Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Debt Securities [Abstract]

Marketable Securities and Fair Value Measurements

NOTE 4. Marketable Securities and Fair Value Measurements

Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):

	December 31, 2023								December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
Corporate debt securities	$	234,821	$	180	$	(1,604)	$	233,397	$	255,613	$	60	$	(3,240)	$	252,433
U.S. Treasury notes	138,329		261		(1,206)		137,384		151,873		—		(2,306)		149,567
Other	10,000		—		(8)		9,992		9,975		—		(74)		9,901
	$	383,150	$	441	$	(2,818)	$	380,773	$	417,461	$	60	$	(5,620)	$	411,901

For the year ended December 31, 2023, the Company recognized total interest income of $27.9 million, of which $19.1 million was related to its marketable securities investments and $8.8 million was related to interest on cash and cash equivalent balances. For the year ended December 31, 2022, the Company recognized total interest income of $14.5 million, of which $8.1 million was related to its marketable securities investments and $6.4 million was related to interest on cash and cash equivalent balances.

The following table summarizes the Company’s marketable securities maturity as of December 31, 2023 (in thousands):

Year	Amortized Cost		Fair Value
2024	$	155,599	$	154,757
2025	186,581		184,849
2026	40,970		41,167
	$	383,150	$	380,773

The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2023 (in thousands):

	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
Corporate debt securities	$	55,343	$	167	$	126,189	$	1,437
U.S. Treasury notes	37,486		303		75,980		903
Other	9,992		8		—		—
	$	102,821	$	478	$	202,169	$	2,340

The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2022 (in thousands):

	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
Corporate debt securities	$	247,924	$	3,240	$	—	$	—
U.S. Treasury notes	149,567		2,306		—		—
Other	9,901		74		—		—
	$	407,392	$	5,620	$	—	$	—

The Company’s unrealized losses from marketable securities as of December 31, 2023 and 2022 were caused primarily by interest rate increases. The Company does not intend to sell marketable securities that are in an unrealized loss position, 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. There were no allowances for credit losses on available-for-sale marketable securities at December 31, 2023 and 2022.

Fair Value Measurements

The table below summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

	December 31, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	—	$	233,397	$	—	$	—	$	252,433	$	—
U.S. Treasury notes	137,384		—		—		149,567		—		—
Other	9,992		—		—		9,901		—		—
	$	147,376	$	233,397	$	—	$	159,468	$	252,433	$	—