one year through five years |
|
505,577 |
|
|
|
506,953 |
|
Total |
$ |
1,635,693 |
|
|
$ |
1,638,016 |
|
|