Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3.Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2022 and 2021 at net book value:

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government securities	$	244,562	$	62	$	(1,938	)	$	242,686
Financial institution debt securities		380,891		-		(1,030	)		379,861
Corporate debt securities		102,059		-		(509	)		101,550
Other asset-backed securities		14,703		-		(346	)		14,357
Total	$	742,215	$	62	$	(3,823	)	$	738,454
	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government securities	$	301,493	$	-	$	(1,016	)	$	300,477
Financial institution debt securities		441,068		-		(652	)		440,416
Corporate debt securities		62,500		-		(151	)		62,349
Other asset-backed securities		159,707		-		(306	)		159,401
Total	$	964,768	$	-	$	(2,125	)	$	962,643

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At December 31, 2022 and 2021, the balance in the Company’s accumulated other comprehensive (loss)/income was composed of activity related to the Company’s available-for-sale marketable securities and equity method investment. There were no material realized gains or losses in the years ended December 31, 2022, 2021 or 2020. The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) during these periods. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company's available-for-sale securities that are classified as short-term marketable securities in the consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At December 31, 2022 and 2021, the Company did not hold any investments that matured beyond five years of the balance sheet date.