Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security |
Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive (loss) income and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
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March 31, 2023 |
|
Amortized
Cost |
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Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
56,992 |
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|
$ |
— |
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|
$ |
8 |
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|
$ |
(561) |
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$ |
56,439 |
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| Corporate debt |
75,935 |
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— |
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|
5 |
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(97) |
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|
75,843 |
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| Asset-backed securities (“ABS”) and other |
251 |
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— |
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— |
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(13) |
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$ |
238 |
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$ |
133,178 |
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$ |
— |
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$ |
13 |
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$ |
(671) |
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$ |
132,520 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
18,083 |
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$ |
— |
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$ |
— |
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$ |
(501) |
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$ |
17,582 |
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| U.S. government sponsored entities |
586 |
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— |
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— |
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(56) |
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|
530 |
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| Corporate debt |
45,869 |
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— |
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72 |
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(2,368) |
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43,573 |
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| ABS and other |
9,285 |
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— |
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10 |
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(487) |
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|
8,808 |
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$ |
73,823 |
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|
$ |
— |
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$ |
82 |
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$ |
(3,412) |
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$ |
70,493 |
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December 31, 2022 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
135,688 |
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|
$ |
— |
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|
$ |
14 |
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|
$ |
(1,153) |
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$ |
134,549 |
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| Corporate debt |
118,135 |
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— |
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1 |
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(95) |
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118,041 |
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| ABS and other |
859 |
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— |
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— |
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(15) |
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$ |
844 |
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$ |
254,682 |
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$ |
— |
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$ |
15 |
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$ |
(1,263) |
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$ |
253,434 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
21,434 |
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|
$ |
— |
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$ |
— |
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$ |
(719) |
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$ |
20,715 |
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| U.S. government sponsored entities |
602 |
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— |
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— |
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(66) |
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|
536 |
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| Corporate debt |
44,214 |
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— |
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21 |
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(2,877) |
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41,358 |
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| ABS and other |
6,569 |
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— |
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— |
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(583) |
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|
5,986 |
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$ |
72,819 |
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$ |
— |
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$ |
21 |
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$ |
(4,245) |
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$ |
68,595 |
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| Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position |
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
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March 31, 2023 |
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Less than 12 months |
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12 months or greater |
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Total |
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Fair
Value |
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Gross
Unrealized
Losses |
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Fair
Value |
|
Gross
Unrealized
Losses |
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Fair
Value |
|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
40,966 |
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$ |
(740) |
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$ |
10,973 |
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$ |
(322) |
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$ |
51,939 |
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|
$ |
(1,062) |
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| U.S. government sponsored entities |
— |
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— |
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|
528 |
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(56) |
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|
528 |
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(56) |
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| Corporate debt |
81,967 |
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(500) |
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22,814 |
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(1,965) |
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104,781 |
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(2,465) |
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| ABS and other |
2,222 |
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(25) |
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5,699 |
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(475) |
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7,921 |
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(500) |
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$ |
125,155 |
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$ |
(1,265) |
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$ |
40,014 |
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$ |
(2,818) |
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$ |
165,169 |
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$ |
(4,083) |
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December 31, 2022 |
|
Less than 12 months |
|
12 months or greater |
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Total |
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Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
73,055 |
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|
$ |
(1,232) |
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$ |
66,144 |
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$ |
(640) |
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$ |
139,199 |
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$ |
(1,872) |
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| U.S. government sponsored entities |
447 |
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(46) |
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87 |
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(20) |
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534 |
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(66) |
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| Corporate debt |
130,816 |
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(1,909) |
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10,681 |
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(1,063) |
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141,497 |
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(2,972) |
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| ABS and other |
4,710 |
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(314) |
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2,091 |
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(284) |
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6,801 |
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(598) |
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$ |
209,028 |
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$ |
(3,501) |
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$ |
79,003 |
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$ |
(2,007) |
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$ |
288,031 |
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$ |
(5,508) |
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| Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities |
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
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Three Months Ended
March 31, |
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2023 |
|
2022 |
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Gross realized gains (1)
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$ |
— |
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$ |
113 |
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Gross realized losses (1)
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$ |
— |
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$ |
— |
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| (1) |
Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method. |
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| Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity |
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
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March 31, 2023 |
|
December 31, 2022 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
133,179 |
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$ |
132,520 |
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$ |
254,683 |
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$ |
253,434 |
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| Due after one year through five years |
55,922 |
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|
54,034 |
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56,507 |
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54,169 |
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| Due after five years through ten years |
14,067 |
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|
12,867 |
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|
13,435 |
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|
11,850 |
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| Due after ten years |
3,833 |
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|
3,592 |
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|
2,876 |
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|
2,576 |
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$ |
207,001 |
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$ |
203,013 |
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$ |
327,501 |
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$ |
322,029 |
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| Weighted average contractual maturity |
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1.9 years |
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1.1 years |
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