XML 47 R33.htm IDEA: XBRL DOCUMENT v3.24.0.1

MARKETABLE SECURITIES (Tables)

12 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of cash and cash equivalents.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration