Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

The Company accounts for its marketable securities as available for sale (“AFS”). Pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) were $5.4 million and $11.4 million as of September 30, 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 September 30, 2023, and December 31, 2022:


	September 30, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Short-term AFS securities
Corporate debt securities	$	119,854	$	—	$	(3,089)	$	116,765
U.S. Treasury securities	35,673		—		(562)		35,111
U.S. governmental agency securities	11,000		—		(139)		10,861

Total short-term AFS securities	$	166,527	$	—	$	(3,790)	$	162,737
Long-term AFS securities
U.S. Treasury securities	$	126,739	$	5	$	(1,026)	$	125,718
Corporate debt securities	59,542		7		(525)		59,024
U.S. governmental agency securities	4,828		—		(116)		4,712
Total long-term AFS securities	$	191,109	$	12	$	(1,667)	$	189,454


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Short-term AFS securities
Corporate debt securities	$	52,315	$	—	$	(1,286)	$	51,029
U.S. Treasury securities	45,096		—		(963)		44,133
U.S. governmental agency securities	22,806		—		(722)		22,084
Municipal securities	8,903		—		(177)		8,726
Total short-term AFS securities	$	129,120	$	—	$	(3,148)	$	125,972
Long-term AFS securities
U.S. Treasury securities	$	25,990	$	—	$	(1,576)	$	24,414
Corporate debt securities	115,207		—		(6,377)		108,830
U.S. governmental agency securities	5,999		—		(326)		5,673
Total long-term AFS securities	$	147,196	$	—	$	(8,279)	$	138,917

The following tables represent the AFS securities as of September 30, 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:


	September 30, 2023
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Short-term AFS securities
Corporate debt securities	$	11,288	$	(37)	$	105,476	$	(3,052)	$	116,764	$	(3,089)
U.S. Treasury securities	7,361		(6)		33,518		(992)		40,879		(998)
U.S. governmental agency securities	—		—		10,861		(139)		10,861		(139)

Total short-term AFS securities	$	18,649	$	(43)	$	149,855	$	(4,183)	$	168,504	$	(4,226)
Long-term AFS securities
U.S. Treasury securities	$	103,039	$	(488)	$	2,188	$	(103)	$	105,227	$	(591)
Corporate debt securities	48,226		(224)		5,891		(301)		54,117		(525)
U.S. governmental agency securities	3,762		(66)		950		(49)		4,712		(115)
Total long-term AFS securities	$	155,027	$	(778)	$	9,029	$	(453)	$	164,056	$	(1,231)


	December 31, 2022
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross 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
U.S. Treasury securities	$	282	$	(9)	$	24,132	$	(1,567)	$	24,414	$	(1,576)
Corporate debt securities	2,004		(57)		106,826		(6,320)		108,830		(6,377)
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 September 30, 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 September 30, 2023, and December 31, 2022, we have recognized no losses or allowance for credit losses related to AFS securities.

As of September 30, 2023, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 25 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.