MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of restricted cash and cash equivalents

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

Cash, Cash Equivalents and Investments

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

Schedule of available-for-sale securities

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.

Schedule of contractual maturities of available-for-sale investments

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

Schedule of gross unrealized losses and fair values of investments in an unrealized loss position

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)