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MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of cash and cash equivalents

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at December 31, 2024 and 2023:

						December 31,
(In thousands)						2024						2023
Cash and cash equivalents
Cash and money market						$	595,548					$	530,100
Cash equivalents						5,341						75,278
Total cash and cash equivalents						600,889						605,378
Marketable securities
Available-for-sale debt securities						$	431,165					$	168,425
Equity securities						5,972						3,841
Total marketable securities						437,137						172,266
Total cash, cash equivalents, and marketable securities						$	1,038,026					$	777,644

Schedule of available-for-sale securities

Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2024, consisted of the following:

(In thousands)						Amortized Cost						Gains in AOCI (1)						Losses in AOCI (1)						Estimated Fair Value
Cash equivalents
U.S. government agency securities						$	5,341					$	—					$	—					$	5,341
Total cash equivalents						5,341						—						—						5,341
Marketable securities
Corporate bonds						$	206,063					$	932					$	(121)					$	206,874
U.S. government agency securities						140,992						160						(200)						140,952
Asset backed securities						83,134						256						(51)						83,339
Total marketable securities						430,189						1,348						(372)						431,165
Total available-for-sale debt securities						$	435,530					$	1,348					$	(372)					$	436,506

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(1)     There was no tax impact from the gains and losses in AOCI.

Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2023, consisted of the following:

(In thousands)						Amortized Cost						Gains in AOCI (1)						Losses in AOCI (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 debt securities						$	243,649					$	406					$	(352)					$	243,703

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(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 December 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						$	5,341					$	5,341					$	—					$	—
Total cash equivalents						5,341						5,341						—						—
Marketable securities
U.S. government agency securities						$	70,822					$	70,943					$	70,170					$	70,009
Corporate bonds						39,224						39,321						166,839						167,553
Asset backed securities						11,298						11,331						71,836						72,008
Total marketable securities						121,344						121,595						308,845						309,570
Total available-for-sale securities						$	126,685					$	126,936					$	308,845					$	309,570

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 December 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
Marketable securities
U.S. government agency securities						$	39,542					$	(199)					$	1,990					$	(1)					$	41,532					$	(200)
Corporate bonds						25,979						(121)						—						—						25,979						(121)
Asset backed securities						5,567						(28)						2,666						(23)						8,233						(51)
Total available-for-sale securities						$	71,088					$	(348)					$	4,656					$	(24)					$	75,744					$	(372)

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2023, 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						$	25,895					$	(41)					$	2,480					$	(18)					$	28,375					$	(59)
U.S. government agency securities						15,756						(35)						3,965						(9)						19,721						(44)
Asset backed securities						4,377						(5)						10,935						(244)						15,312						(249)
Total available-for-sale securities						$	46,028					$	(81)					$	17,380					$	(271)					$	63,408					$	(352)

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

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