MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2023

MARKETABLE SECURITIES

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, 2023, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Corporate securities	$	72,749	$	—	$	(348)	$	72,401
Total		72,749		—		(348)		72,401
Investments due in 4-12 months:
Corporate securities		111,179		—		(2,375)		108,804
Total		111,179		—		(2,375)		108,804
Investments due in 12 months or greater:
Corporate securities		83,662		324		(752)		83,234
Total		83,662		324		(752)		83,234
Total marketable securities	$	267,590	$	324	$	(3,475)	$	264,439

Accrued interest receivable was $1.7 million at March 31, 2023 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, 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 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, 2023:

	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	$	36,014	$	(288)	$	175,733	$	(3,187)	$	211,747	$	(3,475)
Total marketable securities	$	36,014	$	(288)	$	175,733	$	(3,187)	$	211,747	$	(3,475)

In the three months ended March 31, 2023 and 2022, 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.