XML 28 R22.htm IDEA: XBRL DOCUMENT v3.24.3

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 measured at fair value on a recurring basis (in thousands):

		September 30, 2024												December 31, 2023
						Gross												Gross
						Unrealized				Recorded								Unrealized				Recorded
						(Losses)												(Losses)
		Cost				Gains				Basis				Cost				Gains				Basis
Current:
Cash equivalents:
Money market funds		$	4,873			$	—			$	4,873			$	19,539			$	—			$	19,539
Total cash equivalents			4,873				—				4,873				19,539				—				19,539
Investments:
Corporate bonds			32,223				(2,092	)			30,131				34,472				(3,159	)			31,313
U.S. treasuries			20,380				(924	)			19,456				12,448				(1,253	)			11,195
U.S. government agency securities			12,758				(176	)			12,582				12,830				(408	)			12,422
Mortgage-backed securities			12,348				(2,115	)			10,233				13,084				(2,454	)			10,630
Asset-backed securities			7,622				(90	)			7,532				13,659				(187	)			13,472
Emerging markets			—				—				—				2,003				(8	)			1,995
Total current investments			85,331				(5,397	)			79,934				88,496				(7,469	)			81,027
Restricted cash and investments (1):
Corporate bonds			100,340				(6,037	)			94,303				82,481				(8,454	)			74,027
U.S. treasuries			65,028				(5,045	)			59,983				109,020				(6,415	)			102,605
Mortgage-backed securities			41,942				(4,309	)			37,633				42,077				(5,216	)			36,861
U.S. government agency securities			16,795				(706	)			16,089				16,863				(1,199	)			15,664
Mutual funds			10,745				—				10,745				8,941				—				8,941
Asset-backed securities			1,367				11				1,378				799				—				799
Emerging markets			200				9				209				200				2				202
Money market funds			99				—				99				337				—				337
Total restricted cash and    investments			236,516				(16,077	)			220,439				260,718				(21,282	)			239,436
Total investments		$	326,720			$	(21,474	)		$	305,246			$	368,753			$	(28,751	)		$	340,002

(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 is restricted cash of $3.4 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 September 30, 2024 and December 31, 2023 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

		September 30, 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		$	4,873			$	—			$	—			$	4,873			$	19,539			$	—			$	—			$	19,539
Investments:
Corporate bonds			30,131				—				30,131				—				31,313				—				31,313				—
U.S. treasuries			19,456				—				19,456				—				11,195				—				11,195				—
U.S. government    agency securities			12,582				—				12,582				—				12,422				—				12,422				—
Mortgage-backed    securities			10,233				—				10,233				—				10,630				—				10,630				—
Asset-backed securities			7,532				—				7,532				—				13,472				—				13,472				—
Emerging markets			—				—				—				—				1,995				—				1,995				—
Restricted cash and    investments:
Corporate bonds			94,303				—				94,303				—				74,027				—				74,027				—
U.S. treasuries			59,983				—				59,983				—				102,605				—				102,605				—
Mortgage-backed    securities			37,633				—				37,633				—				36,861				—				36,861				—
U.S. government    agency securities			16,089				—				16,089				—				15,664				—				15,664				—
Mutual funds			10,745				10,745				—				—				8,941				8,941				—				—
Asset-backed securities			1,378				—				1,378				—				799				—				799				—
Emerging markets			209				—				209				—				202				—				202				—
Money market funds			99				—				—				99				337				—				—				337
Total investments		$	305,246			$	10,745			$	289,529			$	4,972			$	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 September 30, 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.

	September 30, 2024
(In thousands)	Less than 1 Year				Between 1 to 5 Years				Between 5 to 10 Years				After 10 Years				Total
Corporate bonds	$	22,767			$	77,199			$	24,293			$	175			$	124,434
U.S. treasuries		18,941				43,174				17,324				—				79,439
U.S. government agency securities		7,991				19,591				1,089				—				28,671
Asset-backed securities		—				1,378				6,210				1,322				8,910
Money market funds		4,972				—				—				—				4,972
Emerging markets		—				—				209				—				209
Total	$	54,671			$	141,342			$	49,125			$	1,497			$	246,635
	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

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration