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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Summary of Investments Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s investments at December 31, 2020 and 2019 measured at fair value on a recurring basis (in thousands):
|  | December 31, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  |  |  |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  |  |  |
|  |  |  |  |  | Gains |  |  | Recorded |  |  |  |  |  |  | Gains |  |  | Recorded |
|  | Cost |  |  | (Losses) |  |  | Basis |  |  | Cost |  |  | (Losses) |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 42,007 |  |  | $ | — |  |  | $ | 42,007 |  |  | $ | 35,526 |  |  | $ | — |  |  | $ | 35,526 |
Total cash equivalents |  |  | 42,007 |  |  |  | — |  |  |  | 42,007 |  |  |  | 35,526 |  |  |  | — |  |  |  | 35,526 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 50,918 |  |  |  | 884 |  |  |  | 51,802 |  |  |  | 53,493 |  |  |  | 156 |  |  |  | 53,649 |
Asset backed securities |  |  | 36,948 |  |  |  | (146 | ) |  |  | 36,802 |  |  |  | 14,017 |  |  |  | (13 | ) |  |  | 14,004 |
U.S. government agency securities |  |  | 7,396 |  |  |  | 752 |  |  |  | 8,148 |  |  |  | 7,408 |  |  |  | 282 |  |  |  | 7,690 |
Mortgage backed securities |  |  | 4,367 |  |  |  | 24 |  |  |  | 4,391 |  |  |  | 2,737 |  |  |  | 1 |  |  |  | 2,738 |
U.S. treasuries |  |  | 100 |  |  |  | 1 |  |  |  | 101 |  |  |  | 4,500 |  |  |  | 9 |  |  |  | 4,509 |
Total current investments |  |  | 99,729 |  |  |  | 1,515 |  |  |  | 101,244 |  |  |  | 82,155 |  |  |  | 435 |  |  |  | 82,590 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 88,902 |  |  |  | 4,091 |  |  |  | 92,993 |  |  |  | 98,481 |  |  |  | 1,931 |  |  |  | 100,412 |
Mortgage backed securities |  |  | 48,795 |  |  |  | 2,356 |  |  |  | 51,151 |  |  |  | 62,930 |  |  |  | 837 |  |  |  | 63,767 |
Money market funds |  |  | 40,063 |  |  |  | (4 | ) |  |  | 40,059 |  |  |  | 29,046 |  |  |  | — |  |  |  | 29,046 |
U.S. government agency securities |  |  | 29,737 |  |  |  | 2,466 |  |  |  | 32,203 |  |  |  | 27,885 |  |  |  | 642 |  |  |  | 28,527 |
Mutual funds |  |  | 5,036 |  |  |  | — |  |  |  | 5,036 |  |  |  | 3,466 |  |  |  | — |  |  |  | 3,466 |
Supranational bonds |  |  | 4,775 |  |  |  | 3 |  |  |  | 4,778 |  |  |  | 4,770 |  |  |  | 30 |  |  |  | 4,800 |
U.S. treasuries |  |  | 4,371 |  |  |  | 19 |  |  |  | 4,390 |  |  |  | 16,906 |  |  |  | 21 |  |  |  | 16,927 |
Asset backed securities |  |  | 256 |  |  |  | 4 |  |  |  | 260 |  |  |  | 303 |  |  |  | — |  |  |  | 303 |
Total restricted cash and investments |  |  | 221,935 |  |  |  | 8,935 |  |  |  | 230,870 |  |  |  | 243,787 |  |  |  | 3,461 |  |  |  | 247,248 |
Total investments |  | $ | 363,671 |  |  | $ | 10,450 |  |  | $ | 374,121 |  |  | $ | 361,468 |  |  | $ | 3,896 |  |  | $ | 365,364 |
(1) Included in restricted cash and investments within the consolidated balance sheets as of December 31, 2020 and 2019 is restricted cash of $124.3 million and $197.0 million, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.
Summary of Assets Measured at Fair Value on Recurring Basis | The following table summarizes the Company's investments at December 31, 2020 and 2019 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |  |  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Other (1) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 42,007 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 42,007 |  |  | $ | 35,526 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,526 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 51,802 |  |  |  | — |  |  |  | 51,802 |  |  |  | — |  |  |  | — |  |  |  | 53,649 |  |  |  | — |  |  |  | 53,649 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 36,802 |  |  |  | — |  |  |  | 36,802 |  |  |  | — |  |  |  | — |  |  |  | 14,004 |  |  |  | — |  |  |  | 14,004 |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 8,148 |  |  |  | — |  |  |  | 8,148 |  |  |  | — |  |  |  | — |  |  |  | 7,690 |  |  |  | — |  |  |  | 7,690 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 4,391 |  |  |  | — |  |  |  | 4,391 |  |  |  | — |  |  |  | — |  |  |  | 2,738 |  |  |  | — |  |  |  | 2,738 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 101 |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 4,509 |  |  |  | — |  |  |  | 4,509 |  |  |  | — |  |  |  | — |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 92,993 |  |  |  | — |  |  |  | 92,993 |  |  |  | — |  |  |  | — |  |  |  | 100,412 |  |  |  | — |  |  |  | 100,412 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 51,151 |  |  |  | — |  |  |  | 51,151 |  |  |  | — |  |  |  | — |  |  |  | 63,767 |  |  |  | — |  |  |  | 63,767 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 40,059 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,059 |  |  |  | 29,046 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,046 |
U.S. government agency securities |  |  | 32,203 |  |  |  | — |  |  |  | 32,203 |  |  |  | — |  |  |  | — |  |  |  | 28,527 |  |  |  | — |  |  |  | 28,527 |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 5,036 |  |  |  | 5,036 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,466 |  |  |  | 3,466 |  |  |  | — |  |  |  | — |  |  |  | — |
Supranational bonds |  |  | 4,778 |  |  |  | — |  |  |  | 4,778 |  |  |  | — |  |  |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 4,390 |  |  |  | — |  |  |  | 4,390 |  |  |  | — |  |  |  | — |  |  |  | 16,927 |  |  |  | — |  |  |  | 16,927 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 260 |  |  |  | — |  |  |  | 260 |  |  |  | — |  |  |  | — |  |  |  | 303 |  |  |  | — |  |  |  | 303 |  |  |  | — |  |  |  | — |
Total investments |  | $ | 374,121 |  |  | $ | 5,036 |  |  | $ | 287,019 |  |  | $ | — |  |  | $ | 82,066 |  |  | $ | 365,364 |  |  | $ | 3,466 |  |  | $ | 297,326 |  |  | $ | — |  |  | $ | 64,572 |
(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.
Summary of Contractual Maturities of Available for Sale Securities | The following table summarizes the contractual maturities of the Company’s available for sale securities at December 31, 2020 and 2019. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
| December 31, 2020 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 49,308 |  |  | $ | 61,315 |  |  | $ | 34,172 |  |  | $ | — |  |  | $ | 144,795 |
Money market funds |  | 82,066 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 82,066 |
U.S. government agency securities |  | 1,013 |  |  |  | 18,668 |  |  |  | 20,670 |  |  |  | — |  |  |  | 40,351 |
Asset backed securities |  | 2 |  |  |  | 267 |  |  |  | — |  |  |  | 36,793 |  |  |  | 37,062 |
Supranational bonds |  | 4,778 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,778 |
U.S. treasuries |  | 1,367 |  |  |  | 1,504 |  |  |  | 1,620 |  |  |  | — |  |  |  | 4,491 |
Total | $ | 138,534 |  |  | $ | 81,754 |  |  | $ | 56,462 |  |  | $ | 36,793 |  |  | $ | 313,543 |
| December 31, 2019 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 7,238 |  |  | $ | 120,887 |  |  | $ | 25,936 |  |  | $ | — |  |  | $ | 154,061 |
Money market funds |  | 64,572 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 64,572 |
U.S. government agency securities |  | 2,128 |  |  |  | 6,425 |  |  |  | 27,664 |  |  |  | — |  |  |  | 36,217 |
U.S. treasuries |  | 20,632 |  |  |  | 804 |  |  |  | — |  |  |  | — |  |  |  | 21,436 |
Asset backed securities |  | — |  |  |  | 319 |  |  |  | — |  |  |  | 13,988 |  |  |  | 14,307 |
Supranational bonds |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | — |  |  |  | 4,800 |
Total | $ | 94,570 |  |  | $ | 133,235 |  |  | $ | 53,600 |  |  | $ | 13,988 |  |  | $ | 295,393 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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