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Investments | 12 Months Ended
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Dec. 31, 2023
Investments, All Other Investments [Abstract] |
Investments | Investments Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, U.S. GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company’s financial instruments that are measured at fair value on a recurring basis consist of fixed income investments. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services. Assets measured at fair value on a recurring basis were as follows (in thousands):
| December 31, 2023
| Quoted Price in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Obligations of U.S. Government and its agencies | $ | — |  |  | $ | 277,358 |  |  | $ | — |  |  | $ | 277,358 |
Certificates of deposit | — |  |  | 986 |  |  | — |  |  | 986 |
Total assets | $ | — |  |  | $ | 278,344 |  |  | $ | — |  |  | $ | 278,344 |
| December 31, 2022
| Quoted Price in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Obligations of U.S. Government and its agencies | $ | — |  |  | $ | 129,371 |  |  | $ | — |  |  | $ | 129,371 |
Corporate debt securities | — |  |  | 6,092 |  |  | — |  |  | 6,092 |
Certificates of deposit | — |  |  | 2,157 |  |  | — |  |  | 2,157 |
Total assets | $ | — |  |  | $ | 137,620 |  |  | $ | — |  |  | $ | 137,620 |
There were no changes in valuation techniques during the years ended December 31, 2023 and 2022. There were no liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022. As of December 31, 2023, the Company had 11 securities with a total estimated fair market value of $18,513 in an unrealized loss position. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. The Company does not have intent to sell these investments, and it is more likely than not that the investments will be held until recovery of their amortized cost basis. As such, no allowance was recognized. The following tables summarize the fair value of the Company’s investments by type (in thousands):
| December 31, 2023
| Amortized Cost |  | Accrued Interest |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and its agencies | $ | 277,151 |  |  | $ | 121 |  |  | $ | 150 |  |  | $ | (64) |  |  | $ | 277,358 |
Certificates of deposit | 980 |  |  | 14 |  |  | — |  |  | (8) |  |  | 986 |
Total investments | $ | 278,131 |  |  | $ | 135 |  |  | $ | 150 |  |  | $ | (72) |  |  | $ | 278,344 |
| December 31, 2022
| Amortized Cost |  | Accrued Interest |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and its agencies | $ | 129,940 |  |  | $ | 427 |  |  | $ | — |  |  | $ | (996) |  |  | $ | 129,371 |
Corporate debt securities | 6,093 |  |  | 37 |  |  | — |  |  | (38) |  |  | 6,092 |
Certificates of deposit | 2,163 |  |  | 23 |  |  | — |  |  | (29) |  |  | 2,157 |
Total investments | $ | 138,196 |  |  | $ | 487 |  |  | $ | — |  |  | $ | (1,063) |  |  | $ | 137,620 |
The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2023 and 2022 (in thousands):
| December 31,
| 2023 |  | 2022
Maturing in one year or less | $ | 278,344 |  |  | $ | 119,543 |
Maturing after one year through two years | — |  |  | 18,077 |
Total investments | $ | 278,344 |  |  | $ | 137,620 |

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