XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

MARKETABLE SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The following table sets forth the Company’s cash, cash equivalents, and marketable securities at March 31, 2025 and December 31, 2024:
(In thousands) |  | March 31, 2025 |  | December 31, 2024
Cash and cash equivalents |  |  |  |
Cash and money market |  | $ | 341,013 |  |  | $ | 595,548 |
Cash equivalents |  | 6,114 |  |  | 5,341 |
Total cash and cash equivalents |  | 347,127 |  |  | 600,889 |
Marketable securities |  |  |  |
Available-for-sale debt securities |  | $ | 435,582 |  |  | $ | 431,165 |
Equity securities |  | 3,466 |  |  | 5,972 |
Total marketable securities |  | 439,048 |  |  | 437,137 |
Total cash, cash equivalents and marketable securities |  | $ | 786,175 |  |  | $ | 1,038,026 |
Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at March 31, 2025, 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 |  | $ | 6,114 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,114 |
Total cash equivalents |  | 6,114 |  |  | — |  |  | — |  |  | 6,114 |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 211,627 |  |  | $ | 1,222 |  |  | $ | (58) |  |  | $ | 212,791 |
U.S. government agency securities |  | 153,663 |  |  | 366 |  |  | (82) |  |  | 153,947 |
Asset backed securities |  | 68,714 |  |  | 155 |  |  | (25) |  |  | 68,844 |
Total marketable securities |  | 434,004 |  |  | 1,743 |  |  | (165) |  |  | 435,582 |
Total available-for-sale debt securities |  | $ | 440,118 |  |  | $ | 1,743 |  |  | $ | (165) |  |  | $ | 441,696 |
______________ (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, 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 |  | $ | 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 |
______________ (1)There was no tax impact from the gains and losses in AOCI. The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at March 31, 2025:
|  | 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 |  | $ | 6,114 |  |  | $ | 6,114 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  | 6,114 |  |  | 6,114 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 58,682 |  |  | $ | 58,869 |  |  | $ | 152,945 |  |  | $ | 153,922 |
U.S. government agency securities |  | 54,820 |  |  | 54,867 |  |  | 98,843 |  |  | 99,080 |
Asset backed securities |  | 8,898 |  |  | 8,909 |  |  | 59,816 |  |  | 59,935 |
Total marketable securities |  | 122,400 |  |  | 122,645 |  |  | 311,604 |  |  | 312,937 |
Total available-for-sale securities |  | $ | 128,514 |  |  | $ | 128,759 |  |  | $ | 311,604 |  |  | $ | 312,937 |
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, 2025 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 |  | $ | 38,474 |  |  | $ | (82) |  |  | $ | — |  |  | $ | — |  |  | $ | 38,474 |  |  | $ | (82) |
Corporate bonds |  | 17,315 |  |  | (58) |  |  | — |  |  | — |  |  | 17,315 |  |  | (58) |
Asset backed securities |  | 7,786 |  |  | (18) |  |  | 1,411 |  |  | (7) |  |  | 9,197 |  |  | (25) |
Total available-for-sale securities |  | $ | 63,575 |  |  | $ | (158) |  |  | $ | 1,411 |  |  | $ | (7) |  |  | $ | 64,986 |  |  | $ | (165) |
The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of March 31, 2025 and December 31, 2024 because the change in market value for those securities in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income, net in the Company’s condensed consolidated statements of operations. The gains and losses recorded were not significant for the three months ended March 31, 2025 and 2024.

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 The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
Name: | us-gaap_CashCashEquivalentsAndMarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration