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v3.22.2.2

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021:
| As of September 30, 2022 |  | As of December 31, 2021
| Fair Value Hierarchy |  |  |  | Fair Value Hierarchy |  |
(in thousands) | Level 1 | Level 2 | Level 3 |  | Total |  | Level 1 | Level 2 | Level 3 |  | Total
Cash and cash equivalents(a) | $ | 323,200 |  | $ | — |  | $ | — |  |  | $ | 323,200 |  |  | $ | 202,197 |  | $ | — |  | $ | — |  |  | $ | 202,197 |
Restricted cash(a) | 21,817 |  | — |  | — |  |  | 21,817 |  |  | 9,199 |  | — |  | — |  |  | 9,199 |
Restricted investments(b) | — |  | 79,562 |  | — |  |  | 79,562 |  |  | — |  | 84,355 |  | — |  |  | 84,355 |
Investments in lieu of retention(c) | 23,434 |  | 58,441 |  | — |  |  | 81,875 |  |  | 27,472 |  | 58,856 |  | — |  |  | 86,328 |
Total | $ | 368,451 |  | $ | 138,003 |  | $ | — |  |  | $ | 506,454 |  |  | $ | 238,868 |  | $ | 143,211 |  | $ | — |  |  | $ | 382,079 |
____________________________________________________________________________________________________ (a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b)Restricted investments, as of September 30, 2022 and December 31, 2021, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. (c)Investments in lieu of retention are included in retention receivable as of September 30, 2022 and December 31, 2021, and are comprised of money market funds of $23.4 million and $27.5 million, respectively, and AFS debt securities of $58.4 million and $58.9 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Schedule of Available-for-Sale Securities Reconciliation | Investments in AFS debt securities consisted of the following as of September 30, 2022 and December 31, 2021:
| As of September 30, 2022 |  | As of December 31, 2021
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value |  | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Restricted investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 47,529 |  | $ | 22 |  | $ | (3,866) |  | $ | 43,685 |  |  | $ | 46,649 |  | $ | 438 |  | $ | (438) |  | $ | 46,649 |
U.S. government agency securities | 29,063 |  | — |  | (1,756) |  | 27,307 |  |  | 28,316 |  | 459 |  | (133) |  | 28,642 |
Municipal bonds | 9,334 |  | — |  | (1,274) |  | 8,060 |  |  | 8,475 |  | 100 |  | (78) |  | 8,497 |
Corporate certificates of deposit | 564 |  | — |  | (54) |  | 510 |  |  | 571 |  | 2 |  | (6) |  | 567 |
Total restricted investments | 86,490 |  | 22 |  | (6,950) |  | 79,562 |  |  | 84,011 |  | 999 |  | (655) |  | 84,355 |
Investments in lieu of retention: |  |  |  |  |  |  |  |  |
Corporate debt securities | 61,656 |  | — |  | (4,143) |  | 57,513 |  |  | 58,261 |  | 72 |  | (741) |  | 57,592 |
Municipal bonds | 816 |  | 112 |  | — |  | 928 |  |  | 812 |  | 452 |  | — |  | 1,264 |
Total investments in lieu of retention | 62,472 |  | 112 |  | (4,143) |  | 58,441 |  |  | 59,073 |  | 524 |  | (741) |  | 58,856 |
Total AFS debt securities | $ | 148,962 |  | $ | 134 |  | $ | (11,093) |  | $ | 138,003 |  |  | $ | 143,084 |  | $ | 1,523 |  | $ | (1,396) |  | $ | 143,211 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2022 and December 31, 2021:
| As of September 30, 2022
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Restricted investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 26,673 |  | $ | (1,817) |  |  | $ | 16,742 |  | $ | (2,049) |  |  | $ | 43,415 |  | $ | (3,866) |
U.S. government agency securities | 22,552 |  | (1,108) |  |  | 4,755 |  | (648) |  |  | 27,307 |  | (1,756) |
Municipal bonds | 6,037 |  | (816) |  |  | 2,023 |  | (458) |  |  | 8,060 |  | (1,274) |
Corporate certificates of deposit | 118 |  | (12) |  |  | 392 |  | (42) |  |  | 510 |  | (54) |
Total restricted investments | 55,380 |  | (3,753) |  |  | 23,912 |  | (3,197) |  |  | 79,292 |  | (6,950) |
Investments in lieu of retention: |  |  |  |  |  |  |  |
Corporate debt securities | 57,513 |  | (4,143) |  |  | — |  | — |  |  | 57,513 |  | (4,143) |
Total investments in lieu of retention | 57,513 |  | (4,143) |  |  | — |  | — |  |  | 57,513 |  | (4,143) |
Total AFS debt securities | $ | 112,893 |  | $ | (7,896) |  |  | $ | 23,912 |  | $ | (3,197) |  |  | $ | 136,805 |  | $ | (11,093) |
| As of December 31, 2021
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Restricted investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 28,639 |  | $ | (434) |  |  | $ | 207 |  | $ | (4) |  |  | $ | 28,846 |  | $ | (438) |
U.S. government agency securities | 5,382 |  | (97) |  |  | 824 |  | (36) |  |  | 6,206 |  | (133) |
Municipal bonds | 2,714 |  | (35) |  |  | 907 |  | (43) |  |  | 3,621 |  | (78) |
Corporate certificates of deposit | 435 |  | (6) |  |  | — |  | — |  |  | 435 |  | (6) |
Total restricted investments | 37,170 |  | (572) |  |  | 1,938 |  | (83) |  |  | 39,108 |  | (655) |
Investments in lieu of retention: |  |  |  |  |  |  |  |
Corporate debt securities | 46,486 |  | (736) |  |  | 714 |  | (5) |  |  | 47,200 |  | (741) |
Total investments in lieu of retention | 46,486 |  | (736) |  |  | 714 |  | (5) |  |  | 47,200 |  | (741) |
Total AFS debt securities | $ | 83,656 |  | $ | (1,308) |  |  | $ | 2,652 |  | $ | (88) |  |  | $ | 86,308 |  | $ | (1,396) |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of AFS debt securities by contractual maturity as of September 30, 2022 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands) | Amortized Cost | Fair Value
Due within one year | $ | 20,553 |  | $ | 20,333 |
Due after one year through five years | 117,590 |  | 108,498 |
Due after five years | 10,819 |  | 9,172 |
Total | $ | 148,962 |  | $ | 138,003 |

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