Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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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 (loss) income and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
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September 30, 2023 |
|
Amortized
Cost |
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Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
52,455 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
(201) |
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|
$ |
52,254 |
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| Corporate debt |
64,534 |
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— |
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— |
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(75) |
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|
64,459 |
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$ |
116,989 |
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$ |
— |
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$ |
— |
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$ |
(276) |
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$ |
116,713 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
18,152 |
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$ |
— |
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|
$ |
— |
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|
$ |
(651) |
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$ |
17,501 |
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| U.S. government sponsored entities |
562 |
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— |
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— |
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(88) |
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|
474 |
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| Corporate debt |
44,018 |
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— |
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— |
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(2,911) |
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41,107 |
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| Asset-backed securities (“ABS”) and other |
12,044 |
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— |
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— |
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(616) |
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|
11,428 |
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$ |
74,776 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(4,266) |
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$ |
70,510 |
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December 31, 2022 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
135,688 |
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|
$ |
— |
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|
$ |
14 |
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|
$ |
(1,153) |
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|
$ |
134,549 |
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| Corporate debt |
118,135 |
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— |
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|
1 |
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(95) |
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|
118,041 |
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| ABS and other |
859 |
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— |
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— |
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(15) |
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$ |
844 |
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$ |
254,682 |
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|
$ |
— |
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$ |
15 |
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$ |
(1,263) |
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$ |
253,434 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
21,434 |
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|
$ |
— |
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$ |
— |
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$ |
(719) |
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$ |
20,715 |
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| U.S. government sponsored entities |
602 |
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— |
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— |
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(66) |
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|
536 |
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| Corporate debt |
44,214 |
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— |
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21 |
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(2,877) |
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|
41,358 |
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| ABS and other |
6,569 |
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— |
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— |
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(583) |
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|
5,986 |
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|
$ |
72,819 |
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|
$ |
— |
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$ |
21 |
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$ |
(4,245) |
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$ |
68,595 |
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| 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):
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September 30, 2023 |
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Less than 12 months |
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12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
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Fair
Value(1)
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Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
25,803 |
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|
$ |
(23) |
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$ |
43,677 |
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$ |
(829) |
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$ |
69,480 |
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|
$ |
(852) |
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| U.S. government sponsored entities |
— |
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— |
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|
472 |
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(88) |
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|
472 |
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(88) |
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| Corporate debt |
71,514 |
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(255) |
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33,638 |
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(2,731) |
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105,152 |
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(2,986) |
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| ABS and other |
5,265 |
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(97) |
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6,130 |
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(519) |
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11,395 |
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(616) |
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$ |
102,582 |
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$ |
(375) |
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$ |
83,917 |
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$ |
(4,167) |
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$ |
186,499 |
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$ |
(4,542) |
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December 31, 2022 |
|
Less than 12 months |
|
12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
73,055 |
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|
$ |
(1,232) |
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$ |
66,144 |
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|
$ |
(640) |
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$ |
139,199 |
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|
$ |
(1,872) |
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| U.S. government sponsored entities |
447 |
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(46) |
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|
87 |
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(20) |
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|
534 |
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(66) |
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| Corporate debt |
130,816 |
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(1,909) |
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10,681 |
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(1,063) |
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141,497 |
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(2,972) |
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| ABS and other |
4,710 |
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(314) |
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2,091 |
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(284) |
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6,801 |
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(598) |
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$ |
209,028 |
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$ |
(3,501) |
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$ |
79,003 |
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$ |
(2,007) |
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$ |
288,031 |
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$ |
(5,508) |
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| (1) |
The fair value excludes accrued interest receivable. |
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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, available-for-sale, consisted of the following (in thousands):
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gross realized gains (1)
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$ |
— |
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|
$ |
— |
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$ |
— |
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$ |
114 |
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Gross realized losses (1)
|
$ |
— |
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|
$ |
(10) |
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|
$ |
(23) |
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$ |
(27) |
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| (1) |
Recorded in other income, net in the condensed consolidated statements of operations. 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, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
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September 30, 2023 |
|
December 31, 2022 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
116,989 |
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$ |
116,713 |
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$ |
254,683 |
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$ |
253,434 |
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| Due after one year through five years |
55,024 |
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|
52,633 |
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|
56,507 |
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|
54,169 |
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| Due after five years through ten years |
12,293 |
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|
10,987 |
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|
13,435 |
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|
11,850 |
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| Due after ten years |
7,459 |
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|
6,890 |
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|
2,876 |
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|
2,576 |
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$ |
191,765 |
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$ |
187,223 |
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$ |
327,501 |
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$ |
322,029 |
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| Weighted average contractual maturity |
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1.9 years |
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1.1 years |
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