MARKETABLE SECURITIES

12 Months Ended

Dec. 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 December 31, 2022, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Corporate securities	$	21,803	$	—	$	(135)	$	21,668
Total		21,803		—		(135)		21,668
Investments due in 4-12 months:
Corporate securities		173,833		—		(4,019)		169,814
Total		173,833		—		(4,019)		169,814
Investments due in 12 months or greater:
Corporate securities		58,128		71		(1,240)		56,959
Total		58,128		71		(1,240)		56,959
Total marketable securities	$	253,764	$	71	$	(5,394)	$	248,441

Accrued interest receivable was $1.2 million at December 31, 2022 and was recorded within prepaid expenses and other current assets on the 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 consolidated balance sheet.

As of December 31, 2022 and 2021 the Company had no marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was recorded. 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 December 31, 2022 and December 31, 2021:

	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
December 31, 2022
Corporate securities	$	45,047	$	(662)	$	191,443	$	(4,732)	$	236,490	$	(5,394)
Total marketable securities	$	45,047	$	(662)	$	191,443	$	(4,732)	$	236,490	$	(5,394)

	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
December 31, 2021
Corporate securities	$	274,380	$	(1,186)	$	—	$	—	$	274,380	$	(1,186)
Total marketable securities	$	274,380	$	(1,186)	$	—	$	—	$	274,380	$	(1,186)

The weighted average interest rate of investments at December 31, 2022 and 2021, was approximately 2.08% and 0.45%, respectively. In the years ended December 31, 2022 and 2021, no unrealized losses on marketable securities were recognized in income.