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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)

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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
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-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
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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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