MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

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

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

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(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

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(1) There was no tax impact from the gains and losses in AOCI.

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

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)

The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of December 31, 2023 and 2022 because the change in market value for those securities in an unrealized loss position has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers.

The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income, net in the Company’s consolidated statements of operations. The gains and losses recorded were not significant for the years ended December 31, 2023, 2022, and 2021.