MARKETABLE SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Cash and Cash Equivalents [Abstract] |
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| Schedule of cash and cash equivalents |
The following table sets forth the Company’s cash, cash equivalents, and marketable securities at December 31, 2024 and 2023: | | | | | | | | | | | | | | | | | December 31, | | (In thousands) | | 2024 | | 2023 | | Cash and cash equivalents | | | | | | Cash and money market | | $ | 595,548 | | | $ | 530,100 | | | Cash equivalents | | 5,341 | | | 75,278 | | | Total cash and cash equivalents | | 600,889 | | | 605,378 | | | Marketable securities | | | | | | Available-for-sale debt securities | | $ | 431,165 | | | $ | 168,425 | | | Equity securities | | 5,972 | | | 3,841 | | | Total marketable securities | | 437,137 | | | 172,266 | | | Total cash, cash equivalents, and marketable securities | | $ | 1,038,026 | | | $ | 777,644 | |
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| Schedule of available-for-sale securities |
Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2024, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Amortized Cost | | Gains in AOCI (1) | | Losses in AOCI (1) | | Estimated Fair Value | | Cash equivalents | | | | | | | | | | U.S. government agency securities | | $ | 5,341 | | | $ | — | | | $ | — | | | $ | 5,341 | | | Total cash equivalents | | 5,341 | | | — | | | — | | | 5,341 | | | Marketable securities | | | | | | | | | | Corporate bonds | | $ | 206,063 | | | $ | 932 | | | $ | (121) | | | $ | 206,874 | | | U.S. government agency securities | | 140,992 | | | 160 | | | (200) | | | 140,952 | | | Asset backed securities | | 83,134 | | | 256 | | | (51) | | | 83,339 | | | Total marketable securities | | 430,189 | | | 1,348 | | | (372) | | | 431,165 | | | Total available-for-sale debt securities | | $ | 435,530 | | | $ | 1,348 | | | $ | (372) | | | $ | 436,506 | |
_________________________________(1) There was no tax impact from the gains and losses in AOCI. Available-for-sale debt securities, including the classification within the consolidated balance sheet at December 31, 2023, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Amortized Cost | | Gains in AOCI (1) | | Losses in AOCI (1) | | Estimated Fair Value | | Cash equivalents | | | | | | | | | | Commercial paper | | $ | 72,243 | | | $ | — | | | $ | — | | | $ | 72,243 | | | U.S. government agency securities | | 3,035 | | | — | | | — | | | 3,035 | | | Total cash equivalents | | 75,278 | | | — | | | — | | | 75,278 | | | Marketable securities | | | | | | | | | | U.S. government agency securities | | $ | 56,594 | | | $ | 166 | | | $ | (44) | | | $ | 56,716 | | | Corporate bonds | | 55,712 | | | 175 | | | (59) | | | 55,828 | | | Asset backed securities | | 35,081 | | | 65 | | | (249) | | | 34,897 | | | Commercial paper | | 20,984 | | | — | | | — | | | 20,984 | | | Total marketable securities | | 168,371 | | | 406 | | | (352) | | | 168,425 | | | Total available-for-sale debt securities | | $ | 243,649 | | | $ | 406 | | | $ | (352) | | | $ | 243,703 | |
_________________________________(1) There was no tax impact from the gains and losses in AOCI.
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| Schedule of contractual maturities of available-for-sale investments |
The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Due one year or less | | Due after one year through five years | | (In thousands) | | Cost | | Fair Value | | Cost | | Fair Value | | Cash equivalents | | | | | | | | | | U.S. government agency securities | | $ | 5,341 | | | $ | 5,341 | | | $ | — | | | $ | — | | | Total cash equivalents | | 5,341 | | | 5,341 | | | — | | | — | | | Marketable securities | | | | | | | | | | U.S. government agency securities | | $ | 70,822 | | | $ | 70,943 | | | $ | 70,170 | | | $ | 70,009 | | | Corporate bonds | | 39,224 | | | 39,321 | | | 166,839 | | | 167,553 | | | Asset backed securities | | 11,298 | | | 11,331 | | | 71,836 | | | 72,008 | | | Total marketable securities | | 121,344 | | | 121,595 | | | 308,845 | | | 309,570 | | | Total available-for-sale securities | | $ | 126,685 | | | $ | 126,936 | | | $ | 308,845 | | | $ | 309,570 | |
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| Schedule of gross unrealized losses and fair values of investments in an unrealized loss position |
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2024, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than one year | | One year or greater | | Total | | (In thousands) | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Marketable securities | | | | | | | | | | | | | | U.S. government agency securities | | $ | 39,542 | | | $ | (199) | | | $ | 1,990 | | | $ | (1) | | | $ | 41,532 | | | $ | (200) | | | Corporate bonds | | 25,979 | | | (121) | | | — | | | — | | | 25,979 | | | (121) | | | Asset backed securities | | 5,567 | | | (28) | | | 2,666 | | | (23) | | | 8,233 | | | (51) | | | Total available-for-sale securities | | $ | 71,088 | | | $ | (348) | | | $ | 4,656 | | | $ | (24) | | | $ | 75,744 | | | $ | (372) | |
The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2023, aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than one year | | One year or greater | | Total | | (In thousands) | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | Marketable securities | | | | | | | | | | | | | | Corporate bonds | | $ | 25,895 | | | $ | (41) | | | $ | 2,480 | | | $ | (18) | | | $ | 28,375 | | | $ | (59) | | | U.S. government agency securities | | 15,756 | | | (35) | | | 3,965 | | | (9) | | | 19,721 | | | (44) | | | Asset backed securities | | 4,377 | | | (5) | | | 10,935 | | | (244) | | | 15,312 | | | (249) | | | Total available-for-sale securities | | $ | 46,028 | | | $ | (81) | | | $ | 17,380 | | | $ | (271) | | | $ | 63,408 | | | $ | (352) | |
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