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Marketable Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows:

 

 

March 31, 2023

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Holding Gains

 

 

Gross Unrealized Holding Losses

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturing in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

5,000

 

 

$

—

 

 

$

(2

)

 

$

4,998

 

U.S. Treasuries

 

 

136,982

 

 

 

—

 

 

 

(178

)

 

 

136,804

 

Maturing after one year through five years

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

25,937

 

 

 

6

 

 

 

—

 

 

 

25,943

 

Total

 

$

167,919

 

 

$

6

 

 

$

(180

)

 

$

167,745

 

 

 

 

December 31, 2022

 

(in thousands)

 

Amortized Cost

 

 

Gross Unrealized Holding Gains

 

 

Gross Unrealized Holding Losses

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturing in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

5,001

 

 

$

—

 

 

$

(56

)

 

$

4,945

 

U.S. Treasuries

 

 

116,432

 

 

 

—

 

 

 

(617

)

 

 

115,815

 

Maturing after one year through five years

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

51,876

 

 

 

—

 

 

 

(97

)

 

 

51,779

 

Total

 

$

173,309

 

 

$

—

 

 

$

(770

)

 

$

172,539

 

 

The unrealized losses of the Company’s marketable securities above were a result of market interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par value. The Company’s intent is to hold the investments until their maturity and any change in fair value that is not credit related is recognized as other comprehensive income (loss), net of applicable taxes. A credit-related impairment is recognized as an allowance to the balance sheet with a corresponding adjustment to earnings. The Company did not recognize any credit losses related to marketable securities for the three months ended March 31, 2023.