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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022 measured at fair value on a recurring basis (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Gross |  |  |  |  |  |  |  |  | Gross |  |  |  |
|  |  |  |  | Unrealized |  |  | Recorded |  |  |  |  |  | Unrealized |  |  | Recorded |
|  | Cost |  |  | Losses |  |  | Basis |  |  | Cost |  |  | Losses |  |  | Basis |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 8,398 |  |  | $ | - |  |  | $ | 8,398 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Money market funds |  |  | 1,502 |  |  |  | - |  |  |  | 1,502 |  |  |  | 40,296 |  |  |  | - |  |  |  | 40,296 |
Total cash equivalents |  |  | 9,900 |  |  |  | - |  |  |  | 9,900 |  |  |  | 40,296 |  |  |  | - |  |  |  | 40,296 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 38,525 |  |  |  | (5,088 | ) |  |  | 33,437 |  |  |  | 38,489 |  |  |  | (5,181 | ) |  |  | 33,308 |
U.S. treasuries |  |  | 16,690 |  |  |  | (1,683 | ) |  |  | 15,007 |  |  |  | - |  |  |  | - |  |  |  | - |
Asset backed securities |  |  | 13,672 |  |  |  | (341 | ) |  |  | 13,331 |  |  |  | 13,709 |  |  |  | (737 | ) |  |  | 12,972 |
U.S. government agency securities |  |  | 12,853 |  |  |  | (635 | ) |  |  | 12,218 |  |  |  | 7,369 |  |  |  | (302 | ) |  |  | 7,067 |
Mortgage backed securities |  |  | 15,351 |  |  |  | (3,676 | ) |  |  | 11,675 |  |  |  | 16,135 |  |  |  | (3,139 | ) |  |  | 12,996 |
Emerging markets |  |  | 2,014 |  |  |  | (29 | ) |  |  | 1,985 |  |  |  | 2,044 |  |  |  | (62 | ) |  |  | 1,982 |
Total current investments |  |  | 99,105 |  |  |  | (11,452 | ) |  |  | 87,653 |  |  |  | 77,746 |  |  |  | (9,421 | ) |  |  | 68,325 |
Restricted cash and investments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  |  | 83,064 |  |  |  | (8,532 | ) |  |  | 74,532 |  |  |  | 66,479 |  |  |  | (9,222 | ) |  |  | 57,257 |
Corporate bonds |  |  | 82,708 |  |  |  | (11,823 | ) |  |  | 70,885 |  |  |  | 81,993 |  |  |  | (11,296 | ) |  |  | 70,697 |
Mortgage backed securities |  |  | 43,389 |  |  |  | (7,574 | ) |  |  | 35,815 |  |  |  | 46,138 |  |  |  | (6,045 | ) |  |  | 40,093 |
U.S. government agency securities |  |  | 16,872 |  |  |  | (1,629 | ) |  |  | 15,243 |  |  |  | 26,479 |  |  |  | (2,156 | ) |  |  | 24,323 |
Mutual funds |  |  | 7,857 |  |  |  | - |  |  |  | 7,857 |  |  |  | 6,301 |  |  |  | - |  |  |  | 6,301 |
Asset backed securities |  |  | 799 |  |  |  | (9 | ) |  |  | 790 |  |  |  | 9 |  |  |  | - |  |  |  | 9 |
Money market funds |  |  | 173 |  |  |  | - |  |  |  | 173 |  |  |  | 646 |  |  |  | - |  |  |  | 646 |
Total restricted cash and investments |  |  | 234,862 |  |  |  | (29,567 | ) |  |  | 205,295 |  |  |  | 228,045 |  |  |  | (28,719 | ) |  |  | 199,326 |
Total investments |  | $ | 343,867 |  |  | $ | (41,019 | ) |  | $ | 302,848 |  |  | $ | 346,087 |  |  | $ | (38,140 | ) |  | $ | 307,947 |
(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $2.1 million and $15.9 million as of September 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 September 30, 2023 and December 31, 2022 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|  | September 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 8,398 |  |  | $ | - |  |  | $ | 8,398 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Money market funds |  |  | 1,502 |  |  |  | - |  |  |  | - |  |  |  | 1,502 |  |  |  | 40,296 |  |  |  | - |  |  |  | - |  |  |  | 40,296 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 33,437 |  |  |  | - |  |  |  | 33,437 |  |  |  | - |  |  |  | 33,308 |  |  |  | - |  |  |  | 33,308 |  |  |  | - |
U.S. treasuries |  |  | 15,007 |  |  |  | - |  |  |  | 15,007 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Asset backed securities |  |  | 13,331 |  |  |  | - |  |  |  | 13,331 |  |  |  | - |  |  |  | 12,972 |  |  |  | - |  |  |  | 12,972 |  |  |  | - |
U.S. government agency securities |  |  | 12,218 |  |  |  | - |  |  |  | 12,218 |  |  |  | - |  |  |  | 7,067 |  |  |  | - |  |  |  | 7,067 |  |  |  | - |
Mortgage backed securities |  |  | 11,675 |  |  |  | - |  |  |  | 11,675 |  |  |  | - |  |  |  | 12,996 |  |  |  | - |  |  |  | 12,996 |  |  |  | - |
Emerging markets |  |  | 1,985 |  |  |  | - |  |  |  | 1,985 |  |  |  | - |  |  |  | 1,982 |  |  |  | - |  |  |  | 1,982 |  |  |  | - |
Restricted cash and investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  |  | 74,532 |  |  |  | - |  |  |  | 74,532 |  |  |  | - |  |  |  | 57,257 |  |  |  | - |  |  |  | 57,257 |  |  |  | - |
Corporate bonds |  |  | 70,885 |  |  |  | - |  |  |  | 70,885 |  |  |  | - |  |  |  | 70,697 |  |  |  | - |  |  |  | 70,697 |  |  |  | - |
Mortgage backed securities |  |  | 35,815 |  |  |  | - |  |  |  | 35,815 |  |  |  | - |  |  |  | 40,093 |  |  |  | - |  |  |  | 40,093 |  |  |  | - |
U.S. government agency securities |  |  | 15,243 |  |  |  | - |  |  |  | 15,243 |  |  |  | - |  |  |  | 24,323 |  |  |  | - |  |  |  | 24,323 |  |  |  | - |
Mutual funds |  |  | 7,857 |  |  |  | 7,857 |  |  |  | - |  |  |  | - |  |  |  | 6,301 |  |  |  | 6,301 |  |  |  | - |  |  |  | - |
Asset backed securities |  |  | 790 |  |  |  | - |  |  |  | 790 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 9 |  |  |  | - |
Money market funds |  |  | 173 |  |  |  | - |  |  |  | - |  |  |  | 173 |  |  |  | 646 |  |  |  | - |  |  |  | - |  |  |  | 646 |
Total investments |  | $ | 302,848 |  |  | $ | 7,857 |  |  | $ | 293,316 |  |  | $ | 1,675 |  |  | $ | 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 September 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.
| September 30, 2023 |
(In thousands) | Less than 1 Year |  |  | Between 1 to 5 Years |  |  | Between 5 to 10 Years |  |  | After 10 Years |  |  | Total |
Corporate bonds | $ | 3,209 |  |  | $ | 65,749 |  |  | $ | 35,197 |  |  | $ | 167 |  |  | $ | 104,322 |
U.S. treasuries |  | 42,587 |  |  |  | 26,839 |  |  |  | 28,511 |  |  |  | - |  |  |  | 97,937 |
U.S. government agency securities |  | 38 |  |  |  | 25,448 |  |  |  | 1,975 |  |  |  | - |  |  |  | 27,461 |
Asset backed securities |  | - |  |  |  | 790 |  |  |  | 12,073 |  |  |  | 1,258 |  |  |  | 14,121 |
Emerging markets |  | 1,985 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,985 |
Money market funds |  | 1,675 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,675 |
Total | $ | 49,494 |  |  | $ | 118,826 |  |  | $ | 77,756 |  |  | $ | 1,425 |  |  | $ | 247,501 |
| 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 |

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