MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2022

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 5. MARKETABLE SECURITIES

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

	September 30, 2022
(In thousands)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	$	65,662	$	—	$	(1,457)	$	64,205
Corporate debt securities		191,993		—		(3,646)		188,347
Commercial paper		8,644		—		(12)		8,632
Asset-backed securities		—		—		—		—
Government, federal agency, and other sovereign obligations		9,942		—		(63)		9,879
Total short-term marketable securities	$	276,241	$	—	$	(5,178)	$	271,063
Long-term:
Municipal bonds	$	67,771	$	—	$	(2,497)	$	65,274
Corporate debt securities		280,053		—		(12,779)		267,274
Asset-backed securities		116,909		—		(3,340)		113,569
Government, federal agency, and other sovereign obligations		59,395		—		(1,547)		57,848
Total long-term marketable securities	$	524,128	$	—	$	(20,163)	$	503,965

	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 September 30, 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 September 30, 2022.