MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2022

Marketable Securities Abstract

MARKETABLE SECURITIES

5. MARKETABLE SECURITIES:

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at March 31, 2022, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Commercial paper	$	5,996	$	—	$	—	$	5,996
Corporate securities		1,953		—		(1)		1,952
Total		7,949		—		(1)		7,948
Investments due in 4-12 months:
Corporate securities		45,329		—		(484)		44,845
Total		45,329		—		(484)		44,845
Investments due in 12 months or greater:
Corporate securities		225,487		—		(4,861)		220,626
Total		225,487		—		(4,861)		220,626
Total marketable securities	$	278,765	$	—	$	(5,346)	$	273,419

Accrued interest receivable was $1.5 million at March 31, 2022 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2021, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Commercial paper	$	89,965	$	—	$	—	$	89,965
Corporate securities		7,285		—		(3)		7,282
Total		97,250		—		(3)		97,247
Investments due in 4-12 months:
Corporate securities		25,054		—		(42)		25,012
Total		25,054		—		(42)		25,012
Investments due in 12 months or greater:
Corporate securities		251,096		21		(1,141)		249,976
Total		251,096		21		(1,141)		249,976
Total marketable securities	$	373,400	$	21	$	(1,186)	$	372,235

Accrued interest receivable was $1.5 million at December 31, 2021 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at March 31, 2022:

	Less Than 12 Months				12 Months or Longer				Total
	Estimated		Gross		Estimated		Gross		Estimated		Gross
	Fair Market		Unrealized		Fair Market		Unrealized		Fair Market		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	266,473	$	(5,346)	$	—	$	—	$	266,473	$	(5,346)
Total marketable securities	$	266,473	$	(5,346)	$	—	$	—	$	266,473	$	(5,346)

In the three months ended March 31, 2022 and 2021, no unrealized losses on marketable securities were recognized in income.

The Company does not intend to sell and it is unlikely that it will be required to sell the securities prior to their anticipated recovery. The issuers are high quality (investment grade) and the decline in fair value is largely due to changes

in interest rates. Additionally, the issuers continue to make timely interest payments on the marketable securities with the fair value expected to recover as they reach maturity.