MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of cash and cash equivalents

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

	December 31,
(In thousands)	2022		2021
Cash and cash equivalents
Cash and money market	$	178,168	$	247,335
Cash equivalents	64,325		68,136
Total cash and cash equivalents	242,493		315,471
Marketable securities
Available-for-sale debt securities	$	384,415	$	711,669
Equity securities	5,149		3,336
Total marketable securities	389,564		715,005
Total cash, cash equivalents, and marketable securities	$	632,057	$	1,030,476

Schedule of available-for-sale securities

Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 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	$	63,021	$	—	$	—	$	63,021
U.S. government agency securities	1,304		—		—		1,304
Total cash equivalents	64,325		—		—		64,325
Marketable securities
U.S. government agency securities	$	228,012	$	—	$	(2,789)	$	225,223
Corporate bonds	116,318		20		(1,667)		114,671
Asset backed securities	45,374		2		(855)		44,521
Total marketable securities	389,704		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 Cost		Gains 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 securities	3,543		—		—		3,543
Total cash equivalents	68,136		—		—		68,136
Marketable securities
Corporate bonds	$	313,634	$	13	$	(493)	$	313,154
U.S. government agency securities	250,793		—		(873)		249,920
Asset backed securities	94,565		2		(107)		94,460
Certificates of deposit	47,147		2		(10)		47,139
Commercial paper	6,996		—		—		6,996
Total marketable securities	713,135		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.

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 December 31, 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	$	63,021	$	63,021	$	—	$	—
U.S. government agency securities	1,304		1,304		—		—
Total cash equivalents	64,325		64,325		—		—
Marketable securities
U.S. government agency securities	$	218,364	$	215,620	$	9,648	$	9,603
Corporate bonds	90,368		89,102		25,950		25,569
Asset backed securities	—		—		45,374		44,521
Total marketable securities	308,732		304,722		80,972		79,693
Total available-for-sale securities	$	373,057	$	369,047	$	80,972	$	79,693

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 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 months				12 months or greater				Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Marketable securities
U.S. government agency securities	$	37,458	$	(337)	$	187,766	$	(2,452)	$	225,224	$	(2,789)
Corporate bonds	35,055		(575)		73,702		(1,092)		108,757		(1,667)
Asset backed securities	27,984		(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 months				12 months or greater				Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Marketable securities
Corporate bonds	$	299,448	$	(493)	$	—	$	—	$	299,448	$	(493)
U.S. government agency securities	249,921		(873)		—		—		249,921		(873)
Asset backed securities	89,990		(107)		—		—		89,990		(107)
Certificates of deposit	24,137		(10)		—		—		24,137		(10)
Total available-for-sale securities	$	663,496	$	(1,483)	$	—	$	—	$	663,496	$	(1,483)