MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at September 30, 2023 and December 31, 2022:

(In thousands)	September 30, 2023		December 31, 2022
Cash and cash equivalents
Cash and money market	$	543,316	$	178,168
Cash equivalents	51,296		64,325
Total cash and cash equivalents	594,612		242,493
Marketable securities
Available-for-sale debt securities	$	137,049	$	384,415
Equity securities	2,745		5,149
Total marketable securities	139,794		389,564
Total cash, cash equivalents and marketable securities	$	734,406	$	632,057

Schedule of available-for-sale securities

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2023, 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	$	49,806	$	—	$	—	$	49,806
U.S. government agency securities	1,490		—		—		1,490
Total cash equivalents	51,296		—		—		51,296
Marketable securities
Corporate bonds	$	55,464	$	5	$	(359)	$	55,110
U.S. government agency securities	43,121		1		(190)		42,932
Asset backed securities	30,524		—		(419)		30,105
Commercial paper	8,902		—		—		8,902
Total marketable securities	138,011		6		(968)		137,049
Total available-for-sale securities	$	189,307	$	6	$	(968)	$	188,345

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(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (loss) (“AOCI”).

Available-for-sale debt securities, including the classification within the condensed 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 securities	$	454,029	$	22	$	(5,311)	$	448,740

______________

(1)There was no tax impact from the gains and losses in AOCI.

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, 2023:

	Due one year or less				Due after one year through five years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
Commercial paper	$	49,806	$	49,806	$	—	$	—
U.S. government agency securities	1,490		1,490		—		—
Total cash equivalents	51,296		51,296		—		—
Marketable securities
Corporate bonds	$	37,188	$	36,931	$	18,276	$	18,179
U.S. government agency securities	27,744		27,648		15,377		15,284
Commercial Paper	8,902		8,902		—		—
Asset backed securities	898		894		29,626		29,211
Total marketable securities	74,732		74,375		63,279		62,674
Total available-for-sale securities	$	126,028	$	125,671	$	63,279	$	62,674

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, 2023 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	$	34,109	$	(177)	$	17,996	$	(182)	$	52,105	$	(359)
U.S. government agency securities	33,114		(151)		7,929		(39)		41,043		(190)
Asset backed securities	15,011		(41)		15,094		(378)		30,105		(419)
Total available-for-sale securities	$	82,234	$	(369)	$	41,019	$	(599)	$	123,253	$	(968)