Marketable Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2022
(In thousands, except percentages)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Weighted Rate of Return
Money market funds	$	16,159	$	16,159	$	—	$	—	1.94	%
U.S. Government bonds and notes	66,680		68,954		—		(2,274)		0.52	%
Corporate notes, bonds and commercial paper	63,449		65,567		—		(2,118)		0.75	%
Total cash equivalents and marketable securities	146,288		150,680		—		(4,392)
Cash	118,560		118,560		—		—
Total cash, cash equivalents and marketable securities	$	264,848	$	269,240	$	—	$	(4,392)


	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)	September 30, 2022		December 31, 2021
Cash equivalents	$	22,999	$	20,401
Short-term marketable securities	123,289		377,718
Total cash equivalents and marketable securities	146,288		398,119
Cash	118,560		87,490
Total cash, cash equivalents and marketable securities	$	264,848	$	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 September 30, 2022 and December 31, 2021 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Less than 12 months
U.S. Government bonds and notes	$	54,924	$	82,822	$	(1,570)	$	(301)
Corporate notes, bonds and commercial paper	31,012		255,783		(786)		(770)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	85,936		338,605		(2,356)		(1,071)
12 months or greater
U.S. Government bonds and notes	11,756		—		(704)		—
Corporate notes, bonds and commercial paper	32,437		—		(1,332)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	44,193		—		(2,036)		—
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	130,129	$	338,605	$	(4,392)	$	(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)	September 30, 2022
Due less than one year	$	84,954
Due from one year through three years	45,175
Total	$	130,129