Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2022

Debt Securities, Available-for-sale [Abstract]

Cash equivalents and marketable securities classified as available-for-sale

Total cash, cash equivalents and marketable securities are summarized as follows:


	As of March 31, 2022
(In thousands, except percentages)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Weighted Rate of Return
Money market funds	$	6,058	$	6,058	$	—	$	—	0.21	%
U.S. Government bonds and notes	63,023		64,547		—		(1,524)		0.37	%
Corporate notes, bonds and commercial paper	111,314		113,421		—		(2,107)		0.33	%
Total cash equivalents and marketable securities	180,395		184,026		—		(3,631)
Cash	163,296		163,296		—		—
Total cash, cash equivalents and marketable securities	$	343,691	$	347,322	$	—	$	(3,631)


	As of December 31, 2021
(In thousands, except percentages)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Weighted Rate of Return
Money market funds	$	7,402	$	7,402	$	—	$	—	0.02	%
U.S. Government bonds and notes	102,812		103,113		—		(301)		0.29	%
Corporate notes, bonds and commercial paper	287,905		288,667		8		(770)		0.22	%
Total cash equivalents and marketable securities	398,119		399,182		8		(1,071)
Cash	87,490		87,490		—		—
Total cash, cash equivalents and marketable securities	$	485,609	$	486,672	$	8	$	(1,071)

Available-for-sale securities reported at fair value

Available-for-sale securities are reported at fair value on the balance sheets and classified along with cash as follows:


	As of
(In thousands)	March 31, 2022		December 31, 2021
Cash equivalents	$	15,833	$	20,401
Short-term marketable securities	164,562		377,718
Total cash equivalents and marketable securities	180,395		398,119
Cash	163,296		87,490
Total cash, cash equivalents and marketable securities	$	343,691	$	485,609

Estimated fair value of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Less than 12 months
U.S. Government bonds and notes	$	63,023	$	82,822	$	(1,524)	$	(301)
Corporate notes, bonds and commercial paper	104,432		255,783		(2,068)		(770)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	167,455		338,605		(3,592)		(1,071)
12 months or greater

Corporate notes, bonds and commercial paper	1,878		—		(39)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	1,878		—		(39)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	169,333	$	338,605	$	(3,631)	$	(1,071)

Contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities

The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:



(In thousands)	March 31, 2022
Due less than one year	$	65,210
Due from one year through three years	109,127
Total	$	174,337