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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 CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$191,583 $531 $(17)$192,097 
U.S. Treasury securities171,058 463 (5)171,516 
Certificates of deposit4,400 — — 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 securities195,984 685 (46)196,623 
U.S. governmental agency securities2,582 — (3)2,579 
Total long-term AFS securities$477,573 $1,946 $(90)$479,429 
December 31, 2024
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$153,988 $415 $(28)$154,375 
U.S. Treasury securities203,238 511 (20)203,729 
Certificates of deposit4,400 — — 4,400 
U.S. governmental agency securities3,974 — (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 securities190,772 544 (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 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$19,510 $(17)$998 $— $20,508 $(17)
U.S. Treasury securities2,017 — 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 securities44,062 (46)— — 44,062 (46)
U.S. governmental agency securities2,579 (3)— — 2,579 (3)
Total long-term AFS securities$79,121 $(79)$6,936 $(11)$86,057 $(90)
December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$28,741 $(28)$249 $— $28,990 $(28)
U.S. Treasury securities13,023 (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 securities68,163 (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.