Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	85,826	$	85,826	$	—	$	—
Cash equivalents:
Money market funds	23,438		23,438		—		—
U.S. Government bonds and notes	6,957		6,956		1		—
Corporate notes, bonds and commercial paper	5,969		5,969		—		—
Total cash equivalents	36,364		36,363		1		—
Total cash and cash equivalents	122,190		122,189		1		—
Marketable securities:
Time deposits	4,951		4,951		—		—
U.S. Government bonds and notes	89,592		90,546		—		(954)
Corporate notes, bonds and commercial paper	115,894		116,953		1		(1,060)
Total marketable securities	210,437		212,450		1		(2,014)
Total cash, cash equivalents and marketable securities	$	332,627	$	334,639	$	2	$	(2,014)


	As of December 31, 2022
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	94,737	$	94,737	$	—	$	—
Cash equivalents:
Money market funds	15,763		15,763		—		—
Corporate notes, bonds and commercial paper	14,834		14,838		—		(4)
Total cash equivalents	30,597		30,601		—		(4)
Total cash and cash equivalents	125,334		125,338		—		(4)
Marketable securities:
U.S. Government bonds and notes	96,371		98,250		1		(1,880)
Corporate notes, bonds and commercial paper	91,521		93,254		7		(1,740)
Total marketable securities	187,892		191,504		8		(3,620)
Total cash, cash equivalents and marketable securities	$	313,226	$	316,842	$	8	$	(3,624)

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, 2023		December 31, 2022
Cash	$	85,826	$	94,737
Cash equivalents	36,364		30,597
Total cash and cash equivalents	122,190		125,334
Marketable securities	210,437		187,892
Total cash, cash equivalents and marketable securities	$	332,627	$	313,226

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, 2023 and December 31, 2022 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Less than 12 months
U.S. Government bonds and notes	$	43,962	$	28,893	$	(174)	$	(23)
Corporate notes, bonds and commercial paper	87,800		45,538		(226)		(35)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	131,762		74,431		(400)		(58)
12 months or greater
U.S. Government bonds and notes	45,631		62,588		(780)		(1,857)
Corporate notes, bonds and commercial paper	24,969		49,559		(834)		(1,709)
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	70,600		112,147		(1,614)		(3,566)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	202,362	$	186,578	$	(2,014)	$	(3,624)

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, 2023
Due less than one year	$	207,899
Due from one year through three years	15,464
Total	$	223,363