Marketable Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022
(In thousands, except percentages)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Weighted Rate of Return
Money market funds	$	65,706	$	65,706	$	—	$	—	1.32	%
U.S. Government bonds and notes	62,622		64,512		—		(1,890)		0.37	%
Corporate notes, bonds and commercial paper	126,527		129,017		—		(2,490)		0.58	%
Total cash equivalents and marketable securities	254,855		259,235		—		(4,380)
Cash	96,780		96,780		—		—
Total cash, cash equivalents and marketable securities	$	351,635	$	356,015	$	—	$	(4,380)


	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)	June 30, 2022		December 31, 2021
Cash equivalents	$	74,680	$	20,401
Short-term marketable securities	180,175		377,718
Total cash equivalents and marketable securities	254,855		398,119
Cash	96,780		87,490
Total cash, cash equivalents and marketable securities	$	351,635	$	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 June 30, 2022 and December 31, 2021 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Less than 12 months
U.S. Government bonds and notes	$	62,622	$	82,822	$	(1,890)	$	(301)
Corporate notes, bonds and commercial paper	110,380		255,783		(1,916)		(770)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	173,002		338,605		(3,806)		(1,071)
12 months or greater

Corporate notes, bonds and commercial paper	16,147		—		(574)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	16,147		—		(574)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	189,149	$	338,605	$	(4,380)	$	(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)	June 30, 2022
Due less than one year	$	119,546
Due from one year through three years	69,603
Total	$	189,149