Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract]

Financial Instruments

The following is a summary of available-for-sale marketable securities, as of December 31, 2022 and 2021, respectively (in thousands):

	December 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable securities:
Corporate securities (1)	$	184,321	$	75	$	(2,344	)	$	182,052
U.S. treasury and agency securities		34,071		3		(200	)		33,874
Total marketable securities	$	218,392	$	78	$	(2,544	)	$	215,926
(1) Comprised primarily of corporate bonds and commercial paper

	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable securities:
Corporate securities (1)	$	7,716	$	—	$	(1	)	$	7,715
U.S. treasury and agency securities		6,070		—		(3	)		6,067
Total marketable securities	$	13,786	$	—	$	(4	)	$	13,782
(1) Comprised primarily of corporate bonds and commercial paper

As of December 31, 2022, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):

Due within one year	$	111,566
Due in one to five years		104,360
Total	$	215,926

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. The Company does not intend to sell the instruments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. Unrealized gain and losses on marketable securities are presented net of tax.