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Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Financial Instruments | 4. FINANCIAL INSTRUMENTS Investments consist of the following as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|  | September 30, 2024 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  | $ | 224,665 |  |  | $ | 1,203 |  |  | $ | (85 | ) |  | $ | 225,783 |
Treasury and federal agencies |  |  | 257,488 |  |  |  | 576 |  |  |  | (75 | ) |  |  | 257,989 |
Total short-term investments (available for sale) |  | $ | 482,153 |  |  | $ | 1,779 |  |  | $ | (160 | ) |  | $ | 483,772 |
|  | December 31, 2023 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available for sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  |  | 245,886 |  |  |  | 719 |  |  |  | (892 | ) |  |  | 245,713 |
Treasury and federal agencies |  |  | 239,859 |  |  |  | 393 |  |  |  | (830 | ) |  |  | 239,422 |
Total short-term investments (available for sale) |  | $ | 485,745 |  |  | $ | 1,112 |  |  | $ | (1,722 | ) |  | $ | 485,135 |
In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year. Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities. Realized gains or loss resulting from sales of investments were zero during the quarters and years to date ended September 30, 2024 and September 30, 2023. Fair Value Measurements FASB ASC Topic 820 – Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2024, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. All of our available for sale investments were measured under Level 2 as of September 30, 2024 and December 31, 2023. Additionally, money market funds of $30.5 million and $30.3 million included within cash and cash equivalents on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 1. Non-governmental debt securities of $20.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 were measured under Level 2. Federal agency debt securities of $53.2 million and $44.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, were measured under Level 2. Equity Method Investment Our investment in an equity affiliate, which is recorded within other noncurrent assets on our condensed consolidated balance sheets, represents an international investment in a private company. As of September 30, 2024, our investment in an equity affiliate equated to 30.7%, or $1.2 million. During each of the quarters e nded September 30, 2024 and 2023, we recorded approximately $0.1 million of loss and during the years to date ended September 30, 2024 and 2023, we recorded less than ten thousand dollars of loss and approximately $0.1 million of loss, respectively, related to our equity affiliate within miscellaneous (expense) income on our unaudited condensed consolidated statements of income. We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
| Maintenance Fee Payments |
For the quarter ended September 30, 2024 | $ | 429 |
For the quarter ended September 30, 2023 | $ | 411 |
For the year to date ended September 30, 2024 | $ | 1,296 |
For the year to date ended September 30, 2023 | $ | 1,256 |
Credit Agreement Termination of credit agreement On July 29, 2024, the Company gave notice of the termination of its credit agreement, dated as of September 8, 2021, as amended (the “Credit Agreement”), by and among the Company, as borrower, certain of its subsidiary guarantors thereunder, the lenders from time-to-time parties thereto and Wintrust Bank N.A. (the “Termination”). At the time of the Termination of the Credit Agreement, the Company was not in default under the Credit Agreement, no r did it have any amounts outstanding thereunder. The Credit Agreement was due to mature on January 31, 2027. The Company made the decision to terminate the Credit Agreement due to the Company’s strong cash position and to avoid uncertainty under the Credit Agreement associated with newly effective Title IV financial responsibility requirements. The Termination was effective on July 30, 2024. Upon effectiveness of the Termination, all security interests and pledges granted to the secured parties under the Credit Agreement were terminated and released. The Company did not incur any material early termination penalties in connection with the Termination.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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