Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $4.2 million and $0.7 million of pre-tax net unrealized gains and losses, respectively, in Accumulated other comprehensive income (“AOCI”) as of September 30, 2024, and December 31, 2023, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of September 30, 2024, and December 31, 2023:

	September 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term AFS securities
U.S. Treasury securities	$	167,580	$	614	$	(8)	$	168,186
Corporate debt securities	114,689		527		(10)		115,206
U.S. governmental agency securities	4,945		—		(12)		4,933
Total short-term AFS securities	$	287,214	$	1,141	$	(30)	$	288,325
Long-term AFS securities
Corporate debt securities	$	186,724	$	1,906	$	(13)	$	188,617
U.S. Treasury securities	137,605		1,228		(15)		138,818
Total long-term AFS securities	$	324,329	$	3,134	$	(28)	$	327,435

	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term AFS securities
U.S. Treasury securities	$	48,721	$	55	$	(667)	$	48,109
Corporate debt securities	109,891		6		(1,828)		108,069
U.S. governmental agency securities	6,000		—		(84)		5,916
Total short-term AFS securities	$	164,612	$	61	$	(2,579)	$	162,094
Long-term AFS securities
Corporate debt securities	$	103,061	$	886	$	(5)	$	103,942
U.S. Treasury securities	148,878		1,023		(42)		149,859
U.S. governmental agency securities	3,857		—		(25)		3,832
Total long-term AFS securities	$	255,796	$	1,909	$	(72)	$	257,633

The following tables represent the AFS securities as of September 30, 2024, and December 31, 2023, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2024
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities	$	4,926	$	—	$	6,286	$	(8)	$	11,212	$	(8)
Corporate debt securities	10,543		(3)		6,143		(7)		16,686		(10)
U.S. governmental agency securities	—		—		4,933		(12)		4,933		(12)
Total short-term AFS securities	$	15,469	$	(3)	$	17,362	$	(27)	$	32,831	$	(30)
Long-term AFS securities
Corporate debt securities	$	13,277	$	(13)	$	—	$	—	$	13,277	$	(13)
U.S. Treasury securities	13,950		(15)		—		—		13,950		(15)
Total long-term AFS securities	$	27,227	$	(28)	$	—	$	—	$	27,227	$	(28)

	December 31, 2023
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities	$	995	$	(1)	$	24,978	$	(666)	$	25,973	$	(667)
Corporate debt securities	5,819		(5)		99,504		(1,823)		105,323		(1,828)
U.S. governmental agency securities	—		—		5,916		(84)		5,916		(84)
Total short-term AFS securities	$	6,814	$	(6)	$	130,398	$	(2,573)	$	137,212	$	(2,579)
Long-term AFS securities
Corporate debt securities	$	2,451	$	—	$	245	$	(5)	$	2,696	$	(5)
U.S. Treasury securities	14,792		(36)		290		(6)		15,082		(42)
U.S. governmental agency securities	3,832		(25)		—		—		3,832		(25)
Total long-term AFS securities	$	21,075	$	(61)	$	535	$	(11)	$	21,610	$	(72)

We assess our AFS securities for impairment on a quarterly basis or more often if a potential loss-triggering event occurs.

As of September 30, 2024, and December 31, 2023, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of September 30, 2024, and December 31, 2023, we have recognized no impairment losses or allowance for credit losses related to AFS securities.

As of September 30, 2024, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 27 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.