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Marketable Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company accounts for its marketable securities as AFS. The Company recorded $0.7 million and $11.4 million of net unrealized losses, respectively, in Accumulated Other Comprehensive Income (“AOCI”) as of December 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 December 31, 2023, and December 31, 2022:
December 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$109,891 $6 $(1,828)$108,069 
U.S. Treasury securities48,721 55 (667)48,109 
U.S. governmental agency securities6,000 — (84)5,916 
Total short-term AFS securities$164,612 $61 $(2,579)$162,094 
Long-term AFS securities
U.S. Treasury securities$148,878 $1,023 $(42)$149,859 
Corporate debt securities103,061 886 (5)103,942 
U.S. governmental agency securities3,857 — (25)3,832 
Total long-term AFS securities$255,796 $1,909 $(72)$257,633 
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
U.S. Treasury securities$25,990 $— $(1,576)$24,414 
Corporate debt securities115,207 — (6,377)108,830 
U.S. governmental agency securities5,999 — (326)5,673 
Total long-term AFS securities$147,196 $— $(8,279)$138,917 
The following tables present the AFS securities as of December 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 loss position:
December 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$5,819 $(5)$99,504 $(1,823)$105,323 $(1,828)
U.S. Treasury securities995 (1)24,978 (666)25,973 (667)
U.S. governmental agency securities— — 5,916 (84)5,916 (84)
Total short-term AFS securities$6,814 $(6)$130,398 $(2,573)$137,212 $(2,579)
Long-term AFS securities
U.S. Treasury securities$14,792 $(36)$290 $(6)$15,082 $(42)
Corporate debt securities2,451 — 245 (5)2,696 (5)
U.S. governmental agency securities3,832 (25)— — 3,832 (25)
Total long-term AFS securities$21,075 $(61)$535 $(11)$21,610 $(72)
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. See Note 2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses.
As of December 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 December 31, 2023, and December 31, 2022, we have no realized losses or allowance for credit losses related to AFS securities.
As of December 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 26 months, respectively. See Note 8 for additional information regarding the fair value hierarchy of our marketable securities.