MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Commercial paper	$	748	$	—	$	—	$	748
Total		748		—		—		748
Investments due in 4-12 months:
Corporate securities		92,943		269		(26)		93,186
Total		92,943		269		(26)		93,186
Investments due in 12 months or greater:
Corporate securities		148,720		2,634		(6)		151,348
Total		148,720		2,634		(6)		151,348
Total marketable securities	$	242,411	$	2,903	$	(32)	$	245,282

Accrued interest receivable was $2.6 million at September 30, 2024 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, 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	$	10,688	$	—	$	(42)	$	10,646
Total		10,688		—		(42)		10,646
Investments due in 4-12 months:
Commercial paper		718		—		—		718
Corporate securities		48,680		15		(347)		48,348
Total		49,398		15		(347)		49,066
Investments due in 12 months or greater:
Corporate securities		187,298		952		(322)		187,928
Total		187,298		952		(322)		187,928
Total marketable securities	$	247,384	$	967	$	(711)	$	247,640

Accrued interest receivable was $2.3 million at December 31, 2023 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 September 30, 2024:

	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	$	10,790	$	(9)	$	13,222	$	(23)	$	24,012	$	(32)
Total marketable securities	$	10,790	$	(9)	$	13,222	$	(23)	$	24,012	$	(32)

In the three and nine months ended September 30, 2024 and 2023, 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.