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MARKETABLE SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Cash and Cash Equivalents [Abstract] |
Schedule of cash and cash equivalents | The following table sets forth the Company’s cash, cash equivalents, and marketable securities at December 31, 2023 and 2022:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Cash and cash equivalents |  |  |  |
Cash and money market |  | $ | 530,100 |  |  | $ | 178,168 |
Cash equivalents |  | 75,278 |  |  | 64,325 |
Total cash and cash equivalents |  | 605,378 |  |  | 242,493 |
Marketable securities |  |  |  |
Available-for-sale debt securities |  | $ | 168,425 |  |  | $ | 384,415 |
Equity securities |  | 3,841 |  |  | 5,149 |
Total marketable securities |  | 172,266 |  |  | 389,564 |
Total cash, cash equivalents, and marketable securities |  | $ | 777,644 |  |  | $ | 632,057 |
Schedule of available-for-sale securities | Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2023, consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in AOCI (1) |  | Losses in AOCI (1) |  | Estimated Fair Value
Cash equivalents |  |  |  |  |  |  |  |
Commercial paper |  | $ | 72,243 |  |  | $ | — |  |  | $ | — |  |  | $ | 72,243 |
U.S. government agency securities |  | 3,035 |  |  | — |  |  | — |  |  | 3,035 |
Total cash equivalents |  | 75,278 |  |  | — |  |  | — |  |  | 75,278 |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 56,594 |  |  | $ | 166 |  |  | $ | (44) |  |  | $ | 56,716 |
Corporate bonds |  | 55,712 |  |  | 175 |  |  | (59) |  |  | 55,828 |
Asset backed securities |  | 35,081 |  |  | 65 |  |  | (249) |  |  | 34,897 |
Commercial paper |  | 20,984 |  |  | — |  |  | — |  |  | 20,984 |
Total marketable securities |  | 168,371 |  |  | 406 |  |  | (352) |  |  | 168,425 |
Total available-for-sale debt securities |  | $ | 243,649 |  |  | $ | 406 |  |  | $ | (352) |  |  | $ | 243,703 |
_________________________________ (1) There was no tax impact from the gains and losses in AOCI. Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2022, consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in AOCI (1) |  | Losses in AOCI (1) |  | Estimated Fair Value
Cash equivalents |  |  |  |  |  |  |  |
Commercial paper |  | $ | 63,021 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,021 |
U.S. government agency securities |  | 1,304 |  |  | — |  |  | — |  |  | 1,304 |
Total cash equivalents |  | 64,325 |  |  | — |  |  | — |  |  | 64,325 |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 228,012 |  |  | $ | — |  |  | $ | (2,789) |  |  | $ | 225,223 |
Corporate bonds |  | 116,318 |  |  | 20 |  |  | (1,667) |  |  | 114,671 |
Asset backed securities |  | 45,374 |  |  | 2 |  |  | (855) |  |  | 44,521 |
Total marketable securities |  | 389,704 |  |  | 22 |  |  | (5,311) |  |  | 384,415 |
Total available-for-sale debt securities |  | $ | 454,029 |  |  | $ | 22 |  |  | $ | (5,311) |  |  | $ | 448,740 |
_________________________________ (1) There was no tax impact from the gains and losses in AOCI.
Schedule of contractual maturities of available-for-sale investments | The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at December 31, 2023:
|  | Due one year or less |  | Due after one year through five years
(In thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
Cash equivalents |  |  |  |  |  |  |  |
Commercial paper |  | $ | 72,243 |  |  | $ | 72,243 |  |  | $ | — |  |  | $ | — |
U.S. government agency securities |  | 3,035 |  |  | 3,035 |  |  | — |  |  | — |
Total cash equivalents |  | 75,278 |  |  | 75,278 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 33,518 |  |  | $ | 33,474 |  |  | $ | 22,194 |  |  | $ | 22,354 |
U.S. government agency securities |  | 33,407 |  |  | 33,403 |  |  | 23,187 |  |  | 23,313 |
Commercial paper |  | 20,984 |  |  | 20,984 |  |  | — |  |  | — |
Asset backed securities |  | — |  |  | — |  |  | 35,081 |  |  | 34,897 |
Total marketable securities |  | 87,909 |  |  | 87,861 |  |  | 80,462 |  |  | 80,564 |
Total available-for-sale securities |  | $ | 163,187 |  |  | $ | 163,139 |  |  | $ | 80,462 |  |  | $ | 80,564 |
Schedule of gross unrealized losses and fair values of investments in an unrealized loss position | The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2023, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:
|  | Less than one year |  | One year or greater |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 25,895 |  |  | $ | (41) |  |  | $ | 2,480 |  |  | $ | (18) |  |  | $ | 28,375 |  |  | $ | (59) |
U.S. government agency securities |  | 15,756 |  |  | (35) |  |  | 3,965 |  |  | (9) |  |  | 19,721 |  |  | (44) |
Asset backed securities |  | 4,377 |  |  | (5) |  |  | 10,935 |  |  | (244) |  |  | 15,312 |  |  | (249) |
Total available-for-sale securities |  | $ | 46,028 |  |  | $ | (81) |  |  | $ | 17,380 |  |  | $ | (271) |  |  | $ | 63,408 |  |  | $ | (352) |
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2022, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:
|  | Less than one year |  | One year or greater |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 37,458 |  |  | $ | (337) |  |  | $ | 187,766 |  |  | $ | (2,452) |  |  | $ | 225,224 |  |  | $ | (2,789) |
Corporate bonds |  | 35,055 |  |  | (575) |  |  | 73,702 |  |  | (1,092) |  |  | 108,757 |  |  | (1,667) |
Asset backed securities |  | 27,984 |  |  | (735) |  |  | 15,536 |  |  | (120) |  |  | 43,520 |  |  | (855) |
Total available-for-sale securities |  | $ | 100,497 |  |  | $ | (1,647) |  |  | $ | 277,004 |  |  | $ | (3,664) |  |  | $ | 377,501 |  |  | $ | (5,311) |

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