MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at September 30, 2022 and December 31, 2021:

(In thousands)	September 30, 2022		December 31, 2021
Cash and cash equivalents
Cash and money market	$	173,968	$	247,335
Cash equivalents	61,338		68,136
Total cash and cash equivalents	235,306		315,471
Marketable securities
Available-for-sale debt securities	$	428,421	$	711,669
Equity securities	5,387		3,336
Total marketable securities	433,808		715,005
Total cash, cash equivalents and marketable securities	$	669,114	$	1,030,476

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2022, consisted of the following:

(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
Commercial paper	$	58,917	$	—	$	—	$	58,917
U.S. government agency securities	2,421		—		—		2,421
Total cash equivalents	61,338		—		—		61,338
Marketable securities
Corporate bonds	$	116,627	$	—	$	(2,423)	$	114,204
U.S. government agency securities	248,351		—		(4,496)		243,855
Certificates of deposit	5,500		—		—		5,500
Commercial paper	1,988		—		—		1,988
Asset backed securities	63,872		—		(998)		62,874
Total marketable securities	436,338		—		(7,917)		428,421
Total available-for-sale securities	$	497,676	$	—	$	(7,917)	$	489,759

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(1)Gains and losses in accumulated other comprehensive income (loss) (“AOCI”) are reported before tax impact.

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at December 31, 2021, consisted of the following:

(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	3,543	$	—	$	—	$	3,543
Commercial paper	64,593		—		—		64,593
Total cash equivalents	68,136		—		—		68,136
Marketable securities
U.S. government agency securities	$	250,793	$	—	$	(873)	$	249,920
Asset backed securities	94,565		2		(107)		94,460
Commercial paper	6,996		—		—		6,996
Certificates of deposit	47,147		2		(10)		47,139
Corporate bonds	313,634		13		(493)		313,154
Total marketable securities	713,135		17		(1,483)		711,669
Total available-for-sale securities	$	781,271	$	17	$	(1,483)	$	779,805

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(1)Gains and losses in AOCI are reported before tax impact.

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at September 30, 2022:

	Due one year or less				Due after one year through five years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
Commercial paper	$	58,917	$	58,917	$	—	$	—
U.S. government agency securities	2,421		2,421		—		—
Total cash equivalents	61,338		61,338		—		—
Marketable securities
U.S. government agency securities	$	238,617	$	234,274	$	9,734	$	9,581
Corporate bonds	93,666		92,032		22,961		22,172
Certificates of deposit	5,500		5,500		—		—
Asset backed securities	—		—		63,872		62,874
Commercial paper	1,988		1,988		—		—
Total marketable securities	339,771		333,794		96,567		94,627
Total available-for-sale securities	$	401,109	$	395,132	$	96,567	$	94,627

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 2022, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:

	Less than one year				One year or greater				Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Marketable securities
Corporate bonds	$	114,204	$	(2,423)	$	—	$	—	$	114,204	$	(2,423)
Asset backed securities	61,924		(998)		—		—		61,924		(998)
U.S. government agency securities	243,855		(4,496)		—		—		243,855		(4,496)
Total available-for-sale securities	$	419,983	$	(7,917)	$	—	$	—	$	419,983	$	(7,917)

The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of September 30, 2022 and December 31, 2021, because the change in market value for those securities in an unrealized loss position has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers.

The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income, net in the Company’s condensed consolidated statements of operations. The gains and losses recorded were not significant for the three and nine months ended September 30, 2022 and 2021.