| Marketable Securities |
(5) Marketable Securities The following is a summary of marketable debt securities, classified as available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized | | Gross Unrealized | | Gross Unrealized | | Fair | | | Cost | | Gains | | Losses | | Value | | | | (In thousands) | September 30, 2026 | | | | | | | | | | | | | Marketable securities | | | | | | | | | | | | | U.S. government and municipal obligations | | | | | | | | | | | | | Maturing in one year or less | | $ | 158,525 | | $ | 4 | | $ | (556) | | $ | 157,973 | Maturing after one year through three years | | | 95,494 | | | — | | | (1,041) | | | 94,453 | Total U.S. government and municipal obligations | | $ | 254,019 | | $ | 4 | | $ | (1,597) | | $ | 252,426 | Corporate debt securities | | | | | | | | | | | | | Maturing in one year or less | | $ | 292,883 | | $ | 3 | | $ | (811) | | $ | 292,075 | Maturing after one year through three years | | | 79,390 | | | — | | | (524) | | | 78,866 | Total corporate debt securities | | $ | 372,273 | | $ | 3 | | $ | (1,335) | | $ | 370,941 | Total marketable securities | | $ | 626,292 | | $ | 7 | | $ | (2,932) | | $ | 623,367 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized | | Gross Unrealized | | Gross Unrealized | | Fair | | | Cost | | Gains | | Losses | | Value | | | | (In thousands) | December 31, 2025 | | | | | | | | | | | | | Marketable securities | | | | | | | | | | | | | U.S. government and municipal obligations | | | | | | | | | | | | | Maturing in one year or less | | $ | 151,270 | | $ | 479 | | $ | — | | $ | 151,749 | Maturing after one year through three years | | | 42,358 | | | 127 | | | — | | | 42,485 | Total U.S. government and municipal obligations | | $ | 193,628 | | $ | 606 | | $ | — | | $ | 194,234 | Corporate debt securities | | | | | | | | | | | | | Maturing in one year or less | | $ | 257,064 | | $ | 373 | | $ | — | | $ | 257,437 | Maturing after one year through three years | | | 37,980 | | | 55 | | | (4) | | | 38,031 | Total corporate debt securities | | $ | 295,044 | | $ | 428 | | $ | (4) | | $ | 295,468 | Total marketable securities | | $ | 488,672 | | $ | 1,034 | | $ | (4) | | $ | 489,702 |
The Company holds investment-grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of September 30, 2026 and December 31, 2025 was $576.5 million and $19.4 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at September 30, 2026 and December 31, 2025. Marketable securities include $5.5 million and $4.4 million in accrued interest at September 30, 2026 and December 31, 2025, respectively.
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