XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.3

MARKETABLE SECURITIES | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $2.8 million and $1.1 million of pre-tax net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of September 30, 2025, and December 31, 2024, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of September 30, 2025, and December 31, 2024:
|  | September 30, 2025
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term AFS securities |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 191,583 |  |  | $ | 531 |  |  | $ | (17) |  |  | $ | 192,097 |
U.S. Treasury securities |  | 171,058 |  |  | 463 |  |  | (5) |  |  | 171,516 |
Certificates of deposit |  | 4,400 |  |  | — |  |  | — |  |  | 4,400 |
Total short-term AFS securities |  | $ | 367,041 |  |  | $ | 994 |  |  | $ | (22) |  |  | $ | 368,013 |
Long-term AFS securities |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 279,007 |  |  | $ | 1,261 |  |  | $ | (41) |  |  | $ | 280,227 |
Corporate debt securities |  | 195,984 |  |  | 685 |  |  | (46) |  |  | 196,623 |
U.S. governmental agency securities |  | 2,582 |  |  | — |  |  | (3) |  |  | 2,579 |
Total long-term AFS securities |  | $ | 477,573 |  |  | $ | 1,946 |  |  | $ | (90) |  |  | $ | 479,429 |
|  | December 31, 2024
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term AFS securities |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 153,988 |  |  | $ | 415 |  |  | $ | (28) |  |  | $ | 154,375 |
U.S. Treasury securities |  | 203,238 |  |  | 511 |  |  | (20) |  |  | 203,729 |
Certificates of deposit |  | 4,400 |  |  | — |  |  | — |  |  | 4,400 |
U.S. governmental agency securities |  | 3,974 |  |  | — |  |  | (4) |  |  | 3,970 |
Total short-term AFS securities |  | $ | 365,600 |  |  | $ | 926 |  |  | $ | (52) |  |  | $ | 366,474 |
Long-term AFS securities |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 154,936 |  |  | $ | 258 |  |  | $ | (261) |  |  | $ | 154,933 |
Corporate debt securities |  | 190,772 |  |  | 544 |  |  | (303) |  |  | 191,013 |
Total long-term AFS securities |  | $ | 345,708 |  |  | $ | 802 |  |  | $ | (564) |  |  | $ | 345,946 |
The following tables represent the AFS securities as of September 30, 2025, and December 31, 2024, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
|  | September 30, 2025
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term AFS securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 19,510 |  |  | $ | (17) |  |  | $ | 998 |  |  | $ | — |  |  | $ | 20,508 |  |  | $ | (17) |
U.S. Treasury securities |  | 2,017 |  |  | — |  |  | 7,017 |  |  | (5) |  |  | 9,034 |  |  | (5) |
Total short-term AFS securities |  | $ | 21,527 |  |  | $ | (17) |  |  | $ | 8,015 |  |  | $ | (5) |  |  | $ | 29,542 |  |  | $ | (22) |
Long-term AFS securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 32,480 |  |  | $ | (30) |  |  | $ | 6,936 |  |  | $ | (11) |  |  | $ | 39,416 |  |  | $ | (41) |
Corporate debt securities |  | 44,062 |  |  | (46) |  |  | — |  |  | — |  |  | 44,062 |  |  | (46) |
U.S. governmental agency securities |  | 2,579 |  |  | (3) |  |  | — |  |  | — |  |  | 2,579 |  |  | (3) |
Total long-term AFS securities |  | $ | 79,121 |  |  | $ | (79) |  |  | $ | 6,936 |  |  | $ | (11) |  |  | $ | 86,057 |  |  | $ | (90) |
|  | December 31, 2024
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Short-term AFS securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 28,741 |  |  | $ | (28) |  |  | $ | 249 |  |  | $ | — |  |  | $ | 28,990 |  |  | $ | (28) |
U.S. Treasury securities |  | 13,023 |  |  | (18) |  |  | 1,297 |  |  | (2) |  |  | 14,320 |  |  | (20) |
U.S. governmental agency securities |  | — |  |  | — |  |  | 3,971 |  |  | (4) |  |  | 3,971 |  |  | (4) |
Total short-term AFS securities |  | $ | 41,764 |  |  | $ | (46) |  |  | $ | 5,517 |  |  | $ | (6) |  |  | $ | 47,281 |  |  | $ | (52) |
Long-term AFS securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 64,325 |  |  | $ | (261) |  |  | $ | — |  |  | $ | — |  |  | $ | 64,325 |  |  | $ | (261) |
Corporate debt securities |  | 68,163 |  |  | (303) |  |  | — |  |  | — |  |  | 68,163 |  |  | (303) |
Total long-term AFS securities |  | $ | 132,488 |  |  | $ | (564) |  |  | $ | — |  |  | $ | — |  |  | $ | 132,488 |  |  | $ | (564) |
We assess our AFS securities for impairment on a quarterly basis or more often if a potential loss-triggering event occurs. As of September 30, 2025, and December 31, 2024, we did not intend to sell, and it was not likely that we would be required to sell, these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of September 30, 2025, and December 31, 2024, we have recognized no impairment losses or allowance for credit losses related to AFS securities. As of September 30, 2025, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 27 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration