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MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2021

Marketable Securities Abstract

MARKETABLE SECURITIES

5. MARKETABLE SECURITIES:

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at September 30, 2021, were as follows:


		Amortized			Gross Unrealized						Estimated Fair
(In thousands)		Cost			Gains			Losses			Market Value
Investments due in 3 months or less:
Commercial paper		$	69,079		$	—		$	—		$	69,079
Corporate securities			13,285			12			(1)			13,296
Total			82,364			12			(1)			82,375
Investments due in 4-12 months:
Commercial paper			40,500			—			—			40,500
Corporate securities			15,361			—			(4)			15,357
Total			55,861			—			(4)			55,857
Investments due in 12 months or greater:
Corporate securities			148,295			51			(72)			148,274
Total			148,295			51			(72)			148,274
Total marketable securities		$	286,520		$	63		$	(77)		$	286,506

Accrued interest receivable was $1.0 million at September 30, 2021 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2020, were as follows:


		Amortized			Gross Unrealized						Estimated Fair
(In thousands)		Cost			Gains			Losses			Market Value
Investments due in 3 months or less:
Commercial paper		$	43,660		$	—		$	—		$	43,660
Corporate securities			19,846			44			—			19,890
Total			63,506			44			—			63,550
Investments due in 4-12 months:
Corporate securities			125,922			846			—			126,768
Total			125,922			846			—			126,768
Total marketable securities		$	189,428		$	890		$	—		$	190,318

Accrued interest receivable was $0.8 million at December 31, 2020 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at September 30, 2021:


		Less Than 12 Months						12 Months or Longer						Total
		Estimated			Gross			Estimated			Gross			Estimated			Gross
		Fair Market			Unrealized			Fair Market			Unrealized			Fair Market			Unrealized
(In thousands)		Value			Losses			Value			Losses			Value			Losses
Corporate securities		$	93,255		$	(77)		$	—		$	—		$	93,255		$	(77)
Total marketable securities		$	93,255		$	(77)		$	—		$	—		$	93,255		$	(77)

In the three and nine months ended September 30, 2021 and 2020, no unrealized losses on marketable securities were recognized in income.

The Company does not intend to sell and it is unlikely that it will be required to sell the securities prior to their anticipated recovery. The issuers are high quality (investment grade) and the decline in fair value is largely due to changes in interest rates and other market conditions. Additionally, the issuers continue to make timely interest payments on the marketable securities with the fair value expected to recover as they reach maturity.