| MARKETABLE SECURITIES |
MARKETABLE SECURITIES The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $0.6 million and $3.2 million of pre-tax net unrealized losses and gains, respectively, in Accumulated other comprehensive income (“AOCI”) as of March 31, 2026, and December 31, 2025, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 31, 2026, and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (In thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Short-term AFS securities | | | | | | | | | | U.S. Treasury securities | | $ | 225,581 | | | $ | 435 | | | $ | (37) | | | $ | 225,979 | | | Corporate debt securities | | 181,661 | | | 213 | | | (63) | | | 181,811 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total short-term AFS securities | | $ | 407,242 | | | $ | 648 | | | $ | (100) | | | $ | 407,790 | | Long-term AFS securities | | | | | | | | | | U.S. Treasury securities | | $ | 279,132 | | | $ | 199 | | | $ | (654) | | | $ | 278,677 | | | Corporate debt securities | | 227,827 | | | 111 | | | (798) | | | 227,140 | | | U.S. governmental agency securities | | 6,876 | | | — | | | (27) | | | 6,849 | | | | | | | | | | | | Total long-term AFS securities | | $ | 513,835 | | | $ | 310 | | | $ | (1,479) | | | $ | 512,666 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Short-term AFS securities | | | | | | | | | | U.S. Treasury securities | | $ | 200,604 | | | $ | 660 | | | $ | (1) | | | $ | 201,263 | | | Corporate debt securities | | 185,007 | | | 451 | | | (9) | | | 185,449 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total short-term AFS securities | | $ | 385,611 | | | $ | 1,111 | | | $ | (10) | | | $ | 386,712 | | Long-term AFS securities | | | | | | | | | | U.S. Treasury securities | | $ | 289,530 | | | $ | 1,372 | | | $ | (3) | | | $ | 290,899 | | | Corporate debt securities | | 227,235 | | | 724 | | | (43) | | | 227,916 | | | U.S. governmental agency securities | | 6,875 | | | 5 | | | — | | | 6,880 | | | | | | | | | | | | Total long-term AFS securities | | $ | 523,640 | | | $ | 2,101 | | | $ | (46) | | | $ | 525,695 | |
The following tables represent the AFS securities as of March 31, 2026, and December 31, 2025, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Less than 12 Months | | 12 Months or Greater | | Total | | (In thousands) | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Short-term AFS securities | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 46,227 | | | $ | (30) | | | $ | 3,950 | | | $ | (7) | | | $ | 50,177 | | | $ | (37) | | | Corporate debt securities | | 68,855 | | | (63) | | | — | | | — | | | 68,855 | | | (63) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total short-term AFS securities | | $ | 115,082 | | | $ | (93) | | | $ | 3,950 | | | $ | (7) | | | $ | 119,032 | | | $ | (100) | | | Long-term AFS securities | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 165,746 | | | $ | (654) | | | $ | — | | | $ | — | | | $ | 165,746 | | | $ | (654) | | | Corporate debt securities | | 179,935 | | | (798) | | | — | | | — | | | 179,935 | | | (798) | | | U.S. governmental agency securities | | 6,850 | | | (27) | | | — | | | — | | | 6,850 | | | (27) | | | | | | | | | | | | | | | | Total long-term AFS securities | | $ | 352,531 | | | $ | (1,479) | | | $ | — | | | $ | — | | | $ | 352,531 | | | $ | (1,479) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or Greater | | Total | | (In thousands) | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Short-term AFS securities | | | | | | | | | | | | | | U.S. Treasury securities | | $ | — | | | $ | — | | | $ | 3,936 | | | $ | (1) | | | $ | 3,936 | | | $ | (1) | | | Corporate debt securities | | 10,811 | | | (9) | | | — | | | — | | | 10,811 | | | (9) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total short-term AFS securities | | $ | 10,811 | | | $ | (9) | | | $ | 3,936 | | | $ | (1) | | | $ | 14,747 | | | $ | (10) | | | Long-term AFS securities | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 12,598 | | | $ | (3) | | | $ | — | | | $ | — | | | $ | 12,598 | | | $ | (3) | | | Corporate debt securities | | 48,445 | | | (43) | | | — | | | — | | | 48,445 | | | (43) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total long-term AFS securities | | $ | 61,043 | | | $ | (46) | | | $ | — | | | $ | — | | | $ | 61,043 | | | $ | (46) | |
We assess our AFS securities for impairment on a quarterly basis or more often if a potential loss-triggering event occurs. As of March 31, 2026, and December 31, 2025, we did not intend to sell, and it was not likely that we would be required to sell, these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 31, 2026, and December 31, 2025, we have recognized no impairment losses or allowance for credit losses related to AFS securities. As of March 31, 2026, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months, and 13 months to 27 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.
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