Marketable Securities

12 Months Ended

Dec. 31, 2023

Marketable Securities

Marketable Securities

(5) Marketable Securities

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

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
December 31, 2023
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	132,459	$	143	$	(53)	$	132,549
Maturing after one year through three years		26,009		77		—		26,086
Total U.S. government and municipal obligations	$	158,468	$	220	$	(53)	$	158,635
Corporate debt securities
Maturing in one year or less	$	183,625	$	300	$	(10)	$	183,915
Maturing after one year through three years		45,977		257		—		46,234
Total corporate debt securities	$	229,602	$	557	$	(10)	$	230,149
Total marketable securities	$	388,070	$	777	$	(63)	$	388,784
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. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of December 31, 2023 and December 31, 2022 was $80.4 million and $133.9 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at December 31, 2023.

Marketable securities include $1.9 million and $0.8 million in accrued interest at December 31, 2023 and December 31, 2022, respectively.