Cash and Investments

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

5. Cash, Cash Equivalents and Investments

Cash and cash equivalents are carried at cost, which approximates fair market value. As of March 31, 2023 and December 31, 2022, cash and cash equivalents totaled $307.1 million and $344.5 million respectively.

Investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no realized gains or losses as of March 31, 2023 or December 31, 2022.

Short-term investments consisted of the following:

	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond funds	$	45,812	$	—	$	(222	)	$	45,590
Total short-term investments	$	45,812	$	—	$	(222	)	$	45,590

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond funds	$	20,512	$	—	$	(302	)	$	20,210
Total short-term investments	$	20,512	$	—	$	(302	)	$	20,210