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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

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.

Summary of Assets Measured at Fair Value on Recurring Basis

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.

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 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