Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of September 30, 2023 and December 31, 2022 at net book value:

	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	330,875	$	3	$	(935	)	$	329,943
Financial institution debt securities		319,226		40		(688	)		318,578
Corporate debt securities		115,344		4		(306	)		115,042
Other asset-backed securities		61,188		-		(238	)		60,950
Total	$	826,633	$	47	$	(2,167	)	$	824,513
	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	244,562	$	62	$	(1,938	)	$	242,686
Financial institution debt securities		380,891		-		(1,030	)		379,861
Corporate debt securities		102,059		-		(509	)		101,550
Other asset-backed securities		14,703		-		(346	)		14,357
Total	$	742,215	$	62	$	(3,823	)	$	738,454

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2023 and December 31, 2022, the balance in the Company’s accumulated other comprehensive loss was composed of activity related to the Company’s available-for-sale marketable securities and equity method investment. There were no material realized gains or losses in the nine months ended September 30, 2023 or for the year ended December 31, 2022; therefore, the Company did not reclassify any amounts out of accumulated other comprehensive loss during this period. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company’s available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At September 30, 2023 and December 31, 2022, the Company did not hold any investments that matured beyond five years of the balance sheet date.