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Investments in Debt Securities
12 Months Ended
Dec. 31, 2022
Debt Securities [Abstract]  
Investments in Debt Securities

3. Investments in Debt Securities

Debt securities are classified in the consolidated balance sheet as follows:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

Balance

 

 

Balance

 

 

(in thousands)

 

Cash equivalents

 

$

18,404

 

 

$

5,684

 

Current marketable securities

 

 

142,480

 

 

 

168,990

 

Non-current marketable securities

 

 

36,457

 

 

 

20,297

 

Total

 

$

197,341

 

 

$

194,971

 

 

The following table summarizes debt securities by maturity at December 31, 2022 (in thousands):

 

Maturity

 

Amortized Cost

 

Within one year

 

$

160,884

 

After one year through five years

 

 

36,457

 

Total

 

$

197,341

 

 

The following table summarizes debt securities by credit-quality indicator:

 

 

 

Credit Quality Indicator as of December 31, 2022

 

 

 

AAA

 

 

AA- to AA+

 

 

A- to A+

 

 

Total

 

 

 

(In thousands)

 

Money market funds

 

$

18,404

 

 

$

 

 

$

 

 

$

18,404

 

Corporate paper and notes

 

 

 

 

 

18,606

 

 

 

107,496

 

 

 

126,102

 

U.S. government agency securities

 

 

4,000

 

 

 

26,970

 

 

 

3,394

 

 

 

34,364

 

U.S. treasuries

 

 

 

 

 

18,471

 

 

 

 

 

 

18,471

 

Total

 

$

22,404

 

 

$

64,047

 

 

$

110,890

 

 

$

197,341

 

 

The credit quality indicator was derived from publicly available ratings published by Moody’s or a comparable credit rating agency, last updated as of December 31, 2022.

The following table summarizes the fair value of debt securities by major security type held at December 31, 2022 (in thousands):

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

18,404

 

 

$

 

 

$

 

 

$

18,404

 

Corporate paper and notes

 

 

126,102

 

 

 

15

 

 

 

(736

)

 

 

125,381

 

U.S. government agency securities

 

 

34,364

 

 

 

4

 

 

 

(181

)

 

 

34,187

 

U.S. treasuries

 

 

18,471

 

 

 

 

 

 

(98

)

 

 

18,373

 

Total

 

$

197,341

 

 

$

19

 

 

$

(1,015

)

 

$

196,345

 

 

The following table summarizes the fair value of debt securities by major security type held at December 31, 2021 (in thousands):

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

5,684

 

 

$

 

 

$

 

 

$

5,684

 

Corporate paper and notes

 

 

155,039

 

 

 

 

 

 

(160

)

 

 

154,879

 

U.S. government agency securities

 

 

2,093

 

 

 

 

 

 

(7

)

 

 

2,086

 

U.S. treasuries

 

 

32,155

 

 

 

 

 

 

(31

)

 

 

32,124

 

Total

 

$

194,971

 

 

$

 

 

$

(198

)

 

$

194,773

 

 

The allowance for credit losses applicable to debt securities was immaterial in all periods presented.

Fair Value

The fair value of money market funds is determined based on publicly available market price for these funds (Level 1). The fair value of other debt securities is determined based on the publicly available inputs which includes a market price for the same or similar instruments adjusted for estimates in interest yield (Level 2).