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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2024 and December 31, 2023 measured at fair value on a recurring basis (in thousands):

		March 31, 2024												December 31, 2023
						Gross												Gross
						Unrealized				Recorded								Unrealized				Recorded
						(Losses)												(Losses)
		Cost				Gains				Basis				Cost				Gains				Basis
Current:
Cash equivalents:
Money market funds		$	18,549			$	—			$	18,549			$	19,539			$	—			$	19,539
Total cash equivalents			18,549				—				18,549				19,539				—				19,539
Investments:
Corporate bonds			32,319				(3,123	)			29,196				34,472				(3,159	)			31,313
U.S. government agency securities			12,806				(395	)			12,411				12,830				(408	)			12,422
U.S. treasuries			12,451				(1,369	)			11,082				12,448				(1,253	)			11,195
Mortgage backed securities			12,908				(2,677	)			10,231				13,084				(2,454	)			10,630
Asset backed securities			9,647				(157	)			9,490				13,659				(187	)			13,472
Emerging markets			—				—				—				2,003				(8	)			1,995
Total current investments			80,131				(7,721	)			72,410				88,496				(7,469	)			81,027
Restricted cash and investments (1):
U.S. treasuries			125,052				(7,032	)			118,020				109,020				(6,415	)			102,605
Corporate bonds			82,816				(9,022	)			73,794				82,481				(8,454	)			74,027
Mortgage backed securities			42,418				(5,874	)			36,544				42,077				(5,216	)			36,861
U.S. government agency securities			16,854				(1,170	)			15,684				16,863				(1,199	)			15,664
Mutual funds			9,641				—				9,641				8,941				—				8,941
Asset backed securities			799				(2	)			797				799				—				799
Emerging markets			200				3				203				200				2				202
Money market funds			107				—				107				337				—				337
Total restricted cash and    investments			277,887				(23,097	)			254,790				260,718				(21,282	)			239,436
Total investments		$	376,567			$	(30,818	)		$	345,749			$	368,753			$	(28,751	)		$	340,002

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 is restricted cash of $11.8 million and $3.6 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 March 31, 2024 and December 31, 2023 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

		March 31, 2024																December 31, 2023
		Total																Total
		Recorded																Recorded
		Basis				Level 1				Level 2				Other (1)				Basis				Level 1				Level 2				Other (1)
Cash equivalents:
Money market funds		$	18,549			$	—			$	—			$	18,549			$	19,539			$	—			$	—			$	19,539
Investments:
Corporate bonds			29,196				—				29,196				—				31,313				—				31,313				—
U.S. government    agency securities			12,411				—				12,411				—				12,422				—				12,422				—
U.S. treasuries			11,082				—				11,082				—				11,195				—				11,195				—
Mortgage backed    securities			10,231				—				10,231				—				10,630				—				10,630				—
Asset backed securities			9,490				—				9,490				—				13,472				—				13,472				—
Emerging markets			—				—				—				—				1,995				—				1,995				—
Restricted cash and    investments:
U.S. treasuries			118,020				—				118,020				—				102,605				—				102,605				—
Corporate bonds			73,794				—				73,794				—				74,027				—				74,027				—
Mortgage backed    securities			36,544				—				36,544				—				36,861				—				36,861				—
U.S. government    agency securities			15,684				—				15,684				—				15,664				—				15,664				—
Mutual funds			9,641				9,641				—				—				8,941				8,941				—				—
Asset backed securities			797				—				797				—				799				—				799				—
Emerging markets			203				—				203				—				202				—				202				—
Money market funds			107				—				—				107				337				—				—				337
Total investments		$	345,749			$	9,641			$	317,452			$	18,656			$	340,002			$	8,941			$	311,185			$	19,876

(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 March 31, 2024 and December 31, 2023. 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.

	March 31, 2024
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
U.S. treasuries	$	71,700			$	32,671			$	24,731				—			$	129,102
Corporate bonds		4,920				67,561				30,339				170				102,990
U.S. government agency securities		39				27,018				1,038				—				28,095
Money market funds		18,656				—				—				—				18,656
Asset backed securities		—				797				8,199				1,291				10,287
Emerging markets		—				—				203				—				203
Total	$	95,315			$	128,047			$	64,510			$	1,461			$	289,333
	December 31, 2023
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
U.S. treasuries	$	55,955			$	32,706			$	25,139			$	—			$	113,800
Corporate bonds		6,859				67,731				30,574				176				105,340
U.S. government agency securities		39				27,018				1,029				—				28,086
Money market funds		19,876				—				—				—				19,876
Asset backed securities		—				799				12,182				1,290				14,271
Emerging markets		1,995				—				202				—				2,197
Total	$	84,724			$	128,254			$	69,126			$	1,466			$	283,570

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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