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MARKETABLE SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Investments | The following table sets forth the Company’s cash, cash equivalents, and marketable securities at March 31, 2024 and December 31, 2023:
(In thousands) |  | March 31, 2024 |  | December 31, 2023
Cash and cash equivalents |  |  |  |
Cash and money market |  | $ | 329,357 |  |  | $ | 530,100 |
Cash equivalents |  | 18,130 |  |  | 75,278 |
Total cash and cash equivalents |  | 347,487 |  |  | 605,378 |
Marketable securities |  |  |  |
Available-for-sale debt securities |  | $ | 302,020 |  |  | $ | 168,425 |
Equity securities |  | 2,586 |  |  | 3,841 |
Total marketable securities |  | 304,606 |  |  | 172,266 |
Total cash, cash equivalents and marketable securities |  | $ | 652,093 |  |  | $ | 777,644 |
Schedule of available-for-sale securities | Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at March 31, 2024, consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income (Loss) (1) |  | Losses in Accumulated Other Comprehensive Income (Loss) (1) |  | Estimated Fair Value
Cash equivalents |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 18,132 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 18,130 |
Total cash equivalents |  | 18,132 |  |  | — |  |  | (2) |  |  | 18,130 |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 141,211 |  |  | $ | 76 |  |  | $ | (442) |  |  | $ | 140,845 |
U.S. government agency securities |  | 81,779 |  |  | 24 |  |  | (90) |  |  | 81,713 |
Asset backed securities |  | 71,049 |  |  | 17 |  |  | (316) |  |  | 70,750 |
Commercial paper |  | 8,712 |  |  | — |  |  | — |  |  | 8,712 |
Total marketable securities |  | 302,751 |  |  | 117 |  |  | (848) |  |  | 302,020 |
Total available-for-sale securities |  | $ | 320,883 |  |  | $ | 117 |  |  | $ | (850) |  |  | $ | 320,150 |
______________ (1)There was no tax impact from the gains and losses in accumulated other comprehensive income (loss) (“AOCI”). Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at December 31, 2023, consisted of the following:
(In thousands) |  | Amortized Cost |  | Gains in Accumulated Other Comprehensive Income (Loss) (1) |  | Losses in Accumulated Other Comprehensive Income (Loss) (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 securities |  | $ | 243,649 |  |  | $ | 406 |  |  | $ | (352) |  |  | $ | 243,703 |
______________ (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 March 31, 2024:
|  | Due one year or less |  | Due after one year through five years
(In thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
Cash equivalents |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 18,132 |  |  | $ | 18,130 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  | 18,132 |  |  | 18,130 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 63,225 |  |  | $ | 63,170 |  |  | $ | 18,554 |  |  | $ | 18,543 |
Corporate bonds |  | 30,241 |  |  | 30,195 |  |  | 110,970 |  |  | 110,650 |
Commercial paper |  | 8,712 |  |  | 8,712 |  |  | — |  |  | — |
Asset backed securities |  | 2,467 |  |  | 2,466 |  |  | 68,582 |  |  | 68,284 |
Total marketable securities |  | 104,645 |  |  | 104,543 |  |  | 198,106 |  |  | 197,477 |
Total available-for-sale securities |  | $ | 122,777 |  |  | $ | 122,673 |  |  | $ | 198,106 |  |  | $ | 197,477 |
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 March 31, 2024 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
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 8,115 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 8,115 |  |  | $ | (2) |
Total cash equivalents |  | 8,115 |  |  | (2) |  |  | — |  |  | — |  |  | 8,115 |  |  | (2) |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 109,000 |  |  | $ | (434) |  |  | $ | 3,490 |  |  | $ | (8) |  |  | $ | 112,490 |  |  | $ | (442) |
U.S. government agency securities |  | 64,100 |  |  | (89) |  |  | 1,996 |  |  | (1) |  |  | 66,096 |  |  | (90) |
Asset backed securities |  | 46,430 |  |  | (145) |  |  | 8,042 |  |  | (171) |  |  | 54,472 |  |  | (316) |
Total marketable securities |  | 219,530 |  |  | (668) |  |  | 13,528 |  |  | (180) |  |  | 233,058 |  |  | (848) |
Total available-for-sale securities |  | $ | 227,645 |  |  | $ | (670) |  |  | $ | 13,528 |  |  | $ | (180) |  |  | $ | 241,173 |  |  | $ | (850) |

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