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Marketable Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $8.8 million and $11.4 million of pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of March 31, 2023, and December 31, 2022, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 31, 2023, and December 31, 2022:
March 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$75,861 $— $(2,178)$73,683 
U.S. Treasury securities32,844 — (615)32,229 
U.S. governmental agency securities27,805 — (679)27,126 
Municipal securities6,393 — (77)6,316 
Total short-term AFS securities$142,903 $— $(3,549)$139,354 
Long-term AFS securities
Corporate debt securities$79,998 $— $(4,010)$75,988 
U.S. Treasury securities23,981 — (1,211)22,770 
U.S. governmental agency securities999 — (54)945 
Total long-term AFS securities$104,978 $— $(5,275)$99,703 
December 31, 2022
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$52,315 $— $(1,286)$51,029 
U.S. Treasury securities45,096 — (963)44,133 
U.S. governmental agency securities22,806 — (722)22,084 
Municipal securities8,903 — (177)8,726 
Total short-term AFS securities$129,120 $— $(3,148)$125,972 
Long-term AFS securities
Corporate debt securities115,207 $— $(6,377)$108,830 
U.S. Treasury securities25,990 — (1,576)24,414 
U.S. governmental agency securities5,999 — (326)5,673 
Total long-term AFS securities$147,196 $— $(8,279)$138,917 
The following tables represent the AFS securities as of March 31, 2023, and December 31, 2022, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
March 31, 2023
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$4,034 $(11)$69,649 $(2,167)$73,683 $(2,178)
U.S. Treasury securities— — 32,229 (615)32,229 (615)
U.S. governmental agency securities— — 27,126 (679)27,126 (679)
Municipal securities— — 6,316 (77)6,316 (77)
Total short-term AFS securities$4,034 $(11)$135,320 $(3,538)$139,354 $(3,549)
Long-term AFS securities
Corporate debt securities$555 $(14)$75,433 $(3,996)$75,988 $(4,010)
U.S. Treasury securities286 (7)22,484 (1,204)22,770 (1,211)
U.S. governmental agency securities— — 945 (54)945 (54)
Total long-term AFS securities$841 $(21)$98,862 $(5,254)$99,703 $(5,275)

December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$3,799 $(11)$47,230 $(1,275)$51,029 $(1,286)
U.S. Treasury securities— — 44,133 (963)44,133 (963)
U.S. governmental agency securities— — 22,084 (722)22,084 (722)
Municipal securities— — 8,726 (177)8,726 (177)
Total short-term AFS securities$3,799 $(11)$122,173 $(3,137)$125,972 $(3,148)
Long-term AFS securities
Corporate debt securities$2,004 $(57)$106,826 $(6,320)$108,830 $(6,377)
U.S. Treasury securities282 (9)24,132 (1,567)24,414 (1,576)
U.S. governmental agency securities— — 5,673 (326)5,673 (326)
Total long-term AFS securities$2,286 $(66)$136,631 $(8,213)$138,917 $(8,279)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 31, 2023, and December 31, 2022, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 31, 2023, and December 31, 2022, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 31, 2023, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 24 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.