Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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, by type of security consisted of the following (in thousands):
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March 31, 2022 |
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Amortized
Cost |
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|
Allowance
for Credit
Losses |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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Fair
Value |
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| U.S. treasuries |
|
$ |
101,141 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(849 |
) |
|
$ |
100,292 |
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| Corporate debt |
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|
118,271 |
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|
— |
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7 |
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(193 |
) |
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118,085 |
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| Asset-backed securities (“ABS”) and other |
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603 |
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— |
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8 |
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— |
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|
611 |
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$
|
220,015 |
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$ |
— |
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$ |
15 |
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|
$ |
(1,042 |
) |
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$ |
218,988 |
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| U.S. treasuries |
|
$ |
12,420 |
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|
$ |
— |
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|
$ |
9 |
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|
$ |
(311 |
) |
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$ |
12,118 |
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| U.S. government sponsored entities |
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|
674 |
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— |
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— |
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(18 |
) |
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|
656 |
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| Corporate debt |
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34,300 |
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— |
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|
147 |
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(1,141 |
) |
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33,306 |
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| Asset-backed securities (“ABS”) and other |
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7,125 |
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— |
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5 |
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(230 |
) |
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|
6,900 |
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$ |
54,519 |
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$ |
— |
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$ |
161 |
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$ |
(1,700 |
) |
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$ |
52,980 |
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December 31, 2021 |
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Amortized
Cost |
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|
Allowance
for Credit
Losses |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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Fair
Value |
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| |
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| U.S. treasuries |
|
$ |
35,767 |
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|
$ |
— |
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$ |
— |
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|
$ |
(34 |
) |
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$ |
35,733 |
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| Corporate debt |
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148,148 |
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— |
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22 |
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(35 |
) |
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148,135 |
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$ |
183,915 |
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$ |
— |
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$ |
22 |
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$ |
(69 |
) |
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$ |
183,868 |
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| U.S. treasuries |
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$ |
70,902 |
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|
$ |
— |
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$ |
128 |
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|
$ |
(263 |
) |
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$ |
70,767 |
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| U.S. government sponsored entities |
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|
726 |
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— |
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22 |
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(3 |
) |
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|
745 |
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| Corporate debt |
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33,197 |
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— |
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|
962 |
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(146 |
) |
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34,013 |
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| ABS and other |
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7,033 |
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— |
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|
82 |
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(30 |
) |
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7,085 |
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$ |
111,858 |
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$ |
— |
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$ |
1,194 |
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$ |
(442 |
) |
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$ |
112,610 |
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| Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position |
The Company’s investments in marketable debt securities, 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):
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March 31, 2022 |
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Less than 12 months |
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12 months or greater |
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Total |
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Fair
Value |
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Gross
Unrealized
Losses |
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Fair
Value |
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Gross
Unrealized
Losses |
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Fair
Value |
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|
Gross
Unrealized
Losses |
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| U.S. treasuries |
|
$ |
111,232 |
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|
$ |
(1,160 |
) |
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— |
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|
— |
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$ |
111,232 |
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|
$ |
(1,160 |
) |
| U.S. government sponsored entities |
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|
549 |
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(8 |
) |
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|
105 |
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(10 |
) |
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|
654 |
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(18 |
) |
| Corporate debt |
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137,510 |
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(1,277 |
) |
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|
618 |
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(57 |
) |
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138,128 |
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(1,334 |
) |
| ABS and other |
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6,181 |
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(230 |
) |
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— |
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— |
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6,181 |
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(230 |
) |
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$ |
255,472 |
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|
$ |
(2,675 |
) |
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$ |
723 |
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|
$ |
(67 |
) |
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$ |
256,195 |
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$ |
(2,742 |
) |
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December 31, 2021 |
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Less than 12 months |
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12 months or greater |
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Total |
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Fair
Value |
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|
Gross
Unrealized
Losses |
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|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
| U.S. treasuries |
|
$ |
103,019 |
|
|
$ |
(297 |
) |
|
$ |
— |
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|
$ |
— |
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|
$ |
103,019 |
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|
$ |
(297 |
) |
| U.S. government sponsored entities |
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|
115 |
|
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(3 |
) |
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|
— |
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|
— |
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|
115 |
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|
(3 |
) |
| Corporate debt |
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115,908 |
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(173 |
) |
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|
146 |
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(8 |
) |
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116,054 |
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(181 |
) |
| ABS and other |
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2,915 |
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(30 |
) |
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— |
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— |
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2,915 |
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(30 |
) |
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$ |
221,957 |
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$ |
(503 |
) |
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$ |
146 |
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|
$ |
(8 |
) |
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$ |
222,103 |
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|
$ |
(511 |
) |
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| 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, consisted of the following (in thousands):
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Three Months Ended
March 31, |
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2022 |
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|
2021 |
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$ |
113 |
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$ |
1 |
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$ |
— |
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$ |
— |
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Recorded in other income, net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. |
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| Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity |
Amortized cost and fair value of marketable debt securities, by contractual maturity consisted of the following (in thousands, except weighted average data):
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March 31, 2022 |
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December 31, 2021 |
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|
Amortized
Cost |
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|
Fair Value |
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|
Amortized
Cost |
|
|
Fair Value |
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| Due in one year or less |
|
$ |
220,015 |
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|
$ |
218,988 |
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|
$ |
183,915 |
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|
$ |
183,868 |
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| Due after one year through five years |
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|
36,442 |
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|
35,478 |
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|
96,035 |
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|
96,257 |
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| Due after five years through ten years |
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|
12,978 |
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|
12,582 |
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|
11,129 |
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|
11,601 |
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| Due after ten years |
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|
5,099 |
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|
4,920 |
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|
4,694 |
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|
4,752 |
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|
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|
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| |
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$ |
274,534 |
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|
$ |
271,968 |
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|
$ |
295,773 |
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$ |
296,478 |
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| Weighted average contractual maturity |
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1.4 years |
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1.5 years |
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