XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.24.2

MARKETABLE SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2024 and December 31, 2023:
(In thousands) |  | June 30, 2024 |  | December 31, 2023
Cash and cash equivalents |  |  |  |
Cash and money market |  | $ | 519,836 |  |  | $ | 530,100 |
Cash equivalents |  | 10,344 |  |  | 75,278 |
Total cash and cash equivalents |  | 530,180 |  |  | 605,378 |
Marketable securities |  |  |  |
Available-for-sale debt securities |  | $ | 414,271 |  |  | $ | 168,425 |
Equity securities |  | 2,331 |  |  | 3,841 |
Total marketable securities |  | 416,602 |  |  | 172,266 |
Total cash, cash equivalents and marketable securities |  | $ | 946,782 |  |  | $ | 777,644 |
Schedule of available-for-sale securities | Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at June 30, 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 |  | $ | 10,344 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,344 |
Total cash equivalents |  | 10,344 |  |  | — |  |  | — |  |  | 10,344 |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 203,728 |  |  | $ | 160 |  |  | $ | (600) |  |  | $ | 203,288 |
U.S. government agency securities |  | 118,753 |  |  | 3 |  |  | (130) |  |  | 118,626 |
Asset backed securities |  | 87,718 |  |  | 21 |  |  | (325) |  |  | 87,414 |
Commercial paper |  | 4,943 |  |  | — |  |  | — |  |  | 4,943 |
Total marketable securities |  | 415,142 |  |  | 184 |  |  | (1,055) |  |  | 414,271 |
Total available-for-sale securities |  | $ | 425,486 |  |  | $ | 184 |  |  | $ | (1,055) |  |  | $ | 424,615 |
______________ (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 June 30, 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 |  | $ | 10,344 |  |  | $ | 10,344 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  | 10,344 |  |  | 10,344 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 108,950 |  |  | $ | 108,844 |  |  | $ | 9,803 |  |  | $ | 9,782 |
Corporate bonds |  | 46,393 |  |  | 46,288 |  |  | 157,335 |  |  | 157,000 |
Asset backed securities |  | 5,901 |  |  | 5,892 |  |  | 81,817 |  |  | 81,522 |
Commercial paper |  | 4,943 |  |  | 4,943 |  |  | — |  |  | — |
Total marketable securities |  | 166,187 |  |  | 165,967 |  |  | 248,955 |  |  | 248,304 |
Total available-for-sale securities |  | $ | 176,531 |  |  | $ | 176,311 |  |  | $ | 248,955 |  |  | $ | 248,304 |
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 June 30, 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
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 129,953 |  |  | $ | (578) |  |  | $ | 4,720 |  |  | $ | (22) |  |  | $ | 134,673 |  |  | $ | (600) |
U.S. government agency securities |  | 108,835 |  |  | (108) |  |  | 3,913 |  |  | (22) |  |  | 112,748 |  |  | (130) |
Asset backed securities |  | 53,722 |  |  | (211) |  |  | 6,532 |  |  | (114) |  |  | 60,254 |  |  | (325) |
Total available-for-sale securities |  | $ | 292,510 |  |  | $ | (897) |  |  | $ | 15,165 |  |  | $ | (158) |  |  | $ | 307,675 |  |  | $ | (1,055) |

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, cash equivalents, and investments. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration