| INVESTMENTS |
3.INVESTMENTS The following table summarizes the Company’s investments at: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Continuous | | Continuous | | | | | Gross | | Gross | | | | Unrealized | | Unrealized | | | | | Unrealized | | Unrealized | | | | Loss Position | | Loss Position | | | Amortized | | Holding | | Holding | | Fair | | less than | | greater than | June 30, 2026 | | Cost | | Gains | | Losses | | Value | | 12 Months | | 12 Months | Available-for-sale | | | | | | | | | | | | | | | | | | | Short-term: | | | | | | | | | | | | | | | | | | | Commercial paper | | $ | 174,270 | | $ | 1 | | $ | — | | $ | 174,271 | | $ | — | | $ | — | Municipal securities | | | 3,107 | | | — | | | 5 | | | 3,102 | | | 5 | | | — | U.S. government agency securities | | | 62,316 | | | — | | | 53 | | | 62,263 | | | 53 | | | — | U.S. treasuries | | | 653,881 | | | — | | | 907 | | | 652,974 | | | 907 | | | — | Corporate bonds | | | 334,849 | | | — | | | 627 | | | 334,222 | | | 627 | | | — | Long-term: | | | | | | | | | | | | | | | | | | | Municipal securities | | | 593 | | | — | | | 4 | | | 589 | | | 4 | | | — | U.S. government agency securities | | | 42,124 | | | — | | | 289 | | | 41,835 | | | 289 | | | — | U.S. treasuries | | | 468,616 | | | — | | | 2,664 | | | 465,952 | | | 2,664 | | | — | Corporate bonds | | | 274,305 | | | — | | | 1,367 | | | 272,938 | | | 1,367 | | | — | Total | | $ | 2,014,061 | | $ | 1 | | $ | 5,916 | | $ | 2,008,146 | | $ | 5,916 | | $ | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Continuous | | Continuous | | | | | | Gross | | Gross | | | | | Unrealized | | Unrealized | | | | | | Unrealized | | Unrealized | | | | | Loss Position | | Loss Position | | | Amortized | | Holding | | Holding | | Fair | | less than | | greater than | December 31, 2025 | | Cost | | Gains | | Losses | | Value | | 12 Months | | 12 Months | Available-for-sale | | | | | | | | | | | | | | | | | | | Short-term: | | | | | | | | | | | | | | | | | | | Commercial paper | | $ | 90,418 | | $ | 1 | | $ | — | | $ | 90,419 | | $ | — | | $ | — | Certificates of deposit | | | 12,728 | | | — | | | — | | | 12,728 | | | — | | | — | Municipal securities | | | 674 | | | 1 | | | — | | | 675 | | | — | | | — | U.S. treasuries | | | 489,007 | | | 492 | | | — | | | 489,499 | | | — | | | — | Corporate bonds | | | 83,639 | | | 124 | | | — | | | 83,763 | | | — | | | — | Long-term: | | | | | | | | | | | | | | | | | | | Municipal securities | | | 1,206 | | | 1 | | | — | | | 1,207 | | | — | | | — | U.S. treasuries | | | 259,613 | | | 353 | | | — | | | 259,966 | | | — | | | — | Corporate bonds | | | 225,867 | | | 289 | | | — | | | 226,156 | | | — | | | — | Total | | $ | 1,163,152 | | $ | 1,261 | | $ | — | | $ | 1,164,413 | | $ | — | | $ | — |
During the three- and six-months ended June 30, 2026 and 2025, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at June 30, 2026 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at: | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Less than 1 year: | | | | | | | | | | | | | Commercial paper | | $ | 174,270 | | $ | 174,271 | | $ | 90,418 | | $ | 90,419 | Certificates of deposit | | | — | | | — | | | 12,728 | | | 12,728 | Municipal securities | | | 3,107 | | | 3,102 | | | 674 | | | 675 | U.S. government agency securities | | | 62,316 | | | 62,263 | | | — | | | — | U.S. treasuries | | | 653,881 | | | 652,974 | | | 489,007 | | | 489,499 | Corporate bonds | | | 334,849 | | | 334,222 | | | 83,639 | | | 83,763 | Due 1 - 10 years: | | | | | | | | | | | | | Municipal securities | | | 593 | | | 589 | | | 1,206 | | | 1,207 | U.S. government agency securities | | | 42,124 | | | 41,835 | | | — | | | — | U.S. treasuries | | | 468,616 | | | 465,952 | | | 259,613 | | | 259,966 | Corporate bonds | | | 274,305 | | | 272,938 | | | 225,867 | | | 226,156 | Total | | $ | 2,014,061 | | $ | 2,008,146 | | $ | 1,163,152 | | $ | 1,164,413 |
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