MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2022

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 5. MARKETABLE SECURITIES

The composition of our short-term and long-term marketable securities was as follows:

	March 31, 2022
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	41,252	$	9	$	(110)	$	41,151
Corporate debt securities		147,401		57		(927)		146,531
Commercial paper		36,251		—		(42)		36,209
Asset-backed securities		6,603		11		—		6,614
Government, federal agency, and other sovereign obligations		13,070		—		(70)		13,000
Total short-term marketable securities	$	244,577	$	77	$	(1,149)	$	243,505
Long-term:
Municipal bonds	$	101,483	$	4	$	(2,255)	$	99,232
Corporate debt securities		341,254		76		(7,442)		333,888
Asset-backed securities		102,013		19		(1,926)		100,106
Government, federal agency, and other sovereign obligations		14,032		—		(377)		13,655
Total long-term marketable securities	$	558,782	$	99	$	(12,000)	$	546,881

	December 31, 2021
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	$	66,379	$	99	$	(11)	$	66,467
Corporate debt securities		107,102		434		(65)		107,471
Commercial paper		38,252		2		(1)		38,253
Asset-backed securities		12,931		58		—		12,989
Government, federal agency, and other sovereign obligations		25,231		—		(33)		25,198
Total short-term marketable securities	$	249,895	$	593	$	(110)	$	250,378
Long-term:
Municipal bonds	$	91,185	$	4	$	(409)	$	90,780
Corporate debt securities		324,492		351		(1,318)		323,525
Asset-backed securities		128,139		101		(578)		127,662
Government, federal agency, and other sovereign obligations		20,539		—		(31)		20,508
Total long-term marketable securities	$	564,355	$	456	$	(2,336)	$	562,475

The short-term marketable securities have effective maturity dates of less than one year and the long-term marketable securities have effective maturity dates ranging from one to three years as of March 31, 2022 and December 31, 2021, respectively.

Purchases of marketable securities include amounts payable to brokers of $2.2 million as of December 31, 2021. Purchases of marketable securities included no amounts payable to brokers as of March 31, 2022.