Marketable Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2023
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	87,745	$	87,745	$	—	$	—
Cash equivalents:
Money market funds	14,129		14,129		—		—
U.S. Government bonds and notes	11,885		11,886		1		(2)
Corporate notes, bonds and commercial paper	18,198		18,198		1		(1)
Total cash equivalents	44,212		44,213		2		(3)
Total cash and cash equivalents	131,957		131,958		2		(3)
Marketable securities:
Time deposits	9,746		9,746		—		—
U.S. Government bonds and notes	131,142		131,562		6		(426)
Corporate notes, bonds and commercial paper	102,700		103,464		2		(766)
Total marketable securities	243,588		244,772		8		(1,192)
Total cash, cash equivalents and marketable securities	$	375,545	$	376,730	$	10	$	(1,195)


	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)	September 30, 2023		December 31, 2022
Cash	$	87,745	$	94,737
Cash equivalents	44,212		30,597
Total cash and cash equivalents	131,957		125,334
Marketable securities	243,588		187,892
Total cash, cash equivalents and marketable securities	$	375,545	$	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 September 30, 2023 and December 31, 2022 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Less than 12 months
U.S. Government bonds and notes	$	58,506	$	28,893	$	(116)	$	(23)
Corporate notes, bonds and commercial paper	84,655		45,538		(147)		(35)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	143,161		74,431		(263)		(58)
12 months or greater
U.S. Government bonds and notes	19,595		62,588		(312)		(1,857)
Corporate notes, bonds and commercial paper	17,168		49,559		(620)		(1,709)
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	36,763		112,147		(932)		(3,566)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	179,924	$	186,578	$	(1,195)	$	(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)	September 30, 2023
Due less than one year	$	266,769
Due from one year through three years	6,902
Total	$	273,671