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v3.23.2

Fair Value Measurement | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Note 2 - Fair Value Measurement The following table summarizes the Company’s investments at June 30, 2023 and December 31, 2022 measured at fair value on a recurring basis (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Gross |  |  |  |  |  |  |  |  | Gross |  |  |  |
|  |  |  |  | Unrealized |  |  | Recorded |  |  |  |  |  | Unrealized |  |  | Recorded |
|  | Cost |  |  | Losses |  |  | Basis |  |  | Cost |  |  | Losses |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 11,664 |  |  | $ | - |  |  | $ | 11,664 |  |  | $ | 40,296 |  |  | $ | - |  |  | $ | 40,296 |
Total cash equivalents |  |  | 11,664 |  |  |  | - |  |  |  | 11,664 |  |  |  | 40,296 |  |  |  | - |  |  |  | 40,296 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 38,592 |  |  |  | (4,891 | ) |  |  | 33,701 |  |  |  | 38,489 |  |  |  | (5,181 | ) |  |  | 33,308 |
Asset backed securities |  |  | 13,684 |  |  |  | (494 | ) |  |  | 13,190 |  |  |  | 13,709 |  |  |  | (737 | ) |  |  | 12,972 |
Mortgage backed securities |  |  | 15,622 |  |  |  | (3,089 | ) |  |  | 12,533 |  |  |  | 16,135 |  |  |  | (3,139 | ) |  |  | 12,996 |
U.S. government agency securities |  |  | 12,876 |  |  |  | (543 | ) |  |  | 12,333 |  |  |  | 7,369 |  |  |  | (302 | ) |  |  | 7,067 |
U.S. treasuries |  |  | 12,442 |  |  |  | (1,522 | ) |  |  | 10,920 |  |  |  | - |  |  |  | - |  |  |  | - |
Emerging markets |  |  | 2,024 |  |  |  | (43 | ) |  |  | 1,981 |  |  |  | 2,044 |  |  |  | (62 | ) |  |  | 1,982 |
Total current investments |  |  | 95,240 |  |  |  | (10,582 | ) |  |  | 84,658 |  |  |  | 77,746 |  |  |  | (9,421 | ) |  |  | 68,325 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 82,628 |  |  |  | (10,591 | ) |  |  | 72,037 |  |  |  | 81,993 |  |  |  | (11,296 | ) |  |  | 70,697 |
U.S. treasuries |  |  | 56,925 |  |  |  | (7,398 | ) |  |  | 49,527 |  |  |  | 66,479 |  |  |  | (9,222 | ) |  |  | 57,257 |
Mortgage backed securities |  |  | 44,462 |  |  |  | (5,897 | ) |  |  | 38,565 |  |  |  | 46,138 |  |  |  | (6,045 | ) |  |  | 40,093 |
U.S. government agency securities |  |  | 18,432 |  |  |  | (1,422 | ) |  |  | 17,010 |  |  |  | 26,479 |  |  |  | (2,156 | ) |  |  | 24,323 |
Mutual funds |  |  | 8,007 |  |  |  | - |  |  |  | 8,007 |  |  |  | 6,301 |  |  |  | - |  |  |  | 6,301 |
Asset backed securities |  |  | 798 |  |  |  | (6 | ) |  |  | 792 |  |  |  | 9 |  |  |  | - |  |  |  | 9 |
Money market funds |  |  | 28 |  |  |  | - |  |  |  | 28 |  |  |  | 646 |  |  |  | - |  |  |  | 646 |
Total restricted cash and investments |  |  | 211,280 |  |  |  | (25,314 | ) |  |  | 185,966 |  |  |  | 228,045 |  |  |  | (28,719 | ) |  |  | 199,326 |
Total investments |  | $ | 318,184 |  |  | $ | (35,896 | ) |  | $ | 282,288 |  |  | $ | 346,087 |  |  | $ | (38,140 | ) |  | $ | 307,947 |
(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $6.4 million and $15.9 million as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Total |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
|  | Recorded |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  |  |  |  |  |  |  |  |
|  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Other (1) |  |  | Basis |  |  | Level 1 |  |  | Level 2 |  |  | Other (1) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 11,664 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,664 |  |  | $ | 40,296 |  |  | $ | - |  |  | $ | - |  |  | $ | 40,296 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 33,701 |  |  |  | - |  |  |  | 33,701 |  |  |  | - |  |  |  | 33,308 |  |  |  | - |  |  |  | 33,308 |  |  |  | - |
Asset backed securities |  |  | 13,190 |  |  |  | - |  |  |  | 13,190 |  |  |  | - |  |  |  | 12,972 |  |  |  | - |  |  |  | 12,972 |  |  |  | - |
Mortgage backed securities |  |  | 12,533 |  |  |  | - |  |  |  | 12,533 |  |  |  | - |  |  |  | 12,996 |  |  |  | - |  |  |  | 12,996 |  |  |  | - |
U.S. government agency securities |  |  | 12,333 |  |  |  | - |  |  |  | 12,333 |  |  |  | - |  |  |  | 7,067 |  |  |  | - |  |  |  | 7,067 |  |  |  | - |
U.S. treasuries |  |  | 10,920 |  |  |  | - |  |  |  | 10,920 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Emerging markets |  |  | 1,981 |  |  |  | - |  |  |  | 1,981 |  |  |  | - |  |  |  | 1,982 |  |  |  | - |  |  |  | 1,982 |  |  |  | - |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 72,037 |  |  |  | - |  |  |  | 72,037 |  |  |  | - |  |  |  | 70,697 |  |  |  | - |  |  |  | 70,697 |  |  |  | - |
U.S. treasuries |  |  | 49,527 |  |  |  | - |  |  |  | 49,527 |  |  |  | - |  |  |  | 57,257 |  |  |  | - |  |  |  | 57,257 |  |  |  | - |
Mortgage backed securities |  |  | 38,565 |  |  |  | - |  |  |  | 38,565 |  |  |  | - |  |  |  | 40,093 |  |  |  | - |  |  |  | 40,093 |  |  |  | - |
U.S. government agency securities |  |  | 17,010 |  |  |  | - |  |  |  | 17,010 |  |  |  | - |  |  |  | 24,323 |  |  |  | - |  |  |  | 24,323 |  |  |  | - |
Mutual funds |  |  | 8,007 |  |  |  | 8,007 |  |  |  | - |  |  |  | - |  |  |  | 6,301 |  |  |  | 6,301 |  |  |  | - |  |  |  | - |
Asset backed securities |  |  | 792 |  |  |  | - |  |  |  | 792 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 9 |  |  |  | - |
Money market funds |  |  | 28 |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 646 |  |  |  | - |  |  |  | - |  |  |  | 646 |
Total investments |  | $ | 282,288 |  |  | $ | 8,007 |  |  | $ | 262,589 |  |  | $ | 11,692 |  |  | $ | 307,947 |  |  | $ | 6,301 |  |  | $ | 260,704 |  |  | $ | 40,942 |
(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 June 30, 2023 and December 31, 2022. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s consolidated balance sheets.
| June 30, 2023 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 3,049 |  |  | $ | 63,667 |  |  | $ | 38,847 |  |  | $ | 175 |  |  | $ | 105,738 |
U.S. treasuries |  | 3,775 |  |  |  | 27,007 |  |  |  | 29,665 |  |  |  | - |  |  |  | 60,447 |
U.S. government agency securities |  | 1,539 |  |  |  | 24,269 |  |  |  | 3,535 |  |  |  | - |  |  |  | 29,343 |
Asset backed securities |  | - |  |  |  | 792 |  |  |  | 11,921 |  |  |  | 1,269 |  |  |  | 13,982 |
Money market funds |  | 11,692 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,692 |
Emerging markets |  | 1,981 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,981 |
Total | $ | 22,036 |  |  | $ | 115,735 |  |  | $ | 83,968 |  |  | $ | 1,444 |  |  | $ | 223,183 |
| December 31, 2022 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 646 |  |  | $ | 50,439 |  |  | $ | 52,920 |  |  | $ | - |  |  | $ | 104,005 |
U.S. treasuries |  | 440 |  |  |  | 3,405 |  |  |  | 53,412 |  |  |  | - |  |  |  | 57,257 |
Money market funds |  | 40,539 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40,539 |
U.S. government agency securities |  | 3,943 |  |  |  | 24,025 |  |  |  | 3,422 |  |  |  | - |  |  |  | 31,390 |
Asset backed securities |  | - |  |  |  | 9 |  |  |  | 2,113 |  |  |  | 10,859 |  |  |  | 12,981 |
Emerging markets |  | - |  |  |  | 1,982 |  |  |  | - |  |  |  | - |  |  |  | 1,982 |
Total | $ | 45,568 |  |  | $ | 79,860 |  |  | $ | 111,867 |  |  | $ | 10,859 |  |  | $ | 248,154 |
The average contractual maturity of mortgage backed securities, which are excluded from the table above, was 23 years and 24 years as of June 30, 2023 and December 31, 2022, respectively.

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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