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MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:

(In thousands)						September 30, 2024						December 31, 2023
Cash and cash equivalents
Cash and money market						$	582,741					$	530,100
Cash equivalents						6,089						75,278
Total cash and cash equivalents						588,830						605,378
Marketable securities
Available-for-sale debt securities						$	427,072					$	168,425
Equity securities						5,229						3,841
Total marketable securities						432,301						172,266
Total cash, cash equivalents and marketable securities						$	1,021,131					$	777,644

Schedule of available-for-sale securities

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2024, consisted of the following:

(In thousands)						Amortized Cost						Gains in Accumulated Other Comprehensive Income (1)						Losses in Accumulated Other Comprehensive Income (1)						Estimated Fair Value
Cash equivalents
U.S. government agency securities						$	6,089					$	—					$	—					$	6,089
Total cash equivalents						6,089						—						—						6,089
Marketable securities
Corporate bonds						$	212,590					$	2,039					$	(14)					$	214,615
U.S. government agency securities						126,676						436						(19)						127,093
Asset backed securities						84,977						441						(54)						85,364
Total marketable securities						424,243						2,916						(87)						427,072
Total available-for-sale securities						$	430,332					$	2,916					$	(87)					$	433,161

______________

(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (“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 (1)						Losses in Accumulated Other Comprehensive Income (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 September 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						$	6,089					$	6,089					$	—					$	—
Total cash equivalents						6,089						6,089						—						—
Marketable securities
U.S. government agency securities						$	89,800					$	90,048					$	36,876					$	37,045
Corporate bonds						51,706						51,890						160,884						162,725
Asset backed securities						11,388						11,448						73,589						73,916
Total marketable securities						152,894						153,386						271,349						273,686
Total available-for-sale securities						$	158,983					$	159,475					$	271,349					$	273,686

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 September 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						$	9,501					$	(13)					$	3,290					$	(1)					$	12,791					$	(14)
U.S. government agency securities						8,551						(16)						3,963						(3)						12,514						(19)
Asset backed securities						3,399						(3)						3,986						(51)						7,385						(54)
Total available-for-sale securities						$	21,451					$	(32)					$	11,239					$	(55)					$	32,690					$	(87)

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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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-Topic 326
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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