MARKETABLE DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable debt securities consist of the following (in thousands):


	As of December 31,
	2022		2021
Marketable debt securities:
Commercial paper	$	123,647	$	127,379
Corporate debt securities	224,055		233,319
Securities of government-sponsored entities	40,855		26,431
Total marketable debt securities	$	388,557	$	387,129

Schedule of available for sale securities

The following is a summary of short-term marketable debt securities classified as available-for-sale as of December 31, 2022 (in thousands):


	Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	124,301	$	2	$	(656)	$	123,647
Corporate debt securities	Less than 1	155,841		—		(1,355)		154,486
Securities of government-sponsored entities	Less than 1	7,473		—		(80)		7,393
Total maturity less than 1 year		287,615		2		(2,091)		285,526
Corporate debt securities	1 to 2	70,195		33		(659)		69,569
Securities of government-sponsored entities	1 to 2	33,702		6		(246)		33,462
Total maturity 1 to 2 years		103,897		39		(905)		103,031
Total available-for-sale marketable debt securities		$	391,512	$	41	$	(2,996)	$	388,557

The following is a summary of short-term marketable debt securities classified as available-for-sale as of December 31, 2021 (in thousands):


	Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	127,435	$	—	$	(56)	$	127,379
Corporate debt securities	Less than 1	113,001		—		(98)		112,903
Securities of government-sponsored entities	Less than 1	21,909		—		(5)		21,904
Total maturity less than 1 year		262,345		—		(159)		262,186
Corporate debt securities	1 to 2	120,705		—		(289)		120,416
Securities of government-sponsored entities	1 to 2	4,549		—		(22)		4,527
Total maturity 1 to 2 years		125,254		—		(311)		124,943
Total available-for-sale marketable debt securities		$	387,599	$	—	$	(470)	$	387,129

Schedule of debt securities in unrealized loss position

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses reported as of December 31, 2022 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	117,853	$	656	$	—	$	—	$	117,853	$	656
Corporate debt securities	99,066		1,041		107,964		973		207,030		2,014
Securities of government-sponsored entities	31,402		263		4,456		63		35,858		326
Total	$	248,321	$	1,960	$	112,420	$	1,036	$	360,741	$	2,996

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses reported as of December 31, 2021 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	122,380	$	56	$	—	$	—	$	122,380	$	56
Corporate debt securities	231,879		387		—		—		231,879		387
Securities of government-sponsored entities	26,431		27		—		—		26,431		27
Total	$	380,690	$	470	$	—	$	—	$	380,690	$	470