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Marketable Securities

6 Months Ended

Jun. 30, 2025

Marketable Securities

Marketable Securities

(5) Marketable Securities

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


		Amortized			Gross Unrealized			Gross Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
June 30, 2025
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less		$	186,628		$	308		$	(5)		$	186,931
Maturing after one year through three years			67,183			273			(39)			67,417
Total U.S. government and municipal obligations		$	253,811		$	581		$	(44)		$	254,348
Corporate debt securities
Maturing in one year or less		$	284,286		$	164		$	(36)		$	284,414
Maturing after one year through three years			68,452			117			(38)			68,531
Total corporate debt securities		$	352,738		$	281		$	(74)		$	352,945
Total marketable securities		$	606,549		$	862		$	(118)		$	607,293


		Amortized			Gross Unrealized			Gross 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

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 June 30, 2025 and December 31, 2024 was $153.2 million and $142.5 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 June 30, 2025.

Marketable securities include $6.2 million and $6.1 million in accrued interest at June 30, 2025 and December 31, 2024, respectively.