Marketable Securities (Tables)

12 Months Ended

Dec. 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 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 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 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

Estimated fair value of cash equivalents and marketable securities classified by date of contractual maturity and 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 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)

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)	December 31, 2022
Due less than one year	$	177,356
Due from one year through three years	25,370
Total	$	202,726