| Equity and Debt Securities |
Note 3. Equity and Debt Securities The Company’s equity and debt securities consisted of the following:
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June 30, 2026 |
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Amortized
Cost Basis |
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Unrealized
Gains |
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Unrealized
Losses |
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Aggregate
Fair Value |
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(in thousands) |
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Equity securities |
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Long-term |
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Preferred stock of privately-held companies |
$ |
15,001 |
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$ |
— |
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$ |
— |
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$ |
15,001 |
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Total equity securities |
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15,001 |
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— |
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— |
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15,001 |
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Available-for-sale debt securities |
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Short-term |
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U.S. government debt securities |
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156,278 |
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220 |
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— |
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156,498 |
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Corporate debt securities |
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40,855 |
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35 |
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(3 |
) |
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40,887 |
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U.S. agency debt securities |
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32,960 |
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11 |
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(4 |
) |
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32,967 |
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Municipal bonds |
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375 |
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— |
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— |
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375 |
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Money market accounts |
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5,108 |
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— |
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— |
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5,108 |
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Less: Cash equivalents |
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(5,108 |
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— |
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— |
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(5,108 |
) |
Total debt securities due within 1 year |
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230,468 |
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266 |
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(7 |
) |
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230,727 |
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After 1 year through 5 years |
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U.S. government debt securities |
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246,904 |
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195 |
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(1,688 |
) |
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245,411 |
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U.S. agency debt securities |
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48,617 |
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— |
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(630 |
) |
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47,987 |
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Municipal bonds |
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920 |
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1 |
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(3 |
) |
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918 |
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Total debt securities due after 1 year through 5 years |
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296,441 |
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196 |
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(2,321 |
) |
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294,316 |
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Total available-for-sale debt securities |
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526,909 |
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462 |
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(2,328 |
) |
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525,043 |
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Total equity and debt securities |
$ |
541,910 |
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$ |
462 |
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$ |
(2,328 |
) |
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$ |
540,044 |
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December 31, 2025 |
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Amortized
Cost Basis |
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Unrealized
Gains |
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Unrealized
Losses |
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Aggregate
Fair Value |
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(in thousands) |
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Equity securities |
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Long-term |
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Preferred stock of privately-held companies |
$ |
15,001 |
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$ |
— |
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$ |
— |
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$ |
15,001 |
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Total equity securities |
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15,001 |
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— |
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— |
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15,001 |
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Available-for-sale debt securities |
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Short-term |
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U.S. government debt securities |
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159,875 |
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748 |
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(1 |
) |
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160,622 |
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U.S. agency debt securities |
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86,786 |
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133 |
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(1 |
) |
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86,918 |
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Corporate debt securities |
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37,333 |
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157 |
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(16 |
) |
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37,474 |
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Yankee debt securities |
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500 |
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— |
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(5 |
) |
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|
495 |
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Municipal bonds |
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375 |
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— |
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— |
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375 |
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Money market accounts |
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18,398 |
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— |
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— |
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18,398 |
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Less: Cash equivalents |
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(18,398 |
) |
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— |
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— |
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(18,398 |
) |
Total debt securities due within 1 year |
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284,869 |
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1,038 |
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(23 |
) |
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285,884 |
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After 1 year through 5 years |
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U.S. government debt securities |
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284,857 |
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2,821 |
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(67 |
) |
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287,611 |
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U.S. agency debt securities |
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70,567 |
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123 |
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(51 |
) |
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70,639 |
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Corporate debt securities |
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9,922 |
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85 |
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— |
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10,007 |
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Municipal bonds |
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1,015 |
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1 |
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(4 |
) |
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1,012 |
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Total debt securities due after 1 year through 5 years |
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366,361 |
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3,030 |
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(122 |
) |
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369,269 |
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Total available-for-sale debt securities |
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651,230 |
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4,068 |
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(145 |
) |
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655,153 |
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Total equity and debt securities |
$ |
666,231 |
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$ |
4,068 |
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$ |
(145 |
) |
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$ |
670,154 |
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Gross unrealized losses on the Company’s equity and debt securities were $2.3 million and $0.1 million as of June 30, 2026, and December 31, 2025, respectively. Proceeds from sale of available-for-sale securities were $33.1 million for each of the three and six months ended June 30, 2026. The gross realized gain was $0.1 million for each of the three and six months ended June 30, 2026. There was no sale of available-for-sale securities or realized gain or loss for each of the three and six months ended June 30, 2025. The cost of any marketable securities sold is based on the specific-identification method. The Company did not recognize any credit losses for its marketable available-for-sale debt securities during the three and six months ended June 30, 2026, and 2025.
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