XML 27 R11.htm IDEA: XBRL DOCUMENT
v3.22.4

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | (3) Fair Value Measurements The following table summarizes, for financial assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):
|  |  | As of December 31, 2022 |
|  |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  |  |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ |  | 168,730 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 168,730 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. governmental securities |  |  |  | 83,942 |  |  |  |  | — |  |  |  |  | (754 | ) |  |  |  | 83,188 |
Total |  | $ |  | 252,672 |  |  | $ |  | — |  |  | $ |  | (754 | ) |  | $ |  | 251,918 |
(1) Included in “Cash and cash equivalents” in the Company's consolidated balance sheet as of December 31, 2022, in addition to cash of $49.8 million. The Company uses quoted prices in active markets for identical assets to determine the fair value of the Company's Level 1 investments. The fair value of the Company's Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs. The fair value of the Company's available-for-sale securities as of December 31, 2022, by remaining contractual maturities, was as follows (in thousands):
|  |  |  |  |  | As of December 31, 2022 |
Due in one year or less |  |  |  |  |  | $ | 11,971 |
Due in greater than one year |  |  |  |  |  |  | 71,217 |
Total |  |  |  |  |  | $ | 83,188 |
The Company periodically evaluates its investments for expected credit losses. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. None of the Company's available-for-sale securities have been in a continuous unrealized loss position for twelve months or longer as of December 31, 2022. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of December 31, 2022 to represent a credit loss. The Company held no marketable securities as of December 31, 2021.

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

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration