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Marketable Securities | 12 Months Ended
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Dec. 31, 2022
Debt Securities, Available-for-Sale [Abstract] |
Marketable Securities | Marketable Securities All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:
|  | As of December 31, 2022
(In thousands, except percentages) |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Weighted Rate of Return
Money market funds |  | $ | 15,763 |  |  | $ | 15,763 |  |  | $ | — |  |  | $ | — |  |  | 2.63 | %
U.S. Government bonds and notes |  | 96,371 |  |  | 98,250 |  |  | 1 |  |  | (1,880) |  |  | 1.73 | %
Corporate notes, bonds and commercial paper |  | 106,355 |  |  | 108,092 |  |  | 7 |  |  | (1,744) |  |  | 2.59 | %
Total cash equivalents and marketable securities |  | 218,489 |  |  | 222,105 |  |  | 8 |  |  | (3,624) |  |  |
Cash |  | 94,737 |  |  | 94,737 |  |  | — |  |  | — |  |  |
Total cash, cash equivalents and marketable securities |  | $ | 313,226 |  |  | $ | 316,842 |  |  | $ | 8 |  |  | $ | (3,624) |  |  |
|  | 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 are reported at fair value on the balance sheets and classified along with cash as follows:
|  | As of December 31,
(In thousands) |  | 2022 |  | 2021
Cash equivalents |  | $ | 30,597 |  |  | $ | 20,401 |
Short-term marketable securities |  | 187,892 |  |  | 377,718 |
Total cash equivalents and marketable securities |  | 218,489 |  | 398,119
Cash |  | 94,737 |  |  | 87,490 |
Total cash, cash equivalents and marketable securities |  | $ | 313,226 |  |  | $ | 485,609 |
The Company continues to invest in highly rated and highly liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and unrealized losses that may be other than temporary. 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 December 31, 2022 and 2021 are as follows:
|  | Fair Value |  | Gross Unrealized Losses |
(In thousands) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2021 |
Less than 12 months |  |  |  |  |  |  |  |  |
U.S. Government bonds and notes |  | $ | 28,893 |  |  | $ | 82,822 |  |  | $ | (23) |  |  | $ | (301) |  |
Corporate notes, bonds and commercial paper |  | 45,538 |  |  | 255,783 |  |  | (35) |  |  | (770) |  |
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months |  | 74,431 |  |  | 338,605 |  |  | (58) |  |  | (1,071) |  |
12 months or greater |  |  |  |  |  |  |  |  |
U.S. Government bonds and notes |  | 62,588 |  |  | — |  |  | (1,857) |  |  | — |  |
Corporate notes, bonds and commercial paper |  | 49,559 |  |  | — |  |  | (1,709) |  |  | — |  |
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater |  | 112,147 |  |  | — |  |  | (3,566) |  |  | — |  |
Total cash equivalents and marketable securities in a continuous unrealized loss position |  | $ | 186,578 |  |  | $ | 338,605 |  |  | $ | (3,624) |  |  | $ | (1,071) |  |
The gross unrealized losses at December 31, 2022 and 2021 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions, as well as the demand for and duration of the U.S. government-sponsored obligations and corporate notes, bonds and commercial paper. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before the recovery of its related amortized cost. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). However, the Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results. The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:
(In thousands) |  | December 31, 2022
Due less than one year |  | $ | 177,356 |
Due from one year through three years |  | 25,370 |
Total |  | $ | 202,726 |
Refer to Note 9, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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