Marketable Securities

3 Months Ended

Mar. 31, 2023

Marketable Securities

Marketable Securities

(4)  Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:

	Gross Unrealized
	Amortized						Fair
	Cost		Gains		Losses		Value
	(In thousands)
March 31, 2023
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	81,514	$	47	$	(51)	$	81,510
Maturing after one year through three years		15,064		12		—		15,076
Total U.S. government and municipal obligations	$	96,578	$	59	$	(51)	$	96,586
Corporate debt securities
Maturing in one year or less	$	128,159	$	—	$	(481)	$	127,678
Maturing after one year through three years		—		—		—		—
Total corporate debt securities	$	128,159	$	—	$	(481)	$	127,678
Total marketable securities	$	224,737	$	59	$	(532)	$	224,264
	Gross Unrealized
	Amortized						Fair
	Cost		Gains		Losses		Value
	(In thousands)
December 31, 2022
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	97,246	$	5	$	(369)	$	96,882
Maturing after one year through three years		—		—		—		—
Total U.S. government and municipal obligations	$	97,246	$	5	$	(369)	$	96,882
Corporate debt securities
Maturing in one year or less	$	179,613	$	—	$	(972)	$	178,641
Maturing after one year through three years		—		—		—		—
Total corporate debt securities	$	179,613	$	—	$	(972)	$	178,641
Total marketable securities	$	276,859	$	5	$	(1,341)	$	275,523

The Company holds investment-grade marketable securities, and none were in a continuous unrealized loss position for more than twelve months as of March 31, 2023 and December 31, 2022. The unrealized losses are attributable to changes in interest rates and the Company does not believe any unrealized losses represent other-than-temporary impairments. The Company has the intent and ability to hold such marketable securities until recovery and has determined that there has been no material change to their credit risk. As a result, the Company determined it did not hold any investments with a credit loss at March 31, 2023.

Marketable securities include $0.6 million and $0.8 million in accrued interest at March 31, 2023 and December 31, 2022, respectively.