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MARKETABLE SECURITIES (Tables)

3 Months Ended

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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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.

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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

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-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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-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

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Tabular disclosure of the components of cash, cash equivalents, and investments.

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