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MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 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 December 31, 2022 and 2021:
December 31,
(In thousands)20222021
Cash and cash equivalents
Cash and money market$178,168 $247,335 
Cash equivalents64,325 68,136 
Total cash and cash equivalents242,493 315,471 
Marketable securities
Available-for-sale debt securities$384,415 $711,669 
Equity securities5,149 3,336 
Total marketable securities389,564 715,005 
Total cash, cash equivalents, and marketable securities$632,057 $1,030,476 
Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2022, consisted of the following:
(In thousands)Amortized CostGains in Accumulated Other Comprehensive Income (Loss) (1)Losses in Accumulated Other Comprehensive Income (Loss) (1)Estimated Fair Value
Cash equivalents
Commercial paper$63,021 $— $— $63,021 
U.S. government agency securities1,304 — — 1,304 
Total cash equivalents64,325 — — 64,325 
Marketable securities
U.S. government agency securities$228,012 $— $(2,789)$225,223 
Corporate bonds116,318 20 (1,667)114,671 
Asset backed securities45,374 2 (855)44,521 
Total marketable securities389,704 22 (5,311)384,415 
Total available-for-sale debt securities$454,029 $22 $(5,311)$448,740 
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(1)     Gains and losses in accumulated other comprehensive loss (“AOCI”) are reported before tax impact.
Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2021, consisted of the following:
(In thousands)Amortized CostGains in Accumulated Other Comprehensive Income (Loss) (1)Losses in Accumulated Other Comprehensive Income (Loss) (1)Estimated Fair Value
Cash equivalents
Commercial paper$64,593 $— $— $64,593 
U.S. government agency securities3,543 — — 3,543 
Total cash equivalents68,136 — — 68,136 
Marketable securities
Corporate bonds$313,634 $13 $(493)$313,154 
U.S. government agency securities250,793 — (873)249,920 
Asset backed securities94,565 2 (107)94,460 
Certificates of deposit47,147 2 (10)47,139 
Commercial paper6,996 — — 6,996 
Total marketable securities713,135 17 (1,483)711,669 
Total available-for-sale debt 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 December 31, 2022:
Due one year or lessDue after one year through five years
(In thousands)CostFair ValueCostFair Value
Cash equivalents
Commercial paper$63,021 $63,021 $— $— 
U.S. government agency securities1,304 1,304 — — 
Total cash equivalents64,325 64,325 — — 
Marketable securities
U.S. government agency securities$218,364 $215,620 $9,648 $9,603 
Corporate bonds90,368 89,102 25,950 25,569 
Asset backed securities— — 45,374 44,521 
Total marketable securities308,732 304,722 80,972 79,693 
Total available-for-sale securities$373,057 $369,047 $80,972 $79,693 
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2022, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:
Less than 12 months12 months or greaterTotal
(In thousands)Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
Marketable securities
U.S. government agency securities$37,458 $(337)$187,766 $(2,452)$225,224 $(2,789)
Corporate bonds35,055 (575)73,702 (1,092)108,757 (1,667)
Asset backed securities27,984 (735)15,536 (120)43,520 (855)
Total available-for-sale securities$100,497 $(1,647)$277,004 $(3,664)$377,501 $(5,311)
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2021, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:
Less than 12 months12 months or greaterTotal
(In thousands)Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
Marketable securities
Corporate bonds$299,448 $(493)$— $— $299,448 $(493)
U.S. government agency securities249,921 (873)— — 249,921 (873)
Asset backed securities89,990 (107)— — 89,990 (107)
Certificates of deposit24,137 (10)— — 24,137 (10)
Total available-for-sale securities$663,496 $(1,483)$— $— $663,496 $(1,483)
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 December 31, 2022 and 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 consolidated statements of operations. The gains and losses recorded were not significant for the years ended December 31, 2022, 2021, and 2020.