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Marketable Securities

12 Months Ended

Dec. 31, 2024

Marketable Securities

Marketable Securities

(5) Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
December 31, 2024
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less		$	185,388		$	467		$	—		$	185,855
Maturing after one year through three years			102,331			316			(144)			102,503
Total U.S. government and municipal obligations		$	287,719		$	783		$	(144)		$	288,358
Corporate debt securities
Maturing in one year or less		$	336,350		$	350		$	(54)		$	336,646
Maturing after one year through three years			72,139			36			(254)			71,921
Total corporate debt securities		$	408,489		$	386		$	(308)		$	408,567
Total marketable securities		$	696,208		$	1,169		$	(452)		$	696,925
December 31, 2023
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less		$	132,459		$	143		$	(53)		$	132,549
Maturing after one year through three years			26,009			77			—			26,086
Total U.S. government and municipal obligations		$	158,468		$	220		$	(53)		$	158,635
Corporate debt securities
Maturing in one year or less		$	183,625		$	300		$	(10)		$	183,915
Maturing after one year through three years			45,977			257			—			46,234
Total corporate debt securities		$	229,602		$	557		$	(10)		$	230,149
Total marketable securities		$	388,070		$	777		$	(63)		$	388,784

The Company holds investment grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of December 31, 2024 and December 31, 2023 was $142.5 million and $80.4 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at December 31, 2024.

Marketable securities include $6.1 million and $1.9 million in accrued interest at December 31, 2024 and 2023, respectively.