XML 20 R13.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments | 3 Months Ended
--- | ---
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | 3. Investments As of March 31, 2026 and December 31, 2025, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of a pproximately $2,508,000 and $2,462,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through March 31, 2026, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of March 31, 2026. Details of our investments are as follows (in thousands):
|  | March 31, 2026 |
|  | Cash and Cash |  |  | Long-Term |
|  | Equivalents |  |  | Investment |
Measured at fair value: |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |
Money market funds |  | $ | 360,758 |  |  | $ | — |
Failed Auction Security |  |  | — |  |  |  | 2,508 |
Total |  |  | 360,758 |  |  |  | 2,508 |
Other measurement basis: |  |  |  |  |  |
Cash on hand |  |  | 43,487 |  |  |  | — |
Total |  | $ | 404,245 |  |  | $ | 2,508 |
|  | December 31, 2025 |
|  | Cash and Cash |  |  | Long-Term |
|  | Equivalents |  |  | Investment |
Measured at fair value: |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |
Money market funds |  | $ | 367,340 |  |  | $ | — |
Failed Auction Security |  |  | — |  |  |  | 2,462 |
Total |  |  | 367,340 |  |  |  | 2,462 |
Other measurement basis: |  |  |  |  |  |
Cash on hand |  |  | 35,465 |  |  |  | — |
Total |  | $ | 402,805 |  |  | $ | 2,462 |
The following is a summary of the available-for-sale securities (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
March 31, 2026 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Failed Auction Security |  | $ | 3,000 |  |  |  | — |  |  |  | 492 |  |  | $ | 2,508 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2025 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Failed Auction Security |  | $ | 3,000 |  |  |  | — |  |  |  | 538 |  |  | $ | 2,462 |
As of March 31, 2026, the Failed Auction Security had been in an unrealized loss position for greater than 12 months. The amortized cost and estimated fair value of the available-for-sale securities on March 31, 2026, by type and contractual maturities, are shown below (in thousands):
|  |  |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Failed Auction Security: |  |  |  |  |  |
Due in sixteen years |  | $ | 3,000 |  |  | $ | 2,508 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration