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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2023 and 2022 because of the relatively short duration of these instruments. Marketable securities consist of time deposits, corporate debt securities, U.S. treasury securities, and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss.
The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of December 31, 2023 and 2022:
Amortized cost or carrying valueUnrealized gainsUnrealized lossesFair value measurements on a recurring basis
December 31, 2023
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account$120,724 $— $— $120,724 $— $— $120,724 
Total included in cash and cash equivalents120,724 — — 120,724 — — 120,724 
Marketable securities:
Time deposits20,000 — — 20,000 — — 20,000 
Commercial paper1,422 66 — 1,488 — — 1,488 
Total marketable securities21,422 66 — 21,488 — — 21,488 
Total financial assets$142,146 $66 $— $142,212 $— $— $142,212 
Amortized cost or carrying valueUnrealized gainsUnrealized lossesFair value measurements on a recurring basis
December 31, 2022
Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account$36,728 $— $— $36,728 $— $— $36,728 
Commercial paper28,254 — — 28,254 — — 28,254 
Total included in cash and cash equivalents64,982 — — 64,982 — — 64,982 
Marketable securities:
Time deposits6,645 — (15)6,630 — — 6,630 
U.S. treasury securities14,718 74 — 14,792 — — 14,792 
Corporate debt securities23,412 — (97)— 23,315 — 23,315 
Commercial paper26,142 352 — 26,494 — — 26,494 
Total marketable securities70,917 426 (112)47,916 23,315 — 71,231 
Total financial assets$135,899 $426 $(112)$112,898 $23,315 $— $136,213 
The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of December 31, 2023:
Amortized costAggregate fair value
(In thousands)
Financial assets:
Less than one year$21,422 $21,488 
Total$21,422 $21,488 
As of December 31, 2023, the marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of December 31, 2023, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity.
During the years ended December 31, 2023 and 2022, there were $91.8 million and $74.3 million, respectively, in maturities of marketable securities. There were no maturities in marketable securities during the year ended December 31, 2021.
Proceeds from sales of marketable securities were $38.3 million and $34.4 million for the years ended December 31, 2023 and 2022, respectively. There were no sales in marketable securities during the year ended December 31, 2021.
Interest earned on marketable securities was $2.0 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively. There was no interest earned on marketable securities during the year ended December 31, 2021. The interest is recorded in other income (expense), net, on the accompanying consolidated statements of operations. As of December 31, 2023 and 2022, the accrued interest receivable, net of allowance for credit losses, was $0.3 million. Accrued interest receivable is recorded in prepaid expenses and other current assets on the accompanying consolidated balance sheets.
As of December 31, 2023, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 8, “Debt,” to these consolidated financial statements, was approximately $145.5 million and $157.6 million, respectively. As of December 31, 2022, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $180.9 million and $156.5 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.
As of the years ended December 31, 2023 and 2022, the fair value of the Pension Plan’s assets, as further described in Note 13, “Employee Benefit Plans,” to these consolidated financial statements, was approximately $3.6 million and $3.2 million, respectively. The fair value was determined by an independent actuary and is considered as Level 2 in the fair value hierarchy.
The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2023 and 2022.
The money market account is included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2023 and 2022.