Annual report pursuant to Section 13 and 15(d)

Investments in Marketable Debt Securities, Available-for-Sale (Tables)

v3.22.4
Investments in Marketable Debt Securities, Available-for-Sale (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security
Amortized cost, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income/loss and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
December 31, 2022
Amortized
Cost
Allowance
for Credit
Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Short-term investments:
U.S. treasuries $ 135,688  $ —  $ 14  $ (1,153) $ 134,549 
Corporate debt 118,135  —  (95) 118,041 
Asset-backed securities (“ABS”) and other 859  —  —  (15) 844 
$ 254,682  $ —  $ 15  $ (1,263) $ 253,434 
Long-term investments:
U.S. treasuries $ 21,434  $ —  $ —  $ (719) $ 20,715 
U.S. government sponsored entities 602  —  —  (66) 536 
Corporate debt 44,214  —  21  (2,877) 41,358 
ABS and other 6,569  —  —  (583) 5,986 
$ 72,819  $ —  $ 21  $ (4,245) $ 68,595 
December 31, 2021
Amortized
Cost
Allowance
for Credit
Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Short-term investments:
U.S. treasuries $ 35,767  $ —  $ —  $ (34) $ 35,733 
Corporate debt 148,148  —  22  (35) 148,135 
$ 183,915  $ —  $ 22  $ (69) $ 183,868 
Long-term investments:
U.S. treasuries $ 70,902  $ —  $ 128  $ (263) $ 70,767 
U.S. government sponsored entities 726  —  22  (3) 745 
Corporate debt 33,197  —  962  (146) 34,013 
ABS and other 7,033  —  82  (30) 7,085 
$ 111,858  $ —  $ 1,194  $ (442) $ 112,610 
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
December 31, 2022
Less than 12 months 12 months or greater Total
Fair
Value
Gross
 Unrealized
 Losses
Fair
Value
Gross
 Unrealized
 Losses
Fair
Value
Gross
 Unrealized
 Losses
U.S. treasuries $ 73,055  $ (1,232) $ 66,144  $ (640) $ 139,199  $ (1,872)
U.S. government sponsored entities 447  (46) 87  (20) 534  (66)
Corporate debt 130,816  (1,909) 10,681  (1,063) 141,497  (2,972)
ABS and other 4,710  (314) 2,091  (284) 6,801  (598)
$ 209,028  $ (3,501) $ 79,003  $ (2,007) $ 288,031  $ (5,508)
December 31, 2021
Less than 12 months 12 months or greater Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
U.S. treasuries $ 103,019  $ (297) $ —  $ —  $ 103,019  $ (297)
U.S. government sponsored entities 115  (3) —  —  $ 115  $ (3)
Corporate debt 115,908  (173) 146  (8) 116,054  (181)
ABS and other 2,915  (30) —  —  2,915  (30)
$ 221,957  $ (503) $ 146  $ (8) $ 222,103  $ (511)
Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
Years Ended December 31,
2022 2021 2020
Gross realized gains (1)
$ 113  $ 221  $ 241 
Gross realized losses (1)
$ (27) $ (2) $ (49)
(1)Recorded in other income, net in the consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method.
Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
December 31, 2022 December 31, 2021
Amortized
Cost
Fair Value Amortized
Cost
Fair Value
Due in one year or less $ 254,683  $ 253,434  $ 183,915  $ 183,868 
Due after one year through five years 56,507  54,169  96,035  96,257 
Due after five years through ten years 13,435  11,850  11,129  11,601 
Due after ten years 2,876  2,576  4,694  4,752 
$ 327,501  $ 322,029  $ 295,773  $ 296,478 
Weighted average contractual maturity 1.1 years 1.5 years