Marketable Securities

3 Months Ended

Mar. 31, 2025

Marketable Securities

Marketable Securities

(5)  Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:

	Amortized		Gross Unrealized		Gross Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
March 31, 2025
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	178,109	$	382	$	—	$	178,491
Maturing after one year through three years		86,479		405		(49)		86,835
Total U.S. government and municipal obligations	$	264,588	$	787	$	(49)	$	265,326
Corporate debt securities
Maturing in one year or less	$	298,594	$	241	$	(36)	$	298,799
Maturing after one year through three years		92,001		109		(80)		92,030
Total corporate debt securities	$	390,595	$	350	$	(116)	$	390,829
Total marketable securities	$	655,183	$	1,137	$	(165)	$	656,155
	Amortized		Gross Unrealized		Gross Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
December 31, 2024
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	185,388	$	467	$	—	$	185,855
Maturing after one year through three years		102,331		316		(144)		102,503
Total U.S. government and municipal obligations	$	287,719	$	783	$	(144)	$	288,358
Corporate debt securities
Maturing in one year or less	$	336,350	$	350	$	(54)	$	336,646
Maturing after one year through three years		72,139		36		(254)		71,921
Total corporate debt securities	$	408,489	$	386	$	(308)	$	408,567
Total marketable securities	$	696,208	$	1,169	$	(452)	$	696,925

The Company holds investment-grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of March 31, 2025 and December 31, 2024 was $125.2 million and $142.5 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at March 31, 2025.

Marketable securities include $6.0 million and $6.1 million in accrued interest at March 31, 2025 and December 31, 2024, respectively.