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Investments Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments Available for Sale and Related Fair Value Measurement Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands):

 

 

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

28,519

 

 

$

—

 

 

$

(19

)

 

$

28,500

 

 

$

—

 

 

$

28,500

 

Certificates of deposit

 

 

10,774

 

 

 

1

 

 

 

(13

)

 

 

10,762

 

 

 

—

 

 

 

10,762

 

U.S. Treasury securities

 

 

30,318

 

 

 

—

 

 

 

(203

)

 

 

30,115

 

 

 

30,115

 

 

 

—

 

U.S. agency securities

 

 

11,034

 

 

 

—

 

 

 

(32

)

 

 

11,002

 

 

 

—

 

 

 

11,002

 

Corporate debt securities

 

 

34,625

 

 

 

3

 

 

 

(170

)

 

 

34,458

 

 

 

—

 

 

 

34,458

 

Total investments AFS

 

$

115,270

 

 

$

4

 

 

$

(437

)

 

$

114,837

 

 

$

30,115

 

 

$

84,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

44,054

 

 

$

11

 

 

$

(62

)

 

$

44,003

 

 

$

—

 

 

$

44,003

 

Certificates of deposit

 

 

17,355

 

 

 

4

 

 

 

(75

)

 

 

17,284

 

 

 

—

 

 

 

17,284

 

U.S. Treasury securities

 

 

21,847

 

 

 

3

 

 

 

(15

)

 

 

21,835

 

 

 

21,835

 

 

 

—

 

U.S. agency securities

 

 

10,688

 

 

 

16

 

 

 

(3

)

 

 

10,701

 

 

 

—

 

 

 

10,701

 

Corporate debt securities

 

 

45,522

 

 

 

4

 

 

 

(288

)

 

 

45,238

 

 

 

—

 

 

 

45,238

 

Total investments AFS

 

$

139,466

 

 

$

38

 

 

$

(443

)

 

$

139,061

 

 

$

21,835

 

 

$

117,226

 
Summary of Fair Value of Investments Available for Sale by Contractual Maturity

The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):

 

 

 

As of June 30, 2023

 

 

 

Within one year

 

 

After one year through five years

 

 

 

Total

 

Commercial paper

 

$

28,500

 

 

$

—

 

 

 

$

28,500

 

Certificates of deposit

 

 

10,762

 

 

 

—

 

 

 

 

10,762

 

U.S. Treasury securities

 

 

16,613

 

 

 

13,502

 

 

 

 

30,115

 

U.S. agency securities

 

 

10,030

 

 

 

972

 

 

 

 

11,002

 

Corporate debt securities

 

 

31,407

 

 

 

3,051

 

 

 

 

34,458

 

Total investments AFS

 

$

97,312

 

 

$

17,525

 

 

 

$

114,837