Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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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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September 30, 2022 |
|
Amortized
Cost |
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Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
122,550 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(1,140) |
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$ |
121,410 |
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| Corporate debt |
89,638 |
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— |
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1 |
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(132) |
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89,507 |
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| Asset-backed securities (“ABS”) and other |
854 |
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— |
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— |
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(12) |
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|
842 |
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$ |
213,042 |
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$ |
— |
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$ |
1 |
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$ |
(1,284) |
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$ |
211,759 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
44,315 |
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$ |
— |
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$ |
— |
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$ |
(1,434) |
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$ |
42,881 |
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| U.S. government sponsored entities |
619 |
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— |
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— |
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(76) |
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|
543 |
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| Corporate debt |
42,885 |
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— |
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3 |
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(3,326) |
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39,562 |
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| ABS and other |
6,908 |
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— |
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— |
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(565) |
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6,343 |
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$ |
94,727 |
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$ |
— |
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$ |
3 |
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$ |
(5,401) |
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$ |
89,329 |
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December 31, 2021 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
35,767 |
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|
$ |
— |
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|
$ |
— |
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$ |
(34) |
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$ |
35,733 |
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| Corporate debt |
148,148 |
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— |
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22 |
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(35) |
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148,135 |
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$ |
183,915 |
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$ |
— |
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$ |
22 |
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$ |
(69) |
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$ |
183,868 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
70,902 |
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$ |
— |
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$ |
128 |
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|
$ |
(263) |
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$ |
70,767 |
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| U.S. government sponsored entities |
726 |
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— |
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22 |
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(3) |
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|
745 |
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| Corporate debt |
33,197 |
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— |
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962 |
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(146) |
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34,013 |
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| ABS and other |
7,033 |
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— |
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82 |
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(30) |
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7,085 |
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$ |
111,858 |
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$ |
— |
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$ |
1,194 |
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$ |
(442) |
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$ |
112,610 |
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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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September 30, 2022 |
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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 |
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Gross
Unrealized
Losses |
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Fair
Value |
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Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
143,148 |
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|
$ |
(2,042) |
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$ |
20,766 |
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$ |
(532) |
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$ |
163,914 |
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$ |
(2,574) |
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| U.S. government sponsored entities |
453 |
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(55) |
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88 |
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(21) |
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541 |
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(76) |
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| Corporate debt |
110,806 |
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(2,793) |
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4,454 |
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(665) |
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115,260 |
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(3,458) |
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| ABS and other |
6,950 |
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(534) |
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212 |
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(43) |
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7,162 |
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(577) |
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$ |
261,357 |
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$ |
(5,424) |
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$ |
25,520 |
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$ |
(1,261) |
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$ |
286,877 |
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$ |
(6,685) |
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December 31, 2021 |
|
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 |
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Fair
Value |
|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
103,019 |
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|
$ |
(297) |
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|
$ |
— |
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|
$ |
— |
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$ |
103,019 |
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$ |
(297) |
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| U.S. government sponsored entities |
115 |
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(3) |
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— |
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— |
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|
115 |
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(3) |
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| Corporate debt |
115,908 |
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(173) |
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|
146 |
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(8) |
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116,054 |
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(181) |
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| ABS and other |
2,915 |
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(30) |
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— |
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— |
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2,915 |
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(30) |
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$ |
221,957 |
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$ |
(503) |
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$ |
146 |
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$ |
(8) |
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$ |
222,103 |
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$ |
(511) |
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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
September 30, |
|
Nine Months Ended
September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Gross realized gains (1)
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$ |
— |
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$ |
68 |
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$ |
114 |
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$ |
78 |
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Gross realized losses (1)
|
$ |
(10) |
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$ |
— |
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$ |
(27) |
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$ |
— |
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| (1) |
Recorded in other income, net in the condensed consolidated statements of net income. 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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September 30, 2022 |
|
December 31, 2021 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
213,042 |
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$ |
211,759 |
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$ |
183,915 |
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$ |
183,868 |
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| Due after one year through five years |
78,268 |
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74,918 |
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|
96,035 |
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96,257 |
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| Due after five years through ten years |
13,554 |
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|
11,808 |
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|
11,129 |
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|
11,601 |
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| Due after ten years |
2,905 |
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|
2,603 |
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|
4,694 |
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|
4,752 |
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$ |
307,769 |
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$ |
301,088 |
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$ |
295,773 |
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$ |
296,478 |
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| Weighted average contractual maturity |
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1.3 years |
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1.5 years |
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