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Fair Value Measurement | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Note 3 - Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All of our financial instruments are recognized in our consolidated balance sheets. Carrying values approximate fair value of most financial assets and liabilities. Investments and restricted cash and investments are recorded at market value. The interest rates on our investments approximate current market rates for these types of investments. In determining the fair value of our financial assets, the Company predominately uses the market approach. In determining the fair value of all its corporate bonds, mortgage backed securities, U.S. treasuries, U.S. government agency securities, supranational, mutual funds, money market funds, asset backed securities, and municipal bonds, the Company utilizes non-binding quotes provided by our investment brokers. Factors used in determining the fair value of our financial assets and liabilities are summarized into three levels as established in the fair value hierarchy framework. The three levels of the fair value hierarchy are described below. Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Inputs to the valuation methodology include:
| • | Quoted prices for similar assets or liabilities in active markets;
| • | Quoted prices for identical or similar assets or liabilities in inactive markets;
| • | Inputs other than quoted prices that are observable for the asset or liability;
| • | Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. In determining the fair value measurement of our financial assets, the fair value measurement level within the hierarchy is based on the lowest level input and is applied to each financial asset. Valuation techniques are used to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table summarizes the Company’s investments at December 31, 2021 and 2020 measured at fair value on a recurring basis (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
|  |  |  |  |  | Gross |  |  |  |  |  |  |  |  |  |  | Gross |  |  |  |  |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  | Unrealized |  |  |  |  |
|  |  |  |  |  | Gains |  |  | Recorded |  |  |  |  |  |  | Gains |  |  | Recorded |
|  | Cost |  |  | (Losses) |  |  | Basis |  |  | Cost |  |  | (Losses) |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 13,384 |  |  | $ | — |  |  | $ | 13,384 |  |  | $ | 42,007 |  |  | $ | — |  |  | $ | 42,007 |
Total cash equivalents |  |  | 13,384 |  |  |  | — |  |  |  | 13,384 |  |  |  | 42,007 |  |  |  | — |  |  |  | 42,007 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 41,954 |  |  |  | (136 | ) |  |  | 41,818 |  |  |  | 50,918 |  |  |  | 884 |  |  |  | 51,802 |
Asset backed securities |  |  | 29,533 |  |  |  | (38 | ) |  |  | 29,495 |  |  |  | 36,948 |  |  |  | (146 | ) |  |  | 36,802 |
U.S. government agency securities |  |  | 7,383 |  |  |  | 418 |  |  |  | 7,801 |  |  |  | 7,396 |  |  |  | 752 |  |  |  | 8,148 |
Mortgage backed securities |  |  | 18,089 |  |  |  | (440 | ) |  |  | 17,649 |  |  |  | 4,367 |  |  |  | 24 |  |  |  | 4,391 |
U.S. treasuries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 1 |  |  |  | 101 |
Total current investments |  |  | 96,959 |  |  |  | (196 | ) |  |  | 96,763 |  |  |  | 99,729 |  |  |  | 1,515 |  |  |  | 101,244 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 117,700 |  |  |  | (17 | ) |  |  | 117,683 |  |  |  | 88,902 |  |  |  | 4,091 |  |  |  | 92,993 |
Mortgage backed securities |  |  | 64,217 |  |  |  | 764 |  |  |  | 64,981 |  |  |  | 48,795 |  |  |  | 2,356 |  |  |  | 51,151 |
Money market funds |  |  | 528 |  |  |  | — |  |  |  | 528 |  |  |  | 40,063 |  |  |  | (4 | ) |  |  | 40,059 |
U.S. government agency securities |  |  | 32,898 |  |  |  | 1,281 |  |  |  | 34,179 |  |  |  | 29,737 |  |  |  | 2,466 |  |  |  | 32,203 |
Mutual funds |  |  | 6,273 |  |  |  | — |  |  |  | 6,273 |  |  |  | 5,036 |  |  |  | — |  |  |  | 5,036 |
Supranational bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,775 |  |  |  | 3 |  |  |  | 4,778 |
U.S. treasuries |  |  | 67,614 |  |  |  | (342 | ) |  |  | 67,272 |  |  |  | 4,371 |  |  |  | 19 |  |  |  | 4,390 |
Asset backed securities |  |  | 107 |  |  |  | 1 |  |  |  | 108 |  |  |  | 256 |  |  |  | 4 |  |  |  | 260 |
Total restricted cash and investments |  |  | 289,337 |  |  |  | 1,687 |  |  |  | 291,024 |  |  |  | 221,935 |  |  |  | 8,935 |  |  |  | 230,870 |
Total investments |  | $ | 399,680 |  |  | $ | 1,491 |  |  | $ | 401,171 |  |  | $ | 363,671 |  |  | $ | 10,450 |  |  | $ | 374,121 |
(1) Included in restricted cash and investments within the consolidated balance sheets as of December 31, 2021 and 2020 is restricted cash of $9.2 million and $124.3 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. The following table summarizes the Company's investments at December 31, 2021 and 2020 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | 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 |  |  | 13,384 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,384 |  |  | $ | 42,007 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 42,007 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 41,818 |  |  |  | — |  |  |  | 41,818 |  |  |  | — |  |  |  | — |  |  |  | 51,802 |  |  |  | — |  |  |  | 51,802 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 29,495 |  |  |  | — |  |  |  | 29,495 |  |  |  | — |  |  |  | — |  |  |  | 36,802 |  |  |  | — |  |  |  | 36,802 |  |  |  | — |  |  |  | — |
U.S. government agency securities |  |  | 7,801 |  |  |  | — |  |  |  | 7,801 |  |  |  | — |  |  |  | — |  |  |  | 8,148 |  |  |  | — |  |  |  | 8,148 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 17,649 |  |  |  | — |  |  |  | 17,649 |  |  |  | — |  |  |  | — |  |  |  | 4,391 |  |  |  | — |  |  |  | 4,391 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 117,683 |  |  |  | — |  |  |  | 117,683 |  |  |  | — |  |  |  | — |  |  |  | 92,993 |  |  |  | — |  |  |  | 92,993 |  |  |  | — |  |  |  | — |
Mortgage backed securities |  |  | 64,981 |  |  |  | — |  |  |  | 64,981 |  |  |  | — |  |  |  | — |  |  |  | 51,151 |  |  |  | — |  |  |  | 51,151 |  |  |  | — |  |  |  | — |
Money market funds |  |  | 528 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 528 |  |  |  | 40,059 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,059 |
U.S. government agency securities |  |  | 34,179 |  |  |  | — |  |  |  | 34,179 |  |  |  | — |  |  |  | — |  |  |  | 32,203 |  |  |  | — |  |  |  | 32,203 |  |  |  | — |  |  |  | — |
Mutual funds |  |  | 6,273 |  |  |  | 6,273 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,036 |  |  |  | 5,036 |  |  |  | — |  |  |  | — |  |  |  | — |
Supranational bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,778 |  |  |  | — |  |  |  | 4,778 |  |  |  | — |  |  |  | — |
U.S. treasuries |  |  | 67,272 |  |  |  | — |  |  |  | 67,272 |  |  |  | — |  |  |  | — |  |  |  | 4,390 |  |  |  | — |  |  |  | 4,390 |  |  |  | — |  |  |  | — |
Asset backed securities |  |  | 108 |  |  |  | — |  |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | 260 |  |  |  | — |  |  |  | 260 |  |  |  | — |  |  |  | — |
Total investments |  | $ | 401,171 |  |  | $ | 6,273 |  |  | $ | 380,986 |  |  | $ | — |  |  | $ | 13,912 |  |  | $ | 374,121 |  |  | $ | 5,036 |  |  | $ | 287,019 |  |  | $ | — |  |  | $ | 82,066 |
(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. The following table summarizes the contractual maturities of the Company’s available for sale securities at December 31, 2021 and 2020. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
| December 31, 2021 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 24,601 |  |  | $ | 35,570 |  |  | $ | 99,180 |  |  | $ | 150 |  |  | $ | 159,501 |
Money market funds |  | 13,657 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,657 |
U.S. government agency securities |  | — |  |  |  | 25,171 |  |  |  | 16,809 |  |  |  | — |  |  |  | 41,980 |
Asset backed securities |  | — |  |  |  | 108 |  |  |  | 2,200 |  |  |  | 27,295 |  |  |  | 29,603 |
Supranational bonds |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. treasuries |  | 953 |  |  |  | 4,295 |  |  |  | 62,024 |  |  |  | — |  |  |  | 67,272 |
Total | $ | 39,211 |  |  | $ | 65,144 |  |  | $ | 180,213 |  |  | $ | 27,445 |  |  | $ | 312,013 |
| 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 |
The average contractual maturity of mortgage backed securities, which are excluded from the table above, was 23 years as of December 31, 2021 and 2020.

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- 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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